Sec­ond mort­gage fi­nanc­ing pro­gram to be of­fered

Record Observer - - News -

CENTREVILLE — The Queen Anne’s County Di­vi­sion of Hous­ing and Com­mu­nity Ser­vices is pleased to an­nounce the re-open­ing of the Mod­er­ately Priced Dwelling Unit (MPDU) De­ferred Sec­ond Mort­gage Pro­gram for mod­er­ate-in­come home­buy­ers in the county be­gin­ning Nov. 14. It cur­rently has the fund­ing for two loans. Un­der this pro­gram, el­i­gi­ble re­cip­i­ents can re­ceive fund­ing to help pur­chase a home in the county.

The fund­ing comes in the form of a de­ferred loan that will be made to the qual­i­fied ap­pli­cant, which won’t have to be paid back un­til the prop­erty is sold. Loans will be awarded to ap­pli­cants who meet all the cri­te­ria in an amount not more than 33 per­cent of the ap­praised value of the home or not to ex­ceed $50,000.

The home must be lo­cated in Queen Anne’s County and must be the ap­pli­cant’s pri­mary and only res­i­dence. No pay­ments need to be made on the loan un­til the prop­erty is sold or is no longer the owner’s prin­ci­pal res­i­dence, at which point the in­ter­est free loan is due and payable in full. Once the loan has been paid back, those funds go back into the pro­gram.

Ap­pli­cants must have in­come based on 80 per­cent or less than the area me­dian in­come as de­ter­mined by the Un­tied States De­part­ment of Hous­ing and Ur­ban Devel­op­ment. The max­i­mum al­low­able in­come lim­its as of April 2016 are: one per­son, $46,000; two per­sons, $52,600; three per­sons, $59,150; four per­sons, $65,700; five per­sons, $71,000; six per­sons, $76,250; seven per­sons, $81,500; and eight per­sons, $86,750.

MPDU Sec­ond Mort­gage Loans are awarded on a first-come first-served ba­sis with bonus points awarded for Crit­i­cal Work­force Em­ploy­ees and Queen Anne’s County res­i­dents. Crit­i­cal Work­force Em­ploy­ees are de­fined as: Queen Anne’s County vol­un­teer fire­fight­ers (who have served for at least 12 months and have been ver­i­fied by the pres­i­dent or chair­man of the vol­un­teer chief’s as­so­ci­a­tion), De­ten­tion Cen­ter cor­rec­tions of­fi­cers, emer­gency med­i­cal tech­ni­cians, po­lice and teach­ers who are em­ployed by the county. All, how­ever, are welcome to ap­ply who are within the above in­come guide­lines.

In ad­di­tion to meet­ing the al­low­able in­come lim­its, an in­di­vid­ual or fam­ily may not cur­rently own a home, nor have owned a home within the last five years and they must never have owned a MPDU in Mary­land or any other state. Ap­pli­cants must have a good credit rat­ing, steady in­come and the home must be af­ford­able for their in­come.

Along with the ap­pli­ca­tion process, an in­di­vid­ual or fam­ily must be able to ob­tain a pre-qual­i­fi­ca­tion let­ter from a lend­ing in­sti­tu­tion for an amount not less than the pur­chase price and re­main in­come el­i­gi­ble up to the time their mort­gage is sub­mit­ted for un­der­writ­ing. Each el­i­gi­ble per­son must pro­vide a cer­tifi­cate showing they have com­pleted six hours of home own­er­ship coun­sel­ing, and have 90 days to se­cure a con­tract on a home.

The ini­tia­tive is a Queen Anne’s County pro­gram funded by de­vel­op­ers who opt to pay a fee-in-lieu of ac­tu­ally pro­vid­ing MPDUs in pro­gress­ing de­vel­op­ments. For more in­for­ma­tion, and to ob­tain an ap­pli­ca­tion, con­tact Brit­tany Brady, Hous­ing Pro­gram Ad­min­is­tra­tor, at 410-758-3977, ext. 2070, or visit www.qa­c­hous­ing.org and click on the MPDU link on the left side.

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