11/27/2023
PATHWAY TO PURCHASE HOMEBUYER ASSISTANCE PROGRAM ISSUES NEW GUIDELINES
Program Now Offers Up to $25,000 to First-Time Home Buyers
The Prince George’s County’s home ownership assistance program, “Pathway to Purchase,” has issued new guidelines for eligible first-time home buyers. The program now offers up to $25,000 in down payment and closing cost assistance toward the purchase of a home. Home buyers can purchase a home anywhere in Prince George's County. Eligible residential properties include new construction, resales, and foreclosures.
“This important partnership with MD-DHCD and the private sector allows us to meaningfully address affordable homeownership” 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 home ownership. We are eager to continue our progress in helping families begin their pursuit of the American Dream.”
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, if the home buyer resides in the home for 10 years, the loan is forgiven, and the lien is released.
This year, the Department of Housing and Community Development (DHCD) has partnered with the State of Maryland’s Mortgage Program and eligible home buyers can receive an additional $6,000 toward the down payment and closing cost. Additionally, if the home buyer participates in the State’s Partner Match, they can receive a dollar-to-dollar match of up to $2,500.
The maximum price for homes purchased with Pathway to Purchase assistance is $432,000 for re-sale homes and $467,000 for new construction. The home must pass a Housing Quality Standards (HQS) Inspection as part of the application process.
The Redevelopment Authority of Prince George's County administers the program. Home buyers must work with an approved mortgage lender to submit an application. More information can be found on the Pathway to Purchase website.
