Buying a home, while time consuming, can be affordable if you know what to look for. There are 2 ways to qualify for a home purchase with no money for a down payment:

How to buy a home in Maryland for $0 down!

Are you a Current United States Military Service Member or a Veteran?

You may be eligible for a VA loan which allows for 100% financing. The pros: no down payment needed, competitive interest rate. The cons: The VA has some eligibility requirements for your future home's condition. It should be "move-in ready" and require no major repairs, have no missing flooring, drywall or appliances. If you want a fixer-upper, this is not the loan for you. This usually isn't a big deal, but depending upon price you may be sacrificing upgrades for size so keep this in mind. You must be an eligible active service member or Veteran to take advantage of this program. You will still be responsible for closing costs, and the VA limits seller contributions to 4%. If you have a 660 credit score you may qualify for a grant through the Maryland Mortgage Program for up to $5,000 to close that gap for closing costs.*

Do you have good credit and wish to live in a rural area? 

You may be eligible for a USDA Loan which also allows for 100% financing. The pros: no down payment, open to anyone eligible with at least a 660 credit score. The cons: Your future home must be in a USDA-eligible rural tier of your prospective county. For the eligibility map, click here. You must also meet income and credit requirements to be eligible. You will still be responsible for closing costs, which can be covered by the Maryland Mortgage Program grant of up to $5,000*. If the property appraises for more than your purchase contract, you may be able to finance the remaining balance of your closing costs into your loan to truly bring no cash to the closing table!

Need more information? Call me today to discuss your future purchase options.

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Lothian MD Homes for Sale - Genna Fleming, REALTOR® with EXIT ELITE REALTY
You now have free access to Southern Maryland’s Ultimate Real Estate Search Engine! Your local real estate expert has the knowledge and experience to deliver the unsurpassed service you deserve. Local Specialty: Upper Marlboro, Lanham, Lothian, Edgewater, Annapolis, and Dunkirk as well as all of Southern Anne Arundel County and Southern Maryland. Google or call me today and let’s discuss how I can save you $1,000’s when you buy or sell real estate. Call Genna Fleming at (443) 532-8917 or @Ask_Genna by visiting www.AskGenna.REALTOR.

*This is a grant from Maryland State. This grant must be repaid if you move within a certain time period. For more information, consult your mortgage lender.