HOME FINANCING · MD

Home Financing Guide for Prince George's County, Maryland

This guide helps solo contractors, first-time buyers, and small real-estate investors in Prince George's County, Maryland understand their home financing options. It highlights local CDFIs, credit unions, and ITIN-friendly lenders that actually serve this community — not just national programs. You'll also find state-specific resources from Maryland's own housing agencies, practical documents to gather, and clear warnings about predatory lending patterns common in the area.

§ 01 — What it is

What Is Home Financing — and What Does It Look Like in Prince George's County?

Home financing means borrowing money to buy, refinance, or improve a home, then repaying that loan over time — usually 15 to 30 years. The loan is secured by the property itself, which means the lender can foreclose if payments stop. In Prince George's County, the market has its own character. The county sits just outside Washington, D.C., and includes cities like Hyattsville, Bowie, Laurel, College Park, and Upper Marlboro. Home prices here tend to be lower than neighboring Montgomery County or Arlington, but they have risen sharply since 2020. The median home price as of recent years hovers between $380,000 and $430,000, depending on the neighborhood. Financing options for buyers here include: - **Conventional mortgages** — standard loans from banks or mortgage companies, typically requiring good credit and a down payment of 3–20%. - **FHA loans** — federally backed loans with lower credit score and down payment requirements, popular with first-time buyers. - **VA loans** — for eligible veterans and active-duty military; no down payment required. - **USDA loans** — limited in this county, as most of Prince George's is considered urban or suburban by USDA standards. - **ITIN mortgages** — available to immigrants without a Social Security Number, using an Individual Taxpayer Identification Number instead. - **Maryland-specific programs** — state and county programs that layer on top of federal loans to help with down payments and closing costs. The right option depends on your income, immigration status, credit history, and whether you're buying a primary residence or an investment property.

§ 02 — Who qualifies

Who Qualifies? Local Economy and Eligibility Context

Prince George's County has one of the largest Black middle-class populations in the United States, a large and growing Latino community — especially in cities like Hyattsville, Langley Park, and Riverdale Park — and a significant workforce of federal government employees, healthcare workers, and service-industry contractors. If you are a **solo contractor or gig worker**, lenders will look at your net income from Schedule C (your business tax return), not your gross revenue. Two years of self-employment tax returns are typically required. This is important: many contractors in the trades, construction, landscaping, or home services earn well but show lower net income after deductions — plan ahead with a tax professional before applying. **First-time homebuyers** may qualify for Prince George's County's own down payment assistance programs (see the Local Lenders section). Income limits apply and vary by household size. **ITIN holders** — people who pay taxes but do not have a Social Security Number — can qualify for home loans through specific lenders in this county. You do not need to be a citizen or permanent resident to buy a home in Maryland. **Small real-estate investors** buying 2–4 unit properties may use FHA financing if they intend to live in one unit. Investors buying non-owner-occupied properties will need conventional loans or portfolio loans with stronger credit and larger down payments (typically 20–25%). **Income limits** for many county and state assistance programs are tied to the Area Median Income (AMI) for the Washington-Arlington-Alexandria metro area. As of recent HUD guidelines, this AMI is relatively high, which means more households qualify than they might expect.

§ 03 — What you need

Documents Typically Needed

Gathering documents early saves time and avoids last-minute surprises. Here is what most lenders in Prince George's County will request: **Identity and Tax Documents** - Government-issued ID (driver's license, passport, or consular ID/matrícula consular) - Social Security Number OR ITIN (for ITIN loans) - Last 2 years of federal tax returns (personal and business if self-employed) - Last 2 years of W-2s or 1099s **Income Verification** - Last 2–3 months of pay stubs (if employed) - For self-employed: Profit & Loss statement for the current year, Schedule C or Schedule E - Bank statements for the last 2–3 months (all accounts) **Assets and Debts** - Statements for retirement accounts, savings, or investment accounts - List of any existing debts (car loans, student loans, credit cards) **Property Documents** (once you have a contract) - Signed purchase agreement - Property address for appraisal order **For ITIN Applicants, Additional Items May Include:** - ITIN letter from the IRS - 12–24 months of bank statements in lieu of credit history - Proof of rent payment history - Two or more years of tax returns filed with the ITIN Tip: Keep digital copies of everything in a folder. Lenders often ask for the same document more than once during underwriting — having it ready saves weeks.

§ 04 — Where to start in Prince Georges County

Local Lenders, CDFIs, Credit Unions, and ITIN-Friendly Options in Prince George's County

This section focuses on the local intermediary layer — the organizations and lenders that are closest to this community and most likely to work with solo contractors, immigrants, and first-time buyers. **Maryland DHCD — Maryland Mortgage Program (MMP)** The Maryland Department of Housing and Community Development runs the Maryland Mortgage Program, which pairs a 30-year fixed-rate first mortgage with down payment assistance. Prince George's County buyers who meet income limits can access the **House Keys 4 Employees** benefit and other partner-employer programs. Contact DHCD at 1-800-638-7781 or visit the Maryland Mortgage Program website to find an approved lender near you. **Prince George's County Department of Housing and Community Development** The county itself administers the **Pathway to Purchase** and **Home Purchase Assistance Program (HPAP)** for income-eligible buyers. These programs can provide deferred loans or grants toward down payment and closing costs. Visit the county's Housing Department or call (301) 883-5531. **Latino Economic Development Center (LEDC) — Washington, D.C. / Maryland Region** LEDC is a CDFI that serves the Latino community across the D.C. metro area, including Prince George's County. They offer financial coaching, credit-building, and referrals to ITIN-friendly mortgage lenders. They do not charge for housing counseling. Located at 641 S St NW, Washington, D.C.; they serve clients in Hyattsville, Langley Park, and Riverdale. Phone: (202) 540-7400. **HUD-Approved Housing Counseling Agencies in Prince George's County** Free or low-cost counseling is available through HUD-certified agencies. Two that serve this county directly: - **Neighborhood Housing Services of Prince George's County** — offers pre-purchase counseling, foreclosure prevention, and referrals. Located in Hyattsville. Call (301) 699-3835. - **DHCD Regional Office in Prince George's County** — can connect you to approved counselors. **Industrial Bank** A Black-owned community bank with branches in the D.C. metro area that has historically served African American communities in Prince George's County. They offer mortgage products and are more flexible on relationship banking than large national lenders. Visit industrialbank.com for branch and contact information. **Congressional Bank** A Maryland-headquartered community bank with branches in Bowie and other Prince George's County locations. Offers conventional and FHA mortgages with a local underwriting team — meaning decisions are made by people who understand the local market. Phone: (301) 220-4100. **State Department Federal Credit Union (SDFCU)** Serves many federal workers in the county, including those at nearby federal agencies. Competitive mortgage rates and a member-first model. Membership eligibility has expanded. Visit sdfcu.org. **Apple Federal Credit Union** Serves Northern Virginia and parts of Maryland, including Prince George's County. Offers FHA and conventional products and financial education resources. Visit applefcu.org. **ITIN Mortgage Lenders** Several non-bank lenders and mortgage brokers in the D.C. area originate ITIN loans specifically for buyers without SSNs. These include: - **Univest Mortgage** and similar community mortgage brokers active in the Hyattsville/Langley Park corridor — ask your HUD counselor or LEDC for current referrals, as this space changes. - Some local mortgage brokers working with non-QM (non-qualified mortgage) lenders can structure ITIN loans with 12–24 months of bank statements as income documentation. **SBA Maryland District Office** While the SBA does not offer home mortgages, solo contractors who want to finance a property for business use (such as a small mixed-use building or home office renovation) may qualify for SBA 504 or 7(a) loans. The Maryland District Office is located at 409 3rd St SW, Washington, D.C., and serves Prince George's County. Phone: (410) 962-6195. Origin Capital is a directory — we do not lend money or take applications. The organizations listed above are resources for your research.

§ 05 — What to avoid

Maryland State-Specific Regulatory Notes

Maryland has some of the strongest consumer-protection laws for homebuyers in the nation. Here are the ones most relevant to Prince George's County buyers: **Maryland Mortgage Fraud Protection** Maryland law (Real Property Article § 7-401 et seq.) makes it a felony to commit mortgage fraud — including misrepresenting income, occupancy intent, or property value. Buyers should never sign documents with blank spaces or agree to inflate purchase prices at a seller's request. **Maryland Required Disclosures** Sellers in Maryland must complete a Disclosure/Disclaimer Statement about the property's condition. Buyers have the right to a home inspection and can withdraw from a contract during the inspection period without losing their deposit if a defect is found. **Maryland Foreclosure Laws** Maryland is a judicial foreclosure state, meaning lenders must go through court to foreclose on a home. This process takes months and gives homeowners more time to seek alternatives. If you ever fall behind on payments, contact the Maryland HOPE Hotline at 1-877-462-7555 immediately — free foreclosure prevention counseling is available. **Maryland Transfer and Recordation Taxes** Buyers in Prince George's County pay both state and county transfer taxes at closing, typically totaling around 1.5–2% of the purchase price. First-time buyers may qualify for an exemption on the state portion. Confirm with your settlement attorney. **Title Insurance** Maryland requires buyers to use a licensed title company or attorney for settlement. Title insurance is standard and protects you from ownership disputes after closing. Shop the rate — in Maryland, title insurance premiums are regulated but settlement fees vary. **Prince George's County Rent Stabilization (for Investors)** If you are purchasing a rental property in parts of Prince George's County, be aware that the county has active rent stabilization and landlord licensing requirements. Check with the county's Department of Permitting, Inspections and Enforcement (DPIE) before purchasing a rental property.

§ 06 — Ask a question

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