Baltimore HUD Homes Blog

Maybe you are buying your first home in Baltimore, or perhaps you are relocating to Baltimore from another state. Either way, its important that you educate yourself on Alabama home loans before shopping for a home and mortgage. This article explains what you will need to know before buying a home in Baltimore:

The average price of a home in Baltimore is $178,019 and homes in Baltimore appreciate at one-half of the rate of the average national home appreciation. The rate of job growth in Baltimore is equal to the national average. However, income levels in many parts of Baltimore are too low to purchase a median-priced home with a conventional loan.

Baltimore is a non-community property state. This means that married persons do not have to include their spouses income and liabilities on their mortgage if they choose not too. Home buyers can simply leave their spouses name off of their application. Additionally, Baltimore has a Fair Housing Act that prohibits housing providers from declining housing to anyone based on their race, color, religion, gender, or national origin.

If your buying a home in the state of Baltimore, you qualify for both federal and state FHA and VA loans. First-time home buyers qualify for Baltimore FHA loans with below-market interest rates, and, depending on their income, may also qualify for down payment assistance. Additionally, Baltimore Step-Up program offers down-payment assistance to home buyers with moderate incomes.

Access Baltimore is a state program that makes mortgages more affordable for both disabled residents and residents with a disabled person in their care. Through this program, Baltimore residents with disabilities can get technical assistance with the home-buying process and assistance with down payment and closing costs.

Baltimore also offers Mortgage Credit Certificates to first time home buyers. Mortgage Credit Certificates help first time home buyers manage the costs of purchasing their first home by reducing the amount of interest.