Down Payment Assistance for First Time Home Buyers

 

Down payment assistance for first time home buyers are available to purchase a home…… Why rent? Now is the time to plan to purchase that dream home in Laurel, MD,  Prince Georges, Anne Arundel or Howard, or Montgomery counties…… If you are a first time home buyer or returning buyer and thinking about purchasing a home this spring take some time to ask a Realtor for a referral to a veteran loan officer who is knowledgeable about the many county grant programs  available to assist  you with your down payment.  There are many grant programs available to assist buyers with their down payment assistance for first time home buyers and/or offer closing cost assistance. The grants are funded by the federal government and ready for immediate use by buyers.

For instance, the Federal Home Loan Bank offers $5,000 to buyers for down payment assistance for first time home buyers based on certain income limits. The income limits are not that low and the funds are available for buyers in Maryland and Virginia.  This is a very easy grant program to qualify for and does not require a home inspection.

Another grant program  that offers down payment assistance for first time home buyers is – the Maryland Mortgage Program that offers grants to buyers who have a credit score around 640 and above. This grant is also $5,000 which can be used for the down payment and/or closing costs. Income limits are extremely high comparative to other grant programs and with no minimum contribution required from the buyer. This program is available for all Maryland counties.  One drawback is that the program requires a copy of the home inspection report and that any repairs to be done prior to closing. The flip side or advantage of this program is the high income limits because it opens the doors to higher earning buyers.

And finally, the ACDS program is available for down payment assistance for first time home buyers only to buyers looking to purchase in Arundel County. The income limits are fairly low, but the buyer receives up to $30,000 in assistance for down payment and/or closing costs. The process takes about sixty days and short sales or foreclosures are not a good match because ACDS will do their own home inspection. This program also requires all repairs to be completed prior to closing. So, if you are looking to purchase a home in Arundel County this is the program for you.

This is a brief summary of the many grant programs available for down payment assistance for first time  home buyers in Maryland. Why rent in 2013……. when the federal and county governments are literally giving away down payment assistance funds to eligible buyers to purchase a home.  Why wait…now is the time to make that move to home ownership!