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...]
Ask the Experts
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 price it 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 have the option to present your home to the world … [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...]
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...]
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...]
Victoria Falls Market Watch – Single Family and Villa Home Sales as of May, 2016
Victoria Falls Resort Club Victoria Falls Market Watch – Single Family and Villa Home sales as of May, 2016 provide a quick snapshot of the real estate market activity within the Victoria Falls Community from January, 2016 until today. A low inventory of available homes and increasing sales prices continue to define the residential real estate market across the country and in Victoria Falls. There were two Single Family Homes (SFH) closed during this period. One SFH settled at a low closed price of $455,000; another closed at a high of $475,000. In addition, one villa closed at $369,900. According to MRIS property data there was no seller’s subsidy to the buyer in any of the sales. Victoria Falls Market Watch – Single Family and Villa Home sales as of May, 2016 activity summary follows: Sold -7202 Paperbark Terrace - List Price: $369,900 - Closed Price - $369,900 - Closed Date: April 29, 2016. No seller’s subsidy to buyer. Days on Market – 2. Approximate tax living … [Read more...]