First-Time Buyers · Maryland & Virginia · NMLS #2656628

Your First Home Is Closer Than You Think.

Most first-time buyers overestimate what it takes. You do not need 20% down, you do not need perfect credit, and in Maryland you have help most buyers never hear about: down payment assistance, a state transfer tax exemption just for first-timers, and loan programs starting at 3% or even $0 down. Ken's job is to show you every option you qualify for, side by side, and let you choose with real numbers. No pressure and no jargon.

📅 Start With a Free Call Get Pre-Approved →

Options from $0 to 3.5% down Down payment assistance available Fast pre-approval with complete docs Educator first, lender second

Ken Powell

Mortgage Loan Officer · Fairway Home Mortgage

NMLS #2656628 · Equal Housing Lender

Your Loan Options

Five Programs Built for First-Time Buyers.

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Conventional 97

3% down for first-time buyers with 620 plus credit. PMI cancels automatically once you build 22% equity, which makes this the cheapest long-term option for most buyers who qualify. HomeReady and Home Possible variants add reduced PMI for moderate incomes.

3% down · 620+ credit

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FHA

3.5% down with 580 plus credit and flexible debt-to-income limits (500 to 579 credit with 10% down). The entire down payment can be a gift. The realistic path when credit or DTI keeps you out of conventional. FHA details →

3.5% down · 580+ credit

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VA

$0 down, no PMI, and competitive rates for veterans, active duty, Guard, Reserve, and eligible surviving spouses. If you served, this is almost always the first conversation. Ken used his own VA benefit and knows it inside out. VA details →

$0 down · No PMI

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USDA

$0 down for homes in eligible rural and suburban areas. More of Southern Maryland qualifies than people assume, including parts of Charles, Calvert, and St. Mary's counties. Never assume your address does not qualify. Check first. USDA details →

$0 down · Eligible areas

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Down Payment Assistance

The Maryland Mortgage Program offers multiple down payment and closing cost options for eligible buyers, and Fairway has additional grant, forgivable, deferred, and repayable DPA programs. Some programs can be combined with eligible local assistance, while others cannot. Ken compares the available structures before recommending a path. See all DPA options →

Stackable help

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Maryland's First-Timer Tax Break

Maryland exempts first-time home buyers from their share of the 0.5% state transfer tax, and by law the seller pays the remaining half. On a $400,000 home that is $2,000 staying in your pocket at closing. Ken makes sure it is applied on every eligible file.

Automatic savings

Fairway has a loan program for almost any mortgage scenario. Contact Ken to determine which loan program best fits your needs.

The Path

From "Someday" to Keys, in Five Steps.

The 15-Minute Call

Tell Ken your situation: income, savings, credit, timeline. He tells you what you qualify for today, or exactly what to fix and how long it takes if you are close. Many clients start this call a year before buying and arrive at offer day in the strongest position possible.

Fast Pre-Approval with Complete Documentation

We strive to provide a pre-approval within 24 hours of receiving the required documents and information. You will also see side-by-side loan scenarios so you can compare the options available for your situation. A Fairway Advantage® Pre-Approval may provide an additional level of upfront underwriting review where available.

Shop With Confidence

You know your budget, your payment, and your closing costs before you fall in love with a house. When you find it, Ken updates your letter for that address, usually within hours.

Under Contract to Clear to Close

Appraisal ordered immediately, weekly milestone updates, and fast responses to underwriting conditions. Typically 30 to 45 days from contract to closing. See the full process →

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Closing Day

Ken reviews every number on your Closing Disclosure with you before you sign. No surprises at the table. Then you get the keys.

Learn From Others

The Four Mistakes First-Time Buyers Make.

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Waiting for 20% Down

The 20% figure is a myth for first purchases. While you save for years, prices and rents usually rise faster than your savings. Buyers with 3 to 5% down and a solid plan routinely come out ahead of buyers who waited. Run the math both ways before defaulting to waiting.

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Financing Furniture Before Closing

New car, new furniture, new credit card, all before closing day. Underwriting re-checks your credit before funding, and new debt can shrink your approval or kill it. Buy the couch after you get the keys.

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Skipping Pre-Approval Before Shopping

Falling for a home you cannot finance is heartbreak you can avoid. In this market, listing agents often will not take an offer seriously without a real pre-approval letter. Get the letter first. It costs nothing.

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Leaving Assistance Money on the Table

Between the Maryland Mortgage Program, Fairway approved DPA options, county or employer assistance, and other first time buyer benefits, eligible buyers may have several ways to reduce cash needed at closing. Ken checks the available programs and compares the tradeoffs before recommending one.

Frequently Asked Questions

First-Time Buyer Questions, Answered.

How much do I really need for a down payment in Maryland?+

It depends on the loan: VA and USDA are $0 down for eligible buyers, Conventional 97 is 3% for first-timers, and FHA is 3.5%. On a $400,000 home that is a range of $0 to $14,000, before any down payment assistance. You will also want funds for closing costs, though seller concessions and DPA can offset much of that. Ken models your exact cash-to-close during pre-approval.

What credit score do I need to buy my first home?+

FHA starts at 580 (500 with 10% down), conventional at 620, VA and USDA typically 620. If your score is close but not there, Ken will tell you the two or three specific moves that raise it fastest, because sometimes 60 to 90 days of targeted work saves tens of thousands over the life of the loan.

Who counts as a first-time buyer?+

For most programs, anyone who has not owned a principal residence in the past 3 years. So if you owned a home years ago and have been renting since, you likely qualify as a first-time buyer again, including for the Maryland transfer tax exemption and many DPA programs.

Should I rent or buy right now?+

Honest answer: it depends on your timeline. If you plan to stay put 5 plus years, buying usually wins because you build equity instead of paying your landlord's mortgage. If you might move in 2 years, renting can be smarter. Ken will run your specific rent-versus-buy numbers and tell you the truth, even if the truth is "keep renting for now."

Do I need a real estate agent before talking to a lender?+

No. Most buyers start with the lender, because the pre-approval defines your budget before you shop. As a former Realtor, Ken works closely with agents across Maryland and Virginia and can introduce you to a good one who fits your area and price range.