Prince Georges County Maryland has launched its Neighborhood Stabilization Program (NSP). This program offers first-time home buyers up to $20,000 towards the purchase of a home in Prince Georges County.
All qualified buyers will get at least 3.5% of the purchase price or $15,000, whichever is smaller, towards the purchase of a foreclosure in Prince Georges County. The county has designated 33 zip codes where this money can be applied.
In addition, Prince Georges County Maryland has designated 12 of those zip codes as target areas. In these target areas, buyers can get a total of 7% of the purchase price or $20,000, whichever is smaller, towards the purchase of a foreclosure property.
Potential buyers of Laurel Md real estate will be glad to know that one target area is located in Laurel Maryland. In Laurel Md zip code 20708 buyers can get up to $20,000 through the NSP.
Any buyer who lives in the home for at least then years, does not have to pay any of the NSP funds back to the county. After four years, the amount that has to be paid back it prorated.
The NSP allows buyers of Maryland real estate to buy a home with minimal out of pocket cash.