Are you a first-time homebuyer looking to purchase a home in Prince George’s County, Maryland? Then you’re in luck! The Redevelopment Authority (RDA) offers a grant to homebuyers up to $10,000 through the PGC Pathway to Purchase program which can be used towards down payment and/or closing cost fees.
However, there are purchase price limits that can restrict you from receiving the benefits of this program. All purchase prices must remain under $432,000 for resale properties and $467,000 for new construction.
According to the loan terms, this program requires borrowers to repay the full loan amount when the home is sold, or when the home is no longer the primary residence within the 10-year affordability period.
What is the first-time home buyer program in PG County MD?
The first-time home buyer program in PG County, Maryland is called the Prince George’s County Pathway to Purchase Program. The program can assist first-time buyers who are looking to purchase a property that is a resale, foreclosure, short sale, or new construction. This program consists of a 10-year forgivable loan, with 0% interest charged. Note: There is a deferment payment schedule.
PGC Pathway to Purchase Program Benefits
The benefits of the PGC Pathway to Purchase Program are home purchase assistance including down payment and/or mortgage reduction costs and closing costs. In many cases, the down payment funds can be the main reason why someone has not become a homeowner. This program serves to help more individuals achieve homeownership in Maryland.
Eligibility Requirements for the PGC Pathway to Purchase Program
The applicant’s eligibility requirements include being credit worthy and able to qualify for a first mortgage through a participating mortgage lender, like Direct Mortgage Loans. Additionally, the applicant(s) must be 18 years of age or older, agree to live in the home being purchased as their principal residence, contribute a minimum amount of cash towards the purchase of the home, attend an 8-hour counseling class, and be an eligible ratified Contract of Sale on a residential property located in Prince George’s County.
Applying for PGC Pathway to Purchase Program
Before submitting a completed application package, Participating lenders must request and schedule a Pathway to Purchase HQS Inspection at www.HUDPASS.COM. After the application to purchase an eligible property has been submitted to the lender and underwritten, applications to the program may be submitted by a participating lender, subject to approval of pathway to purchase funds. The program requires 21 business days to process and close an application.
Direct Mortgage Loans is a participating lender for the PGC Pathway to Purchase program. For any questions regarding the program or to discuss taking the next step, contact a team member today!
Down payment programs subject to additional eligibility requirements that may vary. Eligibility and approval is subject to completion of an application and verification of home ownership, occupancy, title, income, employment, credit, home value, collateral and underwriting requirements. Loan products described here may not be available at the time of application. All products are subject to eligibility and availability.Reach out to your lender to learn more. Direct Mortgage Loans, LLC NMLS ID# is 832799 (www.nmlsconsumeraccess.org). Direct Mortgage Loans, LLC office is located at 11011 McCormick Rd Suite 400 Hunt Valley, MD 21031. Equal housing lender.
