An Option For First Time Homebuyers
Pathway To Purchase Homeownership Program Funded With Over $760,000
The Prince George’s County Council recently made it a bit easier for residents to put a permanent roof over their heads.
The Council approved $761,553 in funding for the Department of Housing and Community Development and the Redevelopment Authority’s homeownership assistance program, “Pathway to Purchase on May 18.”
This program offers first-time homebuyers up to $10,000 in down payment and closing cost assistance toward the purchase of their home. Homebuyers can purchase a home anywhere in Prince George's County. Eligible residential properties include new construction, resale, short sales, and foreclosures.
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 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 homeownership. We are eager to continue our progress in helping families begin their pursuit of the American Dream.”
The maximum purchase price of homes utilizing Pathway to Purchase assistance is $361,000 for re-sale homes and $399,000 for new construction. Homebuyers 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. Homebuyers must work with an approved mortgage lender to submit an application.
Since 2017, Pathway to Purchase, along with the Prince George’s County Purchase Assistance Program, helped 600 first-time homebuyers purchase their home.
For information on program income limits, buyer contribution, area median income and debt requirements call the Redevelopment Authority on (301) 883-5456 or e-mail PJGardner@co.pg.md.us
