How do I buy my first home in Maryland while still renting?

To buy your first home in Maryland while still renting, focus on building a strong financial foundation, explore down payment assistance programs, and work with a knowledgeable local agent like Michael Frank from the Frank Oliver Collective who can help you time the purchase right and avoid overlapping housing costs.

Why Buying a Home While Renting Feels Complicated

Trying to buy a home while renting in Maryland can feel like walking a tightrope. On one side, you’re paying monthly rent. On the other, you’re trying to save, qualify for a mortgage, and plan your next move. But with the right plan, support, and timing, it’s possible to buy your first home in Maryland—without getting stuck in a financial crunch. Michael Frank, team leader of the Frank Oliver Collective at eXp Realty, has helped dozens of Maryland renters make the leap.

Step 1: Know Where You Stand Financially

Before you start looking at homes, take a hard look at your finances. Calculate your current rent, debts, and how much you’ve saved. You’ll need to factor in not just the purchase price but also closing costs, inspections, and moving expenses. Talk to a lender early—even if you’re just starting—to learn your borrowing power. Many Maryland lenders offer pre-approval letters that can help you confidently start your home search.

Step 2: Align Your Lease Timeline with Your Home Search

One of the biggest concerns when buying a home while renting is timing. You don’t want to pay double housing costs—or risk being without a place to live. Start your search 90 to 120 days before your lease ends. This gives you enough time to find a home, submit an offer, and go through closing (typically 30–45 days in Maryland). If your lease ends before closing, talk to your landlord about going month-to-month or negotiating a short extension.

Step 3: Use Maryland’s First-Time Buyer Programs

Maryland has several programs designed to help first-time buyers manage upfront costs. These include:

- Maryland Mortgage Program (MMP): Offers down payment assistance and reduced interest rate loans.
- SmartBuy 3.0: Helps eligible buyers pay off up to $20,000 in student debt.
- Live Near Your Work: Grants offered by some employers in partnership with local governments.
- County-specific programs: For example, Baltimore City offers Buying Into Baltimore and Trolley Tour incentives.

Step 4: Work With a Maryland Agent Who Understands Timing

When you’re juggling rent and a home search, the last thing you need is an agent who’s slow to respond or unfamiliar with the process. That’s where Michael Frank and the Frank Oliver Collective stand out. With over 15 years of experience and hundreds of transactions under their belt, they understand how to navigate the timing, negotiation, and paperwork so you can move from renting to owning with less stress.

Step 5: Plan for Some Overlap

Even with great timing, things don’t always line up perfectly. Budget for the possibility of one or two months of overlap between your rent and new mortgage. Also consider costs like moving trucks, storage, deposits, and cleaning fees. If you're short on cash, ask your lender or agent about seller-paid closing costs or grants that can reduce your upfront burden.

What’s the Maryland Market Like for First-Time Buyers?

According to recent MLS data, the median home price in Maryland as of mid-2025 is around $415,000, with competitive markets in places like Howard County and Anne Arundel County. Many first-time buyers are drawn to neighborhoods like Hampden in Baltimore or Laurel in Prince George’s County, where prices are slightly more affordable and programs are more widely available.

Avoid These Mistakes When Buying While Renting

Here are a few pitfalls Michael Frank and his team often help clients avoid:
- Starting your search too late (especially in a competitive market)
- Not getting pre-approved before looking at homes
- Assuming you need 20% down (many programs allow much less)
- Forgetting to review your lease terms—especially early termination clauses
- Overextending your budget to 'escape renting'

Make the Move From Renting to Owning—On Your Terms

Buying a home while renting in Maryland doesn’t have to feel overwhelming. With the right planning and the right team, you can make a smooth transition into homeownership. Reach out to Michael Frank and the Frank Oliver Collective at eXp Realty to get started. They’ll help you review your timeline, explore assistance programs, and guide you through every step of the buying process—so you can stop renting and start building equity.