As you probably know, there are multiple first time home buyer programs in Maryland.
Of all the home buyers programs in Maryland, the Prince George’s County PATHWAY TO PURCHASE PROGRAM is one of the best!
The PATHWAY TO PURCHASE PROGRAM provides down payment assistance and closing costs up to $10,000 for anyone wanting to purchase their first home. Any property to be owner occupied in Prince George’s County, MD is eligible.
Here are 2 important things you should keep in mind about the Pathway To Purchase Program Income Limits.
#1 Less Than Maryland Mortgage Program income limits
The household income limits are lower with the PATHWAY TO PURCHASE Program compared to the Maryland Mortgage Program income limits. (See Figure 1. for the income limits for households of 1 to 6 people.)
Applicants for the PATHWAY TO PURCHASE Program must have gross annual household incomes up to 80% of the area median, adjusted for family size.
For example, a single person living alone can have a maximum gross annual income of $67,7950 to qualify for the PATHWAY To PURCHASE PROGRAM.
See more detailed information here- PATHWAY TO PURCHASE + ASH | MCGINTY.
#2 All Members of Household Income Counted
The PATHWAY TO PURCHASE PROGRAM determines household income by calculating the income of all members of the household 18 years and above, regardless of whether the household member is a mortgage applicant.
For example, In the case of a husband and wife where the wife is the loan applicant because of more favorable credit, the PATHWAY TO PURCHASE PROGRAM will count the income of both the wife and husband to determine eligibility. As of 10/01/2019, the total annual household gross income must be $77,650 or less for a 2-person household.
Any questions about the PATHWAY TO PURCHASE PROGRAM?