NEW HOME OWNERSHIP PROGRAM LAUNCHES JANUARY 9
- Up to $10,000 towards down payment /closing cost- in Prince Georges County
-No restrictions on location
- Must be First Time Home buyer
- Fund on first come first serve basis
-Any Property Qualifies
to Purchase" Offers Up to $10,000 Down Payment and Closing Costs for First
Time Home Buyers in Prince George's County
Prince George's County Department of Housing and Community Development (DHCD)
is launching a new home ownership program, entitled "Pathway to
Purchase." This new program offers first-time home buyers up to $10,000 in
down payment and closing cost assistance. Home buyers can purchase a home
anywhere in Prince George's County. Eligible residential properties include:
new construction, resale, short sales and foreclosures.
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, the loan repayment has a 10% decrease per year and after 10 years, it
is forgiven and the lien is released.
will start accepting Pathway to Purchase applications on Monday, January 9.
are excited about this new opportunity," said Eric C. Brown, Director of
the Prince George's County Department of Housing and Community Development.
"We have dedicated $750,000 for this program to help people get on the
path to home ownership."
maximum purchase price of homes utilizing Pathway to Purchase assistance is
$313,000. There are four loan programs accepted with Pathway to Purchase.
Accepted loan programs are: FHA, Maryland Mortgage Program, VA and Conventional Loans. All home buyers using Pathway to Purchase must pass a Housing Quality
Standards (HQS) Inspection as part of the application process.
Redevelopment Authority of Prince George's County will administer the program.
"We will begin taking applications on Monday, January 9, 2017," said
Howard Ways, Executive Director of the Redevelopment Authority. "Home
buyers must work with an approved mortgage lender to submit an application. We
are eager to continue our progress in helping families begin their pursuit of
the American Dream."
information on program income limits, buyer contribution, area median income,
debt requirements, and other application details: Click Here to Get started
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