The Prince George’s County’s homeownership assistance program, “Pathway to Purchase,” has $886,526 in funding to assist first-time homebuyers. This program offers first-time homebuyers up to $10,000 in down payment and closing cost assistance toward the purchase of a home. Homebuyers can purchase a home anywhere in Prince George’s County. Eligible residential properties include: new construction, resale, short sales, and foreclosures.
“We are excited that we can continue to support this opportunity,” said Aspasia Xypolia, Director of the Prince George’s County Department of Housing and Community Development. “This dedicated funding will help people get on the path to home ownership. We are eager to continue our progress in helping families begin their pursuit of the American Dream.”
Pathway to Purchase is a 0% interest loan program that must be paid back when the home is sold, transferred or ceases to be the primary residence of the buyer(s). However, if the homebuyer resides in the home for 10 years, the loan is forgiven, and the lien is released.
The maximum price for homes purchased with Pathway to Purchase assistance is $399,000 for re-sale homes and $411,000 for new construction. Homebuyers may use FHA, Maryland Mortgage Program, VA or Conventional Loans with Pathway to Purchase, and the home must pass a Housing Quality Standards (HQS) Inspection as part of the application process.
The Redevelopment Authority of Prince George’s County administers the program. Homebuyers must work with an approved mortgage lender to submit an application.
Since 2017, the Redevelopment Authority has assisted 675 homebuyers purchase their first home in Prince George’s County through the Pathway to Purchase homebuyer assistance program.
For information on program income limits, buyer contribution, area median income and debt requirements, visit the Redevelopment Authority’s website: email@example.com