The Prince Georges County’s ‘Double Play’ by The Maryland Mortgage Program
The State of Maryland and Prince Georges County have combined forces to stimulate homeownership opportunities in Prince Georges County for first time homebuyers and other County residents. The Maryland Double Play by the Maryland Mortgage Program (MMP) replaced the successful Triple Play Program in March, 2015. Double Play’s specific program no longer has funding for Prince Georges County as of April 2015.
Thru June 15, Double Play home buyer assistance IS available for buyers in St. Mary’s County, Charles County and Calvert County. Pre-Enroll for assistance here. Funding is only available to applicants who fully apply prior to 6/15/2015.
There are other programs available similar to Double Play, like the overall Maryland Mortgage Program (MMP) and Maryland’s CDA loan program. Get more info through our Basic Info Request or by pre-enrolling for full assistance online.
The Double Play Program was built upon several home buying incentives that make it easier to buy your first home. This includes a Down Payment loan, lower loan fees and lower interest rates. The Program is designed to be a sustainable, long term County incentive program.
- Double Play’s Down Payment Assistance (DPA) Loans will be set at $5,000 with 0% interest and deferred payments.
- CDA Fees, an administrative fee inside any Maryland Mortgage Program loan, will be waived.
- Mortgage Interest Rates for Prince Georges County properties will be set at .25% below regular Maryland Mortgage Program interest rates.
- The Program is not available to refinanced loans.
The Triple Play Program was contained within Maryland’s existing Maryland Mortgage Program (MMP) and was built around (3) valuable incentives that eliminate some of the obstacles that Prince Georges County home buyers face. Triple Play combined down payment assistance with closing costs help, lower administrative loan fees and a federal tax credit.
TriplePlay was backed by $100 million in funding with a goal of promoting homeownership and applies to homes purchased in several Prince Georges zip codes. Locations include Capitol Heights, Suitland, Lanham, Oxon Hill, District Heights, Upper Marlboro, Temple Hills, Fort Washington, Riverdale, Landover, Landover Hills, parts of Hyattsville, Bladensburg and Brentwood. Prince Georges County’s portion of the $100 million was $6 million, and that funding was exhausted in the Program’s first 5 months.