Written by Waverly A. Roberts

If you are looking to buy a new home but think you either don’t have the money saved up to afford a down payment or you don’t want to liquidate all your current assets, there is a way around this dilemma. This article will inform you of ways you can purchase a home in Maryland with no money up front.

Save in Buying a Home in Maryland

If you find yourself caught in the endless cycle of paying your landlord’s mortgage, why not take the time to examine what it would be like to build your own equity in a home and stop paying rent? The general perception of many potential home buyers is that a substantial down payment is required in order to get you into a new home. It doesn’t have to be this way. Because of this notion, many people believe they must save for years and years before they can qualify for a home loan. In the meantime, these people are paying for the real estate owned by someone else.

The Federal Housing Administration (FHA), or the Veterans Administration (VA) and many other government programs or grant programs are available for home buyers in Maryland with zero or little down. Hundreds of thousands home buyers are realizing their dream of home ownership every year and you can too.

Zero Down Home Buying in Maryland Qualifications

A good real estate agent can tell you about existing lender and government programs that can get you into a new home with no money down. With a zero down payment program in Maryland, you can begin to move into a home immediately and build your own equity. Qualifying for these zero down payment programs can be much easier than you think.

You should have no recent history of bad debts, and be able to prove that you can make consistent and timely payments on any current liabilities. You will be required to disclose all of your current liabilities in order to determine how much more mortgage you can qualify for. Liabilities will include such things as car payments and credit card debts. If those are paid off, the better loan you can get.

The more stable your employment the better. You will need financial statements and tax returns if you are self-employed.

You will also need to be able to demonstrate that you can afford the taxes, insurance, and utilities that come up front on your home purchase. This will vary depending on the amount of your home purchase.

Under the terms of a zero down payment program, there will be several types of homes that you can get into. These properties include single-family homes, townhouses or condominiums. It is important to note that not all homes will qualify for the zero down payment program. An experienced and knowledgeable REALTOR will know what properties in your area can qualify under these programs and can assist you in finding the home that is right for you.

Buying a home in Maryland with no money down can be an easy process. Consider the benefits of getting into a home that is yours and building equity every month, instead of renting and not having anything to show for it in the end. Plus, the interest you pay on your loan is a tax deduction. Although real estate values have come down, over time the appreciation in value of real estate is the basis of more wealth in this country than any other.

Choose Your Agent Wisely

Working with a full time professional real estate agent is a must. Ask questions of your agent. Find out how knowledgeable he or she is about houses currently for sale in your price range and also of houses that have recently sold. Can your agent recommend a good lender that has the reputation of excellent customer service and low rates? Does your agent ask questions of you to have a full understanding of what you are looking for to help you get the most home for the money?

Buying a home is a huge investment don’t trust it to just anyone!

Waverly A. Roberts is a licensed real estate agent with Re/Max Specialist in Upper Marlboro, MD. He is licensed in Maryland and the District of Columbia. Waverly has been in the real estate business since 1988. Waverly has spoken to many groups on the topic of buying, selling and investing in real estate. He also mentors other real estate agents and investors in the metropolitan area of Washington, DC.