I’ve been getting questions all day about how I bought my first home with just $3k down. So here’s a thread on how I did it using the Maryland Mortgage Program (most states have 1st time homebuyer programs), and why having the right realtor + lender made all the difference.
First, I used the MMP, which is a state run program that helps first time homebuyers with down payment and closing cost assistance. Through MMP, I was able to get grants from local, state, and federal sources.
Second, those grants covered most of my upfront costs, so I only needed to bring $3k to closing for a $240k home. Without this program, I would’ve needed way more cash, which I was prepared to do, and I was pleasantly surprised when at closing they told me that is all I needed.
One important lesson is that not every realtor/lender is familiar with first time homebuyer programs. So working with a realtor and lender who knew the ins and outs of such programs was essential. They guided me through the process and made sure I got every grant I qualified for.
My realtor helped me find a home that met the program’s requirements (had to be in a targeted area), and my lender knew how to package everything correctly and find the proper mortgage product. Without them, I would have definitely left money on the table.
So if you’re buying your first home, ask potential realtors and lenders the following questions:
Do you have experience with first-time homebuyer programs?
Have you worked with MMP (or your state’s equivalent)?
Can you help me apply for grants?
Do you have experience with first-time homebuyer programs?
Have you worked with MMP (or your state’s equivalent)?
Can you help me apply for grants?
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