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...]
Grant Assist Program Super Sized
Grant Assist Program supersized by the State of Maryland (mmp.maryland.gov). This change will help many, 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 have 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: A buyer wants to purchase a home for $300,000. The minimum the buyer has to contribute is 3% for the down payment. The Grant Assist will cover that ENTIRE down payment. The seller has agreed to give 3% for closing costs and the program will also cover another 1% towards closing costs for a total contribution of $12,000. And viola, the buyer is in with no money out of their pocket!Grant Assist* Grant Assist program is a grant of 4% of … [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...]
State of Maryland Grant Assist Program
The State of Maryland Grant Assist Program is opening up to buyers that own homes now or have owned a home previously in the past 3 years. The program follows the Grant Assist guidelines exactly and the only requirement is that the sellers cannot own any real estate at closing. Yes, you are reading this right! Assistance for down payment and closing costs for people that own homes - NOW! The State of Maryland Grant Assist Program broadened the Grant Assist program two weeks ago. The program is available to FHA buyers with credit scores of 640 or more. Initially the program was rolled out to help with ONLY the closing costs. The state changed the program so that the 4% can be used towards down payment and/or closing costs. This is HUGE NEWS, if you have 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 Community Development Act (CDA program). Example: A buyer wants … [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...]
A True Grant of $1,500 to Help Buyers
A true grant of $1,500 to help buyers with their closing costs is now available from the State of Maryland. This grant adds a little more sizzle to your loan options and purchasing power.The grant assistance runs from June 28th to September 30th 2017 in EVERY county throughout the State of Maryland. A buyer wishing to use the grant must have their loan registered during this time period. The grant funds can only be used for closing costs and cannot be used for the down payment. It can be combined with the other State of Maryland down payment programs. It also must be used in conjunction with conventional loans only which require a minimum 640 credit score.Scenario #1: A buyer wants to purchase a home for $200,000. The minimum the buyer has to contribute is 3% for the down payment. The Grant Assist program will cover the BALANCE of down payment. Let's say the closing costs is approximately $9,000 and the seller has agreed to give 2.5% or … [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...]
Buy HUD Home for $100 Down Payment
Buy HUD Home for $100 Down PaymentThe HUD incentive program is designed to attract home buyers in the buying market to move excess housing inventory. Do not wait - this incentive program will only run for a short time! If you are looking to purchase a home with minimum cash requirements this program could be the answer!To find a list of the available homes for this program, go to hudhomestore.com, select the State of Maryland and Buyer Type as All.Buy HUD Home for $100 Down payment Requirements: Home buyer must offer the full asking price for the homeHome buyer must live in the property for a minimum of 1 year (investors are not qualified for this HUD incentive program) Home buyer should use a FHA loan for the purchase of the home, e.g. (FHA 203b, 203k loans are acceptable)The home must be a HUD owned homeThe home buyer must use a HUD registered real estate agent or broker to qualify for this incentive … [Read more...]
Interest Rates for 30 year Conventional Fixed Rate
Interest rates for a 30 year conventional fixed rate mortgages are currently at 3.47% according to Freddie Mac's latest Primary Mortgage Market Survey. For the past 16 weeks, rate have remained historically low at or below 3.5%.The interest rate the borrower secures when buying a home not only greatly impacts their monthly housing costs,but also impacts their purchasing power. Purchasing power, simply put, is the amount of home they can afford to buy for the budget they have available to spend. As rates increase, the price of the house they can afford will decrease if they plan to stay within a certain monthly housing budget.The chart below shows what impact rising interest rates would have if they planned to purchase a home within the national median price range and planned to keep the principal and interest payments at or about $1,100 a month.Buyer's Purchasing … [Read more...]
Buying a New Home Grows Wealth Faster Than Renting
Buying a new home grows your wealth faster than renting - There can be many downsides to both renting and buying. Depending on what side of the coin you are on...if you're leaning towards purchasing a home the purchase can have added benefits for your bank account that renting does not. Renting can certainly alleviate many of the costs that go along with property ownership. However, purchasing a home can have positive monetary affects in the long run.The Good Impacts of InflationWhile inflation is often seen as a dirty word a real estate purchase can provide the positive side of inflation with how your home purchase investment will grow over the years. Putting money into rent will mean that money is gone and out the window once you've paid for the month. Investing into a property will come back to you in future gains as home equity in the real estate market. While buying a home will be more expensive in the short term, it can also provide you with greater financial flexibility … [Read more...]
Have you Outgrown Your Current Home? Here are Five Easy Ways to Tell if it’s Time to Upgrade
Have you outgrown your current home? Here are five ways to tell if it’s time to upgrade. Your home is your castle, your own little piece of the American dream. But lately, your little corner of the world has been feeling cramped and you find yourself eyeing larger homes. Is it time to pull up stakes and move on from your starter home?Growing FamilyIf you've added to your family in recent years, you may have more bodies than bedrooms. A two-bedroom home may have been a great idea when it was just you and your spouse, but with two kids, you're starting to have turf wars over the play area.Overflowing With StuffFrom an overflowing toy chest to closets packed so tightly with shoes and coats you risk an avalanche every time you open the door, your home just doesn't have the space to keep all your things. You may have even had to move some things off-site, spending money to rent storage space to keep that antique dresser your grandmother left you or the set of state spoons … [Read more...]
Interest – Only Mortgages
Interest - Only mortgages received a lot of bad press during the aftermath of the housing bust, but they have stuck around as a viable mortgage alternative to home buyers who meet rigorous lending guidelines enacted by the federal government in recent years. Interest - Only mortgages can lower monthly mortgage payments by allowing borrowers to delay paying principle on their loan for several years. The down side of this mortgage program is the increase in mortgage payments when interest-only period comes to the end. At that time, borrowers begin to pay a combination of principal and interest until the loan is paid off. The shock of the increase in monthly mortgage payments as a result of higher interest rates on adjustable-rate interest only loan loans have caused many borrowers to default on their loans in the past. This shock in monthly payments is often accompanied with a higher interest rate which results in many borrowers falling behind in their monthly … [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 with bad credit
First Time Home Buyers with bad credit should know their FICO score early on in the home buying process. This is one of the most important steps when investing in a home. Understanding your FICO score and obtaining a pre-approval letter from a reputable lender will greatly enhance your chances of obtaining loan approval or commitment....Your lender will determine your buying power and maximum loan amount! A mortgage lender will first start with a preliminary credit check. This process could be added to an automated underwriting system to determine any loan conditions prior to determining your buying power. Your estimated loan amount will then be computed based on your credit worthiness.First Time Home Buyers with bad credit - As a first time home buyer should talk to a mortgage lender or search online for your FICO credit score early in the process. A free credit score can be obtained from www.annualcreditreort.com. This site will provide your credit score and a report for a fee. … [Read more...]
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