No. Many mortgage programs allow qualified buyers to purchase a home with less than 20% down. Options may include FHA, conventional, VA, and USDA financing, depending on eligibility. A smaller down payment may affect mortgage insurance and monthly costs. David Webster can help you understand the homebuying process and connect with financing resources so you can explore your options.

The amount depends on your purchase price, mortgage program, and closing costs. In addition to your down payment, plan for lender fees, title expenses, prepaid costs, moving expenses, and emergency savings. Some Maryland buyers may qualify for assistance programs that reduce upfront costs. A participating lender can help estimate your specific expenses.

Yes. Eligible buyers may qualify for down payment or closing cost assistance through the Maryland Mortgage Program and certain local programs. Assistance varies based on income, property location, loan type, and other eligibility requirements. Some programs provide deferred or repayable loans rather than grants. A Maryland Mortgage Program-approved lender can help determine which options may be available to you.

For the Maryland Mortgage Program, a first-time homebuyer generally means someone who has not owned a home used as their primary residence within the previous three years. Certain exceptions may apply, including eligible veterans and buyers in designated targeted areas. Some Maryland mortgage products also accept repeat buyers. Eligibility depends on the specific program, household income, property, and lender requirements.

Getting preapproved before seriously shopping for a home is generally recommended. Preapproval helps you understand how much a lender may be willing to finance and can strengthen your offer when competing for a property. It also helps you focus on homes that fit your budget. Preapproval is not a guarantee of final loan approval. David Webster can help you plan your home search and navigate the next steps.

Yes. In addition to statewide Maryland Mortgage Program options, eligible buyers may find local assistance in Prince George's County and Baltimore City. Programs listed by Maryland include Pathway to Purchase in Prince George's County and Buy Back the Block in Baltimore City. Availability, funding, property restrictions, and eligibility requirements can change. Researching local programs early can help you identify potential financial resources before purchasing a home.