There are many myths about the Maryland Mortgage Programs that might have deterred you from purchasing a home. Don’t let these rumors fool you! Below we have fact-checked some common misconceptions:
- Myth: Only first-time home buyers are eligible for Maryland Assistance Programs.
- Fact: There are two tiers of programs: those for first-time home buyers, and for repeat home buyers.
- Myth: Maryland Assistance Programs are only available for low-income households.
- Fact: While there are income restrictions for program eligibility, the range is dependent on the county. *Up to $151,200 for a family of 1-2 in many counties*
You may have heard misleading information about the home buying experience. Don’t be fooled! Purchasing a home and applying for a mortgage isn’t as scary as you might think it is. We’ve debunked some common myths associated with the mortgage process. Review these common misconceptions to learn the correct approach when taking your first steps to purchasing a home!
Additional Facts about Mortgages:
- Myth: You need perfect credit to buy a home.
- Fact: It’s possible to qualify for a mortgage even if you’ve had credit difficulties in the past. Minimum credit scores may be less restrictive than you think.
- Myth: Find a home first, then worry about financing.
- Fact: Don’t make this painful mistake. It is important to consult with a lender before you embark on your home buying journey.
- Myth: You must use the lender that pre-approved you.
- Fact: You can work with any lender once you’re ready to purchase. Compare lenders to make sure you find one that you feel comfortable with, has a great reputation, and can guide you to a smooth closing.
If you have any questions about the Maryland Mortgage Program, or home buying facts, contact one of our team members today!