Question 1

What credit score do I need to buy a house in Maryland?

Accepted Answer

Generally you need a minimum score of 620 for conventional loans, 580 for FHA loans with 3.5% down, and 500 for FHA loans with 10% down. VA and USDA loans have more flexible requirements.

Question 2

How much should I save for a down payment?

Accepted Answer

FHA loans require as little as 3.5%, conventional loans may accept 3-5%, and VA and USDA loans offer 0% down options. Maryland also offers up to $25,000 in down payment assistance through the Maryland Mortgage Program.

Question 3

Can I use a VA loan to buy a home in Maryland?

Accepted Answer

Yes. Veterans, active-duty service members, and eligible surviving spouses can use VA loans to purchase homes in Maryland with $0 down payment, no PMI, and competitive rates. You need a Certificate of Eligibility from the VA.

Question 4

What are the benefits of FHA loans for first-time buyers?

Accepted Answer

FHA loans offer lower down payment requirements (as little as 3.5%), flexible credit score requirements (580+), competitive interest rates, and sellers can contribute up to 6% toward closing costs.

Question 5

What first-time home buyer programs are available in Maryland?

Accepted Answer

Maryland offers the Maryland Mortgage Program with up to $15,000 in down payment assistance, the 1st Time Advantage program with up to $6,000, and partner match programs providing up to $25,000 total assistance for qualified buyers.