First Time Home Buyer Maryland
First Time Home Buyer Maryland Benefits:
- FHA Home Loan FICO 580 Only 3.5% Down
- HomeReady Loan FICO 580 Only 3% Down
- Fast Close! 21 Days!
- Easy Application Process
- Down Payment Can Be Gifted
- Best Rates and Terms for the First Time Home Buyer Maryland
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First Time Home Buyer Maryland
First time home buyer Maryland. Do you have your eye on a house in Kettering Maryland, Baltimore, Germantown, Fort Washington, Mitchellville or are you a first time home buyer in Bowie, Maryland? First time home buyers have it easier than ever to purchase their dream home.
Maryland first-time home buyer
First Time Home Buyer Maryland
Administered by government agencies — such as the Veterans Association (VA) or Federal Housing Administration (FHA) — or other federally authorized organizations, such as Freddie Mac and Fannie Mae which also offer low-down-payment home ownership provide options in today’s market that are the most reliable.
The best way to qualify First time home buyer Maryland loans is to get pre-qualified by filling out the questionnaire to the right. A licensed and knowledgeable loan advisor will contact you to discuss your options.
#1 FHA, VA and First Time Home Buyer
Lender in the US.!
VA Loans
This is the best program for those currently serving and those that have served in our military armed forces. For first time home buyers that have served a VA loan is the best choice.
A Zero Down VA home loan. You can send your DD214 or Certificate of Eligibility and click here to fill out an application for your first time home buyer VA Loan. To look up VA loan limits in Maryland Click below.
Qualify Now for your free quote:
HOME LOANS FOR FIRST TIME HOME BUYERS IN MARYLAND – WHY MARYLAND?
Maryland is a great place to live. One of the best places for first time home buyers and families alike is Prince Georges county. Prince George’s county also goes by the name PG county and borders the eastern portion of Washington DC. It is the second most populated county in Maryland with 5 of its communities ranked in the top places to live in Maryland.
Being close to Washington and with nice government and private sector jobs makes Maryland a great area for first time home buyers looking for work or to settle down with their families.
There are a number of programs for first time home buyer Maryland from low down payment to zero down home loans as well as programs to help you with your home loan and down payment assistance. Some of the more popular programs are listed below.
FHA Loans
This is the best and most popular program for First time home buyer Maryland with credit scores that are sub par. The FHA, Federal Housing Administration allows down payments as low as 3.5% down for those with credit scores of 580 or higher.
The FHA Home Loan will insure the borrower loan with scores as low as 500 but requires a higher down payment ,10% down payment for credit scores that low.
Please check current score requirements at 800-826-5077. FHA loans require Mortgage insurance for the life of an FHA loan Maryland. Although the insurance cannot be canceled. You can refinance once your equity reaches 20% of the homes value.
HomeReady Mortgage
Low down payment HomeReady®
HomeReady is a low downpayment home buyer program that allows for just 3% down. Credit scores however are higher than FHA with starting requirements for a FICO at 620 vs 580.
Borrowers with credit scores of 680 or more can potentially receive better rates. Cash for down payment can come from multiple sources including grants, gifts and community seconds with no minimum requirement to use your personal funds.
The Home Ready® program requires you to take a quick class in home ownership. You can check the education requirements HERE. and offers very competitive rates. Starting at just 3% Down.
Contact us today for more information on fha loans, VA Loans, Home Ready and First Time Home Buyer Programs.
First Time Home Buyer Maryland has many assistance programs for a first time home buyer Maryland.
Prince George’s County Purchase Assistance Program (PGCPAP)
The Prince George’s County Purchase Assistance Program (PGCPAP) helps individuals achieve their dreams of homeownership by providing home purchase assistance to eligible, first-time homebuyers to purchase residential properties in Prince George’s County.
Available Assistance
Under PGCPAP, eligible applicants will receive purchase assistance in the form of down payment, mortgage principal reduction and/or closing costs, with a maximum loan amount of $15,000. If the buyer is a police officer, deputy sheriff, teacher, firefighter, EMT, or nurse, they may be eligible for an additional $5,000 based on their needs. This is in the form of a zero-interest, deferred payment loan. The borrower must pay back the loan when the home is sold, transferred, or ceases to be their primary residence.
Eligibility Requirements
All applicants of the PGCPAP must be 18 years of age or older and must be first-time homebuyers. They must have a household income no higher than 120% of the area median income and contribute at least 1.75% of the purchase price (includes earnest money deposits, appraisal fee, inspection fees, homeowner’s insurance premium, credit reports, termite, housing counseling fee and HQS Inspection).
Property Guidelines
Eligible property types include single-family dwelling units, townhouses, and condominiums that are located in Prince George’s County. Any property purchased with funds from PGCPAP must serve as the borrower’s primary residence.
Note: All information mentioned above was accurate at the time of publication and may no longer be current – visit the program website for updated information.
First-Time Homebuyer Programs in Maryland
Prince George’s County Purchase Assistance Program (PGCPAP)
The Prince George’s County Purchase Assistance Program (PGCPAP) provides assistance to eligible, first-time homebuyers to purchase residential properties in the county.
First-time homebuyer assistance programs and/or grants were researched by the team at FHA.com. Please note that all programs listed on this website may involve a second mortgage with payments that are forgiven, deferred, or subsidized in some manner until resale of the mortgaged property.
FHA.com’s compilation is not a complete list, but it can serve as a starting point in your search for the down payment assistance program or grant for your situation. It is up to the consumer to contact these entities and find out the specifics of each program. If you are looking for a low down payment program and would like to get started, CLICK HERE!
Community Partners Incentive Program – City of Frederick Maryland
Eligibility
The City of Frederick is a participating local partner in the Maryland Community Partners Incentive Program (CPIP) administered by the Maryland Department of Housing and Community Development (DHCD). Through CPIP, income-eligible first-time homebuyers may be eligible for up to $5,000 to help purchase a home in the City of Frederick (i.e., a maximum loan of $2,500 from the Maryland DHCD and $2,500 from the City of Frederick).
The City of Frederick’s Community Partners Incentive Program (CPIP) is administered by the Frederick Community Action Agency. For more information about CPIP, please contact Brad Petersen, housing counselor, at 301-600-3966.
To PREQUALIFY CLICK HERE!
FHA Loan Q&A Everything You Wanted To Know about FHA Loan
A Bankruptcy does not automatically disqualify a borrower from receiving an FHA loan. If your bankrupcy was discharged 2 years ago you may be eligible today for an FHA loan program. If you bankruptcy was discharged less than two years ago and you have extenuating circumstances you might still be eligible to qualify. You can find out more by applying here!. Same rule applies for borrower with chapter 13 bankruptcy.
A chapter 13 has some different requirements as a chapter 13 bankruptcy may still qualify if the lender is willing to do a manual underwriting and the borrower has a satisfactory history of payments under their Ch 13 pla.
Bankruptcy does not automatically disqualify a borrower from receiving an FHA loan Florida. If your bankrupcy was discharged 2 years ago you may be eligible today for an FHA loan program. If you bankruptcy was discharged less than two years ago and you have extenuating circumstances you might still be eligible to qualify. You can find out more by applying here!. Same rule applies for borrower with chapter 13 bankruptcy.
A chapter 13 has some different requirements as a chapter 13 bankruptcy may still qualify if the lender is willing to do a manual underwriting and the borrower has a satisfactory history of payments under their Ch 13 plan.
Charge-off accounts are not included in borrowers’ debt.
For non-medical collection accounts when the cumulative outstanding balance is greater than $2,000 borrower may either pay-off the balance or, for the purpose of debt-to-income ratio (DTI), provide proof of a payment plan. If neither are an option, the lender must use 5% of the outstanding balance and include it in the borrower’s DTI calculation.
Delinquent child support must be paid current or in a payment plan.
Borrowers with delinquent tax debt are ineligible unless currently in payment plan.
Borrowers with delinquent tax debt are ineligible unless currently in repayment plan. Repayment plan tax liens are not required to be paid in full if documentation is provided indicating the borrower is in a valid payment plan.
The following is required:
- The borrower must have made a minimum of 3 months of scheduled payments and documentation of the payments is required.
- The payment must be included in the DTI / Debt to income calculation.
- The borrower cannot prepay the payments to meet the 3-month payment requirement NOTE: Borrowers with delinquent taxes may or may not have a tax lien. Borrowers currently in a repayment plan, and the IRS has not filed a tax lien, are not required to meet the minimum 3-month payment requirement. The payment to the IRS will be included in the DTI calculation.
Foreclosure waiting period is measured from the date of title transfer. Three (3) years must have elapsed from the time title transferred. If the foreclosed loan was an FHA loan, the 3-year waiting period is based on the date the FHA claim was paid (e.g. foreclosure 11/12/14, FHA claim dates was 7/12/15, the 3-year waiting period ends 7/13/18).
Borrowers with foreclosure/Deed in Lieu within 3 years of case number assignment that was due to documented extenuating circumstances may be eligible if the borrower has re-established good credit since the foreclosure. A downgrade to manual underwriting is required. If the foreclosure was included in the bankruptcy, the foreclosure waiting period still applies. HUD treats the foreclosure and Bankruptcy independently, not as a single event.
The three-year waiting period from date of title transfer still applies unless they were current at the time on short sale. Speak to your loan officer for specifics.
The Maximum debt-to-income (DTI) ratio varies based on overall credit history and assets. Typically, the DTI cannot exceed 45% of the borrower’s gross income. However, in some cases borrowers with as high as 54.9% DTI may be eligible and in other cases borrowers may be capped at 43% DTI. Due to our volume size we can allow for higher DTI which enables you to receive a higher loan amount even if you have significant debt.
Borrowers with student loans that are in deferment or not fully amortized will be required to calculate 1% of the outstanding balance as minimum monthly payment that will be added in their debt-to-income ratio (DTI) calculation.
The Maximum debt-to-income (DTI) ratio varies based on overall credit history and assets. Typically, the DTI cannot exceed 45% of the borrower’s gross income. However, in some cases borrowers with as high as 54.9% DTI may be eligible and in other cases borrowers may be capped at 43% DTI. Due to our volume size we can allow for higher DTI which enables you to receive a higher loan amount even if you have significant debt.
First Time Home Buyer Maryland – FHA Loan – Home Financing
CambridgeHomeLoan.com is your premiere mortgage team. We pride ourselves on offering some of the lowest rates nationwide and make the loan process simple, straightforward and fast for borrowers seeking a mortgage in the Maryland area. Whether you are first time home buyer, purchasing your dream home, refinancing an outstanding loan, or consolidating debt, our highly experienced team of Mortgage Bankers can help you take that first step toward a financial solution.
With over 27 years of experience, we know what we are doing and can get you to the closing table. We strive to close all loans in 17 days or less! As Maryland’s leading Mortgage Company we alleviate the typically drawn-out loan process, pre-approving borrowers within one hour and providing a written pre-approval certificate to present with their purchase contract. We have the technology to make the process easier than they have ever imagined.
CambridgeHomeLoan.com is committed to providing our clients with the highest quality service for your mortgage needs. Combined with the lowest rate and multiple loan programs available in Maryland. Our outstanding mortgage professionals with years of experience will work with you one-on-one to ensure that you get the home loan that is tailored specifically to meet your situation and expectation.
Whether you are purchasing your dream home, first home, refinancing an existing loan, or consolidating debt, our highly experienced team of loan officers can help you find the right loan program at the lowest rate possible.
Our ultimate goal is to create a lasting relationship with each of our clients that we may continue to provide excellent service for many years to come. For FHA Loans, First Time Home Buyers or any mortgage financing including Residential, Investment and Commercial, CambridgeHomeLoan.com is here to help.
Expert Home Loan Mortgage Information
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First time home buyer Maryland enjoy low and no down payment programs with low interest rates in today’s market.
Bowie Maryland in Prince George’s county is the perfect town with lots to offer.
Bowie offers residents a sparse suburban feel and most residents own their homes. In Bowie there are a lot of parks. Many young professionals live in Bowie Maryland. Bowie has a median home value of $326,000 with a median household income of $112,000. Bowie Maryland is ranked #3 in best places to raise a family in Prince Georges county.
For the best mortgage rates in Bowie Maryland, CLICK HERE!
Other areas boasting top spots to raise a family in Maryland are Mitchellville Maryland and Fort Washington..
Fort Washington Maryland, Mitchellville and the Owings Mills area for first time home buyers is know to be perfect for both young professionals and retirees. Fort Washington boasts a rural feel with most residents here owning their own home. With great first time home buyer opportunities Fort Washington best mortgage rates can be found HERE! Other popular areas include West Laurel, University Park and Woodmore Maryland.
First Time Home Buyer Maryland has access to some of the lowest rates and terms that have been available in years. For First Time Home Buyers this is the opportunity to get out of a rental property and to start building wealth for their future and security. The Maryland Mortgage Program or MMP may be able to help qualified home buyers with down payment assistance. During Covid-19 banks can no longer accept MMP but down payment for first time home buyers currently ranges from three to 3.5%. If you can afford to, the time to buy is now.
The Maryland housing market in Maryland’s two major metro area markets started out strong this year before the COVID-19 pandemic which prompted lockdown orders from elected officials. Both the Baltimore and Washington DC metro areas posted their highest median March sales prices in a decade according to data from MarketStats.

The average home price in the eight counties / city that comprise Maryland’s major metro area reached almost $330,000 last month, with the average year-over-year price increase of over 8.4%.
At the very same time the median increase in the total number of closed sales in those same areas exceeded sixteen percent.
The Pending sales, however, decreased from Feb. in each of the jurisdictions at a time when sales should be set to increase into the spring selling period.
Across the metro areas the year-over-year same number of pending sales decreased an average of 3.25%. Prices have begun to stabilize and although interest rates are starting to go up you can now find a deal thats worth buying.
Whether you are a first time home buyer Maryland, looking to refinance your home, cash out or purchase your first investment property this expert home loan blog should help. If you are in need of a mortgage calculator Click Below.
Prince George County
Montgomery County
#1 For
FHA Loans, VA Loans and First Time Home Buyer Loans in the US.!
First time home buyers in Maryland and around the country currently enjoy a low 3 to 3.5% down payment. A portion of which can be gifted.
Baltimore County
- Carney
- Catonsville
- Dundalk
- Glenarden
- Essex
- Hampton
- Lansdowne
- Owing Mills
- Parkville
- Rosedale
Anne Arundel County
- Annapolis
- Arnold
- Crofton
- Deale
- Edgewater
- Ferndale
- Fort Meade
- Glen Burnie
- Maryland City
- Severn
Frederick County
- Brunswick
- Frederick
- Burkittsville
- Emmitsburg
- Middletown
- Walkersville
- Woodsboro
- Ijamsville
- Knoxville
- Ladiesburg
- Lewistown
- Buckeystown
Calvert County
- Calvert Beach
- Dunkirk
- Owings
Caroline County
- Berwyn Heights
- Bladensburg
Closing costs can be a seller contribution.
The First time home buyer program you can be approved with a FICO of 580 and only 3% down.