Getting the Best Mortgage as a First Time Home Buyer in Maryland
First time home buyers in Maryland are crucial to ensuring that the real estate market continues to thrive. In fact, according to the National Association of Realtors, first time home buyers account for 40 percent of all real estate sales.
As a Maryland first time home buyer, you’re likely to have tons of questions, like:
- What kind of mortgage rates are available for a first time home buyer in MD?
- How much house can a Maryland first time home buyer afford?
- Are there any first time home buyer programs in Maryland?
No matter whether you’re ready to start house hunting or simply exploring possibilities, understanding your options for MD first time home buyer mortgages can make a world of difference when taking out your first home loan.
How Much House can a First Time Home Buyer in MD Afford?
For first time home buyers in Maryland, affordability is much more complicated than simply finding out how large of a mortgage you can get approved for.
MD first time home buyers will also have to take into consideration additional affordability factors, like the closing costs of purchasing a home, monthly budget, and debt-to-income ratio.
Visit any of the Maryland first time home buyer calculators below to analyze factors like location, household income, down payment, and monthly debt.
First Time Home Buyer Programs in MD
Aside from the mountains of paperwork and lists of financial jargon, many first time home buyers in Maryland find that money is the biggest challenge when obtaining a Maryland mortgage.
Thankfully, there are plenty of first time home buyer programs in MD that are meant to ease the financial stress that naturally follows a Maryland first time home buyer.
The Department of Housing and Community Development provides a few options for first time home buyer programs in MD, including:
- Down Payment Assistance—Provides a qualified first time home buyer in MD with up to $5,000 in a zero percent deferred loan
- Partner Match Programs—Matches MD first time home buyers with organizations that provide grants or loans between $1,000-$5,000
- Maryland HomeCredit—Gives first time home buyers in MD a federal tax credit of up to $2,000 annually
Additionally, a first time home buyer in MD may be eligible to take advantage of any of the following first time home buyer programs in MD through the Maryland Mortgage Program:
- Maryland Opportunity Grant—Provides a grant of 2 percent to support closing costs and down payment assistance to eligible MD first time home buyers
- Project Reinvest in Baltimore City—Gives first time home buyers in MD $10,500 in down payment assistance when buying within Baltimore City
- Closing Cost Assistance Grant—If a Maryland first time home buyer meets income requirements, this grant provides $1,500 in closing costs assistance
- Maryland SmartBuy—Helps first time home buyers in MD with eligible student debt purchase a home with closing cost assistance and loan forgiveness up to 15 percent
- Maryland HomeFront—Provides an interest rate discount of 0.25 percent for active duty and retired military members
Conclusion – Getting the Best Mortgage as a Maryland First Time Home Buyer
Purchasing a first home can be an exciting time—for many, homeownership represents change, renewal, progress, and the pride of ownership.
Understanding your options for Maryland mortgage rates and Maryland refinance rates is crucial. No matter what type of mortgage for first time home buyers in Maryland you choose, you’ll want to ensure that it sets you up for financial success over the long run.
After all, a Maryland mortgage will stick with you for the next few decades, making it crucial for each new homeowner to find the best Maryland first time home buyer lending products.
Mortgage Rate Table Disclaimer
Click here to read AdvisoryHQ’s disclaimer on the mortgage loan table(s) displayed on this page.
AdvisoryHQ (AHQ) Disclaimer:
Reasonable efforts have been made by AdvisoryHQ to present accurate information, however all info is presented without warranty. Review AdvisoryHQ’s Terms for details. Also review each firm’s site for the most updated data, rates and info.
Note: Firms and products, including the one(s) reviewed above, may be AdvisoryHQ's affiliates. Click to view AdvisoryHQ's advertiser disclosures.