Home Buyers Assistance - State of Maryland have a great program to help home buyers obtain home ownership. And now, first time home buyers can get a tax credit too! If you have not owned a home in the past three years in the State of Maryland, there is an EXCELLENT chance you will be eligible for assistance 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 any buyer can get $5,000 in assistance as long as they don't own any other property when they go to settlement. The Maryland Mortgage Program offers $5,000 in assistance or potentially more depending on the buyer's employer for down payment or closing cost assistance. So, if a buyer is purchasing a $200,000 home and they need 3.5% of the purchase price ($7,000) as a downpayment, this program will give them $5,000. If they then receive a full seller … [Read more...]
MY HOME PROGRAM SUSPENDED
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...]
April – 2014 Housing Trends eNewsletter
The April - 2014 Housing Trends eNewsletter ....Welcome to the most current Housing Trends eNewsletter. This eNewsletter is specially designed for you, with national and local housing information that you may find useful whether you’re in the market for a home, thinking about selling your home, or just interested in homeowner issues in general. The Housing Trends eNewsletter contains the latest information from the National Association of REALTORS®, the U.S. Census Bureau and Realtor.org reports, videos, key market indicators and real estate sales statistics, a video message by a nationally recognized economist, maps, mortgage rates and calculators, consumer articles, plus local neighborhood information and more. Please click here to view the APR-2014 Newsletter Housing Trends eNewsletter. If you are interested in determining the value of your home, click the Home Evaluator link for a free evaluation report. … [Read more...]
Mortgage News
Mortgage News you can use to help you purchase a home ! BB& T announced changes to Community Homeownership Incentive Program (CHIP) – The latest mortgage news updates this program that now requires a 3% down payment. Private mortgage insurance is waived. First-time home buyers and previous homeowners are eligible; however, income cannot exceed 80% of county median income. Wells Fargo Programs - Community Development Mortgage Program (CDMP) is 2% down payment (including gifts and funds from approved sources). No mortgage insurance required. Income must be below 80% of area median and borrower does not have to be a first-time buyer. Seller contributions up to 3%. Neighborhood Community Development Mortgage Program (NCDMP) require a 5% down payment (includes gifts and funds from approved sources). No mortgage insurance required. Borrower does not have to be a first-time buyer, but must purchase in a low-to-moderate income census tract. Reserves required … [Read more...]