Realtor Brandon Brittingham
Answers Your Real Estate Questions
- Is it true that there are government programs which help people secure a loan and purchase a home with no money down?
- Yes. The federal government offers loan programs that can help people with moderate incomes purchase homes while putting very little or no money down. In addition, the state of Maryland offers grants and bond programs to some first-time buyers, and the city of Salisbury also has a program to help qualified buyers.
Many people who wish to purchase a first home on the Eastern Shore can qualify for a federal USDA loan. Backed by the Department of Agriculture, these loans require zero percent down. If the seller will then agree to pay closing costs (insurance, taxes, and other fees), the buyer can move in after paying nothing out of pocket, except for a few modest items such as a home and termite inspection. To qualify for a USDA loan, you will need a credit score of 620 or higher, you must purchase a home in a “rural” area (virtually anywhere on the Shore outside of Ocean City or the center of Salisbury), and your income must not exceed a certain amount.
Your first Step
If you are renting a home now and have six months or less left on your lease, it’s not too early to talk to a lender about the kinds of loans that will be available to you when you’re ready to purchase. The loan officer will ask you some basic questions—many of the same ones that you answered when you applied to rent your present home—and help you understand how much you can afford to borrow. You may discover that you can own a home for less than you are currently paying in rent.
Want to learn more? In the video below, Realtor Brandon Brittingham of the Maryland and Delaware Group of Long & Foster talks about government loan programs with Tripper Heckscher, a loan officer at Prosperity Mortgage, LLC. If you have questions after you’ve watched the video, please don’t hesitate to contact Brandon or Tripper.
Brandon Brittingham
The Maryland and Delaware Group of Long & Foster
107 Williamsport Circle
Salisbury, MD 21804
443-339-9200
brandon.brittingham@longandfoster.com
Tripper Heckscher
Prosperity Mortgage, LLC
107 Williamsport Circle
Salisbury, Md. 21804
302-853-2657
tripper.heckscher@phmloans.com
