Home Buying Program a "Dream"

UPPER MARLBORO, Md. - Alicia Thompson spent the Sunday afternoon going to open houses.

"It's my first house, you know. I have a little girl. Get her her own room, get a garage."

Thompson wants to spend about $280,000. If she buys a foreclosed house in Prince George's County, the county government will give her roughly $19,000.

"I don't know how it gets any better than that," says Don Frederick of RE/MAX United Real Estate in Upper Marlboro.

Frederick says the program it's called the "Down Payment on Your Dream" program. Qualified buyers must buy a foreclosed home and use $1,000-2,000 of their own money. In return, they get up to $20,000 that they never have to pay back if they live in the house for ten years.

Frederick says it's essentially a free down payment on a house. When coupled with the Federal government's $8,000 tax credit and special loans tailored just for people buying foreclosed homes, Frederick says it's the best deal he's seen in his 34 year career.

"Prices have dropped, interest rates are low, they are giving you great money to buy the house and they're giving you money to rehab it. I mean, it's a fantastic opportunity for home buyers."

Thompson admits it's what brought her out to look at all kinds of
houses. The deal was just too good to wait any longer she says. "It's a lot of money!"

DOWN PAYMENT ON YOUR DREAM
Neighborhood Stabilization Program (NSP)