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New Home Ownership Program Launches in Prince George's County, MD
 
"Pathway to Purchase" Offers Up to $10,000 Down Payment and Closing Costs for First Time Home Buyers in Prince George's County      The Prince George's County Department of Housing and Community Development (DHCD) is launching 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. DHCD will start accepting Pathway to Purchase applications on Monday, January 9th.
     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. The maximum purchase price of homes utilizing Pathway to Purchase assistance is $313,000.
     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 ... more

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