Are you moving to the Baltimore area? Are you thinking about buying your first home? Are you suffering from sticker shock? There is help available to help you buy your first home.
There are a number of grant and forgiveable loan programs available in different counties that will help you buy your first home. Here are just a few:
MALP - is a first time home buyer program in Baltimore County. This non-repayable loan of up to $35,000 will help you with your downpayment and closing costs and even with potential repairs that the seller may not be financially able to do. This program is only available in certain zip codes where there is an overly high number of renters versus home owners.
MAP - is very similar to the MALP program but is available in Anne Arundel County and is up to $30,000.
For both of these programs you need to complete a home ownership workshop and proceed through the loan program to get prequalified with approved lenders prior to finding a home. Is your lender on the approved list? If not, ask your Realtor about these programs and find out who is an approved lender.
In addition to these there are a number of CDA grant programs and downpayment assistance or closing help assistance programs to look into. You will likely need to complete an educational program but well worth your time to qualify.
Military relocatees moving to Maryland for the first time or purchasing a home for the first time in Maryland may qualify for these and other programs. Maryland also has a Maryland First Time Home Buyer tax credit, you need only be a first time home buyer in Maryland to qualify for this tax credit given at settlement and don't forget to apply for the Homestead Tax Credit for owner occupants.
There are many affordable communities in the Baltimore area for people commuting to Aberdeen Proving Ground and to Ft. Meade or Annapolis, and there are still affordable communities in Anne Arundel County too for those at Ft. Meade, Annapolis and Andrews AFB. Ask a Realtor!!
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