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...]
Maryland Mortgage Program
The Maryland Mortgage Program announced two very important updates that will have even more positive impact for buyers. SMARTBUY 2.0 UPDATE Effective for Smart Buy 2.0 reservations dated on or after October 1, 2018, the following will be implemented.: * The dollar cap for the second lien is being raised to $40,000 from $30,000. Buyers are eligible to receive up to 15% of the sales price capped at a $40,000 loan to pay their student loan debt. All student debt from at least one buyer must be paid ENTIRELY in full prior to closing. * The second mortgage is a 5-year forgivable loan of up to 15% of the purchase price, not to exceed $40,000. * This second loan will be used to pay off the borrower’s outstanding student debt balance at the time of home purchase. If there are two Maryland Mortgage Program (MMP) borrowers, only one borrower’s student loan balance must be paid off. The funds also may be used to pay off the other borrower’s student debt ONLY if the … [Read more...]
Montgomery County Program Announced
Montgomery County mortgage announced today by the Community Development Administration. The funds are on a first come - first serve basis. And they will go lightning fast! As a result of the very successful Phase I and II of the Montgomery Home Ownership Program. The Community Development Administration in collaboration with Montgomery County is pleased to announce Phase III is open to accept reservations. The Montgomery Home Ownership Program is designed to assist eligible home buyers who purchase a home in Montgomery County. Combining a Maryland Mortgage Program (MMP) first mortgage loan with a generous down payment assistance (DPA) second loan. Highlights of the program are as follows: * 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 * … [Read more...]
Purchase Assistance Programs in Prince George’s County
Purchase Assistance Programs in Prince George's County (PGCPAP) strategy is to provide home purchase assistance to eligible, first-time home buyers to purchase residential properties in Prince George's County. Home purchase assistance includes down payment, mortgage principal reduction and/or closing costs. Prince George's County Purchase Assistance Program is funded by the Housing Investment Trust Fund. The Redevelopment Authority of Prince George's County administered the program in partnership with participating lenders, realtors and housing counseling agencies that are approved by the U.S. Department of Housing and Urban Development (HUD). Loan Terms Maximum loan: $15,000.00 Purchase price limit: $462,000 (resale or new construction) Loan terms: 0% interest, deferred payment If the buyer is one of the following, they may be eligible for an additional $5,000 based on their need. This would bring the total loan amount to $20,000. Police Officer Deputy Sheriff … [Read more...]
Maryland Mortgage Prorgrams
Maryland Mortgage Program offers buyers down payment assistance throughout Maryland, Virginia and the District of Columbia. There is some confusion about this program though because there are different monies available underneath the umbrella of the Maryland Mortgage Program. One of our preferred lenders is providing details about the different programs so you can have a better understanding of what programs are available for buyers as it relates to the MMP program only. * SELP (Settlement Expense Loan Program) - This is the staple of the Maryland Mortgage Program and offers $5,000 to first time home buyers unless they are buying in a targeted area and then they can be second time home buyers. If a buyer is working for an employer on their House 4 Keys list they will be eligible for more down payment assistance. And, if they live within 10 miles of the house they are buying they are eligible for even more money through the Smart Keys program. All money received through this … [Read more...]
Montgomery County Home Ownership
Montgomery County Home Ownership Program II was announced by the State of Maryland. Funds will go fast - Buyers should ASAP! Here are the details of the Montgomery County Home ownership Program II: Down payment assistance will be limited to 40% of the total household income with a maximum total of $25,000 per home. These funds can be used toward down payment and/or closing costs. Example: A buyer has total household income of $85,000 so they would be eligible to receive $25,000 in assistance. Down payment assistance will be in the form of a loan at zero percent and will appear as a 2nd lien on title. Funds will have to be repaid back if the buyer ever sells their home. Available to all first time home buyers in Montgomery County. First time home buyers are defined as someone who has not owned a home in the last 3 years or more. First time home buyers requirements will be waived if property is in a targeted area - or if buyer is an honorably … [Read more...]
Digital Upgrades to Help you Sell
Digital Upgrades to help you sell – In our latest addition of “Insights on Real Estate” it describes technologies that can make your home more attractive to prospective buyers. Experts say these digital upgrades could give you a leg up on other sellers. Smart door bells – These door bells are equipped with microphones or cameras that are activated when someone approaches the door or rings the bell. With the use of your smartphone you can hear or see who is at the door. And respond to them – even if you’re not home! Smart locks – These locks can be opened with a tap of your phone. Or just close proximity to the door via a Bluetooth connection. They are convenient and eliminate the need to pass out extra keys to house guests or regular house workers such as cleaning services or contractors. Smart lighting – Light bulbs tied to smartphones can give homeowners a feeling of luxury. With many options available such as synchronizing the lights to … [Read more...]
First Time Home Buyers
First time home buyers should realize that real estate is a long-term investment. And, a sure way to build wealth and enjoy the tax advantages of home ownership. Renting offers little financial advantages, but provides a peace of mind and worry free living. Plus, renting provides the landlord with tax and equity advantages that you should benefit from as a buyer. Now, is the time for first time home buyers should seriously think about investing in a home. First time home buyers will take advantage of the below market interest rates and other government down payment assistance programs. The current market has seen a rise in home prices due to the lack of inventory - seller’s market. In a few years, the property you purchase today will be worth more in the future. The first step in the home buying process is to contact a mortgage lender to determine your buying power. A Realtor can refer you to a lender in your local area. A mortgage lender will check your … [Read more...]
Are you Ready to Make the Leap into Home Ownership?
Are you ready to make the leap into home ownership? Are you still living at home? Renting a home to own? While everyone moves at their own pace now is the time to take advantage of the historically low interest rates. In addition to, local and federal programs available to first time home owners. Here are some a few signs to observe to determine if it is time to own your own home. Let's take a look at some of the reasons you should consider to justify your home buying decision. Are You Sticking Around? If you plan on moving soon for a job transfer. Or, plan on moving in the future for other family reasons - it may be better to rent. However, if you are thinking about living in the same city, town or within the same county for years to come - it is time to put down roots! You will appreciate the stability that comes with home ownership. Home ownership can make you more prepared for a marriage and/or a family if that's the lifestyle you prefer. The stability of … [Read more...]
Home Inspections – How to Get the Most Value
Home Inspections - How to Get the Most Value: One of the most stressful parts of selling a home is the dreaded home inspection. Getting the most value from a home inspection is crucial, especially since any missed item can cause a significant amount of trouble a few years or decades down the road. With that in mind, let's take a look at a few tips on how one can get the most value from a home inspection. Home Inspections - How to Get the Most Value : Keep Calm And Allow the Inspector to Have Full Control For sellers - having a stranger paw through every corner of their house is frustrating. To a seller their home have emotional value and no one wants to hear about their homes' flaws. The key to a successful inspection lies in remaining calm. Blowing a fuse or arguing with an Home Inspector is a sure way to lose money! Stay calm, smile, and accommodate the inspectors instructions. The payoff is worth it! How to Get the Most Value - Understanding The Process Buyers … [Read more...]
