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Homeownership Opportunities

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I just wanted to thank you guys again for the beautiful home. I have been in my home for 3 yrs, 5 months. You guys have made so many people's dreams come true. Being a homeowner is a great accomplishment in my life. Being a single parent has many challenges, but it is rewarding.

Keep doing whatever you are doing. You are a blessing. Make some more dreams come true.

Sincerely,
Delores


..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:

Mary Hunter at 301/699-0425
Mario Rivera at 301/985-5122
Cherelle Silue at 301/699-6262

Click here to register for an upcoming workshop.

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 the difference between a down payment and a deposit?
  11. What is the difference between a home equity loan and a second mortgage?
  12. What is the difference between secured debt and unsecured debt?
  13. What is the false favor of increased ratios?
  14. What is a predatory lender and how can you spot one?
  15. What is flipping? Negative amoritization?

HIP adopts National Industry Standards for Homeownership Education and Counseling

HIP's Housing Counseling Program has adopted the National Industry Standards for Homeownership Education and Counseling. The National Industry Standards for Homeownership Education and Counseling are a set of guidelines for quality homeownership education and counseling services. The National Industry Standards for Homeownership Education and Counseling focus on a set of six core areas: Competency, Skills, Training, Operational Knowledge, Code of Ethics and Conduct, and Performance Standards. Please click here to read a copy of the Standards for Homeownership Education and Counseling.


..American Dream Downpayment Initiative Program (ADDI).

WHAT IS ADDI?
The American Dream Downpayment Initiative ("ADDI") provides downpayment and closing cost assistance to low-income families who are first-time homebuyers for the purchase of single-family housing that will serve as the family's principal residence. The ADDI program is a 5-year deferred of up to $5,000 for downpayment and/or closing costs. Prince George's County Department of Housing and Community Development administers the program, and HIP Services assists with the processing of the applications.

Eligibility

  • Purchaser(s) must be first-time homebuyers or not have owned a home in at least three (3) years.
  • Purchaser(s) must earn 80% or less of the area median income based on household size. See income guidelines below.
  • Purchaser(s) must buy a home located in Prince George's County, Maryland.
  • Purchaser(s) must live in the home as their primary residence during the 5-year term of the downpayment/closing cost loan; no temporary subleases.
  • Purchaser must complete an intensive homeownership educational workshop conducted by a HUD-approved housing counseling agency PRIOR to applying for ADDI funds.

INCOME GUIDELINES
Family Size MAXIMUM Income Family Size MAXIMUM Income
1 $57,700 5 $89,100
2 $66,000 6 $95,700
3 $74,200 7 $102,300
4 $82,500 8 $108,900

Program Guidelines

How do I apply?

THE APPLICATION, PROGRAM GUIDELINES AND ADDITIONAL INFORMATION
CAN BE DOWNLOADED BY CLICKING THE BELOW LINKS:
Application.pdf
Application.doc

DON'T FORGET!
  • Allow sixty (60) days from contract ratification to settlement. ADDI applications take time to process.
  • Once a complete application has been submitted to HIP, Prince George's County will require 30 to 45 days to review and approve the application.
  • Applications CANNOT be faxed or dropped off. Client must make an appointment with a counselor to review completed application.


..Upcoming Homes for Sale.

HIP buys and substantially rehabs -- or sometimes tears down and builds new -- a few vacant single family homes in inner beltway neighborhoods. 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.

Completely Renovated Homes, Affordably Priced

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

Address Description Purchase Price Availability
1202 Benning Road
Capitol Heights, MD 20743		 Three-story single-family detached home. 5 bedrooms, 2 bathrooms, hardwood floors, unfinished basement, front porch. $199,000 Under Contract
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. $130,000 Click here for more information. [PDF]
8005 Ray Leonard Court
Palmer Park, MD 20785		 Two story detached home. 3 bedrooms, 1.5 baths. Hardwood floors, Kitchen Island, Front porch. TBD Fall 2010
*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

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 $57,700 5 $89,100
2 $66,000 6 $95,700
3 $74,200 7 $102,300
4 $82,500 8 $108,900

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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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