The very first thing you should do when you have decided you want to buy a home is to get PRE-QUALIFIED.  Before you start searching for a home, you should know in what price range you should be looking.  

As a Realtor, part of my job is learning about programs that meet a wide variety of consumer needs.  Especially First Time Home Buyers.  Too often people assume they do not qualify for a mortgage.  It is what you don't know that may be keeping you from buying. I can explain the different types of loan programs and help you find lender.

There are many types of loans.  Each loan has specific guidelines. Below is a summary of the most common types of loans used today. Because the criteria for each depend heavily on credit scores and other factors, it is best to talk to a lender who can help determine the best type of loan or product that is best for you. 

VA - For Veterans - no money down.  

FHA - Government backed loan that allows 3.5 % down. But will have mortgage insurance. 

FHA 203K - For homes that may need repairs or updating.  Fixer uppers. 

Conventional - Typically have a higher down payment.   But can range from 3.5% to 20% down. 

 

There are also a number first time buyer programs and grants that can help buyers with things like down payment or closing costs. 

These Mortgage programs are offered to help buyers achieve the dream of home ownership.

What is the Maryland Home Credit - HOME CREDITS

Maryland Mortgage Programs available to you now - MORTGAGE PROGRAMS

Partner Match Programs - The Department of Housing and Community Development has partnered with a range of organizations that can     provide you with additional funds (sometimes grants, sometimes loans) to help you purchase your first home, and which will be matched     by the Maryland Mortgage Program up to $3,500 (as a zero-interest deferred loan - some conditions may apply).

GOVERNMENT, MILITARY, FIRST RESPONDERS, TEACHERS- There are programs specific to Teachers, Government Employees, Military, and First Responders'? 

Contact me for more information. 

 

 

Click to Get Pre-Qualified Now

 

For more information buying check out my FREE BUYERS GUIDE