This program provides an interest free, deferred down payment assistance loan up to $15,000.  This loan can be applied to cover down payment and closing costs.  Purchaser must repay the loan when selling the home, or if the home ceases to be the buyers primary residence.  PGCPAP funds can used with Conventional, FHA, or VA home loans provided by your lender.

An additional $5,000 may be available to the following professions based on need. This would bring the total loan amount to $20,000.  (employment must be with Prince Georges County as of 8/28/18)

• Applicants cannot have owned real estate in last 3 years
• Household income limits apply- Limits based on household size and income for anyone over the age of 18

•  $462,00 maximum purchase price
• Buyer must contribute a minimum of 1.75% of purchase price from their own funds (includes earnest money deposits, appraisal fee, inspection fees, homeowner’s insurance premium, credit reports, termite, housing counseling fee and HQS Inspection fee) Or 50% of liquid assets over $3,000, whichever is greater.
• 35%/47% payment and total debt-to-income ratio limits.  No exceptions.
• Applicants must attend an 8-hour counseling class provided by a HUD Certified housing counseling agency and receive a Certificate of Completion.  Eligible Counseling Agencies list HERE
• No minimum credit score requirements – must qualify for first trust mortgage
• Housing Quality Inspection (HQS) for $139.00 is required
• Buyer must also show proof of home inspection by their own licensed home inspector – this is separate from HQS
• All health and safety related inspection issues must be repaired and re-inspected prior to submitting files to PGCPAP.
• File submission to close timeframe for PGCPAP – 21 business days.
• Sales contract settlement date should be written for 50-60 day settlement.