The new DC4ME PLUS is a loan program will be available to certain DC employees. The eligibility requirements for this new program are as follows: The new DC4ME PLUS is a first-time homebuyer mortgage program offered to current full-time District government employees. Including employees of district government-based instrumentalities, independent agencies, District of Columbia Public Charter Schools and organizations.The applicant/borrower’s employer must falls under the oversight of the Council of the District of Columbia. Applicants must be a 1st time home buyer The new DC4ME PLUS maximum household income may not exceed 120% of AMI The first trust will be a 30 year fixed rate conventional Freddie Mac HFA Advantage loan. And must follow US Bank HFA Advantage guidelines. Maximum 50% DTI; maximum loan amount of $484,350; maximum sales price of $525,000.Under the new DC4ME PLUS PROGRAM at least 1 borrower must have completed a home … [Read more...]
Howard County HomeStarter Loan
Howard County HomeStarter loan is now available. This is a loan up to $40,000 that can be used for down payment and/or closing costs. Available to first time home buyers onlyLoan term must match first mortgage loan, typically 30 yearsLoan must be repaid back upon sale, refinance or defaultInterest Rate is 2% below the primary loan rateBuyer must contribute at least one monthly payment on primary loan plus $1,000Back ratio no greater than 45%Borrower assets greater than 2 months reserves must be used firstPurchase price limit is $465,758 (that will increase in 2021 once loan limits are established for program) The income limits are as follows (these should also increase in 2021: 1 person household $54,9502 person household $62,8003 person household $70,6504 person household $78,5005 person household $84,8006 person household $91,1007 person household $97,3508 person household $103,650 Call 301-483-8073 or email - [email protected] for a referral to a senior loan … [Read more...]
MORTGAGE LOAN PROGRAMS IN MARYLAND
The Maryland Mortgage Program is committed to helping buyers purchase a home in the State of Maryland. The Maryland Mortgage Program offers a range of products to help Marylanders realize their dream of homeownership. Let’s take a look at the programs that are getting rave reviews…. MD SMARTBUY – MD SmartBuy rolls up to 15% of the home purchase price into forgivable loan for the borrower to pay off their outstanding student loan debt (maximum payoff of $40,000). MMP 1st TIME ADVANTAGE 3% DPA LOAN – offers Down Payment Assistance equal to 3% of the first mortgage while still maintaining a low interest rate on the first mortgage. 1st. TIME ADVANTAGE DIRECT – No DPA (Down Payment Assistance) but offers the lowest interest rate available with an MMP loan- often under 3%. To learn more about how the programs can help you or to get pre-approved for a loan with help of one of our Senior Loan Officers - Call 301-483-8073 or Email - [email protected] for a referral Today! … [Read more...]
Montgomery County Homeownership Program
Montgomery County Homeownership Program announced that effective immediately the funding of $1M dollars appropriated to help buyers in Montgomery County with down payment and/or closing costs assistance funds. This money will go FAST! Buyers must act NOW….. There was a couple rounds of this money last year and it ran out in a month or so! Highlights of the program are as follows: Montgomery Homeownership Program second lien will be a zero percent deferred down payment loan forgiven after 10 years.Maximum down payment loan will be 40% of total household income up to a maximum of $25,000.00 for down payment monies.Monies may be used for down payment and/or closing costs.No minimum contribution by the buyer (buyer typically gets in with no money out of pocket).Can be combined with MPP’s Revolving Closing Cost Assistance Program up to $10,000 (RCCAP/”5 for 5”) but the borrower must work in Montgomery County.Can only be used with the Option 1 … [Read more...]
New Loan Program Available in the District of Columbia
New loan program available in the District of Columbia to help buyers with a 3% loan for the down payment: This new program is named DC4ME PLUS which will be available for certain DC employees. The eligibility requirements for this new program are as follows: DC4ME PLUS is a first-time homebuyer mortgage program offered to current full-time district government employees. This include employees of District government-based instrumentalities, independent agencies, District of Columbia Public Charter Schools and organizations. The applicant/borrower’s employer must fall under the oversight of the Council of the District of Columbia; Applicant must be a 1st time homebuyer; Maximum household income may not exceed 120% of Adjusted Modified Income (AMI); The first trust will be a 30 year fixed rate Conventional Freddie Mac HFA Advantage loan and must follow US Bank HFA Advantage guidelines;Maximum 50% DTI; maximum loan amount of $484,350; … [Read more...]
Buying a home – SmartBuy Program
Buying a home - SMARTBUY PROGRAM got easier with the Maryland SmartBuy Program. This is a program that the State of Maryland rolled out in 2016 to help buyers pay their student loan debt and purchase a home. The original program could only be used for DHCD properties. The inventory was very low, so it did not really help too many people. The State of Maryland expanded SMARTBUY PROGRAM last year. The program is now available for ANY property in the Maryland. The property must pass an appraisal inspection. And, the seller is willing to make repairs. How the SmartBuy Program works – if you are buyer with $39,000 in student loan debt and looking to purchase a home for $285,000. The program will help extinguish ALL of your student loan debt at settlement. The buyer will qualify for the maximum assistance through the SmartBuy Program. For example - A sales price of $267,000 will qualify a buyer for assistance up to $40,000 - $267,000 x … [Read more...]
Maryland Mortgage Program Announces – New Products!
The Maryland Mortgage Program announced some AMAZING new products. Buyers credit score should be 640 or higher. Debt to income ratio should not exceed 45%. And buyers cannot have own any real estate at the time of closing. Although they COULD have owned real estate prior to settling on their new home. The Chenoa fund has existed to help this type of buyer. However, this product offering does not have the expansiveness of the new mortgage product offered through the State of Maryland - Maryland Mortgage Program. Here are the highlights: Offers buyers a loan of 3% to be used towards the down paymentOffers buyers a GRANT of 3% or 4% of the loan amount to be used towards the down payment and/or closing costs Plus the Home Ability program started offering mortgages about a month ago. This program will help buyers who have a disability or have a household member with a disability. The program offer buyers 25% in the form of a loan to be used towards the down payment … [Read more...]
NEW MORTGAGE PROGRAM for 2019
New Mortgage program - Did you know that Montgomery County has two AMAZING down payment programs designed to help first time home buyers? These programs will help buyers get into a home with NO money at all. And, they make your offer competitive to the seller because they can cover the closing costs so you don't have to ask the seller for help! Montgomery County Home Ownership III Montgomery Home ownership Program second lien will be a zero percent deferred down payment loan;Maximum down payment loan will be 40% of total household income up to a maximum of $25,000.00;Down payment funds may be used for down payment and/or closing costs;It can be combined with a Special Assistance Grant; No minimum contribution by the buyer, reduced mortgage insurance rates and very high income limits; andMaryland Home Credit Program is available with this product; andBorrowers must meet all MMP and agency requirements, minimum 640 credit score, 45% debt to income, typically first … [Read more...]
A Quick Refresher on Loan Programs to help Buyers
LOOKING FOR A MORTGAGE LOAN? A quick refresher on loan programs to help buyers purchase a home with NO Money down! The Chenoa product is designed to open up doors to buyers with limited money, lower credit scores and higher debt to income ratios. In some circumstances, people that are buying a new primary residence can still use the program and keep their existing home!Here are some quick highlights of the program.* Offers 3.50% second for the down payment- FHA financing only;* Credit scores as low as 620. Buyer will have to take an online home buying course prior to contract if their score is between 620 and 639;* Offered in MD, DC and VA;* 50 percent debt to income on all programs offered through the Chenoa product (most down payment programs have a 45% cap for the debt to income ratio);* No income limits for their repayable 2nd product (this is huge and completely different than any … [Read more...]
Ask the Experts – How to Price a Home to Sell?
Ask the Experts – How to price a home to sell is one of the most difficult challenges facing real estate brokers and their agents. Sellers attentively listen to their Realtors’ recommendation on the market value and recent sales in the neighborhood. And subsequently hike the sales price up with the belief that they can reduce the price later. The flip side of this scenario - the agent agrees with the higher price! Most real estate agents is excited to get a new listing and will gladly accept the high price listing with a mutual agreement that the sales price be reviewed after 30 - 45 days of marketing the property. With this contingency or agreement in place you can be assured the home will not become stale on the market which results in a lack of overall activity. Price the home from the start realistically comparing similar properties with the current market conditions and recent sales in your neighborhood! As a seller you do not want to not look like a clueless homeowner. … [Read more...]
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