A quick refresher on a program to help buyers buy 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 program out there)* Program can be used for move up buyers and … [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...]
Maryland Mortgage Program
The Maryland Mortgage Program announced two very important updates that will have even more positive impact for buyers.SMARTBUY 2.0 UPDATEEffective 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...]
Apply for a Mortgage after a Bankruptcy, Foreclosure or Short sale
How long does a buyer have to wait before they can Apply for a Mortgage after a Bankruptcy, Foreclosure or Short Sale? FHA GuidelinesForeclosure or Deed in Lieu of Foreclosure* 3 years from date foreclosure completed and transferred back to the bank. The date the Deed is transferred out of the borrower's name is the date that will be used for seasoning.* Less than 3 years but not less than 12 months from date of foreclosure completion and transferred back to bank with acceptable extenuating circumstances. Extenuating circumstances are defined as death in family, medical illness and not divorce or loss of job.Short Sale* 3 years from date sale closed and transferred to the new owner.* No waiting period if borrower had no late payments on any mortgages. And consumer debts within the 12 month period preceding the short sale . AND the buyers are not taking advantage of declining market conditions.How long does a buyer have to wait before they can apply … [Read more...]
Grant Assist Program Super Sized
Grant Assist Program supersized by the State of Maryland (mmp.maryland.gov). This change will help many, many buyers throughout the State of Maryland. Initially the program was rolled out to help with ONLY the closing costs but they have just changed it so that the 4% can be used towards down payment and/or closing costs. This is HUGE News, if you have a minimum 640 credit score you could have your entire down payment covered by using this program instead of the flat $5,000 the State offers through the CDA program.Example: A buyer wants to purchase a home for $300,000. The minimum the buyer has to contribute is 3% for the down payment. The Grant Assist will cover that ENTIRE down payment. The seller has agreed to give 3% for closing costs and the program will also cover another 1% towards closing costs for a total contribution of $12,000. And viola, the buyer is in with no money out of their pocket!Grant Assist* Grant Assist program is a grant of 4% of … [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...]
How to Get an Offer on Your Home
PRICE IT RIGHT – Set a price at the lower end of your property’s realistic price range. PREPARE FOR VISITORS – Get your house market ready at least two weeks before you begin showing it. BE FLEXIBLE ABOUT SHOWINGS – It’s often disruptive to have a house ready to show at the spur of the moment. But the more amenable you can be about letting people see your home – the sooner you’ll find a buyer, ANTICIPATE THE OFFERS – Decide in advance what price and terms you’ll find acceptable. DON’T REFUSE TO DROP THE PRICE – If your home has been on the market for more than 30 days without an offer you should be prepared to at least consider lowering your asking price. … [Read more...]
Senior Living
Senior living can be a rewarding and fascinating time in the life of an older individual . We know because we have found the senior living experience very rewarding and engaging to say the least. Over the years we have helped a number of seniors relocate to senior living communities in the State of Maryland and beyond. We decided to share some interesting facts and resources from the July/August Senior Real Estate Specialist (SRES) newsletter that maybe helpful to you and inspire you to enjoy senior living. We hope you will enjoy the facts and articles included in this blog. EMPLOYMENT ASSISTANCEThe Senior Community Service Employment Program helps 55+ low-income, unemployed individuals find part-time jobs with community service organizations. www.ncoa.org/economic-security/matureworkers/scsep/ SENIORS GIVING BACK ENCORE – The encore movement aims to solve social problems by harnessing the experience of people in midlife and beyond. … [Read more...]
Ask the Expert – Is this a good time to list my home?
Ask the Experts - Is this a good time to list my home? Real estate is very cyclical and studies have shown that the current housing market is well below last year’s inventory level. Some studies even show that the current market inventory is well below a six month average. This low inventory creates a seller’s market because there are more buyers in the market than sellers. Therefore, I would say Yes - this is a definitely a perfect time to list your home for sale! When you are ready to list your home make sure your home shows like a model home, with curb appeal and it’s priced correctly. You want buyers to be excited about the home! Pricing your home correctly will generate the most traffic and may produce multiple offers during the first 30 days. After 30 days, most brokers will usually ask for a price reduction to stimulate interest. As the seller you do not want your home to sit for long period without a contract.Now, sellers … [Read more...]
The State of Maryland Supersized their Grant Assist Program
The State of Maryland supersized their Grant Assist Program - This new program will help many buyers throughout the State of Maryland. Initially the program was rolled out to help with ONLY the closing costs. But, they have just changed it so that the 4% can be used towards down payment and/or closing costs. This is HUGE news - if you are a buyer with a minimum 640 credit score. You could have your entire down payment covered by using this program, instead of the flat $5,000 the State offers through the CDA program.Example: If you are a buyer who wants to purchase a home for $300,000. The minimum you as a buyer have to contribute is 3% for the down payment. The Grant Assist program will cover that ENTIRE down payment. The seller agrees to give 3% for closing costs. The program will also cover another 1% towards closing costs for a total contribution of $12,000. And viola, you are in with no money out of your pocket!Grant Assist Funds - The Grant … [Read more...]
Is Staging Worth the Investment?
Is staging worth the Investment? Many home sellers are told they should stage their home before having it shown to potential buyers. But, professional staging can get expensive, and recent research found that it may not have a significant impact on sale price. So, is it worth the cost? Industry experts say yes – it probably is.The cost of hiring a stager varies considerably, based on the level of staging you want, the furniture you use, and where you live. Services range anywhere from $300 for a consultation to thousands of dollars for staging and monthly furniture rental.The goal of staging is:Allowing buyers to imagine themselves living in your home;Showing off your home’s best features, while drawing attention away from its flaws;Creating a mood; andMaking the home look better in listing photos.All of the above gives buyers a more favorable impression of your home’s livability, which can help the home to sell faster. And, the faster it … [Read more...]
First Time Home Buyers
First Time Home Buyers can now take advantage of the MY HOME II and Maryland Preferred Rate Loan - effective immediately. This is a special partnership with Prince George’s County. The collaboration pairs the Maryland Preferred Rate loan which offers the lowest rate available through the Maryland Mortgage program (MMP). Now, you take advantage of a generous down payment assistance provided by the Prince George’s County MY HOME II program. The two programs require separate applications.Maryland Preferred: A Maryland Mortgage loan at a very attractive interest rate (shown on our website and effective as of time of reservation). Application is made through an approved MMP lender. For more information, please see the fact sheet available on mmp.maryland.gov/PrinceGeorges. MY HOME II: A home buyer assistance program administered by the Redevelopment Authority of Prince George’s County. Only lenders approved by both MMP and MY HOME II can offer both programs. MY HOME II … [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...]
Interest Rates for 30 year Conventional Fixed Rate
Interest rates for a 30 year conventional fixed rate mortgages are currently at 3.47% according to Freddie Mac's latest Primary Mortgage Market Survey. For the past 16 weeks, rate have remained historically low at or below 3.5%.The interest rate the borrower secures when buying a home not only greatly impacts their monthly housing costs,but also impacts their purchasing power. Purchasing power, simply put, is the amount of home they can afford to buy for the budget they have available to spend. As rates increase, the price of the house they can afford will decrease if they plan to stay within a certain monthly housing budget.The chart below shows what impact rising interest rates would have if they planned to purchase a home within the national median price range and planned to keep the principal and interest payments at or about $1,100 a month.Buyer's Purchasing … [Read more...]
Find the Best Agent to Sell Your House
Find the Best Agent to Sell Your House Ask detailed questions about their experience and negotiation skills to help you find the right agent for your home sale. ReadVisit houselogic.com for more articles like this. Copyright 2016 NATIONAL ASSOCIATION OF REALTORS® … [Read more...]
6 Tips for Choosing the Best Offer for Your Home
6 Tips for Choosing the Best Offer for Your Home Have a plan for reviewing purchase offers so you don’t let the best slip through your fingers. ReadVisit houselogic.com for more articles like this. Copyright 2016 NATIONAL ASSOCIATION OF REALTORS® … [Read more...]
Victoria Falls Market Watch/Active Single Family/Villa Style Homes
Victoria Falls Market Watch/Active Single Family/Villa style homes sales report summarizes the available properties for sale through October, 2016. The Victoria Falls housing market continues to be strong because of a low sustained inventory of available housing choices for seniors with the amenities for an Active Adult lifestyle.Victoria Falls Market Watch – Single Family-Villa Styled Homes summary of Active properties follows:Active Rental – 7301 Floating Leaf Ct. – List Price: $2,850 - Approximate tax living area: 2,060 sq. ft. This Thoreau (largest SFH) model features 4 bedrooms, 3 full baths, gas fireplace and attached 2 car garage. Days on market – 73. Active Rental - 13129 Summertree Way – List Price:$2,850 - Approximate tax living area: 3,454 sq. ft. This Drees End Unit villa features 4 bedrooms, 2 full baths, half bath, gas fireplace and 2 car garage. Days on market – 49. Active – 13123 Brooktree Ln. – List Price: $395,00 - Approximate … [Read more...]
Victoria Falls Market Watch/Single Family/Villa Styled Homes Sales Report
Victoria Falls Market Watch/Single Family/Villa styled homes sales report summarizes the sold properties for Single Family and Villa styled homes through October, 2016. There were eight sales of single family and villa styled homes during this period. Closing Cost assistance to the buyer of $11,397 was provided in only one of the sales. We were fortunate to close on the highest sales price of $502,500 for a single family home ( Thoreau model) on Near Thicket Way. Victoria Falls Market Watch/Single Family/Villa Styled Homes Sales report summary of sold properties follows:Sold - 7202 Paperbark Ter. – List Price: $369,900 - Close Price: $369,900 – Close Date: April 29, 2016 - Seller Subsidy: $ 0 - Tax living area: 1,958 sq. ft. Days on market – 2. Sold - 13502 Autumn End Ter. – List Price:$379,900 – Close Price: 379,900 Close Date: August 5, 2016 – Seller Subsidy: $11,397 - Tax living area: 2,022 sq. ft. Days on market – 27. Sold - 7311 … [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...]
Maryland Mortgage Program (MMP)
Maryland Mortgage Program (MMP):Maryland Mortgage Program (MMP) DROPPED their credit score requirement to 640 on conventional financing up to 97% LTV.Now - Home buyers who qualify for a Federal Housing Authority (FHA) mortgage loan can easily go conventional under this program because the MMP sets the debt to income limit at 45% which follows conventional guidelines exactly. The MMP program also have a flat interest rate for all buyers. It is not credit score dependent when determining the interest rate as traditional conventional loans. This means a lower score buyer will still receive a great rate! And, buyers only have to put 3% down instead of 3.5% under FHA requirements. Be mindful that the seller can only contribute up to 3% of the closing costs if the LTV is above 90%.Here is a quick look at the Maryland Mortgage Program (MMP)...If you have not owned a home in the past three years in the State of Maryland, there is an EXCELLENT chance you are … [Read more...]
Greater Laurel Professional Building