Helping Military Veterans and Active Duty Military buy a home has gotten a bit easier. Now, CDA offers the Maryland Home front program which provides military veterans and active duty military with a special interest rate discount of 0.25% for a 30-year, fixed rate mortgage. This program can also be used in combination with the $5,000 plus or more down payment and closing cost monies that are offered through the program.
A refresher course on CDA loans…if you have not owned a home in the past three years in the State of Maryland – there is an EXCELLENT chance that you will be eligible for down payment monies and/or closing cost help of $5,000 at a MINIMUM. And even if you have owned a home in the past three years there are targeted areas where you can buy again without the 3 year wait. For example – the entire City of Baltimore is classified as targeted so anyone can get $5,000 CDA down payment monies and or closing cost help as long as they don’t own any other property when they go to settlement. Veterans or anyone in the military also are exempt from the three year requirement of not having owned a home in the past three years.
The income limits are very HIGH using this program and it is available in every county in Maryland. Before we talk about the income limits, let’s talk about the fact that the program NEVER runs out of money……NEVER. Check it out for yourself at http://mmp.maryland.gov/Pages/default.aspx. Now, to demonstrate the income limits you can qualify for this grant in Prince George’s, Montgomery, Calvert, Frederick and Charles counties for a 2 person household making $129,000 or less (3 person household is $150,500 or less). And in Baltimore, Baltimore City, Howard, Anne Arundel, Harford and Carroll counties they can qualify for a 2 person household making $102,720 or less ($119,840 for a 3 person household)!
Quick side note – all counties in Maryland qualify!…We’ve only listed some counties in Maryland here as an example….Give us a call or send an email for a referral to a senior loan officer who will get you started with these programs.
Community Development Assistance (CDA) as the program is commonly known had a couple of restrictions in the past that made it challenging to accommodate financing for buyers. Namely, they required a copy of the home inspection report and the repairs on the home inspection report had to be done prior to closing. They have completely removed that requirement and don’t ask anything about the home inspection anymore. Simple as 123. They also have made it easier for the buyers as it relates to their home buying counseling requirement. Most counties exclusive of Baltimore County the buyer can get their home buying certificate through taking an online course rather than having to sit physically in the class for hours and hours which can take up to 6-8 weeks.
Helping Military Veterans and Active Duty Military buy a home and will help a lot of buyers realize their dream of home ownership and WE LOVE helping people so they can reach that dream. Most loan originators stay away from these types of programs because they think they are too difficult to learn or they take too much of their time. The mortgage lenders we know think the complete opposite. They feel that these programs buyers want and need to be aware of to help them in an economy where every penny is worth it’s weight in gold.
As always, please feel free to contact us for a referral to one of our senior mortgage officers to answer your questions or to pre-qualify you for a mortgage. What are you waiting for….Do it today!