Prince George's County Association of REALTORS website home page Become a homeowner
Buy or sell your home faster with a professional real estate agent Find a Real Estate agent in Prince George's County Help a Neighbor - Prince George's County community service Real Estate CEU classes for licensing About PGCAR real estate agent and homebuyer services Save money when buying a home in Prince George's County
Email to a Friend  
HOMEBUYER SAVINGS

Eligible Maximum Home Purchase of $307K Effective March 1, 2017

"Pathway to Purchase" Offers $10,000 Down Payment and Closing Costs for First Time Home Buyers in Prince George's County

 
Tax Credits for Laurel Foreclosed Home Buyers
New Savings for Military Homebuyers ~ MD Homefront $50 Million Initiative
$30 Million Targeted Areas Initiative Offers 2.875% Interest Rates for Maryland Homebuyers
Buy Suitland Initiative: Up to 5% of Home Purchase Price to First-Time Homebuyers Up to 7% for Local Civic Employees
Down Payment and Closing Cost Assistance My HOME Program
Up to $10,000 Downpayment / Closing Costs Assistance with American Dream Downpayment Initiative
Receive Up to $15,000 for Down Payment from Participating Banks
Maryland Veterans Homeownership Initiative for Prince George's County
Sheriff & Police Officer Tax Breaks
Up to $35,000 for Those Who Work and Buy a Home in College Park
 
On January 9, the Prince George's County Department of Housing and Community Development (DHCD) launched 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.

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 through February 28. As of March 1, 2017 that will change to $307,000. There are four loan programs accepted with Pathway to Purchase. Accepted loan programs are: FHA, Maryland Mortgage Program, VA and Conventional Loans. All home buyers using Pathway to Purchase 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. "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," said Howard Ways, Executive Director of the Redevelopment Authority.

Qualifying Households May Earn 51% to 80% of the Area Median Income (AMI)

Qualifying Incomes May Change in April

Household Size

51% - 80% Area Median

1
$38,811 - $61,150
2
$44,319 - $69,900
3
$49,878 - $78,650
4
$55,386 - $87,350
5
$59,823 - $94,350
6
$64,260 - $101,350
7
$68,697 - $108,350
8
$73,134 - $115,350


Up to $10,000 towards downpayment and closing costs for Prince George's County first time home buyers Since 2012, the Redevelopment Authority has assisted over 600 home buyers purchase their first home in Prince George's County through the various home buyer assistance programs.

For information on program income limits, buyer contribution, area median income, debt requirements, and other application details:
Read the Pathway to Purchase Program Guidelines >
Communicate with an Approved Mortgage Lender >
Call the Redevelopment Authority at 301.883.5300

Contact a REALTOR® today to help find your dream home.
9200 Basil Court   |   Suite 400   |   Largo, MD 20774   |   Phone 301-306-7900   |   Fax 301-306-8273   |   pgcar@mris.com   |   Contact Us
© Copyright 2017 by the Prince George's County Association of REALTORS® Inc.   All Rights Reserved.

9200 Basil Court   |   Suite 400
Largo, MD 20774
Phone 301-306-7900   |   Fax 301-306-8273
pgcar@mris.com
Contact Us
© Copyright 2017 by the Prince George's County Association of REALTORS® Inc.   All Rights Reserved.