My HOME II Program (Mortgage Settlement Program)

My HOME II Program (Mortgage Settlement Program) is a deferred second loan for homebuyers in Prince George's County, Maryland, administered by Redevelopment Authority of Prince George's County. The My HOME II Program (Mortgage Settlement Program), administered by the Redevelopment Authority and funded by the federal HOME program, assists income-eligible first-time homebuyers with up to $20,000 for down payment, closing costs, and/or principal reduction. Unlike forgivable products, the loan is not forgiven and is fully due upon sale, transfer, refinance, or loss of owner-occupancy. Up to $20,000 HOME-funded. 0% interest. No monthly payments. Deferred until sale/transfer/refinance. Funding comes from HOME Investment Partnerships Program (federal HUD).

My HOME II Program (Mortgage Settlement Program) offers up to $20,000 in assistance. The program can be combined with other assistance, subject to the rules of each. Amounts are the program's published maximums, not an offer — Redevelopment Authority of Prince George's County determines any individual award.

My HOME II Program (Mortgage Settlement Program) is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off. Repayment is triggered by Not forgiven over time; fully due upon sale, transfer, refinance, or loss of primary residence. The assistance is recorded in Subordinate (second) lien position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

My HOME II Program (Mortgage Settlement Program) is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time homebuyer" usually means not having owned a home in the last three years, but the program sets its own definition. A homebuyer education course is required, through Minimum 8-hour course by a HUD-certified agency. Residency requirement: Owner-occupied primary residence. Executed contract and conditional first-trust approval required before lender applies; 8-hour HUD-certified counseling; HQS inspection; do not contact the County/RDA directly for an application.

My HOME II Program (Mortgage Settlement Program) sets its income limit as follows: Income-eligible first-time homebuyers per HOME program limits (HUD-set); qualify through a participating lender. The limit applies to total household income, not only the borrower’s. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

My HOME II Program (Mortgage Settlement Program) can be used for Single Family, Townhouse, and Condo. New construction is not eligible. Manufactured homes are not eligible.

My HOME II Program (Mortgage Settlement Program) serves homebuyers purchasing in Prince George's County, Maryland.

Applications for My HOME II Program (Mortgage Settlement Program) go through Redevelopment Authority of Prince George's County, which publishes the current terms and the application steps on its own site. Funds are reserved through Submitted only by approved Participating Lenders; executed contract and conditional first-trust approval; >=21 business days remaining. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.