First Time Home Buyer Loans in Baltimore, MD

Buying a new home is often an exciting and slightly scary experience for first time buyers. Baltimore residents and those living in surrounding areas have access to loans and credits that can reduce the upfront costs. When you buy a home, you must apply for a loan unless you have access to funds to pay off the total purchase cost. Baltimore first time home buyer loans help you pay for that home without worrying about the high costs.

Through 2010, the federal government offered a tax credit program that helped home buyers save up to $8,000 on their taxes. Unfortunately, that program ended at the end of 2010, meaning that you cannot access the tax credit. One tax credit that you can use is the MCC tax credit. This credit relates to the interest that you pay on your mortgage loan. When you receive a mortgage, your lender will charge an interest rate that applies to the total balance on your loan. With the MCC tax credit, you can deduct up to 20% of your total interest. Taking advantage of this credit is a little difficult because it only relates to certain homeowners, and you might find that a loan from the Federal Housing Administration is a better option.

Baltimore First Time Home BuyersThe FHA offers help and support for first time home buyers in Baltimore. As long as you have at least 3.5% of the total cost of the loan, you qualify. The FHA uses that percentage as your down payment, and you can request a loan that covers any closing costs or additional fees. FHA loans are also available for fixer-upper homes, which refer to properties that require a significant amount of work. You can borrow enough money to pay for the home and any repairs.

Unlike traditional loans, FHA loans do not come from the FHA. The FHA guarantees the loan, but a lender such as Secured Funding Corporation actually gives you the funds. The VA offers similar programs, with the VA guaranteeing the loan through a private lender. VA loans are only available to past and current military personnel, and you must meet certain eligibility requirements if you're not currently in the military.


Baltimore first time home buyers can take advantage of our free 18 minute Path2Buy webinar that gives you insights on how to purchase a home for the first time and take advantage of all the available options to suit your needs.

Baltimore Mortgage Company

Secured Funding Corporation is your premier Baltimore mortgage company. We offer all the major mortgage programs whether you are a first time home buyer or have purchased before. With your home financing needs in mind, we will match you with the best home loan program available, giving you the best Baltimore mortgage rate possible.