When it comes time to purchase your first home, you may not have the necessary money saved up for a down payment on your house. Luckily there are several programs available that can help first-time homebuyers with getting started in home ownership without all of the upfront costs. Continue reading to learn more about your options from the My Home Mortgage team!
FHA Loans
The Federal Housing Administration offers many first-time homebuyer assistance programs, one of which is the FHA Loan. This loan has a low credit score and down payment requirement that makes it easier for first-time homebuyers to get into their own homes. The downside to this program is that you must pay mortgage insurance every month until your balance drops below 80% LTV (Loan To Value).
Down Payment Assistance Grants
There are also down payment assistance grants available through the state of Maryland. These grants can be used in conjunction with other loan programs to help reduce your overall costs. The amount you receive will depend on the specific programs and grants that you qualify for.
Do You Qualify for a Down Payment Assistance Program?
Each of these programs has its own set of qualifications that you must meet in order to be eligible. The My Home Mortgage Team can help you determine which Contact us today and we can get started!
Down Payment Assistance Programs Available
- MMP 1st Time Advantage Direct
- MMP 1st Advantage 3% Assistance
- 1st Time Advantage 5000
- Smart Buy 2.0
- MMP Flex 3% Grant
- MMP Flex 3% Loan
- MMP Flex 5000
- MMP Flex Direct
- Rural Housing
So, if you don’t have enough money saved up for a down payment on a house, don’t worry! There are plenty of programs available that can help you get started in homeownership. Contact the My Home Mortgage Team today to learn more about down payment assistance and pre-qualify for a loan. We look forward to helping you achieve your homeownership goals!
Testimonials
Patient & Helpful
Tammi was very patient and very helpful throughout the entire application process. Being a first-time home buyer I didn't know a lot of this which made me frustrated but I was able to get approved and now I am a homeowner thanks to Tammi!
— James C.
No Pressure or Stress!
Tammi Lewis made my home buying experience very easy. I felt no stress or pressure. Tammi was with me every step and made sure I understood everything with detailed talks. My credit score was low and Tammi advised me how to raise it. So that the Loan process would be approved with no problems. Any one know that wants to buy their first home I am recommending Tammi Lewis and First Home Mortgage.
— Charlie F.
Professional & Timely
Rob made sure my experience as a first time home buyer was smooth and painless. Very professional and got things done in a timely manner. Could not have asked for more!
— Samantha J.
Great Experience for a New Homeowner
Rob was at all times, willing to go over the numerous pages of information with me. I am a new homeowner and had many as this was my first time navigating the home-buying waters. He explained things to me in a way that I understood and got me all of my documents in a timely and efficient manner. I enjoyed working with him and would refer him to anyone who is looking.
— Erica F.