Your First Home Starts With a Clear Plan
Before looking at properties, take time to understand your finances, priorities, and expected home-buying expenses. Preparing early can help you establish a realistic price range, avoid surprises, and make confident decisions when the right property becomes available.
- How to prepare financially
- The difference between prequalification and preapproval
- Which loan and assistance programs may be available
- How to search for the right Southern Maryland home
- What happens after your offer is accepted
- Which expenses to expect before and at closing
Who Is Considered a First-Time Home Buyer in Maryland?
You may qualify as a first-time buyer even if you previously owned a home. For the Maryland Mortgage Program, someone who has not owned residential property during the previous three years may be considered a first-time homebuyer.
Definitions and eligibility rules can vary by program, lender, property, income, and location. Speak with an approved lender to determine which options may apply to your situation.
Before You Start Looking at Homes
Review Your Financial Position
Begin by reviewing your income, savings, debts, expenses, and credit history to determine a comfortable monthly housing payment.
Your payment may include:
- Mortgage principal & interest
- Property taxes & insurance
- Mortgage insurance (when applicable)
- HOA fees, utilities & maintenance
Prepare for Upfront Expenses
The down payment is only one part of purchasing a home. First-time buyers should also budget for upfront closing costs and reserves.
Upfront funds may be needed for:
- Earnest money deposit & appraisal
- Home & specialized inspections
- Closing costs & moving expenses
- Immediate repairs & emergency savings
Get Preapproved
A mortgage preapproval helps you understand your purchasing power and strengthens your position when submitting an offer.
A lender will review your income, assets, debts, employment, and credit history. Final approval depends on property valuation, appraisal, underwriting, and updated financial documentation.
Maryland First-Time Buyer Loans and Assistance
Eligible buyers may have access to conventional, FHA, VA, USDA, or Maryland Mortgage Program financing. The best option depends on your finances, military eligibility, property location, occupancy plans, and lender requirements.
Loan programs are subject to eligibility requirements and change. The Southside Group does not provide mortgage, tax, or legal advice. Consult qualified professionals about your circumstances.
Maryland Mortgage Program
The Maryland Mortgage Program offers eligible buyers access to mortgage products and potential down payment or closing-cost assistance. Available programs, assistance amounts, income limits, and eligibility requirements can change.
Down Payment Assistance
Some state and local programs may help qualified buyers with down payment or closing costs. Assistance may be structured as a grant, deferred loan, repayable second loan, or another form of financing.
The First-Time Home Buying Process
Establish Your Budget
Decide what monthly payment fits comfortably within your overall financial plan. Include taxes, insurance, association fees, utilities, maintenance, and other recurring expenses.
Speak With a Lender
Discuss available loan programs, estimated interest rates, down payment options, closing costs, credit requirements, and the documents needed for preapproval.
Choose Your Real Estate Agent
Work with an agent who understands Southern Maryland neighborhoods, property types, contract deadlines, inspections, and current market conditions. Your agent should also explain representation and responsibilities before touring homes.
Identify Your Needs & Priorities
Create a list of must-haves, preferred features, and areas where you can compromise:
- Preferred county & community
- Commute & transportation
- Property type, bedrooms & baths
- Lot size, parking & storage
- Home condition, HOA rules & fees
Search and Tour Homes
Review current listings with your agent and tour properties matching your budget. Look beyond furnishings to evaluate property condition, layout, location, storage, maintenance needs, and long-term suitability.
Prepare & Submit an Offer
Your agent helps evaluate comparable properties, market activity, potential competition, and contract terms. Financing, inspections, settlement timing, and seller assistance also affect the seller’s decision.
Complete Due Diligence
Track contract deadlines carefully after offer acceptance:
- Home & specialized inspections
- Appraisal & title review
- Homeowners insurance & HOA review
- Financing, underwriting & repair credits
Final Walk-Through & Close
Conduct a final walk-through to confirm condition and verify agreed-upon repairs. At closing, review and sign required documents, transfer funds, and complete ownership transfer to receive your keys!
Where to Buy Your First Home in Southern Maryland
Southern Maryland offers established neighborhoods, newer communities, rural properties, waterfront areas, townhomes, condominiums, and single-family homes. The right location depends on your budget, commute, lifestyle, and long-term plans.
St. Mary’s County
Explore homes in California, Leonardtown, Hollywood, Lexington Park, Great Mills, Mechanicsville, and surrounding communities. St. Mary’s County may appeal to buyers who want access to NAS Patuxent River, waterfront recreation, historic communities, and a mix of suburban and rural settings.
Calvert County
Search Prince Frederick, Lusby, Solomons, Chesapeake Beach, North Beach, and nearby communities. Buyers can find a variety of residential settings near the Chesapeake Bay and Patuxent River.
Charles County
Consider Waldorf, La Plata, White Plains, Bryans Road, Indian Head, and surrounding areas. Charles County offers numerous residential communities with access to employment centers throughout Southern Maryland and the Washington metropolitan region.
First-Time Home Buyer FAQs
Find quick answers to essential first-time home buyer questions about financing, down payments, closing costs, inspections, and navigating the home buying process.
How much money should I save before buying a home in Maryland?
The amount depends on your loan, down payment, closing costs, inspection expenses, moving costs, and desired emergency savings. A lender can provide a personalized estimate based on your expected price range. For a detailed breakdown of how much you should save, read our guide on how much you should save before buying a home.
Do first-time buyers need a 20% down payment?
Can I receive down payment assistance in Maryland?
Should I get preapproved before looking at homes?
What credit score do I need to buy a home?
How long does it take to buy a home?
What happens after my offer is accepted?
Do I need a real estate agent when buying my first home?