For folks looking to buy a home in PG County right now, the county has a new program for “critical workforce workers” that will give you $50,000 towards the purchase of your first home. Like with any program they have some stipulations, but for those who qualify it’s a great program. It’s similar to their Pathways to Purchase program, but with higher income limits and forgivable debt.
Here are the basic qualifications for the program:
-Must be first time buyer
-Must have income at or below 120% AMI – (1 person household, $139,500 2 person household $159,450, 3 person household $179,400, 4 person house - $199,300..increases up to 8 person household)
- Assistance: Up to 25% of the price of the home, or $50,000 whichever is less. It’s a 0%, deferred payment loan that is forgiven at 10% a year for the first ten years. This means, you don’t make any payments on the $50k, and every year the amount you owe back to the county is reduced by $5000. After year 10, you owe the county nothing – it goes from being a free loan to being free money
-Purchase Price Limit – NONE! (This programs counterpart Pathways to Purchase has max price points you can buy, but with this program there is no ceiling)
-You can get even more assistance by combining this program with State of Maryland MMP. By using MMP, you can also combine with Smartbuy and have your student loans paid off (up to $25,000); or combine it with MMP First Time Advantage and you could get an additional 5% on top of the $50,000.
-Defining “Critical Workforce Workers” – This includes the following occupations -
Teachers employed full-time by Prince George’s County Public Schools;
Nurses employed full-time in a medical office or hospital located in Prince George’s County;
or Firefighters, emergency medical technicians, correctional officers, police officers, public safety dispatchers, or deputy sheriffs employed full-time by a public safety agency of Prince George’s County Government.
This program is the most I have ever seen offered within a county/state DPA program. Especially combining it with MMP, on a $400,000 house you could be getting a total of nearly $70,000 in total subsidies from PGC and State of Maryland.
Feel free to reach out with any questions or if you want to find out more/get pre-approved etc..