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...]
Ask the Experts
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 DC4ME Plus Loan Program
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...]
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...]
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...]
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...]
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 Guidelines Foreclosure 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...]
