ShareThisArchive for First-Time Home Buyers
How Much Earnest Money Deposit Do You Need!
I normally recommend that a buyer put no more than 1% earnest money deposit down when submitting an offer. If the offer price is $200,000, than the earnest money deposit should be $2,000. This is my rule of thumb, there is no set amount. My responsibility is to limit my buyers’ financial exposure. When an […]
Have You Heard Interest Rates as Low as 3.5%!
I thought interest rates would be around 5% towards the end of 2011 and heading towards 6%. I am glad to see I was wrong. Because of the lack luster growth with the economy, and low consumer confidence, interest rates have been kept low.This is a good thing for potential buyers. Would you rather finance […]
HUD Income Guidelines for Baltimore County MALP and SELP, Baltimore City CDBG, and Federal Home Loan Bank’s FHP
Below is the new HUD income guidelines for Baltimore County MALP, SELP, Baltimore City CDBG, and Federal Home Loan Bank’s FHP effective July 13, 2011. 80% Income 1 Person $44,950 2 Person $51,400 3 Person $57,800 4 Person $64,200 5 Person $69,350 6 Person $74,500 7 Person $79,650 8 Person $84,750 Contact me for more […]
How to Get Mortgage Financing in 2011!
In my last blog post I quoted the Federal Reserve Chairman, Ben Bernanke who stated at the international monetary conference in Atlanta Georgia a few weeks ago that “despite historically affordable home values, many buyers are unable to access financing due to tightened lending standards.†While this statement is true, there are a couple of […]
Now is a Good Time to Buy!
A recent survey backed by the National Association of Home Builders (NAHB) found that Americans see beyond the immediate housing market to the enduring value of homeownership which still remains essential to the American dream. The Chairman of NAHB reported that 75 percent of those polled said owning a home is worth the market fluctuations […]
Spring Market Has Arrived!
Spring is here and the real estate market is beginning to heat up! Programs for first-time home buyers are in full bloom. I am beginning to see a few multiple offers on really nice houses. Here is a spring cleaning item you can do to get prepared. Get preapproved before you go house shopping. On […]
Free Home Buyer Seminar at the Pikesville Library October 26th 6:00pm
I am conducting a free home buyer seminar at the Pikesville Library on Tuesday October 26th at 6:00pm with Derek DuBois of Bank of America Home Loans. We will be covering the following topics; Understanding the Current Real Estate Market: Should I Buy or Sell? The Different Types of Mortgage Financing Available! Understanding How to […]
CDA (DSELP) Providing Up To $5,000 To First-Time Home Buyers!
An individual or family who are approved to purchase a home using a CDA first mortgage loan can apply for a DSELP. DSELP is a Downpayment and Settlement Expense Loan Program. This program helps eligible borrowers by funding a portion of their closing costs. DSELP was allowing buyers to borrow up to $3,500 but has […]
Senate Approves Extension of Tax Credit Closing Deadline
The U.S. Senate has passed an amendment that would extend the closing deadline of the homebuyer tax credit by three months. Right now, qualifying homebuyers who were under contract by April 3oth have until June 3oth to close the deal. But because of the large volume of applications for lenders to process, concerns have begun […]
FHA 203k Financing Program: A Good Option!
The FHA 203k Financing Program is a good option for anyone looking to purchase a home that needs updating or repairs that the seller is unable or unwilling to fix due to the property being a short sale, foreclosure or estate sales. A 203k loan can help buyers finance both minor and major repairs and […]
