If you are a first-time homebuyer and are looking to purchase a home in Prince George’s County, Maryland, -you are in luck! The Redevelopment Authority (RDA) has created a grant program that allows homebuyers to receive a grant up to $10,000 to be used towards down payment and/or closing cost fees.
The Pathway to Purchase program will 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.
There are purchase price limits that can restrict you from receiving the benefits of this program. All purchase prices must remain under $361,000 for resale properties and $399,000 for new construction.
According to the loan terms, this program requires borrowers to repay the full loan amount when the home is being sold, or when the home is no longer the primary residence within the 10-year affordability period.
Direct Mortgage Loans is a participating lender for the Pathway to Purchase program. If you have any questions regarding the program or would like to take the next steps in your home buying journey, contact a team member today!