The Prince George’s County Council approved more funding this week for a program that provides zero-interest loans to help people buy their first home in the county.
The council approved $761,553 in funding to continue Pathway to Purchase, which has been around since 2017.
First-time home buyers can apply for up to $10,000 in loans to cover a down payment and closing costs.
Eligible properties that the money can be used for include new constructions, resales, short sales and foreclosures.
The loans, which have no interest rates, must be repaid if a property is resold. But the repayment value decreases by 10% per year and is completely forgiven in 10 years, and the lien is released.
But not all home buyers can qualify.
The program caps home price purchases eligible for loans at $361,000 for resales and $399,000 for new constructions.
The Redevelopment Authority of Prince George’s County administers the program, and any home buyers have to be working with an approved mortgage lender before submitting an application.
“We are excited that we can continue to support this opportunity,” said Aspasia Xypolia, director of the Prince George’s County Department of Housing and Community Development.
“We are eager to continue our progress in helping families begin their pursuit of the American dream.”
Since the program’s inception, the county said it has helped out 600 people with buying their first property.