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 Family If 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 Stuff From 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...]
