Pathways to Purchase

As a replacement for the My Home program, Prince George’s County releases Pathways to Purchase which is available now in 2017.  The key details are:

  • $10,000 in forgiven down payment and closing cost assistance.  Every year you live in the property, they will forgive $1,000 and so after 10 years the entire assistance is forgiven.
  • Required buyer contribution of 1.75% of the sales price.  So on a $250k house, your required contribution is $4375. You of course need to cover the down payment and closing costs not covered by the $10k assistance and if applicable a seller closing cost credit.
  • Maximum home purchase price allowed is $313,000.
  • Required home quality inspection which must pass.  Order at http://www.hudpass.com and the cost is $139.
  • Minimum closing time frames 60 days+ to allow time for the county to perform their doc review.
  • First time buyer counseling required from one of these agencies

The income caps which are based on household income are:

  • 1 Person Household: $61,150
  • 2: $69,900
  • 3: $78,650
  • 4: $87,350
  • 5: $94,350
  • 6: $101,350
  • 7: $108,350
  • 8: $115,350

Interested?

Ready to pre-qualify?  Start here.

Or reach out to ajaffe@firsthome.com or 240-479-7658