New Prince Georges County First Time Home Buyer Programs in 2020

Are you tired of renting that apartment for 2000.00 a month?? Let’s discuss buying a home and using one of Prince Georges County’s First Time Home Buyer Programs! In January 2020 Prince Georges County has updated all of the county’s first time home buyer programs the county currently offers. Funds are limited so act now! Here is a brief overview of the Pathway to Purchase program.

Pathway to Purchase Logo

Pathway to Purchase

Pathway to purchase offers 10,000.00 in downpayment and closing cost assistance to qualifying home buyers (you do not need to be a first time home buyer) can purchase a home anywhere within Prince Georges County. The home can be a New Construction, a resale home, a short sale home, or a foreclosed property. Pathway to Purchase is a 0% interest loan that must be paid back when the home is sold, or is transferred or is no longer the main residence of the buyer. Additionally, the loan does have a 10-year repayment window so if you stay in the home for 10 years you do not need to pay anything back! If you move before 10 years there is a 10% loan decrease for every year you stay in the home up to the 10th year. The maximum purchase price for anyone using the Pathway to Purchase program is currently 313,000, currently, there are four loan programs that can be used with the Pathway to Purchase program. Those programs are FHA, VA, the Maryland Mortgage Program, and Conventional loans. All homebuyers who want to use the Pathway to Purchase program must pass a Housing Quality Standards Inspection. Furthermore, Homebuyers must work with an APPROVED MORTGAGE LENDER to submit an application. Here is a list of Pathway to Purchase Approved LendersPathway to Purchase Approved Lenders

Interested in utilizing the Pathway To Purchase Program

With the program, there are income guidelines and they’re below:

Qualifying Households May Earn

Household Size                80% Area Median
1                                               $61,150
2                                               $69,900
3                                               $78,650
4                                               $87,350
5                                               $94,350
6                                               $101,350
7                                               $108,350

8                                               $115,350

 

For more information check out the Pathway to Purchase website which can be found Here