Interest Free Loan for First time New Home Buyers

The County has recently introduced  Purchase Assistance Program (PGCPAP) providing home purchase assistance to eligible, first-time home buyers to purchase residential properties in the County.  Home purchase assistance includes down payment, mortgage principal reduction and/or closing costs.

Single family dwelling units, townhouses, and condominiums are eligible for assistance. Eligible properties include resale, foreclosures, short sales, and new construction.

The maximum loan amount is $15,000.00, with a purchase price limit: $462,000 (resale or new construction). Loan terms include 0% interest, deferred payment. Purchaser must pay back the loan in full when the home is sold, transferred or ceases to be the primary residence of the buyer(s) regardless of the length of residency.

If the buyer a police officer, a deputy sheriff, a classroom teacher, a firefighter, an emergency medical technician . or a nurse, they may be eligible for an additional $5,000 based on their need. This would bring the total loan amount to $20,000.

More about the application eligibility can be found here: https://www.princegeorgescountymd.gov/2965/Purchase-Assistance-Program-PGCPAP. The application related documents for new homebuyers can be found here: https://www.princegeorgescountymd.gov/2966/First-Time-Homebuyer-Documents

Additionally, the City of College Park provides $5,000 grant for new homeowners in the city. More on the program can be found here: http://www.collegeparkmd.gov/government/planning/homeownership_grant_program.php

The College Park City University Partnership also provides $15,000 to the UMD staff towards the down payment or closing cost assistance for a home purchased anywhere in College Park. More here: https://www.collegeparkmd.gov/Planning/CPCUP_Home_ownership_program___guidelines_and_application.pdf

Please spread the word!

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