The Partnership structured the process for using this program with the home buyer in mind. With just a few steps, full-time, benefits-eligible University and full-time City employees can use the program to purchase a home within the College Park city limits.
DOWNLOAD THE APPLICATION
Application Instructions
First steps:
Review the program online. Please contact Valerie Woodall at vwoodall@collegeparkpartnership.org if you have questions about requirements and process.
Select a home anywhere in College Park. Eligible properties must be the primary residence of the homebuyer, be occupied by the homebuyer, be located within the city limits of College Park (See MAP), and must be a single family home, townhouse or condominium.
Begin process of buying home. A mortgage loan approval (please check with your lender re: using an FHA loan) must be obtained prior to receiving a loan from the Partnership; pre-qualification by a lender is strongly encouraged prior to signing a contract of sale. A home inspection is also recommended.
Obtain an application for the College Park Partnership’s Home Ownership Program above, at City Hall in College Park, or through the University of Maryland’s HR department.
Complete the application and submit paperwork to Valerie Woodall, the Partnership’s program associate at vwoodall@collegeparkpartnership.org no less than 3 weeks prior to settlement.
Items required for completed application, and reservation of a loan (submit ASAP):
CPCUP Homeownership Program application
Signed verification of employment with the University of Maryland or City of College Park (Note: If you are a newly hired employee and have not yet started in your position, please contact your department to receive a letter stating you have been recently hired and submit that letter along with the employment verification form to your HR department.)
Homebuyer Information Form
Contact information for lender and title company
A copy of the signed mortgage loan application (from your mortgage lender; a final loan agreement must be received by CPCUP prior to funds being disbursed)
A copy of the appraisal (from your mortgage lender)
Contract of sale executed by both parties
Once an Application is Complete
Process for releasing funds:
Pending available funds, once a completed application is received and it is approved, it will be placed in a queue based on when it was received. Funds will be reserved for up to 90 days.
A mortgage loan approval must be obtained prior to the Partnership disbursing funds for the Home Ownership Loan.
Once a final review is complete, a formal loan agreement will be sent to the homebuyer and shall be signed and returned within 48 hours. At this point, the Partnership will require a $100 loan origination fee be paid.
The Partnership will then arrange to transfer a check to the settlement company for the full amount of the loan, and will notify the homebuyer once this is complete.
At settlement, the homebuyer will sign a promissory note and a deed of trust, memorializing the terms of the loan.
After Settlement:
The homebuyer will be required to submit a final copy of the settlement sheet stating the loan was received to the Partnership.
The homebuyer will be required to certify, annually, that they are still living in the home and employed by the University of Maryland, College Park or City of College Park.