Maryland First Time Home Buyer

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Maryland First Time Home Buyer

Housing sales are stronger in Maryland because the government is hiring workers so the employment rate is higher than the rest of the nation and more people can afford to purchase a home. Baltimore has been hit hard by a foreclosure epidemic but the first time home buyer credit and low home sales has helped sales activity. A Maryland first time home buyer can pick up a foreclosure at a fire sale and utilize the FHA 2-1 Buydown to keep payments low for the first couple of years.

**Maryland First Time Home Buyer Stats**
Average Home List Price	$409,413
Best Places to Live	Eldersburg, Mount Airy
Foreclosure Rate-Baltimore	1 in 190 Homes
Unemployment Rate	7.1%

Special Programs
The My Community Maryland First Time Home Buyer Program Opens Doors for a Fireman, Police Officer, Paramedic, Teacher, Healthcare Worker such as Nurse, and Military Personnel. This program features 3% down financing and you receive a $500 credit toward closing costs. Also, you can have use part-time or overtime income from last 12 months to qualify.

Maryland First Time Homebuyer FHA Program
FHA Single Family Mortgage Limits range $271,050 to $729,750. Please visit FHA mortgage limits if your Metro Area doesn't appear below.

	Single Family	2-Unit	3-Unit	4-Unit
Baltimore	$560,000	$716,900	$866,550	$1,076,950
Cambridge	$271,050	$347,000	$419,425	$521,250
Prince George's County	$729,750	$934,200	$1,129,250	$1,403,400

VA Program
Zero down payment up to $417,000 loan amount

If you served during wartime for at least 90 consecutive days or during peacetime for at least 181 consecutive days then you are eligible for the VA Home Loan Program. If you are currently on active duty then you are eligible for the program after 90 days of active service. You are also eligible if you are on Reserve, as long as you have served for at least six years, which can be non-consecutive and in different branches of the Reserves. The Reserve branches eligible for the VA Home Loan Program are Army National Guard, Army Reserve, Air National Guard, Coast Guard Reserve, Navy Reserve, Marine Corps.

Maryland USDA Rural Program
Zero down payment with NO PMI or mortgage insurance. You must purchase home in eligible county and there are maximum income limits. The income limit for Hagerstown, MD and Baltimore has $92,000 limit.

List of INELIGIBLE COUNTIES: Allegany, Anne Arundel, Baltimore, Carroll, Cecil, Charles, Frederick, Harford, Howard, Montgomery, Prince George's, St. Mary's, Washington, Wicomico, and Worcester.

Visit USDA website to determine if a specific home is eligible for the program. You will need full address with zip code.

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Phone: (847) 516-5743
Fax: (800) 351-1184
Email:jtrib@firsthomebuyers.net
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Cary, IL 60013
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