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...]
Maryland Smart Buy Program
Maryland Smart Buy Program Expansion to $$ 3 Million $$ - Program Will Offer More Opportunities for Homebuyers With Student Debt! On July 16, the Hogan administration announced that Maryland Smart Buy Program, a nationally-recognized program that assists first-time homebuyers burdened with student debt. Relaunched as Maryland Smart Buy on August 6. Maryland Smart Buy 2.0 will allow participants to purchase any eligible home in the state, while eliminating up to $30,000 in student debt. Currently, Smart Buy requires buyers to purchase select homes designated by the Maryland Department of Housing and Community Development (DHCD). "We are proud that Maryland continues to be home to one of the most highly educated populations in America, but the harsh reality many face today is that earning a college education often goes hand-in-hand with crippling college debt," said Governor Larry Hogan. "This new $3 million expansion of Smart Buy will help young people buy a home, removing … [Read more...]
Prince George’s County Purchase Assistance Program
Prince George's County Purchase Assistance Program (PGCPAP) strategy is to provide home purchase assistance to eligible, first-time home buyers to purchase residential properties in Prince George's County. Home purchase assistance includes down payment, mortgage principal reduction and/or closing costs. Prince George's County Purchase Assistance Program is funded by the Housing Investment Trust Fund. The Redevelopment Authority of Prince George's County administered the program in partnership with participating lenders, realtors and housing counseling agencies that are approved by the U.S. Department of Housing and Urban Development (HUD). Loan Terms Maximum loan: $15,000.00 Purchase price limit: $462,000 (resale or new construction) Loan terms: 0% interest, deferred payment If the buyer is one of the following, they may be eligible for an additional $5,000 based on their need. This would bring the total loan amount to $20,000. … [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...]
Maryland Mortgage Prorgrams
Maryland Mortgage Program offers buyers down payment assistance throughout Maryland, Virginia and the District of Columbia. There is some confusion about this program though because there are different monies available underneath the umbrella of the Maryland Mortgage Program. One of our preferred lenders is providing details about the different programs so you can have a better understanding of what programs are available for buyers as it relates to the MMP program only. * SELP (Settlement Expense Loan Program) - This is the staple of the Maryland Mortgage Program and offers $5,000 to first time home buyers unless they are buying in a targeted area and then they can be second time home buyers. If a buyer is working for an employer on their House 4 Keys list they will be eligible for more down payment assistance. And, if they live within 10 miles of the house they are buying they are eligible for even more money through the Smart Keys program. All money received through this … [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...]
First time home buyers purchasing in Montgomery County
First time homebuyers purchasing in Montgomery County could be eligible for a new home ownership program. Here are the details of the Montgomery County Homeownership Program: Down payment assistance will be 40% of the total household income with a maximum total of $40,000 per home. These funds can be used toward down payment and/or closing costs. Example: A buyer has total household income of $85,000 so they would be eligible to receive $34,000 in assistance. The down payment assistance is in the form of a loan at zero percent and will appear as a 2nd lien on title. Funds will have to be repaid back if the buyer ever sells their home. First time homebuyers program is available to all first time homebuyers in Montgomery County. First time home buyer is defined as someone who has not owned a home in the last 3 years or more. First time home buyer requirement will be waived if property is in a targeted area or if buyer is an honorably discharged veteran who has not used … [Read more...]
Buy HUD Home for $100 Down Payment
Buy HUD Home for $100 Down Payment The 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 home Home 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 home The home buyer must use a HUD registered real estate agent or broker to qualify for this incentive … [Read more...]
First Time Home Buyers
First Time Home Buyers can now take advantage of the MY HOME II and Maryland Preferred Rate Loan - effective immediately. This is a special partnership with Prince George’s County. The collaboration pairs the Maryland Preferred Rate loan which offers the lowest rate available through the Maryland Mortgage program (MMP). Now, you take advantage of a generous down payment assistance provided by the Prince George’s County MY HOME II program. The two programs require separate applications. Maryland Preferred: A Maryland Mortgage loan at a very attractive interest rate (shown on our website and effective as of time of reservation). Application is made through an approved MMP lender. For more information, please see the fact sheet available on mmp.maryland.gov/PrinceGeorges. MY HOME II: A home buyer assistance program administered by the Redevelopment Authority of Prince George’s County. Only lenders approved by both MMP and MY HOME II can offer both programs. MY HOME II … [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...]
The Basics of Mortgage Financing
The basics of mortgage financing for each type of mortgage financing as it relates to credit, income and assets follows. We have included helpful tips that will help home buyers in situations that are unique and do not follow cookie cutter conventional financing. Credit score: Currently, the lowest credit score is 620 if no mortgage insurance is needed. And, 640 if mortgage insurance is required. Loan officers cannot manually underwrite conventional loans. They must have an Approve/Eligible in the automated underwriting system. Unlike Federal Housing Authority (FHA) loan - Conventional loans carry risk based pricing adjustments so the lower the credit score the higher the rate and mortgage insurance rate. Typically, a buyer with low credit scores will be much better served using FHA financing because the rate and Mortgage Insurance (MI) will cost less for them. Income: The maximum debt to income ratio is typically 45%. However, a Loan Prospector with good … [Read more...]
Maryland Mortgage Program (MMP)
Maryland Mortgage Program (MMP): Maryland Mortgage Program (MMP) DROPPED their credit score requirement to 640 on conventional financing up to 97% LTV. Now - Home buyers who qualify for a Federal Housing Authority (FHA) mortgage loan can easily go conventional under this program because the MMP sets the debt to income limit at 45% which follows conventional guidelines exactly. The MMP program also have a flat interest rate for all buyers. It is not credit score dependent when determining the interest rate as traditional conventional loans. This means a lower score buyer will still receive a great rate! And, buyers only have to put 3% down instead of 3.5% under FHA requirements. Be mindful that the seller can only contribute up to 3% of the closing costs if the LTV is above 90%. Here is a quick look at the Maryland Mortgage Program (MMP)... If you have not owned a home in the past three years in the State of Maryland, there is an EXCELLENT chance you are … [Read more...]
Are you Ready to Make the Leap into Home Ownership?
Are you ready to make the leap into home ownership? Are you still living at home? Renting a home to own? While everyone moves at their own pace now is the time to take advantage of the historically low interest rates. In addition to, local and federal programs available to first time home owners. Here are some a few signs to observe to determine if it is time to own your own home. Let's take a look at some of the reasons you should consider to justify your home buying decision. Are You Sticking Around? If you plan on moving soon for a job transfer. Or, plan on moving in the future for other family reasons - it may be better to rent. However, if you are thinking about living in the same city, town or within the same county for years to come - it is time to put down roots! You will appreciate the stability that comes with home ownership. Home ownership can make you more prepared for a marriage and/or a family if that's the lifestyle you prefer. The stability of … [Read more...]
First Time Home Buyers Credit
First time home buyers credit - The State of Maryland has a great program to help home buyers obtain home ownership and now first time home buyers can qualify for the the Maryland Mortgage Program! If you have not owned a home in the past three years in the State of Maryland, there is an EXCELLENT chance you will 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 anyone 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 your employer for down payment or closing cost assistance. So, if are purchasing a $200,000 home and you need 3.5% of the purchase price ($7,000) as a down payment, this program will … [Read more...]
Making Home Affordable (MHA) Program
WHAT IS MAKING HOME AFFORDABLE (MHA) ALL ABOUT? Making Home Affordable (MHA) Program is a critical part of the Administration's broad strategy to help homeowners avoid foreclosure and stabilize the nation's housing market. Eligible homeowners can lower their monthly mortgage payments and get into more stable loans at today's low interest rates. And for those homeowners for whom ownership is no longer affordable or desirable, the program can provide a way out that avoids foreclosure. There are also options for unemployed homeowners and homeowners who owe more than their homes are worth. ABOUT SERVICERS HOME AFFORDABLE REFINANCE PROGRAM (HARP) I'm current on my mortgage. Is it possible to refinance my loan under HARP? Yes. Eligible homeowners, who are current on their mortgages but have been unable to take advantage of lower interest rates because their homes have decreased in value, may have the opportunity to refinance. Through HARP, Fannie Mae and … [Read more...]
Ask the Experts – Should we wait to buy a home?
Ask the Experts – Should we wait to buy a home? By all means - No, the time to buy a home is now! With below market interest rates and the below average market inventory today maybe the opportune time for buyers to make the move to a new home. The Federal Reserve has delayed increasing the interest rate for fear of disrupting the future growth of the economy. Mortgage lenders eager of offer a variety of mortgage loan programs to suit your family financial status. In this current market the greatest risk to potential home buyers is to wait to jump into the market to buy a home. Buyers should always be actively looking to buy a home at bargain or below market price. A mortgage lender will determine your buying power by retrieving your credit report, reviewing your credit score and debt ratios compared to gross income. Here are some facts to consider: Home prices in the DMV have risen 3 to 8%. Prices nationwide are projected to appreciate by more than 18 percent by … [Read more...]
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