If you are a home buyer hoping to use this program, a lender with a client, a realtor with a University of Maryland or City of College Park employee, this page can help answer some of the questions you might have.
How much money is available through the Home Ownership Program and how is this structured?
The award for this program is $15,000. These funds are a zero-interest, ten-year forgivable loan so long as all requirements are met. These funds may be combined with other homeownership programs and grants.
What can a Homeownership Incentive Program loan be used for?
Loans may be used only for down payment and closing costs in connection with a home purchase in the city limits of College Park. See MAP.
Can I use this loan in conjunction with other home ownership programs?
Yes. Please review a list of options available to you following the application.
How long will the loan program be available?
Loans will be distributed pending availability of funds, on a first-come first-served basis. The program may be discontinued at any time.
What requirements are there to be eligible for the loan?
The homebuyer (or spouse) must be a current or newly hired regular full-time, benefits-eligible employee of the University of Maryland, College Park or full-time employee of the City of College Park. The homebuyer will not be considered if they already own a home in College Park. The home being purchased must be within the City limits of College Park. The Partnership will not discriminate against any applicant on the basis of age, race, color, creed, pregnancy, religion, national origin, ancestry, disability, marital status, sex, sexual orientation, gender identity, physical characteristic or other unlawful basis of discrimination. A mortgage loan approval must be obtained and a formal loan agreement reached with The Partnership prior to funds being disbursed. Please review the “loan provisions” section for more information about the loan.
How can I reserve and receive a loan?
A completed application must be submitted no less than 3 weeks prior to settlement. Once received, funds will be reserved for the homebuyer and a final review of the documents will be conducted. So long as everything is in order, a formal loan agreement, including a promissory note and deed of trust, will be signed by the homebuyer for recordation. The Partnership will arrange to transfer funds to the settlement company for the full amount of the loan.
Can I use any loan product with the Homeownership Program?
We have completed Homeownership Program loans with all types of loans, including conventional, VA and FHA, but please check in with your lender about obtaining an FHA loan. At this time, we are not an FHA-approved lender.
Once I purchase a home, can I refinance or obtain a Home Equity Line of Credit? If so, how?
At this time, we do not allow HELOC’s but you can refinance and the Partnership can subordinate its loan. Please review the refinancing policy.
Questions? Please contact Valerie Woodall, firstname.lastname@example.org or
845-649-2477 to inquire further about the program.