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...]
Deciding to Rent or Buy
Deciding whether to rent or buy is a big decision for many Washington, D.C. and Maryland area residents. If you are frustrated paying high rent, now is the right time to purchase that dream home. With interest rates at an all- time low and many mortgage programs available there is no reason not to buy now. Although there are many pros and cons that may help persuade you to start the process to homeownership. If the family budget and overall financial position looks good or you are thinking about the future outlook for your family….. Now is the time to decide to rent or buy! One positive sign to consider when renting is the benefit of being able to move… whenever you want for various reasons such as, a job opportunity in another part of the country or one in a different location within the DMV area. Renting eliminates the expense of having to make needed repairs, performing maintenance or making any replacements, e.g. the heating and air conditioning unit, plumbing systems, or … [Read more...]
Cash Short Buyers
Mortgages News for cash short buyers..... Cash short buyers can look to the United States Department of Agriculture (USDA) - Rural Housing. The USDA – Rural Housing for 100% financing to purchase a home. This is a terrific program for cash short buyers to consider when buying a home....it is truly 100% financing. The #1 item to keep in mind is that the property does not have to be in a rural area at all in order to be eligible – the property does not have to be “way out in the country” somewhere. For instance, in Prince George’s County, most or all of the Marlton community is eligible…..also, parts of Brandywine and pockets of Accokeek. To see if a particular home is eligible for this program, click on the link below, and simply type in the full address of the property and, in a matter of seconds, it will tell you if the house is eligible or not. http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do Sellers - if you have a home that is located in an area that might be … [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...]
Down Payment Assistance for First Time Home Buyers
Down payment assistance for first time home buyers are available to purchase a home…… Why rent? Now is the time to plan to purchase that dream home in Laurel, MD, Prince Georges, Anne Arundel or Howard, or Montgomery counties...... If you are a first time home buyer or returning buyer and thinking about purchasing a home this spring take some time to ask a Realtor for a referral to a veteran loan officer who is knowledgeable about the many county grant programs available to assist you with your down payment. There are many grant programs available to assist buyers with their down payment assistance for first time home buyers and/or offer closing cost assistance. The grants are funded by the federal government and ready for immediate use by buyers. For instance, the Federal Home Loan Bank offers $5,000 to buyers for down payment assistance for first time home buyers based on certain income limits. The income limits are not that low and the funds are available for … [Read more...]