If you live in Baltimore city, there’s never been a better time than now to purchase a home. New reports show that the number of leases available in the city are fewer, but rental rates are going through the roof. As far as financing, mortgage rates are still relatively low, but are expected to rise in the next year. Did you know that there are programs available to first-time homebuyers to help them get in to that first house? It’s true! If you are planning on living in Baltimore for a few years and can scrape together $1,000 for a down payment, chances are you will be able to get into a new house.
Don’t stress it
First-time homebuyers have a lot of misconceptions and a lot of fears when it comes to purchasing a house. It’s important to know that hiring a Realtor to help you find the right place is the first step to getting into the right house. It doesn’t cost anything to work with a Realtor. Their commission will be paid by the seller of the house that you buy. You also shouldn’t stress about not being able to afford a mortgage payment. If you work with a lender you can trust, they will help you figure out how much you can comfortably afford to pay. Even if you’re not ready to buy right now, a lender can help you come up with a plan to help you save money, pay off debts, or boost credit in order to get yourself in a good place financially.
Get local help
A traditional 20% down payment is not the only way to get into a house. There are local programs that can help first-time homebuyers with closing costs. A First-Time Homebuyer Grant will double whatever you put down by matching what you have for closing costs and a down payment. The CDA offers a great program to first-time buyers who have limited financial assets since it offers up to $10,000 in down payment and closing cost assistance. Finally, CHIP allows first-time homebuyers to put as little as 3% down (and also includes city down payment assistance). There are programs out there that could apply to you and your situation.
Get started now!
Don’t throw your money away in rent when you could be building equity in a house that you would own one day. The Bob Lucido Team has a team of specialized agents for homebuyers and they stand ready to answer any questions you might have. We have agents who know the ins and outs of Baltimore City and can guide you to a home that is beautiful, safe, and waiting for you. City life truly is the an exciting one and we want to make your life shine as a brand new homeowner in Baltimore. Let our highly-qualified team show you how to buy a house in Baltimore.