Whether you receive PCS orders to relocate to Maryland or are already a resident, purchasing a home can be a great financial move. Using a VA loan in Maryland has many benefits for seasoned and first-time homebuyers alike.
With the average listing price of a home in Maryland landing at $377,661 the VA loan’s signature $0-money-down benefit is a considerable advantage for Maryland homebuyers.
VA loans are made by private lenders and guaranteed by the Department of Veterans Affairs. Because private lenders make the loans and not the VA, you need to find a lender licensed in the state you plan to purchase or refinance.
For example, if you're purchasing a home in Silver Spring, MD, you'll need to find a lender licensed in Maryland to do the loan.
See also: VA Loan Eligibility Requirements
VA borrowers in Maryland should also consider the cost and impact of VA loan limits and property taxes when making their home purchase.
VA borrowers in Maryland with their full VA loan entitlement are not restricted by VA loan limits. This means you can borrow as much as a lender is willing to lend without needing a down payment.
However, veterans without their full VA loan entitlement are still bound to Maryland’s VA loan limits.
|All other areas||$726,200|
Another consideration for VA buyers in Maryland is property taxes. For certain VA buyers, there are exemptions.
You may be eligible for a property tax exemption in Maryland if you meet one of the following conditions:
If you are required to pay property tax in Maryland, the American Community Survey by the U.S. Census Bureau estimates you may pay the following in each county:
|County||Property Tax Rate|
|Anne Arundel County||0.66%|
|Prince George's County||1.34%|
|Queen Anne's County||0.83%|
|St. Mary's County||0.96%|
View the graphic below to learn more about how VA loans work in Maryland.