MY HOME PROGRAM SUSPENDED AS OF JANUARY 28 Nearly 1,300 Prince George's Homebuyers Have Been Assisted My Home Program suspended due to the overwhelming demand for down payment and closing cost assistance for first-time home buyers, the Redevelopment Authority of Prince George's County (RDA) has suspended the "My HOME" home buyer assistance program effective January 28, 2015, due to funding depletion. Completed applications received by January 28, 2015 that are pending approval, will be funded on a "first completed" basis, as additional funds become available. Since 2009, the Redevelopment Authority has assisted nearly 1,300 homebuyers purchase a home in Prince George's County. In 2014 alone, the RDA provided 267 loans to first-time, moderate income homebuyers which generated over $2,133,300 in property, recordation and transfer taxes for the County. "My HOME provided hundreds of families the opportunity to begin building family wealth, as well as stabilizing county neighborhoods by … [Read more...]
First Time Home Buyers
First time home buyers in Prince George's County have easy access to money to buy a home through the MyHome Programs. And, these grant programs can also be used with 203k streamlines loans so it helps when the property is in need of repair. Here are some highlights of the program: MY HOME II * Loan amount up to $20,000 based on 120% area median income * Zip codes restricted to 20706, 20737, 20743, 20744, 20745, 20746, 20747, 20748, 20772, 20774, 20784 and 20785 * Loan is given at 0%, deferred payment. Buyer must pay back in full if the house is sold, transferred or ceases to be their primary residence, regardless of tenure in property. * No maximum sales price if buyer is between 81% to 120% of the area median income, limited to same restrictions as MyHome if median income is up to 80% * Debt to income ratios of 33%/43% And, this program can be combined with The Maryland Mortgage program as long as the loan does not need a 203k streamline for another … [Read more...]
First Time Home Buyers
First time home buyers in Prince George's County have easy access to money to buy a home through the MyHome Programs. And, these grant programs can also be used with 203k streamlines loans so it helps when the property is in need of repair. In addition there is a MY HOME II program available to first time buyers. Here are some highlights of the MYHOME program: MY HOME PROGRAM: * Loan amount up to $20,000 based on 80% area median income * Loan amount up to $60,000 based on 50% area median income * Entire county is eligible * Loan is given at 0%, deferred payment. Buyer must pay back in full if the house is sold, transferred or ceases to be their primary residence in 15 years. After 15 years, the loan is fully forgiven. * Maximum sales price of $295,000 for resales and $370,000 for new construction * Debt to income ratios of 33%/43% * Foreclosures require 1% discount from appraisal completed within 60 days … [Read more...]
Buying a Home
Buying a home gets easier! The latest market news - Federal Home Loan Bank (FHLB) replenished their funds for 2015. Funds are limited and will go very fast because the grant is very popular and easy to obtain for buyers. Federal Home Loan Bank is offering $5,000 to first time homebuyers if they contribute a minimum of $1,250 into buying their home. And, those monies can actually be gifted as well. Buyers can actually contribute less monies but their grant will be reduced because it is based on a 4:1 ratio. For example, if a buyer wanted to obtain $2,500 of grant monies then they would only have to contribute $625 or half of the $1,250. And, the fees they pay upfront can be used to meet their contribution so the earnest money deposit and appraisal fee can be used towards their minimum contribution. The reasons why this grant is better for buying a home over other programs if a buyer's income qualifies: • The grant is forgivable after 5 years entirely. If a buyer vacates the … [Read more...]
Can you negotiate the price of a newly built home?
Can you negotiate the price of a newly built home? Let's say....it can be quite difficult because the builders’ final sales price is based on the construction cost increases and inventory of homes available for sale. But, it can be done! Subsequently, the best time to begin negotiations on a newly constructed home, and to have some input into the final cost is during the planning phase with the new home sales manager. Be sure to have your Realtor representative there at the initial introduction to the new home development. At this time you will select exactly what amenities, appliances and finishes you would like or don’t like in your new home….Your decisions on the type of materials used and other special options will influence the final sales price. After the initial contract is written the new home sales manager will discuss your selection of options, e.g. cabinets, counter tops, carpet, hardwood floors, finished rooms, etc. It would be wise to have a good understanding of … [Read more...]
What is PMI? Ask the Experts – Adolphus Hawkes Realtors
What is PMI? When you buy a house there are four key cost components that are included into your monthly mortgage payment. The four components are commonly referred to as “PITI”. PITI includes the (P) - principal amount of the mortgage, (I) Interest on your new mortgage, (T) county taxes and (i) insurance. Now, we will now explain how… and when PMI is added to your monthly mortgage. If you cannot afford to make a 20 percent down payment on a conventional loan - PMI, or private mortgage insurance protects your lender from loss in case of default. Having private mortgage insurance will allow you to make a significantly lower down payment than the required 20 per cent, and still obtain a traditional conventional financing. You could be eligible to cancel your PMI coverage if specific lender guidelines are met, e.g., having no late payments and the overriding factor - having built at least 20 percent equity. You build equity quickly when… and if your property value increases or, if … [Read more...]
Selling Home
Home Upgrades with the Lowest ROI File these six upgrades under wish fulfillment, not value investment. Read 7 Smart Strategies for Kitchen Remodeling Follow these seven strategies to get the most financial gain on your kitchen remodel. Read 10 Inside Tips From a Designer Who Specializes in Small Baths A New York City designer shares secrets to making a small bath both functional and beautiful. Read How to Pick Paint Colors Paint has remodeling power when you use it to emphasize a room’s best features or play down the flaws. Read Smart Options: Basement Flooring Keeping your basement dry and free of condensation is key to installing the basement flooring of your choice. Read Visit houselogic.com for more articles like this. Copyright 2014 NATIONAL ASSOCIATION OF REALTORS® … [Read more...]
Selling a Home
Selling a home seems to be a major undertaking….. Question: We are ready to list our house for sale. We would like a quick sale, want to make a reasonable profit on our investment, and save as much as possible on the commissions. Do you have any advice on how to set a fair asking price to attract buyers? Ask the Experts: Selling a home - Deciding on the right asking price is one of the most important factors when selling your home. A price that’s too high can dissuade potential buyers, while a below-market price will reduce the return on your investment. And, may cause buyers to think something’s wrong with the house. Selling a home can be tricky endeavor – To start the process consult with a real estate professional who will prepare a Comparative Market Analysis (CMA) based on your home’s fine features, recent upgrades and location. The CMA will compare your home features with similar homes with similar features that have recently sold in your neighborhood. Usually, within 180 … [Read more...]
Selling a Home with Feng Shui
Selling a home with Feng Shui in mind may lead to a fast sale! Reducing clutter in a room can be an overwhelming task for many sellers. Many Realtors recommend the traditional Chinese practice of Feng Shui. The basis of Feng Shui is to arrange items to harmonize with surrounding spiritual forces. The ancient practice hit mainstream sellers several years ago,and now real estate professionals are joining in on the harmonizing bandwagon. The idea is that potential buyers may feel more comfortable and happy in a home that is arranged a’la Feng Shui. Selling your home involves creating a feeling that buyers will have about the home space…..Don’t be alarmed if your home’s front door faces west instead of east or is more southwestern than Asian. Creating a little Zen in your den will help raise its chi – and the possibility of a sale. Here are a few tips to bring a bit of Feng Shui into your home and life. > Simplicity Sells. Remove excess clutter and knick knacks from the room. … [Read more...]
First Time Home Buyers – FICO Score
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...]
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