First Time Home Buyers - FICO score should be determined early on in the buying process. This is an important step in the home buying process. By understanding your FICO score and obtaining a pre-approval letter from a lender will greatly enhance your chances of obtaining loan approval...Your lender will then determine your maximum loan amount … or your buying power! A reputable lender will do a preliminary credit check and review the automated underwriting systems for conditions prior to determining your buying power. Your estimated loan amount will be computed based on your credit worthiness. As a first time home buyer you should talk to a lender or search online for your FICO credit score. Many lenders have lowered the threshold for First Time Home Buyers - FICO credit scores from a year ago….Now you may be able to qualify for a mortgage loan with a lower credit score. Many potential buyers believe they need near-perfect credit scores to get a home. However, a large … [Read more...]
Home buyers Tax Credit to Purchase Laurel Foreclosures
The City of Laurel recently passed legislation adopting a tax credit program for purchasers of foreclosed homes within the City of Laurel, Maryland. Home buyers tax credit to purchase Laurel foreclosures - Now in effect, the legislation offers a five-year descending City tax credit of up to $3500 for buyers purchasing their primary residence within Laurel City limits. Under the program, eligible buyers will receive credit for 100% of their City property taxes up to $3500 for two years following purchase. In subsequent years, three to five, the credit will decrease to 75%, 50%, and 25% respectively. Home buyers tax credit to purchase Laurel foreclosures is now available if the property is deemed to be a "distressed property" the purchaser may be eligible for an extended credit. As with similar programs, the credit terminates when the initial purchaser ceases to occupy the home as their primary residence. To learn more and obtain application forms please visit: City of Laurel 8103 … [Read more...]
Deciding to Rent or Buy
Deciding whether to rent or buy is a big decision for many Washington, D.C. and Maryland area residents. If you are frustrated paying high rent, now is the right time to purchase that dream home. With interest rates at an all- time low and many mortgage programs available there is no reason not to buy now. Although there are many pros and cons that may help persuade you to start the process to homeownership. If the family budget and overall financial position looks good or you are thinking about the future outlook for your family….. Now is the time to decide to rent or buy! One positive sign to consider when renting is the benefit of being able to move… whenever you want for various reasons such as, a job opportunity in another part of the country or one in a different location within the DMV area. Renting eliminates the expense of having to make needed repairs, performing maintenance or making any replacements, e.g. the heating and air conditioning unit, plumbing systems, or … [Read more...]
Veteran Buyers
Veteran buyers or active-duty service members are in the drivers sit when it comes to purchasing a home. Besides…….sellers should welcome the experience of helping a veteran buyer purchase a home. Veteran buyers have everything working on their behalf to purchase a home. Check out the following points: Veteran buyers requires no money down The seller can pay any or all of the buyer’s closing costs Most lenders can help pay some of the veteran’s closing costs with just a small increase in the interest rate A veteran can get all of their needed cash as a gift A veteran can even borrow the money that they need for closing, as long as they qualify carrying that loan payment. A veteran does not need a first-time buyer program…so a VA loan can be approved and closed in 30 days A veteran does not pay any monthly mortgage insurance Veteran buyers are the most sought after buyers out there because a VA mortgage is the easiest type of mortgage to process…And, no down payment is … [Read more...]
Veteran Buyers
Veteran buyers and active-duty service members are in the driver’s seat when it comes to purchasing a home. Besides, what seller would not enjoy the experience of helping a veteran buyer purchase a home? Veteran buyers have everything working on their behalf when it comes times to purchase a home. Check out these following points: • VA loans requires no money down • The seller can pay any or all of the buyer’s closing costs • Most lenders can help pay some of the veteran’s closing costs with just a small increase in the interest rate • A veteran can get all of their needed cash as a gift • A veteran can even borrow the money that they need for closing, as long as they qualify carrying that loan payment. • A veteran does not need a first-time home buyer program…so a VA loan can be approved and closed in 30 days • A veteran does not pay any monthly mortgage insurance Veteran buyers are the sought after buyer out there because a VA mortgage is the easiest type of mortgage to process…and … [Read more...]
Reduce Closing Costs
Reduce closing costs by having a basic understanding of title insurance which could save you hundreds or even thousands of dollars at settlement. What is title insurance? Title insurance protects the homeowners from unforeseen or unknown events or circumstances that adversely affect the title or their beneficial use and enjoyment of their new property. A standard title insurance policy covers claims that arise from events that existed at the time you bought your home. These events can include forged documents and documents signed by persons posing as another, or who lack the mental competency, capacity or legal authority to sign. These standard policies also cover you if claims are made by persons who should have been included in a deed but were not, such as co-owners, heirs, spouses, corporate officers or business partners. An enhanced policy may be bought at the time you settle on your purchase. This policy is referred to as a “homeowner’s” title policy. This policy protects you … [Read more...]
Buyers Closing Cost Rebates
Buyers closing cost rebates are becoming more prominent with mortgage broker for the various types of mortgage sources -- with different rules to consider for each type. Mortgage brokers have started advertising substantial credits to entice potential customers. Buyer’s closing cost rebates or credits could range from $2,000 to $5,000 per loan, but sometimes the rebates can go as high as $10,000 or more to help reduce borrower’s closing costs. In Kenneth R. Harney’s article in last Saturday’s Washington Post editorial under “The Nation’s Housing”, he provided the results of a survey of 164 member firms of the National Association of Mortgage Brokers. The survey found that mortgage companies provided more than $69 million in closing cost credits to buyers during last year, and on track to pay out the same amount or more this year. Mr. Harney noted that the Mortgage Brokers’ group estimated that brokers nationwide rebated upwards of $2 billion in 2012. Buyers closing cost rebates vary, … [Read more...]
Buy a Home after Foreclosure
Rules Loosen to Buy a Home After Foreclosure, But Lenders May Balk - You maybe eligible to buy a home after foreclosure. FHA and Fannie Mae are making it easier for homeowners who loss a home to foreclosure or short sale to buy again, but it might not make much difference if lenders don’t go along with the changes — since they don’t have to...... Read more: http://www.houselogic.com/blog/foreclosure-guide/getting-a-mortgage-after-foreclosure/#ixzz2fqbCkIRo New rules let you get back into homeownership sooner after foreclosure — in theory. Will lenders play along? Read Visit houselogic.com for more articles like this. Copyright 2013 NATIONAL ASSOCIATION OF REALTORS® … [Read more...]
Shopping for a Mortgage
If you are shopping for a mortgage be aware of scrupulous loan officers. Shopping for a mortgage can be a very tricky and stressful situation without the right information and guidance from a professional Realtor to assist you in your search or offer a referral contact. When shopping for a mortgage always inquire about any hidden costs or fees that may be associated with the mortgage and charged to you at closing. According to an article by Mr. Kenneth R. Harney posted under the “The Nations Housing” article in the Washington Post on August 3, 2013, there is another issue you must protect yourself against. It’s called upselling, where the mortgage lender steers you into higher cost loan programs with terms that increase the lender’s profits and cost you more at closing. Although mortgage lenders used upselling during the housing boom years, they have been dormant until recently. Mortgage lenders usually charge discount points, loan origination, or other hidden fees to process your … [Read more...]
Cash Short Buyers
Mortgages News for cash short buyers..... Cash short buyers can look to the United States Department of Agriculture (USDA) - Rural Housing. The USDA – Rural Housing for 100% financing to purchase a home. This is a terrific program for cash short buyers to consider when buying a home....it is truly 100% financing. The #1 item to keep in mind is that the property does not have to be in a rural area at all in order to be eligible – the property does not have to be “way out in the country” somewhere. For instance, in Prince George’s County, most or all of the Marlton community is eligible…..also, parts of Brandywine and pockets of Accokeek. To see if a particular home is eligible for this program, click on the link below, and simply type in the full address of the property and, in a matter of seconds, it will tell you if the house is eligible or not. http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do Sellers - if you have a home that is located in an area that might be … [Read more...]
