John Shea - Mortgage Loan Originator NMLS ID #455896
Licensing and Disclosures
Licensed to originate mortgage loans in Maryland, District of Columbia, Virginia, and Florida.
Verify at NMLS Consumer Access.
BUYING YOUR FIRST HOME IN MARYLAND STARTS WITH A CLEAR PLAN
First - Time
Homebuyer
Guide
in Maryland
Buying your first home is one of the most exciting financial decisions you will ever make. It can also feel overwhelming if you are not sure where to start.
Whether you are buying in Odenton, Severn, Crofton, Gambrills, Hanover, Annapolis, Columbia, or anywhere in the surrounding Maryland communities, the right mortgage strategy can make the process much easier. I’m John Shea, a mortgage advisor based in Odenton, helping first-time homebuyers navigate VA, FHA, and conventional home loans with a clear plan and a smooth, predictable process.
NMLS ID #39610
Bay Capital Mortgage Corporation, our sponsoring lender
Bay Capital Mortgage Corporation handles processing, underwriting, closing, and funding in-house for every loan John originates, which is why closings move faster than lenders who outsource these steps. Bay Capital has been in continuous operation since 1994, formed as a corporation in Maryland (formerly known as Bay Banc Mortgage Corporation, later Bay Mortgage Corporation).
Corporate office: 2553 Housley Road, Suite 200, Annapolis, MD 21401 Corporate phone: (410) 974-6044
Bay Capital Mortgage Corporation is an approved lender with:
1. Fannie Mae
2. FHA
3. VA
4. USDA
5. MD DHCD, the Maryland Mortgage Program (MMP)
6. Florida Housing Finance Corporation (FHFC)
BUYER ELIGIBILITY
What Is a First-Time Homebuyer?
A first-time homebuyer is generally someone who has not owned a primary residence within the past three years.
That means even if you owned a home in the past, you may still qualify for Maryland's first-time homebuyer programs and low down payment options. For example: if you sold your last house four years ago and have been renting since, you could be considered a first-time buyer again today.
FINANCING YOUR HOME
Loan Options for
First-Time Buyers in Maryland
Compare the most popular loan programs designed to make your transition into homeownership smooth and affordable.
RECOMMENDED FOR VETERANS
VA Loans
A great option for eligible veterans and active-duty military members.
- No down payment required
- No monthly mortgage insurance
- Competitive interest rates
- Flexible credit guidelines
FHA Loans
A popular option for first-time homebuyers because of flexible qualification requirements.
- Down payments as low as 3.5%
- More flexible credit standards
- Seller-paid closing costs may be available
Conventional Loans
An excellent option for buyers with strong credit and solid financial profiles.
- Down payments as low as 3%
- Lower overall costs in some situations
- Mortgage insurance may be removed once sufficient equity is reached
You May Need Less Money
Than You Think
Many first-time buyers are surprised to discover how accessible homeownership can truly be with the right guidance and local programs.
Understanding Costs & Programs
REQUIRED FUNDS
How Much Money Do You Need to Buy a Home?
Many first-time buyers are surprised to learn they may need less money than they expected. Depending on the loan program you choose, your upfront expenses typically fall into three categories:
- Little or no down payment
- Closing costs associated with the loan
- Cash reserves in some specific cases
In certain situations, seller credits and down payment assistance programs may help significantly reduce your required upfront funds.
LOCAL ASSISTANCE
Maryland First-Time Homebuyer Programs
Maryland offers programs designed specifically to help qualified buyers with down payment assistance and closing resources. These local initiatives can help make homeownership far more affordable than you might expect.
As your local advisor, I can help you understand which state and local programs fit your unique financial situation and goals.
Bay Capital Mortgage Corporation state licenses
Bay Capital Mortgage Corporation, NMLS #39610, holds active licenses in the states below. These are Bay Capital's licenses as our sponsoring lender, not John Shea's individual licenses listed above.
| State | License Number | License Type |
|---|---|---|
| Delaware | 012033 | Licensed Lender |
| Delaware | 012033 | Mortgage Broker |
| District of Columbia | MLB39610 | Mortgage Dual Authority License |
| Florida | MLDB1579 | Mortgage Broker Branch |
| Florida | MLD867 | Mortgage Broker |
| Florida | MLDB1579 | Mortgage Lender Branch |
| Florida | MLD867 | Mortgage Lender |
| Georgia | 48007 | Mortgage Lender License |
| Maryland | 39610 | Mortgage Lender License |
| Michigan | FR0025681 | First Mortgage Lender License/Registrant |
| North Carolina | L-167567 | Mortgage Lender |
| Pennsylvania | 33814 | Mortgage Lender License |
| South Carolina | MLS-39610 | Mortgage Lender |
| Tennessee | 39610 | Mortgage License |
| Texas | 39610 | Mortgage Company License |
| Virginia | MC-5543 | Mortgage Lender |
| West Virginia | ML-31147 | Mortgage Lender License |
Full license detail and current status: NMLS Consumer Access.
HMDA Disclosure Statement
The Home Mortgage Disclosure Act (HMDA) requires lenders to collect and publicly report data on housing-related loans and applications, including certain applicant and borrower characteristics. Bay Capital Mortgage Corporation, the lender behind every loan John originates, files this data every year.
To review it, visit the FFIEC website. You'll be asked for the year, then the Respondent ID and Institution Name below.
| Respondent ID | Institution Name |
|---|---|
| 521867436 | Bay Capital Mortgage Corporation |
Equal Housing
Bay Capital Mortgage Corporation is an Equal Housing Lender committed to Equal Housing Opportunity. We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act. We do not discriminate on the basis of race, color, religion, national origin, sex, handicap, or familial status.
VA Loan Disclosure
Not affiliated with the Department of Veterans Affairs or any government agency. VA loans are available to eligible active-duty service members, Veterans, and surviving spouses, subject to VA guidelines and lender review.
Build note, not for publish: this is the short VA disclaimer confirmed in master data. Confirm the longer version Devin approved on June 3, 2026 before this page goes live, and swap it in if it differs from the line above.
General Disclosures
Rates and terms are subject to change without notice and may not be available at the time of loan commitment or lock-in.
Loan approval is subject to a complete application and is not guaranteed. This is not a commitment to lend. All loans are subject to credit approval, property appraisal, title review, and underwriting approval.
Loan programs and rates shown across this site are for illustration only and are not a guarantee of terms. Contact John Shea directly for current rates and options for your situation.
Regulatory Compliance
Bay Capital Mortgage Corporation operates in compliance with the SAFE Act, RESPA, the Truth in Lending Act (Regulation Z), Regulation N, the Equal Credit Opportunity Act, the Fair Credit Reporting Act, and all applicable Maryland Commissioner of Financial Regulation requirements.
Contact
Reach John Shea directly: Phone: (410) 562-2046 Email: [email protected]
ROADMAP TO CLOSING
Steps to Buying Your First Home
01
Mortgage Consultation
We discuss your goals, budget, and financing options.
02
Pre-Approval
You receive a clear understanding of how much home you can comfortably afford.
03
Home Search
You work with a trusted real estate agent to find the right home.
04
Contract and Financing
We finalize your mortgage and guide you through underwriting.
05
Closing
You sign your final documents and receive the keys to your new home.
PROTECT YOUR APPROVAL
Common Mistakes to Avoid
Buying your first home is exciting, but a single financial misstep before closing can delay or completely derail your loan. As your Maryland mortgage advisor, my job is to guide you safely to the finish line. Avoid these common errors to keep your credit secure, your approval intact, and your stress levels low.
Looking at homes before getting pre-approved
You might fall in love with a property outside your budget. Pre-approval gives you a clear purchasing limit and proves to sellers that you are a serious, qualified buyer.
Making large purchases during the loan process
Buying a new car, furniture, or appliances on credit alters your debt-to-income ratio. This can disqualify you for the loan you were initially approved for.
Changing jobs without discussing it with your lender
Lenders look for a consistent, stable employment history. A sudden career change or shift to commission-based pay can disrupt underwriting and jeopardize your loan.
Opening new credit accounts
Every time your credit is pulled for a new account, it can negatively impact your credit score. Wait until after you have the keys to your new home before applying for any new credit.
Shopping based only on purchase price
Your true monthly cost includes taxes, insurance, and interest rates. Focus on finding a comfortable, sustainable monthly payment rather than just looking at the sticker price of the home.
YOUR LOCAL EXPERT
Why Work with a Local Advisor?
Buying your first home is easier when you work with someone who is available to answer questions and guide you through every step. As a local mortgage advisor based in Odenton, Maryland, I help buyers throughout:
- Odenton
- Severn
- Crofton
- Gambrills
- Hanover
- Laurel
- Glen Burnie
- Elkridge
- Columbia
- Pasadena
- Annapolis
- Fort Meade
You will receive clear communication, personalized advice, and a proven process from pre-approval to closing.
WE'RE HERE TO HELP
Frequently Asked Questions
We believe in total transparency. If you have lingering questions about the homebuying process, pre-approvals, or Maryland programs, we have the answers you need.
How early should I get pre-approved?
It is best to get pre-approved before you begin looking at homes. This gives you a clear understanding of your budget and shows sellers that you are a serious, qualified buyer when you make an offer.
Do I need 20 percent down?
No. Many buyers qualify with much less. FHA loans require as little as 3.5% down, conventional loans can go as low as 3%, and eligible VA buyers can purchase with zero down payment.
Can closing costs be paid by the seller?
In many cases, yes. Depending on the market and your loan program, we can structure your offer to request seller concessions, which help cover your out-of-pocket closing expenses.
What credit score do I need?
Requirements vary based on the loan program and your overall financial profile. While conventional loans generally require a higher score, FHA and VA loans offer more flexible credit guidelines for qualified buyers.
FREE DOWNLOAD
Looking for a Step-by-Step Guide?
Download the Fort Meade Homebuyer Playbook for additional tips on VA loans, buying versus renting, pre-approval, and common mistakes to avoid. A clear, actionable strategy to buy your first Maryland home.
100% Free. No spam, ever.
TAKE THE NEXT STEP
Ready to Buy Your First Home in Maryland?
If you are a first-time homebuyer and want a clear strategy before you start looking at homes, I would be happy to help.
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