First Time Home Buyers Loans in Maryland, MD
July 1, 2011
Author: Allison K.Watkins
Maryland is considered to the second wealthiest state in the country and it is known to have over three hundred and fifty biotechnology firms. Apart from this, it also houses the Food and Drug Administration headquarters and the John Hopkins Medical Institute. This has lead to the rates of the homes here to increase and the home ownership rate is 67.7% and the median home price is roughly $146,000
Maryland First Time Home Buyer Loans
If you are a first time home buyer in Maryland, you are opting for a property in a state which is considered to be one of the wealthiest and most technologically advanced. The value of your property would be high but you will also be at a financial advantage as you would own a prized possession. Prior to opting for first time home buyers loan in Maryland, you should be aware of a few aspects like:
- Analyze your current financial situation and find out how much you can put aside for buying the house. You should think realistically and take out a mortgage that you would be able to manage.
- You should finalize on the loan type as there are many different types of loans available for first time home buyers but each is unique and have different characteristics. Opt for one which is most suitable for you and your personal financial situation.
- Check your credit scores and improve it if you are heading towards bad credit. A bad credit score can lead to higher interest rate.
- When choosing a lender, compare interest rates offered by many lenders by requesting mortgage quotes from each. After deciding on the most suitable one, you should be able to negotiate with them to get better interest rates.
- Get preapproval for your property as the lender will be able to assure you that you would be sanctioned the loan amount. You have to get this done prior to your process of searching for the home you are interested in.
Choosing a First Time Home Buyers Loans in Maryland, MD
The most effective specialized loan program for first time home buyers is the Maryland is the FHA loan. This kind of first time home buyer loan is insured by the Federal Housing Administration with the idea of offering home loans to those without high credit or high income but are in the process of purchasing a home in spite of their bad credit scores. FHA loans offer a wonderful opportunity for Maryland home buyers to restrict the amount of money they require to buy a home immediately as the FHA loan enables them to finance part of their closing costs. They will need at least 3% of the purchase price of their own money. This has increased to 3.5% since 2009.
Therefore, it is now easy to buy your dream home by opting for first time home buyers loans in Maryland even if you are facing bad credit.
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