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FHA Guidelines on Student Loans Changing June 30, 2016
The FHA guidelines on student loans is changing again effective June 30, 2016. I believe this is going to have a big impact on buyer’s purchasing power. If you have student loans and have been pre-approved. I would highly recommend that you re-examine your pre-approval amount with your lender if you plan on purchasing after July 1st. […]
Federal Home Loan Bank (FHLB) is Back! $5,000 Forgivable Grant!
Federal Home Loan Bank of Atlanta first-time home buyer grant program is back! All buyers must contribute a minimum of $1,250 into buying their home, and those funds can actually be gifted as well. This grant is forgivable after 5 years. If a buyer sells the property prior to 5 years then the grant is […]
Maryland Grand Slam Program for Baltimore City!
Effective September 2, 2015, Maryland is offering four special incentives (hence the name Grand Slam) for borrowers who are purchasing a home in Baltimore City. The Maryland Grand Slam Program in Baltimore City is open for reservations until the allocated funds for the grants are expended. The remaining balance of these funds will be posted […]
New FHA Guidelines Starting September 14, 2015
Deferred Student Loans: The old guidelines said we did not have to count student loan debt if we could show the student loans deferred for 12 months. The new guidelines states they must be counted regardless of the deferment period. Lenders will be required to use the actual payment for qualification or if the payment […]
Governor Larry Hogan Announces Maryland Grand Slam
$3 Million Allocated to Encourage Home Buyers in Baltimore City ANNAPOLIS, MD – Governor Larry Hogan today announced Maryland Grand Slam, a $2 million program to build stronger communities in Baltimore through homeownership. These funds will be maximized with an additional $1 million from the City of Baltimore following today’s approval by the city’s […]
Spring Has Sprung!
Prepare Your Home Now for Warmer Days Ahead. Take these tips into account during the spring months Have your air conditioning cleaned and serviced by a qualified HVAC technician. Clean or replace your furnace filter. Check for damage to your roof, clean gutters and downspouts to keep debris from accumulating. This is especially important during the spring […]
National Association of Realtor Survey
Types of Homes Sold 67% residential 20% investment property 13% vacation homes Home Buyer Demographics Average age – 44 Average gross income – $84,500 Married couples – 65% Single females – 9% Single males 8% Own a second home – 21% First–time home buyers – 33% Multigenerational households – 24% Primary Reason for Buying a […]
FHA Lower Annual Mortgage Insurance Premiums Rates!
Great news for FHA buyers. Effective January 26, 2015 FHA is lowering the annual Mortgage Insurance Premiums rate from 1.35 percent to 0.85 percent. For the typical first-time homebuyer, this reduction will translate into a $900-$1,000 reduction in their annual mortgage payment. Existing homeowners who refinance into an FHA mortgage will see similar reductions to their […]
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.
Rental Scam!
The rental market has been very hot over the past couple of years. This has created a lot of opportunity for rental scammers. Some potential renters are now more aware of scams, but because scams have gotten more sophisticated, most are not sure they know how to avoid them. The Better Business Bureau (BBB) recently […]
