Maryland CDA Loans
Maryland CDA program for first time home buyers is a great opportunity for first time home buyers with limited cash to buy a home in Maryland.
Under these rules, a first time home buyer in Maryland is defined as someone who has not owned a principal residence in the last three years.Detached homes, semi-detached, townhomes and condominiums all qualify for purchase under this program.
In order to qualify for a CDA loan you must have a 620 credit score or better and you must be an owner occupant of the home you purchase. Each county has its own income limits that must be met as well.
The CDA loan also requires that all borrowers receive homebuyer education. This class can be taken online in usually less than ½ an hour.
CDA loans can usually be closed within 45 days of ratification of the purchase contract.