1 / 81

PRINCE GEORGE’S COUNTY

PRINCE GEORGE’S COUNTY. NEIGHBORHOOD STABILIZATIONDOWNPAYMENTAND CLOSING COSTS ASSISTANCE LOAN PROGRAM LENDERS BRIEFING. NEIGHBORHOOD STABILIZATION PROGRAM DPCCA GUIDELINES. NEIGHBORHOOD STABILIZATION PROGRAM DOWN PAYMENT CLOSING COST ASSISTANCE PROGRAM GUIDELINES.

lemuel
Télécharger la présentation

PRINCE GEORGE’S COUNTY

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. PRINCE GEORGE’S COUNTY NEIGHBORHOOD STABILIZATIONDOWNPAYMENTAND CLOSING COSTS ASSISTANCE LOAN PROGRAM LENDERS BRIEFING

  2. NEIGHBORHOOD STABILIZATION PROGRAM DPCCA GUIDELINES

  3. NEIGHBORHOOD STABILIZATION PROGRAM DOWN PAYMENT CLOSING COST ASSISTANCE PROGRAM GUIDELINES The Prince George’s County Neighborhood Stabilization Program (NSP) Down payment and Closing Costs Assistance Loan Program (DPCCA) is funded by the NSP grant program. NSP was established under Title III of Division B of the Housing and Economic Recovery Act of 2008 (HERA) to provide emergency assistance to States and units of local governments for the purchase and redevelopment of abandoned and foreclosed homes. The DPCCA program will provide down payment and closing cost assistance to eligible homebuyers to purchase a vacant residential property in Prince George’s County that has been foreclosed upon.

  4. NEIGHBORHOOD STABILIZATION PROGRAM DOWN PAYMENT CLOSING COST ASSISTANCE PROGRAM GUIDELINES Definitions of Foreclosed Properties A property has been foreclosed upon when, under state or local law, the mortgage or tax foreclosure is complete and title for the property has been transferred from the former homeowner under some type of foreclosure proceeding or transferred in lieu of foreclosure, in accordance with state or local law. A short sale property would not meet the definition of a foreclosed upon property because they are typically used to prevent a foreclosure. As such, the title to the property remains in the hands of the homeowner until the sale is executed.

  5. NEIGHBORHOOD STABILIZATION PROGRAM DOWN PAYMENT CLOSING COST ASSISTANCE PROGRAM GUIDELINES Applicant Eligibility Applications will be accepted with no discrimination as to race, color, religion, creed, national origin, sex, marital status, physical or mental disability or sexual orientation. Applicants must be 18 years of age or older. All Applicants must be first time homebuyers, or who have not owned a home at anytime during the three years immediately preceding the date of their mortgage application. (Investors, co-signers or current owners of residential property are excluded). Applicants must agree to live in the home being purchased as their principal residence.

  6. NEIGHBORHOOD STABILIZATION PROGRAM DOWN PAYMENT CLOSING COST ASSISTANCE PROGRAM GUIDELINES Applicants must have an annual household income that does not exceed DPCCA Program limits (see Applicant Income below). Applicants must contribute a minimum amount of cash towards the purchase of the home (see Purchaser’s Own Cash Requirement below)

  7. NEIGHBORHOOD STABILIZATION PROGRAM DOWN PAYMENT CLOSING COST ASSISTANCE PROGRAM GUIDELINES Applicants must have attended an 8-hour, minimum, hom buyer education/ counseling class provided by a HUD Certified housing counseling agency and received a Certificate of Completion. Applicant must have an eligible ratified Contract of Sale. Income Applicants for DPCCA must have gross annual household incomes at or below 120% of the area median, adjusted for family size. An income chart is provided Attachment A. Annual household income is defined in 24 CFR 5.609, and is referred to as "Part 5 annual income." The Part 5 definition of annual income is the gross amount of income of all adult household members that is anticipated to be received during the coming 12-month period. Complete information can be found at

  8. NEIGHBORHOOD STABILIZATION PROGRAM DOWN PAYMENT CLOSING COST ASSISTANCE PROGRAM GUIDELINES www.hud.gov/offices/cpd/affordablehousing/training/web/calculator/definitions/part5.cfm, including whose income to count, the types of income to count, and the treatment of assets (in general, an asset is cash or a no cash item that can be converted to cash. It is the income earned from the asset - not the value of the asset - that is counted). To assist in determining if an applicant is eligible, HUD has provided an income calculator, which can be found at https://webapps1.hud.gov/hfc/calculator. The Step by Step method must be used to determine eligibility.

  9. NEIGHBORHOOD STABILIZATION PROGRAM DOWN PAYMENT CLOSING COST ASSISTANCE PROGRAM GUIDELINES Debt-To-Income Ratio A maximum total debt -to-income ratio of 45% for borrowers at or below 60% of AMI. If total debt-to-income ratio exceeds 36 percent on a manually underwritten loan, strong compensation factors must be listed on the underwriting worksheet. Property Eligibility location The prospective property must be a vacant foreclosed upon property located within one of the following (33) zip codes: 20607, 20608, 20705, 20710, 20715, 20716, 20720,20721, 20613, 20722, 20743, 20623, 20735, 20740, 20747, 20744, 20769, 20770, 20781, 20782, 20783, 20784, 20785, 20706, 20707, 20708, 20712, 20745, 20737, 20746, 20748, 20772, 20774.

  10. NEIGHBORHOOD STABILIZATION PROGRAM DOWN PAYMENT CLOSING COST ASSISTANCE PROGRAM GUIDELINES Of the 33 zip codes above the following are considered Target Zip Codes: 20716, 20742, 20747, 20744, 20783, 20785, 20706, 20708, 20746, 20748, 20772, 20774  Property Type The prospective property must be a vacant foreclosed upon residential structure including single family dwelling units, townhouses and condominiums.

  11. NEIGHBORHOOD STABILIZATION PROGRAM DOWN PAYMENT CLOSING COST ASSISTANCE PROGRAM GUIDELINES Purchase Price The purchase price of the prospective property must reflect a 1% discount from the appraised value of property, determined by an appraisal completed within 60 days of the contract’s final offer. Physical Standards The home to be purchased must meet minimum FHA Housing Standards as determined by the FHA Appraisal. In addition the buyer must have a home inspection performed by a home inspector licensed by the State of Maryland. Deficiencies identified in the FHA Appraisal Valuation Conditions must be corrected prior to closing, or the costs of repairs escrowed by the lender, through mechanisms such as a 203k loan.

  12. NEIGHBORHOOD STABILIZATION PROGRAM DOWN PAYMENT CLOSING COST ASSISTANCE PROGRAM GUIDELINES Lead Based Paint The NSP Program is subject to the Lead Based Paint Poisoning Prevention Act (42 u.s.c. 4831 et seq.,) and the Lead Based Paint Regulations (24 CFR Part 35 and 24 CFR Section 570.608). All NSP assisted purchases for residential properties constructed prior to 1978 must have Lead Disclosure Form signed by seller and included in the Participating Lenders Transmittal of the NSP Application Package to HA.

  13. NEIGHBORHOOD STABILIZATION PROGRAM DOWN PAYMENT CLOSING COST ASSISTANCE PROGRAM GUIDELINES DPCCA Loan Amounts Under the DPCCA program, the County will provide loans for closing costs and to meet the minimum down payment required to comply with the underwriting regulations governing the type of first trust loan approved to purchase the property. DPCCA will the lesser of 3.5% of the purchase price or $15,000 to purchase a foreclosed property in one of the 33 eligible zip codes.

  14. NEIGHBORHOOD STABILIZATION PROGRAM DOWN PAYMENT CLOSING COST ASSISTANCE PROGRAM GUIDELINES DPCCA to purchase a foreclosed upon property in one of the 12 Target Area zip codes (highlighted above) will be the lesser of 7% of the purchase price or $20,000. DPCCA to purchase a foreclosed upon property in one of the 33 eligible zip codes as work force housing will be the lesser of 7% of the purchase price or $20,000. Workforce housing is defined as foreclosed upon properties located in one of 33 zip codes, purchased by teachers, police officers, nurses, firefighters, and employees working within a 3 mile radius of place of employment.

  15. NEIGHBORHOOD STABILIZATION PROGRAM DOWN PAYMENT CLOSING COST ASSISTANCE PROGRAM GUIDELINES Seller Requirements Closing and Repair Costs The NSP DPCCA Loan Program encourages the Seller to make a contribution towards Buyer’s closing costs and/or repairs to the Property: For 3.5 % Down payment and Closing Costs purchases: Seller encouraged to pay 6% of the NSP Adjusted Sale Price towards Buyer’s closing costs and/or repairs to the Property. For 7% Down payment and Closing costs purchases: Seller encouraged to pay 2.5% of the NSP Adjusted Sale Price towards Buyer’s closing costs and/or repairs to the Property.

  16. NEIGHBORHOOD STABILIZATION PROGRAM DOWN PAYMENT CLOSING COST ASSISTANCE PROGRAM GUIDELINES Certification of Property’s Occupancy Status Seller must certify that property is not lawfully occupied at the time of initial contract offer and that seller has not unlawfully evicted a tenant-occupant or refused to renew a lease in anticipation of an initial contract offer where the purchase is to be funded in part by NSP funds. These certifications must be stated in an Affidavit signed by the Seller and witnessed by a Notary of the Public and attached as addendum to the Contract of Sale. The form for the Affidavit will be provided by DHCD.

  17. NEIGHBORHOOD STABILIZATION PROGRAM DOWN PAYMENT CLOSING COST ASSISTANCE PROGRAM GUIDELINES Purchaser’s Own Cash Requirement Purchaser’s minimum contribution of own cash towards down payment, pre-paid and closing costs is as follows: Purchaser’s Income Level Minimum Purchaser’s (as % of Area Median Income)Required Cash Contribution* 50% of below $1,000 60%-80% $1,500 80-120% $2,000 *Payments of any upfront costs by the purchaser will be credited to this amount.

  18. NEIGHBORHOOD STABILIZATION PROGRAM DOWN PAYMENT CLOSING COST ASSISTANCE PROGRAM GUIDELINES Loan Term The DPCCA loan term is 10 years. Interest Rate The interest rate will be 0%.

  19. NEIGHBORHOOD STABILIZATION PROGRAM DOWN PAYMENT CLOSING COST ASSISTANCE PROGRAM GUIDELINES Primary Residency Restrictions The prospective property must be the applicant’s primary residence. Buyer must maintain the house as primary residence for a 10 year period. At closing of the DPCCA loan, the borrower will be required to sign a regulatory agreement or declaration or covenants that will be recorded in the land records of Prince George’s County.

  20. NEIGHBORHOOD STABILIZATION PROGRAM DOWN PAYMENT CLOSING COST ASSISTANCE PROGRAM GUIDELINES Repayment Requirements The DPCCA loan will be a deferred payment loan, secured on the property as a second trust, with a balance due upon sale or transfer of the property, or if the property ceases to be the primary residence of the borrower. The amount due will be determined by length of time the purchaser complies with the 10 year residency restriction. The amount of the DPCCA due or forgiven is based on the following: Purchaser Remains in Home Balance Due (As % of Total DPCCA Received) 0-4 years 100% 4-6 years 50% 6-9 years 30% 10+years 0%

  21. LENDERS AND TITLE COMPANYREQUIREMENTS

  22. APPENDIX I - LENDER GUIDE ELIGIBILITY Lenders who are eligible to participate in the DPCCA Program must be: A. Maryland DHCD-CDA approved Participating Lender with approval to originate CDA loans, or B. Non CDA lender approved to originate FHA insured loans, able to fund the first mortgage loan at closing and not a broker. And have: A. Sign a NSP Participating Lenders Application/Agreement B. Attended a NSP DPCCA Training Session

  23. APPENDIX I - LENDER GUIDE Lenders Agree to: A. Sign a NSP Participating Lenders Application/Agreement and complete a DPCCA training session PRIOR to accepting an application for a loan from a purchaser who will be applying for DPCCA assistance. B. Approve qualified borrower for the maximum fixed rate, amortizing loan they can afford, no ARM’s are allowed. C. Qualify borrower for the 1st mortgage and pre-qualify for the DPCCA loan at the same time. D. Obtain, in addition to documents they normally require for loan application, any additional documentation listed on the DPCCA Loan Application Checklist. (EXHIBIT “A”) E. Assist the borrower in completing the DPCCA Loan Application. (EXHIBIT “B”)

  24. APPENDIX I - LENDER GUIDE F. Submit all documents on the DPCCA Loan Application Checklist to Prince George’s County, DHCD. G. Ensure that the title company applicant selects is approved by DHCD. H. Advise the title company that the County will require a title binder for the DPCCA loan in favor of Prince George’s County or a designated County Agency, subordinate only to the first mortgage lender. I. Advise the title company that the (County or designated Agency ) must be named on the hazard insurance as a second mortgagee. The mortgagee clause shall read: (INSERT CLAUSE) J. Provide additional documentation to DHCD as requested such as proof of loan reservation, FHA case number, etc.

  25. APPENDIX I - LENDER GUIDE Fees Lender agrees not to charge any fees at time of application other than the amounts needed for a credit report, appraisal, flood certification, and a home inspection Maximum points, including loan origination and discount, is two (2). Debt-To-Income Ratio The maximum total debt-to-income ratio (commonly known as the back ratio) is forty-five percent (45%) for households at or below 60% of the area median income. If total debt-to-income ratio exceeds thirty-six percent (36%) on a manually underwritten loan, strong compensation factors must be listed on the underwriting worksheet.

  26. APPENDIX II – TITLE COMPANY GUIDE ELIGIBILITY To Become an Approved Company will require, but not limited to, submitting the following to Prince George’s County, DHCD for review and approval: ∘ Certificate of Good Standing (SDAT) ∘ Corporate Acknowledgement and Statement of Ownership ∘ Statement of fees and charges for residential transactions ∘ Completed IRS Form W-9 ACH Authorization for Electronic Funds Disbursement

  27. APPENDIX II – TITLE COMPANY GUIDE CLOSING REQUIREMENTS Pre-Closing Provide the following in connection with the DPCCA loan: ∘ Title Insurance Commitment on subject property.  TheDeed of Trust for the DPCCA loan must be shown under Schedule B, Section 1 of the Title commitment being recorded in the Land Records of Prince George's County, junior only to the primary lender’s purchase money deed of trust. ∘ Copy of Deed of current owner ∘ Insured closing letter in favor of (Prince George’s County or a Designated Agency) in connection with the DPCCA Deed of Trust.  

  28. APPENDIX II – TITLE COMPANY GUIDE ∘ Your FedEx number; ∘ Confirm your Wiring Instructions; ∘ Name of “Closer” who will conduct settlement for the above borrower, and Address, Telephone and FAX number where settlement will be held.

  29. APPENDIX II – TITLE COMPANY GUIDE Final HUD 1 for review and approval DUE SEVEN DAYS BEFORE CLOSING - NO EXCEPTIONS “NSP-DPCCA Loan” is the description of the DPCCA funds on the HUD 1 AbsolutelyNO money back to Purchaser.  However, they may bring money to the table.  Any excess funds must be applied as a curtailment to the 1st mortgage.

  30. APPENDIX II – TITLE COMPANY GUIDE Post Closing Within Five (5) days following closing the following documents must be returned to the DPCCA attorney: ∘ Original signed DPCCA Deed of Trust Note ∘ Original signed NSP Regulatory Agreement ∘ A duplicate original or certified true copy of the executed HUD-1 ∘ Certified true copy of the executed DPCCA Deed of Trust with evidence submitted for recordation among the Land Records of Prince George’s County ∘ Certified true copy of the purchaser’s deed to the property.

  31. APPENDIX II – TITLE COMPANY GUIDE Within 30 days following the settlement and recording of the DPCCA Deed of Trust: ∘ Final Lender’s Title Policy in favor of (Prince George’s County or Designated Agency) showing the DPCCA Loan junior only to the primary lender’s purchase money deed of trust. The title policy should be delivered to:  ATTN: NSP Loan Portfolio Specialist c/o Valencia Scott 9400 Peppercorn Place Largo, Maryland 20774

  32. PRINCE GEORGE’S COUNTYNEIGHBORHOOD STABILIZATION PROGRAMDPCCA APPLICATION

  33. PRINCE GEORGE’S COUNTYNEIGHBORHOOD STABILIZATION PROGRAMDOWN PAYMENT AND CLOSING COSTS ASSISTANCE LOAN PROGRAMAPPLICATION Date Received DHCD:_____________ NSP #:____________ NSP Amount: $___________   APPLICANT NAME(S):__________________________ Projected Settlement Date:_________ Must be at 3 weeks in advance of application submission. Sales Contract Expiration:_____________ Loan Lock-In Expiration:_______________

  34. PRINCE GEORGE’S COUNTYNEIGHBORHOOD STABILIZATION PROGRAMDOWN PAYMENT AND CLOSING COSTS ASSISTANCE LOAN PROGRAMAPPLICATION Name of Lender:__________________________________________  Loan Officer:_______________________________ Contact Person:____________________________ Phone Number:____________________________ Fax Number: ______________________________  Email address:_____________________________

  35. PRINCE GEORGE’S COUNTYNEIGHBORHOOD STABILIZATION PROGRAMDOWN PAYMENT AND CLOSING COSTS ASSISTANCE LOAN PROGRAMAPPLICATION Settlement Company Name: ________________________________________ Address:________________________________ Contact Person:__________________________ Phone Number:__________________________ Fax Number:__________________________ Email Address:__________________________ Realtor Name:____________________________ Company:________________________________ Email:___________________________________ Telephone:_______________________________ 9400 Peppercorn Place, Largo, Maryland 20774 TDD – (301) 883-5428 For Hearing Impaired Only Fax – (301) 883-5427 Telephone Transmitted Only

  36. PRINCE GEORGE’S COUNTYNEIGHBORHOOD STABILIZATION PROGRAMDOWN PAYMENT AND CLOSING COSTS ASSISTANCE LOAN PROGRAM I/We are applying for the NSP Program assistance for the purchase of the property listed below. List full names of All Purchasers who will have ownership of the property: ___________________________________________________________________ Do Purchasers intend to live in this home as their primary residence? ( )Yes ( )No Are the Purchasers an Owner or Co-Owner of any property? ( )Yes ( )No Have the Purchasers owned a home within the last 3 years? ( )Yes ( )No

  37. PRINCE GEORGE’S COUNTYNEIGHBORHOOD STABILIZATION PROGRAMDOWN PAYMENT AND CLOSING COSTS ASSISTANCE LOAN PROGRAM Have Purchasers successfully completed (minimum 8 hours) Housing Counseling course through a HUD Certified Counseling Agency and received a Certificate of Completion? (NSP mandatory requirement) ( ) Yes, Name of Counseling Agency: __________________________________ ( ) Certificate Attached, Dated:______________

  38. PRINCE GEORGE’S COUNTYNEIGHBORHOOD STABILIZATION PROGRAMDOWN PAYMENT AND CLOSING COSTS ASSISTANCE LOAN PROGRAM PROSPECTIVE PROPERTY INFORMATION Street Address _______________________________________________________________________________ City __________________________ State:____ Zip Code: _________ Prop.Tax Account#:_________________ Offer or Contract Price: _____________________ (must reflect a 1% discount from the appraised value) Does Sales Contract contain NSP Contract Addendum and Notice to Seller? ( )Yes ( )No Is the property a foreclosure or bank owned property? ( )Yes ( ) No

  39. PRINCE GEORGE’S COUNTYNEIGHBORHOOD STABILIZATION PROGRAMDOWN PAYMENT AND CLOSING COSTS ASSISTANCE LOAN PROGRAM Provide name and address of bank or financial institution ownership entity: Name: __________________________________________________ Address: _________________________________________________ Please note that name and address of real estate agent listing property will not be accepted. Is the property currently occupied? ( )Yes ( )No

  40. PRINCE GEORGE’S COUNTYNEIGHBORHOOD STABILIZATION PROGRAMDOWN PAYMENT AND CLOSING COSTS ASSISTANCE LOAN PROGRAM APPLICANT/PURCHASER INFORMATION: NAME: ____________________________________________________ Date of Birth: AGE:______ SS#_________________ ( )US Citizen, or ( )Permanent Resident Alien, No:___________________ PRESENT ADDRESS: No. Years________Street:________________________________________City, State, ZIP:________________________________ FORMER ADDRESS: No. Years:________Street:________________________________________ City,State,ZIP:__________________________________

  41. PRINCE GEORGE’S COUNTYNEIGHBORHOOD STABILIZATION PROGRAMDOWN PAYMENT AND CLOSING COSTS ASSISTANCE LOAN PROGRAM Dependents other than listed by Co-Applicant: No:_______________ Ages:______________________________ Marital Status: ( ) Married, ( ) Separated, ( ) Unmarried ____________________________________________________ Name & Address of Employer:__________________________________________________ Job Location:__________________________________________ Type of Business:_______________ Self Employed?__________ Profession:___________________ Yrs in this Profession:______ Cell Phone Home Phone Work Phone

  42. PRINCE GEORGE’S COUNTYNEIGHBORHOOD STABILIZATION PROGRAMDOWN PAYMENT AND CLOSING COSTS ASSISTANCE LOAN PROGRAM CO-APPLICANT/PURCHASER INFORMATION: NAME __________________________________________________ Date of Birth: AGE:___ SS#________ __________ ( )US Citizen, or ( )Permanent Resident Alien, No:_________________ PRESENT ADDRESS: No. Years________ Street:_________________________________________ City, State, ZIP:---------------------- FORMER ADDRESS: No. Years:________ Street:_________________________________________ City,State,ZIP:--------------------

  43. PRINCE GEORGE’S COUNTYNEIGHBORHOOD STABILIZATION PROGRAMDOWN PAYMENT AND CLOSING COSTS ASSISTANCE LOAN PROGRAM Dependents other than listed by Co-Applicant: No:_______________ Ages:____________________________ Marital Status: ( ) Married, ( ) Separated, ( ) Unmarried __________________________________________________ Name & Address of Employer:__________________________________________________ Job Location:________________________________________ Type of Business:_______________ Self Employed?________ Profession:_________________ Yrs in this Profession:______ Cell Phone Home Phone Work Phone

  44. PRINCE GEORGE’S COUNTYNEIGHBORHOOD STABILIZATION PROGRAMDOWN PAYMENT AND CLOSING COSTS ASSISTANCE LOAN PROGRAM INCOM E: (Gross Income – before taxes and deductions) W = Weekly, B-I = Bi-Weekly, A = Annual APPLICANT: Check One | W | B-W | A Base Employment | | Overtime | | Bonus/Commission | | | Dividend/Interest | | | Pension/SSI/Annuity | | | Child Support | | | Other: | | | TOTAL:

  45. PRINCE GEORGE’S COUNTYNEIGHBORHOOD STABILIZATION PROGRAMDOWN PAYMENT AND CLOSING COSTS ASSISTANCE LOAN PROGRAM Provide the following for each person who will live in the home being purchased (excluding Applicant and Co-Applicant). Full Time NAME Relationship Gender D O B FULL TIME Student Income Amount of income TOTAL COMBINED ANNUAL HOUSEHOLD INCOME: $______________

  46. PRINCE GEORGE’S COUNTYNEIGHBORHOOD STABILIZATION PROGRAMDOWN PAYMENT AND CLOSING COSTS ASSISTANCE LOAN PROGRAM ASSETS (Assets include: cash value of life insurance policies and revocable trusts, retirement/pension funds, cash held in checking/savings accounts, Stocks/bonds, equity in rental property, personal property held as investments such as gems/jewelry/coin collection/antique cars, IRA’s, CD’s, mortgages or deeds of trust held by applicant, lump sum or one time receipts such as inheritances/capital gains/insurance settlements, and any other asset not listed). Average Checking Balance: $_____________ Bank Name/Location________________________________________________ Savings Balance: $_____________ Bank Name/Location________________________________________________ Vested Retirement Savings: $_____________ Description:___________________________________________

  47. PRINCE GEORGE’S COUNTYNEIGHBORHOOD STABILIZATION PROGRAMDOWN PAYMENT AND CLOSING COSTS ASSISTANCE LOAN PROGRAM Stocks/Bonds: $_____________ Description:_______________________________________________________ Real Estate Owned- Value: $_____________ Description:______________________________________________________ Other Assets – Value: $_____________ Description:______________________________________________________ TOTAL VALUE: $_____________ Does the Cash Value of your assets exceed $5,000 ( )Yes ( )No

  48. PRINCE GEORGE’S COUNTYNEIGHBORHOOD STABILIZATION PROGRAMDOWN PAYMENT AND CLOSING COSTS ASSISTANCE LOAN PROGRAM I/we certify that all information in this application and all information furnished in support of this application are given for the purpose of being approved for down payment/closing cost assistance under the Neighborhood Stabilization Program (NSP) in order to purchase the property listed at the beginning of this application. The undersigned hereby gives the Prince George's County DHCD the right to obtain all information, which in its sole discretion is necessary to determine eligibility, including a credit report and to verify the information provided in this application.

  49. PRINCE GEORGE’S COUNTYNEIGHBORHOOD STABILIZATION PROGRAMDOWN PAYMENT AND CLOSING COSTS ASSISTANCE LOAN PROGRAM The undersigned also authorizes the first trust mortgage lender to release to the Prince George's County DHCD any information related to my (our) application for a mortgage loan. I/we acknowledge that this information will be solely used for determining eligibility and will be treated confidentially in accordance with the provisions of the Federal Privacy Act.

  50. PRINCE GEORGE’S COUNTYNEIGHBORHOOD STABILIZATION PROGRAMDOWN PAYMENT AND CLOSING COSTS ASSISTANCE LOAN PROGRAM False Statement: Any applicant who makes or causes to be made a false statement or report, whether in the nature of an understatement or overstatement of financial condition or any other fact material to the approval of the application shall be subject to immediate disqualification, immediate acceleration of the loan, and criminal penalties authorized under the laws of the State of Maryland. Applicant/Purchaser’s Signature Date Co-Applicant/Purchaser’s Signature Date PRINT NAME: PRINT NAME:

More Related