The Prince George’s County Department of Housing and Community Development and the Redevelopment Authority are 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.
According to a Prince George’s County press release,
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, the loan repayment has a 10% decrease per year and after 10 years, it is forgiven and the lien is released.
“We 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.”
The maximum purchase price of homes utilizing Pathway to Purchase assistance is $313,000. Home buyers may use one of the following loan programs with Pathway to Purchase: FHA, Maryland Mortgage Program, VA or conventional loans. The home must pass a Housing Quality Standards (HQS) Inspection as part of the application process.
The 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.”
Since 2012, the Redevelopment Authority has assisted over 600 home buyers purchase their first home in Prince George’s County through various home buyer assistance programs.
Read the full press release for more information.