first time home buyer Montgomery County, Arundel County, maryland

First Time Home Buyer Maryland

First-time home buyers in Maryland offers special loan programs and down payment assistance available just for residents of Maryland. Do you have your eye on a house in Kettering Maryland, 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 Programs exist to assist those wishing to purchase in the state of Maryland and within Maryland’s cities and local townships. What’s more with our First time home buyer program you can be approved with a FICO of 580 and only 3% down.

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 buyers 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. 

National first-time home buyer programs

The MMP, Maryland Mortgage Program provides a wide variety of loan programs and down payment assistance; that makes owning and purchasing a  home more affordable. however, there are national loan programs to consider, as well. Be wary, during Covid 19 many lenders will not accept these programs until forbearance  is lifted. There area a number of very solid programs in place from your lender that are backed by the federal government that make purchasing your first home much less costly.

Administered by government agencies — such as the Veterans Association VA or FHA ,Federal Housing Administration— 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 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.

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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:



FHA Loans

This is the best and most popular program for first-time home buyers 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. Due to Covid 19 the minimum FICO has moved to 620 for many lenders, but we can still get you qualified with a 580 score and help you increase that for a better rate with some of our bank tools.  The FHA 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. Although the insurance cannot be canceled. you can refinance once your equity reaches 20% of the homes value.

HomeReady Mortgage
Low down payment HomeReady® 

Mortgage is designed to help lenders confidently serve today’s credit-worthy low-income borrowers.

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 HomeReady® program requires you to take a quick class in home ownership. You can check  the education requirements HERE. and offers very competitive rates. 

Welcome to Maryland’s first time home buyer information page. We understand that the normally the home buying process may be complex.
We are here to help find out the loan programs and assistance that may be available for you.  
Complete a few questions below to see if you can get matched with a program that fits your needs.

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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. 

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Maryland first time home buyers 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.

Maryland First Time Home Buyers have 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 3-1/2 percent.  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. By late in the month, however, the pending sales and new listings  in these areas declined precipitously.

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%.

New listings also dropped in March compared to the month before. While Anne Arundel and Montgomery counties experienced slight increases in the number of new listings from last year, the median number of new listings reflects a 2.5% decline in that category.

At the beginning of March,  Maryland had three confirmed cases of the new Coronavirus. That number grew quickly to 423 roughly 4 weeks later. As of Monday the state’s health department had confirmed over 9,000 cases and 262 deaths.

In an attempt to stop the pandemic’s spread Gov. Larry Hogan in March issued an order for residents to stay at home extending to April 24. As a result, the economy has nearly ground to a halt as businesses, particularly in the restaurant and hospitality sectors, suffered.

During the past three weeks more than 235,000 Maryland residents made first-time unemployment claims with the state,  historic highs totaling more than any six-month period.

The are growing concerns about whether potential homebuyers will opt out of buying new homes and if the plight of existing homeowners will create a new wave of foreclosures similar to what hammered the nation following 2008’s Great Recession.  For now, there are moratoriums on foreclosures ordered by federal and state authorities. The market is a sellers market with inventory continuing to shrink in the market. 


Expert Home Loan Mortgage Information

Whether you are a first time home buyer in Bowie 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.

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