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
Or reach out to firstname.lastname@example.org or 240-479-7658