The City of College Park Homeownership Program
- Downpayment & Closing Cost Assistance
- Prince George's County
Summary
The City of College Park Homeownership Program is a partnership between the College Park City-University Partnership and the Maryland Department of Housing and Community Development to encourage homebuyers to purchase property in the city up to $15,000 in assistance. The program offers homebuyers financial assistance that can be combined with funds from other sources, including the Maryland Mortgage Program. The program is specifically targeted towards full-time, benefits-eligible University and City employees who want to purchase a home within the College Park city limits. The loan is forgivable, and works on a first-come, first-serve basis.
Eligibility Requirements
- The program is open to first-time homebuyers with a combined household income at or below 80% of the area median income (AMI). Income limits vary depending on household size and location.
- The applicant(s) must be legal residents of the United States and must plan to occupy the property as their primary residence.
- The maximum purchase price of a home under this program varies depending on the location of the property.
- The applicant(s) are required to complete a homebuyer education course approved by the City of College Park.
- The applicant(s) must obtain a first mortgage from an approved lender and contribute at least $1,000 of their own funds towards the purchase of the home.
- The home being purchased must be located within the city limits of College Park and must meet certain property requirements.
- Note that these requirements may change over time, so it's best to check with the City of College Park for the most up-to-date information.
Contact Information
College Park City-University Partnership.
7401 Baltimore Avenue, Suite 201
College Park, MD 20740