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Up to $10,000 Pathway To Purchase (PTP)!

Prince George County Home Buyers can receive up to $10,000 in Down Payment and Closing Cost Assistance

With Millennial Home Loans quick online loan application, determining if you qualify for a PG County PTP Loan and for how much, has never been easier.

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Interest rates change on a daily basis. To receive a quick quote on current interest rates Click Here to receive an update interest rate quote.

The Prince Georges County Pathway To Purchase or PGPTP is creating homeownership opportunities throughout Prince Georges County Maryland, for borrowers with household income up to 80% of the area median income, with down payment and closing cost assistance up to $10,000, for eligible Home Buyers purchasing a home in Prince Georges County. Maximum purchase price of the house is $309,000. Minimum contribution from the home buyer will the greater of 1.75% of the purchase price or 50% of the borrower’s liquid assets over $3,000

The Prince Georges County Pathway To Purchase (PGPTP) offers the following benefits:

  • Down payment and closing cost assistance loan up to $10,000
  • 0% interest rate and deferred repayment on the down payment assistance loan amount
  • Minimum investment by the home buyer of 1.75% of the purchase price or 50% of liquid assets of $3,000; whichever is greater
  • Loan will be forgiven after 10 years and only a prorated portion must be paid back when you sell, refinance, or convert the property to an investment property within the 10-year time period
  • Can be used in conjunction with a FHA, VA, or conventional loan
  • Available for all property types, including existing homes and new construction
  • Easy and Simple Process. Lenders submits all paperwork to Prince Georges County; the Home Buyer only needs to take a first-time buyer's class

Maximum
Household
Income
Limits?

Household Size Maximum Household Income
1$65,650
2$75,000
3$84,400
4$93,750
5$101,250
6$108,750
7$116,250
8$123,750

How to start the Prince Georges County Pathway To Purchase (PGPTP):

  • Apply for your first trust mortgage loan. To obtain your preliminary approval for the first trust mortgage loan call (410) 552-5912 or Click Here to apply online
  • Note, approval of your first trust mortgage loan does not guarantee approval of your loan application for the PGPTP Loan
  • Attend an 8-hour housing counseling course provided by a HUD Certified Housing Counseling Agency
  • Enter into a Purchase Contract, with a minimum settlement date of 60 days from contract ratification
  • Schedule your Housing Quality Standards Inspection Requirements through APC
  • Ensure that any deficiencies identified in the HQS Inspection Report that are an eminent threat to life, health, and safety, as determined by the HQS Inspector must be corrected prior to loan approval
  • Obtain an additional home inspection completed by a licensed inspector
  • Lender to order a home appraisal report
  • First trust lender approves the loan, subject to the approval of the PGPTP Loan
  • PGPTP Loan submission is made, with a minimum 21 business days remaining on the sales agreement, in order for the submission to be accepted by the PGPTP Loan Underwriter
  • PGPTP Loan is approved, settlement date is scheduled, and the loan closes