Pathway to Purchase in Prince George’s County
The Redevelopment Authority of Prince George’s County, through their Pathway to Purchase program, can provide up to $10,000 in down payment and closing cost assistance to be used in the purchase of eligible Prince George’s County properties. Homebuyers can combine this with the Maryland Preferred Rate Program, which offers our lowest possible interest rate on a 30-year fixed-rate loan.
Down payment and closing cost assistance through Prince George’s County’s Pathway to Purchase program is available as a 0% interest loan that must be paid back when the home is sold, transferred, or ceases to be the primary residence of the buyer(s). However, the Pathway loan amount decreases at a rate of 10% per year and after 10 years is completely forgiven and the lien is released.
Defaults on a first mortgage loan results in the remaining balance of the Pathway to Purchase loan changing to a rate of 5.75%.
Homebuyers apply separately for each program – scroll down for information on steps to take to start your applications.
Homebuyers can purchase a home anywhere in Prince George’s County. Eligible residential properties also include new construction, resale, short sales and foreclosures, as long as they meet other applicable program guidelines.
To learn more click on the below link.