How Pathway to Purchase Works For You
The Pathway to Purchase program is a 2017 Prince George’s County first time buyer assistance program that gives qualifying buyers valuable down payment and/or closing costs assistance. The assistance funding available is up to $10,000.[calendar]
There are several important conditions to qualifying for Pathway to Purchase assistance funds.
- You must make under an income limit based on your household size. Get the current limits now.
- There is a required buyer contribution of 1.75% of the purchase price of the home
- The home you buy must be purchased for under $307,000.
- You must live in the home 10 years. The loan balance due reduces by $1,000 per year automatically. After 10 years, you can sell or transfer ownership without any Down Payment loan balance due at all. Prior to 10 years, you owe the remainder of the loan balance upon transfer of the home
- Have a Real Estate Agent and Pathway to Purchase approved lender/mortgage professional to facilitate home purchase & financing
Our Role in the Pathway To Purchase Program & how we help you:
- Our firm is a private DC/MD/VA real estate brokerage based in the U Street Corridor. We are a team of local real estate agents who love helping first time homebuyers.
- It costs you no cash up front to use our Agents & expertise; if you find a home and qualify, we are paid a commission on the transaction just like any other real estate agent.
- Our agents are fully trained in Pathway to Purchase program rules, qualifications, etc. Plus, if you do not initially qualify for Pathway to Purchase, we can still potentially help you. There are other privately offered financing programs and assistance that help make homebuying easy.