ShareThisArchive for 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 […]
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.
Highlights of the Baltimore County “NCI”(Neighborhood Conservation Initiative Program) $20,000 Loan for Homebuyers!
On October 5, 2013, Baltimore County is starting a new homebuyer program called the Neighborhood Conservation Initative Program “NCI.” This program is an effort to encourage homebuyers to consider homeownership in existing residential communities that may or once had a high rate of foreclosed properties. The targeted zip codes within the conservation areas of Baltimore […]
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 […]
Buyers are Making Quicker Decisions Because of Low Housing Inventory in Some Areas!
Last month my wife and I helped 9 clients purchase properties in Baltimore City, Baltimore County, and Howard County. 5 of the 9 clients were up against multiple offers. I’ve notice this happening more and more this year. Some clients are coming to me with properties they want to see fast because they are noticing […]
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 […]
FHA Eases Restrictions On Condo Lending!
Great News! FHA is temporarily easing its lending requirements for condominiums, in a bid to help the real estate market. In Maryland their are many condo communities that can not get FHA approval because of the amount of delinquent condo dues. I’ve had many buyers who wanted to buy condos in communities that could not […]
A New Parkville Community Ryland Homes Perry Meadows!
Last week my wife and I toured a Ryland Homes community called Perry Meadows. The base price started from $349,990 – $384,990 depending upon model and elevation. The model home which had all the bells and whistles was being sold for $459,000. If you would like more information about this community just give a call we […]
