Up to $10,000 Down Payment & Closing Cost Assistance
Pathway to Purchase First Time Homebuyer Assistance Program Highlights
Pathway to Purchase Pathway to Purchase offers Up to $10,000 down payment and closing costs for First Time Home Buyers in Prince George's County
0% interest second trust for first time home buyers must be paid back on prorated basis when home is sold, transferred or buyer moves out. Fully forgiven provided buyer remains in home for 10 years. See chart for details
All Prince George’s county zip codes eligible. Maximum purchase price $313,000
Buyer's minimum contribution 1.75% of purchase or 50% of liquid assets over $3000 (whichever is greater)
FHA, VA, Conventional loans
INCOME LIMITS FOR AFFORDABLE HOUSING PROGRAM
Household Size
51%-80% Area Median
1
$61,150.00
2
$69,900.00
3
$78,650.00
4
$87,350.00
5
$94,350.00
6
$101,350.00
7
$108,350.00
8
$115,350.00
PROGRAM CHART
Purchaser Remains in HOME
Balance Due
As % of Total Pathway to Purchase Loan Received
Less than 1 year
100%
At least 1 year but less than 2 years
90%
At least 2 year but less than 3 years
80%
At least 3 year but less than 4 years
70%
At least 4 year but less than 5 years
60%
At least 5 year but less than 6 years
50%
At least 6 year but less than 7 years
40%
At least 7 year but less than 8 years
30%
At least 8 year but less than 9 years
20%
At least 9 year but less than 10 years
10%
Ten years of more
0%
PURCHASE PRICE LIMITS: The maximum purchase price of homes utilizing PATHWAY TO PURCHASE assistance is: $313,000.00 (resales) and $313,00.00 (new construction) THERE ARE NO EXCEPTIONS TO THIS LIMIT.
DEBIT REQUIREMENTS: 33% FRONT END | 45% BACK END
BUYER’S MINIMUM CONTRIBUTION: 1.75% of purchase price or 50% of liquid assets over $3,000.00 (whichever is greater).
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