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Homeownership Opportunities

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..Homeownership Counseling.

HIP announces homeownership counseling and workshops in Spanish!
¡HIP anuncia consejería y talleres en español de como comprar una casa!

Homeownership Counseling.HIP provides one-on-one homeownership counseling.   Staff works with families on repairing credit, developing a budget, shopping for a mortgage, understanding the steps and professionals involved in buying a home, how to negotiate a contract, understanding the closing process, and learning how to maintain a home and budget after becoming a homeowner.

For more information, please contact:

Cherelle Silue at 301/699-6262
Delta Banks at 301/985-5048
Ernest Matthews at 301/985-5122

Click here for our workshop calendar for 2008.

IF YOU CAN'T ANSWER THESE QUESTIONS YOU NEED TO BE IN A HOMEBUYER EDUCATION PROGRAM!
  1. What is an upside down mortgage?
  2. What is a reverse mortgage?
  3. What is an escalator clause?
  4. What is a prepayment penalty?
  5. What is fee packing?
  6. Who does the real estate agent work for?
  7. What is a sub-prime mortgage?
  8. What is your FICO score?
  9. What are your front and back ratios?
  10. What is bond money?
  11. What is the difference between a down payment and a deposit?
  12. What is the difference between a home equity loan and a second mortgage?
  13. What is the difference between secured debt and unsecured debt?
  14. What is the false favor of increased ratios?
  15. What is a predatory lender and how can you spot one?
  16. What is flipping? Negative amoritization?


..American Dream Downpayment Initiative Program (ADDI).

HIP/HIP Services is assisting the Prince George's County Department of Housing and Community Development in the processing of applications to assist low- and moderate-income homebuyers with downpayment and closing costs. Eligible participants can receive up to a $5,000 forgivable loan. The following outlines the program guidelines and eligibility. For more information, please contact:

Delta Banks 301/985-5048
Cherelle Silue at 301/699-6262
Ernest Matthews at 301/985-5122

To apply for the American Dream Downpayment Initiative (ADDI) funds, please read and complete the following documents:


..Homes HIP Has Sold.

HIP buys and substantially renovates vacant, single-family homes located primarily in the inner-beltway neighborhoods of Palmer Park, Seat Pleasant, and greater Fairmount Heights. Homes are affordably priced for low- and moderate-income purchasers.

600 Birchleaf before rehab.
600 Birchleaf before rehab.
600 Birchleaf after rehab.
600 Birchleaf after rehab.

These homes typically require extensive work and are practically new when completed.   On average, HIP replaces all major systems--roof, gutters, furnace, central air, hot water heater; and heavy up the electrical system.   In addition, it replaces the kitchen and bathroom; install all new appliances including a garbage disposal, dishwasher, refrigerator, stove, washer and dryer; and replaces all electrical fixtures and flooring.   Volunteers play an important role by transforming the exterior through substantially landscaping the yard.   HIP's signature feature is the addition of a front porch.   Not only does the porch dramatically improve the curb appeal of the home, it also encourages the new owners to sit out front of their home and get to know their neighbors and the community.

Greenleaf Road before.
7521 Greenleaf before rehab.
Greenleaf Road after.
7521Greenleaf after rehab.

Allendale before.
8143 Allendale before rehab.
Allendale after.
8143Allendale after rehab.

69th Place.
408 69th Place, Seat Pleasant
Sheriff Road.
8128 Sheriff Road, Palmer Park

Hylton Street.
7243 Hylton Street, Seat Pleasant

Requirements for purchasing one of HIP's Homes

  1. Earn 80% or less of the area median income based on household size.   Below is a chart showing the maximum income for   different household sizes.

  2. Complete homeownership counseling with HIP or another agency recognized by HIP.

  3. Qualify for (market rate or lower) mortgage financing through a conventional lender, the state of Maryland, or Prince George's County.   HIP will assist families with this process through its homeownership counseling program.

Family Size MAXIMUM Income Family Size MAXIMUM Income
1 $52,900 5 $81,600
2 $60,500 6 $87,700
3 $68,000 7 $93,700
4 $77,600 8 $99,800


..Upcoming Homes for Sale.

Completely Renovated Homes, Affordably Priced

For more information, contact Karen at 301/699-6262.

Address Description Purchase Price Availability
7241 Hylton Street
Seat Pleasant, MD 20743		 Two-story duplex. 3 bedrooms, 1.5 bath. Living room, dining room, unfinished basement, front porch. Everything updated. To be determined Late Summer 2008
1202 Benning Road
Capitol Heights, MD 20743		 Two-story single-family detached new construction home. 3 bedrooms, 2.5 bathrooms, unfinished basement, front porch, off-street parking. To be determined Late Summer 2008
7801 Greenleaf Road
Landover, MD 20785		 One-story duplex home significantly renovated. 3 bedrooms, 1 bathroom, combination living room and dining room, front porch, off-street parking. Everything updated. To be determined 2009
*Price does not include extras or any accessibility modifications or broker's fee and is contingent upon eligibility of the buyer for the programs used to finance.
All information is subject change without notice. Eligible Buyers must be first-time homebuyers and meet the following income requirements. Income requirements will change from time-to-time as updated by the US Department of Housing & Urban Development. For more information, please contact Stephanie Proestel at 301/699-3870


..New Construction.

HIP builds a small number of new construction homes each year. The following are examples of homes HIP has completed.


This drawing shows the houses that have been built at 3709 38th Street in Cottage City and 4903 52nd Avenue in Edmonston. In both cases HIP tore down unsafe and hazardous houses and built new three-bedroom homes. Both homes sold in 2004. HIP is about to tear down another dilapidated home at 410 69th Place and build in its place this home. Click on the image to see a full-size version.

3805 Powhatan in Hyattsville

HIP purchased this lot with a shack of a house in 2001. With the help of a grant from the Redevelopment Authority of Prince Georges County, HIP tore down what was left of the ramshackle house.

This new 4 bedroom, two and a half bath house with its big front porch rose up on the site. It has been sold to a family earning 40% of the area median income.

For more information, contact Stephanie Prange Proestel at 301/699-3870.

House before.
Before
After.
After

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6525 Belcrest Road
Suite 555
Hyattsville, MD  20782		 301/699-3835
fax - 301/699-8184
info@hiphomes.org
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