If you’ve ever looked at home prices in Baltimore and thought, “I could never afford 20% down,”—you’re not alone. This is one of the most common myths we hear from first-time homebuyers.
Here’s the truth:
You don’t need 20% down to buy a house.
In fact, in Baltimore, there are several programs designed to help buyers with modest savings step into homeownership. Some require as little as 3% down—and many offer thousands of dollars in down payment and closing cost assistance.
Let’s take a look at a few of them:
1. Baltimore City’s First-Time Homebuyers Incentive Program
- Get $10,000 to use toward your down payment and closing costs
- It’s a 5-year forgivable loan—if you live in the home for five years, you don’t pay it back
- Designed for first-time buyers with moderate incomes
- Check eligibility here
2. Maryland Mortgage Program (MMP)
- Offers 30-year fixed-rate loans with down payments as low as 3%
- Includes closing cost help and matching programs
- Statewide, but with extra love for Baltimore buyers
- More details
3. Baltimore County SELP (Settlement Expense Loan Program)
- Up to $10,000 in closing cost help
- Forgivable after 15 years of living in the home
- Available in certain neighborhoods throughout Baltimore County
- Learn more
So, what about mortgage insurance?
Here’s the deal:
If you put less than 20% down, your lender might require mortgage insurance. But don’t let that scare you off. It’s just part of the monthly payment—and we’ll help you factor it in to make sure everything fits your budget and lifestyle.
Bottom Line:
If you're dreaming about owning a home in Baltimore but think you're not “ready enough” because you don’t have a massive down payment—let’s chat.
Chances are, you're closer than you think.
We’ll walk you through your options, explain the fine print (in plain English), and help you make the best move for your life and budget.
Ready to explore your path to homeownership?Let’s make a plan. We’re here when you’re ready.
