LEDC’s Maryland Housing Department is excited to offer their Down Payment Assistance Program to support low-to-moderate-income first-time home buyers in Prince George’s County with a one-time grant of up to $5,000 in down payment assistance to help them become homeowners. The housing market in Prince George’s County has changed dramatically; increased property values in recent years and the financial impact of the COVID-19 pandemic are making it difficult for low-to moderate-income families to have enough funds for a down payment and closing costs.
Recognizing how difficult entering the housing market can be for some first-time buyers, this program is being offered to provide relief toward this major financial barrier faced by low-income communities and to improve the competitive odds of eligible individuals and families seeking to become home buyers. LEDC hopes to help individuals and families who can afford a monthly mortgage payment and bills but have not been able to save enough for a down payment and/or closing costs to buy their home.
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- Applicants must be first-time homebuyers.
- Applicants must complete LEDC’s Homebuyer Education 6-hr Seminar and 2-hr individual financial Pre-Purchase Counseling session to earn their Homebuyer Education Certificate.
- Applicants must have an eligible ratified Contract of Sale on a residential property located within Prince George’s County, MD.
- Applicants must qualify for a home mortgage loan with a lender of their choice.
- Applicants must have gross annual household incomes at or below 80% AMI.
- Assistance funds are for owner-occupied primary residence only.
- Applicants are required to put $1,000 minimum down-payment from their own funds.
- Applicants who have liquid assets (checking, savings, CDs) of at least 20% of the purchase price of the property will not be eligible for this assistance.
To learn more about the Application Process, Terms and Limitations, and the Required Documents, please click here to continue reading.
*** Limited Funds are available and are offered at a first-come first-served basis. ***