Pathway to Purchase First Time Homebuyer Assistance Program

Pathway to Purchase First Time Homebuyer Assistance Program is a deferred second loan for homebuyers in Prince George's County, Maryland. Pathway to Purchase is Prince George's County's flagship first-time homebuyer assistance program, providing up to $15,000 in 0% interest deferred-payment second-mortgage assistance to qualified first-time homebuyers. Administered by the Prince George's County Department of Housing and Community Development. Up to $15,000 in down-payment / closing-cost assistance as a 0% interest deferred-payment second mortgage for first-time homebuyers purchasing primary residences in Prince George's County. Maximum purchase price $448,000-$485,000. Funding comes from HOME, CDBG, Federal, and Local Government.

Pathway to Purchase First Time Homebuyer Assistance Program is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off. Repayment is triggered by Deferred 0% second-mortgage repayable upon sale, refinance with cash-out, transfer, or loss of primary-residence status. The assistance is recorded in 2 position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Pathway to Purchase First Time Homebuyer Assistance Program is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: First-time homebuyer (no ownership of residential real estate in prior 3 years). On credit, the program states: 640 minimum FICO. A homebuyer education course is required, through HUD-approved housing counseling agencies serving Prince George's County; 8-hour homebuyer-education certificate required. Residency requirement: Property within Prince George's County, MD; buyer's primary residence. Citizenship or immigration status: U.S. citizen or eligible non-citizen permitted by HUD HOME / CDBG rules. Property in Prince George's County, MD; buyer's primary residence. First-time homebuyer required. Maximum household income approximately $86,650 (1-person) to $163,350 (8-person). Maximum purchase price $448,000-$485,000 depending on property type. Minimum FICO 640. Minimum buyer contribution $1,000 from own funds. 8-hour HUD-approved homebuyer-education class required. Loan is 0% interest, deferred for the life of the loan; repaid upon sale, refinance with cash-out, transfer, or loss of primary-residence status.

Pathway to Purchase First Time Homebuyer Assistance Program limits household income to 120% of the area median income, which varies by county and household size. Household income approximately $86,650 (1-person) to $163,350 (8-person) per Prince George's County Pathway to Purchase guidelines. The limit applies to total household income, not only the borrower’s. The program lists a maximum household size of 8. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Pathway to Purchase First Time Homebuyer Assistance Program caps the purchase price at $485,000. Eligible property types include Single-family detached, Townhouse, and Condominium. New construction is eligible. Manufactured homes are not eligible.

Pathway to Purchase First Time Homebuyer Assistance Program serves homebuyers purchasing in Prince George's County, Maryland.

Applications for Pathway to Purchase First Time Homebuyer Assistance Program go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through Application via approved lender to Prince George's County DHCD; subject to annual HUD HOME / CDBG / County funding. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.