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...]
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...]
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...]
Maryland Smart Buy Program
Maryland Smart Buy Program Expansion to $$ 3 Million $$ - Program Will Offer More Opportunities for Homebuyers With Student Debt! On July 16, the Hogan administration announced that Maryland Smart Buy Program, a nationally-recognized program that assists first-time homebuyers burdened with student debt. Relaunched as Maryland Smart Buy on August 6. Maryland Smart Buy 2.0 will allow participants to purchase any eligible home in the state, while eliminating up to $30,000 in student debt. Currently, Smart Buy requires buyers to purchase select homes designated by the Maryland Department of Housing and Community Development (DHCD). "We are proud that Maryland continues to be home to one of the most highly educated populations in America, but the harsh reality many face today is that earning a college education often goes hand-in-hand with crippling college debt," said Governor Larry Hogan. "This new $3 million expansion of Smart Buy will help young people buy a home, removing … [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 Advantage Program
Maryland Mortgage Advantage Program - Good news coming from the State of Maryland - This new interest rate program just rolled out! The program provides buyers with a very low interest rate compared to traditional market rates. Buyers can use the program with FHA, VA, USDA and Conventional loans. Today's rate for VA, FHA and USDA loans is 4.125% with NO POINTS. The conventional rate is 4.625% with NO POINTS. Those rates are highly competitive and much lower than any rate a buyer will find in this market. The program can be used for every County in the entire State of Maryland. However, the program does not offer any type of down payment assistance with it. This program is great for buyers that have their own money for the down payment, but want a lower interest rate so their mortgage is more affordable. The program follows the MMP guidelines with credit scores of 640, a debt ratio of 45% and the buyer must be a first time home buyer unless they are buying in a targeted area … [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...]
Help for More Home Buyers
Help for more home buyers to achieve their home ownership dreams have been initiated by First Home Mortgage by loosening the credit guidelines. The decision was made after a review of borrowers that may have been held out from buying due to higher ratios or lower credit scores. Most of these buyers do not necessarily represent a substantial increased lending risk. First Home Mortgage made these changes to help more buyers achieve the goal of home ownership. First Home Mortgage is lowering the minimum credit score to 581 for FHA and VA loans. The loan will have to receive an automated underwriting approval and follow investor guidelines. A credit score of 581-599 does require two compensating factors. USDA loans can now go to 581 with an automated approval from Rural Housing Authority. A credit score between 581 - 599 does require two compensating factors. First Home Mortgage have expanded ratio guidelines on FHA, … [Read more...]
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