Pathway to Purchase First Time Homebuyer Assistance Program

What is 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.

Do you have to pay it back?

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.

Who qualifies?

Pathway to Purchase First Time Homebuyer Assistance Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

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.

What kind of home can it be used for?

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.

Where does it apply?

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

How do you apply?

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.

1. 1

   Take a homebuyer education course

   Required by the program, through HUD-approved housing counseling agencies serving Prince George's County; 8-hour homebuyer-education certificate required..

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Application via approved lender to Prince George's County DHCD; subject to annual HUD HOME / CDBG / County funding., and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.