Home Buyer Programs

Current Home Buyer Programs for 1st Time Home Buyers in Prince George County and Howard County.  

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Prince George County"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 loan program that must be paid back when the home is sold, transferred, or ceases to be the primary residence of the buyer

-Loan repayment has a 10% decrease per year and after 10 years, it is forgiven and the lien is released
-Maximum purchase price of homes utilizing Pathway to Purchase assistance is $313,000  
-Home buyers may use one of the following loan programs with Pathway to Purchase:  FHA, Maryland Mortgage Program, VA or conventional loans
-Eligible borrowers cannot have owned a home in the last 3 year
-Maximum DTI ratio is 33/45
-Applicants must attend an 8 hour HUD approved home buyer counseling class.  No online classes will be accepted
-Pathway to Purchase recipients must contribute 1.75% of the final purchase price or 50% of liquid assets over $3,000, whichever is greater
-Home must pass a Housing Quality Standards (HQS) Inspection as part of the application process
-Home buyers must work with an approved mortgage lender to submit an application
-More information on program income limits, buyer contribution, area median income, debt requirements, and other application details can be obtained as follows: Prince George Pathway to Purchase Program Guidelines or Call the Redevelopment Authority at 301-883-5300
 
 
Howard County
"Settlement Down Payment Loan"

PURPOSE: To assist homebuyers with financing for settlement/down payment costs.

SCOPE: Loans are available through Howard County Housing for settlement and down payment costs. All loans will be deferred, due upon sale of home, refinance, or default. Low interest rates at 2 points below the primary mortgage interest rate. Lenders will process all requests.

 

ELIGIBILITY: Applicants must meet the following:

  • Income limits: See income chart located in the information packet below – page 4 (income limits subject to change every January and July).
  • House price limit: $429,620 (CDA purchase price limit for Howard County applies)
  • First-time homebuyer for HomeStarter, HomeSteader, and DreamMaker Loans. First-time homebuyer restriction not required for Revitalization and Workforce Initiative Loans
  • Have a minimum of $1,000 to apply towards settlement/down payment costs plus one month PITI (mortgage payment) in savings account
  • Lack sufficient funds to pay for the total settlement/down payment costs
  • Must be approved for a fixed rate primary mortgage loan
  • More information on program income limits, buyer contribution, area median income, debt requirements, and other application details can be obtained as follows: SDLP Information Packet or call Department of Housing & Community Development at 410-313-6318, option 4