NEED DOWN PAYMENT
ASSISTANCE TO PURCHASE A
HOME?

Closing costs in Maryland typically range from 4% to 5% of the total purchase price of the property. These costs can vary based on a number of factors, including the type of property being purchased, the location of the property, and the terms of the mortgage.

Some common closing costs in Maryland include:

1. Title search and title insurance: This covers the cost of searching public records to verify the seller's right to sell the property, as well as protecting the buyer against any claims against the property that arise after the sale.
2. Appraisal fee: This covers the cost of having a professional appraiser determine the value of the property.
3. Home inspection fee: This covers the cost of having a professional home inspector evaluate the condition of the property and identify any potential issues.
4. Loan origination fee: This covers the cost of processing the mortgage application.
5. Recording fees: This covers the cost of recording the deed and mortgage with the local government.
6. Transfer tax: This is a tax on the transfer of ownership of the property.
7. Escrow fees: This covers the cost of setting up an escrow account to hold funds for property taxes, insurance, and other expenses.

It's important to note that closing costs can be negotiated between the buyer and seller, and some of these costs may be paid by either party. It's also a good idea to shop around and compare closing costs from different lenders to ensure you're getting the best deal possible.

There are several home buying grants and programs available in Maryland to assist homebuyers with the purchase of a home. Some of these programs include:

1. Maryland Mortgage Program: This program provides low-interest loans and down payment assistance to first-time homebuyers in Maryland.
2. Maryland SmartBuy: This program offers assistance to homebuyers who have student loan debt. The program provides up to $40,000 in student debt relief in exchange for purchasing a home in one of Maryland's designated SmartBuy communities.
3. Maryland HomeCredit: This program offers eligible homebuyers a federal tax credit of up to $2,000 each year for the life of their mortgage.
4. Community Development Block Grant (CDBG) Program: This program provides grants to eligible homebuyers to assist with down payment and closing costs.
5. Employer-Based Programs: Some employers in Maryland offer home buying assistance to their employees as part of their benefits package.

To determine eligibility for these programs and to learn more about the application process, it is recommended to visit the Maryland Department of Housing and Community Development website or to contact a local housing counseling agency.