ShareThisArchive for First-Time Home Buyers
How Much Down Payment Do You Need?
Different loans have different down payment requirements. Mortgages insured by the Federal Housing Administration (FHA) need a 3.5% down payment. Conventional loans need a least a 5% down payment. If you are buying a $200,000 house, a 3.5% down payment would be $7,000. And a 5% down payment would be $10,000. Sure, you can put […]
Things to Avoid Before Buying a Home!
Don’t Make an Expensive Purchase- It’s best to avoid making major purchases like furniture, cars, appliances, electronic equipment, jewelry, or vacations until after the closing. Financing furniture with a credit card could jeopardize your credit worthiness during the time it means the most. Using cash to purchase big items can also create a problem because […]
Comparison of Good Faith Estimate (GFE) and HUD-1 Charges
When your lender gives you a Good Faith Estimate (GFE) there are some fees that can’t increase on you at settlement. There are some charges that can’t increase above 10%, and there are some charges that can change. Below is the list of charges that can and can’t change on you at settlement. Charges That […]
Revised Income Guidelines Effective 5/1/14
Effective May 1, 2014, the new income guidelines for some grant programs (80% of median income) are; 1 = $44,750 2 = $51,150 3 = $57,550 4 = $63,900 5 = $69,050 6 = $74,150 7 = $79,250 8 = $84,350 1-8 represents household size.
Baltimore County “NCI” (Neighborhood Conservation Initiative Program) $20,000 Loan for Homebuyers Lenders List!
Here is the list of lenders for the Baltimore County “NCI” Neighborhood Conservation Initiative Program. This list is subject to change. Contact me for more details. 1st Mariner Hamilton Federal Bank The Columbia Bank PNC Mortgage Suntrust Mortgage Carrollton Mortgage Services dba Bay bank Chase
Make Sure Your Lender Reviews Your Tax Returns!
The first step in the home buying process is to get pre-approved by your lender. Please make sure that your lender reviews the last two years of your tax returns before issuing you a pre-approval letter. The reason this is so important is because I’ve had at least 10 clients that have been referred to […]
Cash Deposits!
Over the last couple of months I’ve had several clients cause a delay with their settlement because they were making cash deposits into their checking or savings account without a verifiable paper trail for the source of the funds. Most banks or lenders will require that you provide them with two months of your bank […]
Baltimore City and County Grant Programs Update!
Currently MALP has 7-8 loans still available (average loan amount $22,600) or SELP loans at $10,000 remaining. These funds must be used by June 30, 2013. That means that settlements must happen in June. These programs can be used in Baltimore County only. I’ve had clients combine MALP with DSELP or FHLB and get an […]
CityLIFT Program Provides Up To $15,000 For Down Payment Assistance!
The CityLIFT Program provides eligible homebuyers with up to $15,000 of down payment assistance on qualified properties. Assistance is not limited to first-time buyers. Household income must meet guidelines for all persons 18 and older living in the hold. Property qualified for the program must be: 1. Located within the City of Baltimore 2. The […]
Cost and Price of Homeownership!
When purchasing a home you should look at the COST not just the PRICE. The cost is determined by the price and the mortgage interest rate which is available at the time. Below is a list of the interest rates over the last ten years and the impact they have on a $100,000 mortgage payment. […]
