The Department of Housing and Community Development and Redevelopment Authority will launch a new ownership program on Monday, January 9, 2017. The new program, Pathway to Purchase, will provide first-time homebuyers with the opportunity to receive up to $10,000 in down payment, along with assistance in closing cost.
Resale, short sales, new construction and foreclosures in Prince George’s County are classified as “eligible residential properties”. The Pathway to Purchase program offers zero percent loans that must be paid back, when the home is transferred, sold or ceases to be the buyer’s primary residence. However, the loan repayment has a 10 percent decrease per year and after 10 years, it is forgiven and the lien is released.
When utilizing the Pathway to Purchase assistance to purchase a home in Prince George’s County, the purchase price will be limited to $313,000. The Maryland Mortgage Program, VA, or FHA loan program may be utilized with Pathway to Purchase.
“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 Redevelopment Authority of Prince George’s County will administer the program and begin taking applications on Monday, January 9, 2017. Homebuyers must work with one of the mortgage lenders that have been approved by the Pathway to Purchase.
The Redevelopment Authority assisted more than 600 first-time homebuyers purchase a home in 2012.
For information on the Pathway to Purchase buyer contribution, debt requirements, income limits and area media income, please contact the Redevelopment Authority at (301) 883-5456 or email email@example.com.