10 Steps To Homeownership Using the PATHWAY TO PURCHASE PROGRAM

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For a limited time, ​​eligible homebuyers in Prince George’s County, Maryland can take advantage of an incredible homeownership program- PATHWAY TO PURCHASE

The PATHWAY TO PURCHASE Program provides up to $10,000 in home purchase assistance for first time homebuyers to purchase a home in Prince George’s County, MD. Home purchase assistance can include down payment, mortgage principal reduction costs and closing costs.

First time homebuyers of the PATHWAY TO PURCHASE PROGRAM can purchase an existing home for up to $323,000 and up to $401,000 for new construction. Get more details about the Pathway To Purchase Program.

STEP 1 – Get Pre-Approved For A Mortgage

Get pre-approved for a mortgage by a PATHWAY TO PURCHASE PROGRAM Participating Lender (contact us for an approved Participating Lender list). This pre-approval comes after a review of your credit and income. This will provide a benchmark amount the bank will lend you to purchase a house (subject to final underwriting and approval).

PATHWAY TO PURCHASE PROGRAM approved Participating Lenders are responsible for submitting applications for down payment and closing cost assistance to the PATHWAY TO PURCHASE PROGRAM.

STEP 2 – Start your home search

The fun begins! Contact us at ASH|MCGINTY to have a real estate agent identify PATHWAY TO PURCHASE qualifying properties in Prince George’s County, Maryland.

You must have an executed sales contract and a conditional 1st trust loan approval before your lender can apply for the PATHWAY TO PURCHASE PROGRAM down payment and closing cost assistance.

Eligible properties include:
new construction
resale
short sales
foreclosures

Purchase Price Limits:
$323,000 for resale
$401,000 for new construction

STEP 3 – Take the course

The PATHWAY TO PURCHASE PROGRAM requires that you complete a minimum 8-hour in classroom housing counseling course provided by a HUD Certified Housing Counseling Agency (contact us for a list of HUD approved counseling agencies for PATHWAY TO PURCHASE PROGRAM).

STEP 4 – Review the Inspection Checklist

Your home to be purchased must pass a Housing Quality Standards Inspection (HQS) prior to closing. Familiarize yourself with the PATHWAY TO PURCHASE PROGRAM Housing Quality Standards Move-in Inspection Checklist and Requirements.

STEP 5 – Submit an offer

Work with your ASH|MCGINTY Realtor® to place a contract on a residential property that can pass the HQS Inspection. WE will make sure that your real estate contract has at least 60 days for settlement.

STEP 6 – Notify lender of contract

When we have successfully negotiated and ratified a contract to purchase a property, we will contact the Participating Lender who pre-approved you so they can submit your file to underwriting. (The Participating Lender must obtain a conditional approval for your 1st trust loan before the lender can submit your application to the PATHWAY TO PURCHASE PROGRAM.)

STEP 7 – Schedule the HQS Inspection

We will schedule your HQS Inspection as soon as your contract is ratified.

The HQS Inspection must be conducted by a PATHWAY TO PURCHASE designated inspection company. A $139 inspection fee is required and is due and payable to the inspection company before the HQS Inspection can be scheduled.

STEP 8 – Get your own inspection

The PATHWAY TO PURCHASE program also requires borrowers to obtain a home inspection by a licensed inspector. PATHWAY TO PURCHASE requires only a copy of the invoice and the Inspector’s License, as proof that the home Inspection has been completed. The inspection report is not required.

STEP 9- Complete your loan package

Together we will monitor the processing time of your PATHWAY TO PURCHASE PROGRAM application with the Participating Lender. We will also assist you and your lender to complete your loan package and address any underwriting issues to receive approval for the first mortgage and submittal of your PATHWAY TO PURCHASE PROGRAM application.

STEP 10 – Enjoy Homeownership!

You will close on your home using the PATHWAY TO PURCHASE PROGRAM. Get the keys and ENJOY! Great job!


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About Dana Ash-McGinty 211 Articles
Dana Ash-McGinty is the Principal Broker of ASH | MCGINTY, a Washington, DC Real Estate Brokerage. This real estate maven has 15+ years experience in residential, commercial and land sales in addition to multi-state residential renovation, re-zoning, and condo conversion projects. A sought after real estate authority, she has been featured on CNN and in various real estate and financial publications. Dana is married to the highly esteemed Dr. Dana W. McGinty, a Washington, DC based internal medicine physician. They are often referred to as "The Danas".

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