Interested in learning more about first time home buyer mortgage loan programs such as FHA, CDA, HOC, VA and others? Sign up today. Space is limited. Welcome to MDHomeBuyer101.Com! The journey to homeownership can be exciting, if you understand the step-by-step process. An unprepared first time home buyer may find the process complicated and overwhelming. If you are thinking about purchasing a home in the next 2 to 6 months, take the time to learn about the home buying process, now. It's a buyer's market...don't wait till it's a seller's market. 10 Biggest Mistakes Home Buyers Make

Free Mortgage Loan Prequalification Consultation

Free First Time Home Buyer Seminar

Congratulations! Owning a home is one of the best ways to build wealth for yourself and for future generations. As a first time home buyer, you have many questions. we've compiled a list of the most common questions and related answers.

How much home can I afford?

Knowing how much home you can afford allows you to make an informed decision on a number of factors, including whether you want a single family home, townhome or condo, how many bedrooms and bathrooms, what home features are "must-haves" versus "wants", what neighborhoods are within your budget constraints, what your income should be in order to qualify for a loan, etc .

Loan qualification depends on your combined income (if you are married) or your single income, your credit rating and current interest rates. The higher your income, the more home you can afford. With a good credit rating, you are likely to get the lowest interest rate on the market, thus allowing you to borrow more money.

You can use our mortgage calcular to research various monthly loan payments based on a purchase price, interest rate and loan repayment period. Keep in mind that the monthly loan payment does not include property taxes and insurance.

What Maryland First-time home buyer loan assistance programs are available to someone like me?

There are hundreds of mortgage loan programs available to first time home buyers in Maryland. The following housing assistance programs offer various loans to first time homebuyers. Some assistance programs offer grants towards a downpayment, closing cost and/or money to remodel your home. In addition, they focus on low interest rates and easier credit and income qualification requirements.
If you are actively looking for a home, you will need to pre-qualify for a home loan immediately, contact us via email or at 301-928-1170 for assistance in applying for a Maryland first time home buyer mortgage loan program. Our services are offered at no charge.

Maryland First Time Home Buyer Downpayment and Closing Cost Assistance Programs

American Dream Downpayment Initiative (ADDI)

The American Dream Downpayment Initiative is a first time home buyer assistance program that encourages home ownership for lower income and minority households. If you are a first time home buyer struggling to come up with a downpayment, enough money for closing costs or money to make improvements to your house, the ADDI program maybe a solution. ADDI provides up to $10,000 or 6% of the home's purchase price, whichever is greater.

CDA Loan Program (Community Development Administration)

The CDA loan program has a large variety of loan products that offer first time home buyers below market mortgage interest rates and flexible home loans. The CDA current has six low-interest rate mortgage products: 0 point loan, 0 point loan with 2% closing cost assistance grant, 0 point loan with a 3% closing costs assistance grant, 1 point loan, 2 point loan and 3 point loan. The rates are frequently reviewed and subject to change. Contact us for more information.

MMP Plus Loan 2% Program

The MMP Plus loan program offers buyers a 2% closing cost assistance grant. The home buyer must pay back the grant in full after selling or refinancing their home within the first 4 years from the closing date. The grant is forgiven after 4 years. There are no points for the loan. The home buyer can choose a 30 year term loan, 5/30 mortgage program (35 year term with the first 5 years interest only), 7/33 mortgage program (40 year tern with the first 7 years interest only).

VA Loan Program

VA Loan program allows veterans and active duty military personnel to get loans of up to $417,000 without a downpayment. There are also programs available to home buyers, who are interested in homes with a purchase price higher than $417,000. The credit score and income qualification requirements for getting a VA Loan is not as strict as a standard loan. In addition, the VA Loan program requires no mortgage insurance and no prepayment penalties.

Federal Housing Administration FHA

The FHA insures home loans so that mortgages loans have the best of all worlds: little or no money down, no closing cost and easy credit qualification requirements. FHA also offers loan programs for fixer-upper homes. You can get a loan to remodel or repair your home. FHA loans are offered through FHA Lenders.

Which Maryland First-time home buyer loan assistance program is best for me and how do I apply?

Matching you to the right grant, 0% down mortgage loan, $0 closing loan or low interest rate mortgage is easy, when you work with the right buyer's agent and a seasoned mortgage broker. Contact us at 301-928-1170 or info@mdhomebyers101.com to pre-qualify for a mortgage loan program, if you are 2 to 3 months away from moving. Since prequalification is usually limited to 30 days or 45 days, it is advisable to pre-qualify only when, you are actively home shopping.

Can I buy a home if I have bad credit?

"Bad credit" is a subjective term however, it is advisable that you have a credit score of 650 or above, in order to qualify for a reasonable loan program. One of the best ways to find loan programs that are suitable for your specific situation is to work with a buyer's real estate agent. The buyer's agent, who works exclusively on your behalf, can assist you with qualifying for a loan and help you with home buyer programs such as CDA, VA, FHA,etc.

Should I buy a home in the current market?

Yes, Yes, Yes. It's a buyer's market. Don't wait till it's a seller's market. The fact is sellers are highly motivated to sell their homes. Some sellers are facing foreclosure or having difficulty paying their mortgages. Others have to leave the country or move to another state and need to sell their house fast. These factors combine into a real estate market, where sellers are reducing home prices and offering cash towards closing.

What is a buyer's agent?

A buyer's agent is a real estate agent that represents the buyer's interest. Unlike the listing agent, who represent's the seller's interest, the buyer's agent is responsible for working with you to find your dream home, negotiating the asking price and asking for perks such as money towards the closing cost.

As a buyer, you do not pay your buyer's agent's commission. The seller pays for their commission.

What about foreclosures? Can I find a bargain?

The good news: Yes. You may be able to buy a foreclosed house at a reduced rate, if you are lucky and if you have done your homework. You can usually find a listing of courthouse real estate auctions in your local newspaper. There is usually a 5% to 7% commission(of the selling price) payable to the auction house. In addition, most auctions require a 20% downpayment of the selling price within 30 to 45 days.

The bad news: Keep in mind that foreclosures are not homes that you can inspect prior to purchase. You are stuck with what you get. You may buy a home with no plumbing, AC, kitchen, etc. In some cases, you may buy a house where the previous tenants refuse to leave. In this case, it is up to you to work within the current Maryland state laws to evict them. This could take 3 months, 6 months or a year. You will have to consult with an experienced attorney.

What about HUD Homes? Can I find a bargain?

The good news: Yes. A HUD home can be a great first time home buyer option. Do your research about leakage, lead-based paint, mold and other elements that you must remedy after your home purchase. You will need a HUD certified real estate agent to purchase a HUD home. You may contact us at info@mdhomebuyers101.com for more information.

The bad news: There may not be HUD homes available in your target neighborhood. In addition, HUD homes tend to be older homes and are sometimes in less desirable condition. You can view a list of Maryland HUD homes for sale at http://hud1.towerauction.net/MD.htm.

How do I get a free credit report?

You are entitled to a free credit report at each of the National Consumer Credit Reporting Bureaus: Equifax, TransUnion and Experian. You can log on to www.annualcreditreport.com to get your free credit report.

How do I read my credit report? What is good credit score? What is a bad credit score?

In summary, you want to ensure all your opened accounts, whether they are bank credit cards (e.g. Visa, Mastercard), retail cards (e.g. Macy's, Home Depot, etc), student loan and auto loan accounts are in good standing. Your accounts will be in good standing, if you pay your bills on time. A credit score of 720 or above is generally considered "good". The higher your credit score, the better chance you have in qualifying for a mortgage loan.

How do I find out what schools are in the neighborhood that I am interested in?

You may contact us to get a free school report for any neighborhoods that you are interested in.

How do I find out, if the schools are good schools?

You can get several free schools reports from us at no cost and compare the reports to find the school that meets your requirements.

All topics listed above are covered in-depth during our seminar. Our free first time home buyer seminar is open to all Maryland residents. Space is limited so remember to sign up today to reserve a seat. If you are unable to attend a group seminar, contact us to schedule a convenient time for an individual consultation. You can prequalify for a loan during the meeting at no charge.

FREE Mortgage Loan Prequalification Consult

We provide individual home buyer consultation in the following cities:
* Silver Spring
* Gaithersburg
* Germantown
* Rockville
* Potomac
* Bethesda
* Chevy Chase
* Olney
* Montgomery Village
* Takoma Park
* Laytonsville
* Apsen Hill
* Wheaton

FREE First Time Home Buyer Seminar

The Maryland First Time Home Buyer Seminar provides a comfortable environment for home buyers to learn about the home-buying process and to ask questions in a friendly, informal environment. Sign up now to reserve your seat. Space is limited and seats are available on a first-come basis. You will receive a confirmation via email, once your space is reserved.

Our first time home buyer seminar offers straight-to-the-point information about the home buying process. Topics covered include

1. Basic Steps To Purchasing A Home
2. How Much Home You Can Afford
3. Credit Matters - How Your Credit Affects Your Ability To Purchase A Home
4. Government Assistance Programs For Maryland First Time Home Buyer
5. Questions & Answers
6. Prequalification/One-on-One Consultation

Credit score qualifications

All Maryland home buyers are welcome, even if you have a low credit score. The goal of our seminar is to encourage homeownership. Our consumer credit counselors are available to provide free credit counseling to home buyers seeking to raise their FICO credit scores in hopes of buying a home.

Credit scores of 645, 650, 660, 670, 680, 690, 700, 710, 720, etc are welcome to learn about the various loan programs available to them through the government and private institutions.

Prequalification counseling & Maryland First Time Home Buyer Seminar Topics