What Do First-Time Homebuyers Need to Know Before Buying in DC or Maryland?
First-time buyers in DC and Maryland need four things lined up before they start touring homes — a verified mortgage pre-approval, a clear picture of the down payment assistance programs they qualify for, a realistic budget that includes closing costs and property taxes, and a Realtor who knows the hyperlocal market. I covered exactly how to line up all four in a recent live webinar for first-time buyers, which you can watch below.
Watch the Full First-Time Homebuyer Webinar
I hosted a live session walking first-time buyers through the entire process from "am I ready?" to closing day, with real examples from buyers I've worked with along the Route 1 corridor and across DC and Maryland. Watch the full replay below, then keep reading for the highlights and the questions I get asked most.
Am I Ready to Buy My First Home?
Before a lender or a Realtor can help you, you need a rough sense of where you stand. In the webinar, I break readiness down into four checkpoints:
Stable income — most lenders want to see two years of consistent employment or self-employment history
A credit score you know — not guess. Pull it before you talk to a lender, not after
Savings beyond the down payment — you need reserves for closing costs, moving expenses, and the unexpected
A debt-to-income ratio that leaves room — lenders typically want your total monthly debts, including the new mortgage, under 43-45% of gross income
None of these need to be perfect. Most of the first-time buyers I work with in Hyattsville, Riverdale Park, and College Park start this conversation with me before they've even looked at a single listing — that's exactly the right order.
How Do I Get Pre-Approved for a Mortgage?
A pre-approval is a lender's written commitment based on verified income, assets, and credit — not just a quick online estimate. It's what sellers actually want to see attached to an offer, especially in a market where private, off-market showings are currently outpacing open houses.
My advice, covered in detail in the webinar:
Talk to at least two or three lenders, including at least one who specializes in Maryland Mortgage Program loans
Ask each lender to walk you through both the interest rate and the total cost of the loan, including points and fees
Get pre-approved before you tour homes, not after you fall in love with one
What Down Payment Assistance Programs Are Available in Maryland?
This is the section I spend the most time on, because most first-time buyers don't realize how much assistance is actually on the table in Maryland and Prince George's County right now.
Maryland Mortgage Program (MMP) 1st Time Advantage: state-backed 30-year fixed loans paired with down payment assistance options like the 1st Time Advantage 6000 ($6,000 toward down payment and closing costs) or a deferred second loan equal to 3-6% of your first mortgage.
Prince George's County Pathway to Purchase: the county's flagship first-time buyer assistance program, which awarded more than $1.2 million to 33 homebuyers in Fiscal Year 2026 alone. It can be layered with MMP assistance for eligible buyers.
Critical Workforce Housing Assistance (new, July 2026): up to $50,000 in assistance for essential workers buying in Maryland.
Homeownership Equity Program (new, July 2026): up to $30,000 for income-eligible buyers.
Program stacking eligibility changes based on income, purchase price, and property location, so I always tell buyers to confirm exact numbers with an MMP-approved lender or the Maryland Department of Housing and Community Development before assuming you qualify — but the short version is: don't assume you need 20% down. Most first-time buyers I work with put down far less.
What Will Closing Costs Actually Cost Me?
Plan for roughly 3-5% of the purchase price in closing costs on top of your down payment. In Prince George's County, buyers also need to understand that many incorporated municipalities — including Hyattsville, Riverdale Park, Mount Rainier, Edmonston, and Bladensburg — carry a dual property tax structure, meaning you pay both a city tax rate and a county tax rate. That's a detail national lenders and online calculators routinely miss, and it can change your real monthly payment by a meaningful amount.
How Do I Compete in Today's Market Without Overpaying?
Recent peer survey data from DMV agents shows private, invite-only showings are currently outpacing traditional open houses by roughly 7-to-1 — which means a lot of the inventory first-time buyers should be seeing never shows up on a Saturday open house tour. Working with an agent who has access to Coming Soon and Private Exclusive listings before they hit the open market matters more in this environment than it used to.
When you do find the right home, I walk buyers through how to structure a competitive but responsible offer — including when an escalation clause makes sense and when it doesn't, and how to protect yourself if the appraisal comes in under contract price.
What Happens After My Offer Is Accepted?
Once you're under contract, there's a clear sequence: home inspection, negotiation of any repair items, mortgage underwriting and appraisal, a final walkthrough, and closing. I cover realistic timelines for each step in the webinar so buyers know what to expect and when — most first-time buyers close 30-45 days from a ratified contract.
First-Time Homebuyer FAQ
Is now a good time to buy my first home in DC or Maryland?
It depends on your personal timeline and finances more than market timing. With private showings outpacing open houses and new down payment assistance programs launching in July 2026, buyers who are ready financially have more tools available right now than they did a year ago.
How much do I need saved for a down payment in Maryland?
It varies by program, but many first-time buyers put down far less than 20% once you factor in MMP loans, Pathway to Purchase, and the new Critical Workforce Housing Assistance and Homeownership Equity programs. Some buyers qualify for combinations that bring their out-of-pocket cash down significantly.
Can I combine multiple down payment assistance programs?
In many cases, yes — but stacking eligibility depends on income, purchase price, and which programs you're combining. Always confirm exact eligibility with an MMP-approved lender or the Maryland DHCD before counting on a specific combination.
Do I have to buy in the city limits to use Pathway to Purchase?
Pathway to Purchase is a Prince George's County program, available to eligible buyers purchasing within the county, including incorporated municipalities like Hyattsville, Riverdale Park, and Mount Rainier.
How long does it take to close after my offer is accepted?
Most first-time buyers I work within 30 days after a ratified contract, depending on the lender, loan type, and how quickly inspection items are resolved, as well as buyer and seller schedules.
Should I get pre-approved before I start touring homes?
Yes. A verified pre-approval tells you what you can actually afford, and it's what sellers expect to see attached to a competitive offer — especially with private showings currently outpacing open houses in this market.
Ready to Take the Next Step?
Buying your first home in DC, Maryland, or the Route 1 corridor doesn't have to be overwhelming. I'll walk you through pre-approval, down payment assistance, and the local market so you know exactly what to expect.
Ryan Hehman, Compass Real Estate — Home Keys Team
Phone/Text: 443-990-1230 | Email: Ryan.Hehman@Compass.com | ryanhehmanrealestate.com