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Soooo. . . you're thinking of buying? Where should you start? Start Here!
So what are the different loan programs available? Here's just a sampling:
NCI Program- What??
This a program through Frederick that will give you as much as $20,000 towards the purchase of a foreclosed home in certain 'designated' areas in Frederick. Be sure and ask Jeri about this program.
Conforming Loans-I have money to put down!
Have the ability to put 20% down? This is the best option for you. Frederick County is a high cost area and our 2009 conforming loan will be $625,500 for a 1 unit property and $800,775 for a 2 unit property. Your 20% down payment means the best rates for 30 and 40 year amortization with no mortgage insurance.
FHA-I have some money!
Do you lack the funds for a large down payment? Less than perfect credit? Not much credit or need to build credit? FHA loans are the answer for you. With just 3.5% down (starting January 1, 2009) you can own your own home. Manual underwrites are possible with a FICO of 620 or higher. Buyers are eligible for up to 6% closing cost help from the seller – this means your investment is minimal and your gain is great.
FHA 203k Renovation- I found a great house, but it needs work!
Find a good home, but want to make it great? Want to update the kitchen or the bathroom? Then the FHA 203k renovation loan might be just what you need. We have 2 options to suit your renovation needs. If your repairs and updates are less than $35,000 then the Streamline option is just what you need. If your renovation work entails more; than the standard 203k renovation loan is in order. See the potential of what your home could be.
Veterans Administration Loan- Are you saying 'I'm a Veteran, is there a program for me?'-then this one's for you!
As a Veteran you are eligible for 100% financing at great market rates for your service to our country. This is a one loan at 100% with no mortgage insurance and if you are disabled from a service related injury, you may be eligible to waive the funding fee. Manual underwrites are available with a fico of 620 or higher. With the possibility of seller paid closing costs + 4%, you can get into your new home with little to no money.
Guaranteed Rural Housing- I have no money, can you help?
Did you know that 100% financing for properties outside major city limits is still available through this program backed by the U.S. Department of Agriculture? If your family of 4 makes less than $92,000, or your family of 5-8 makes no more than $121,450, you could be eligible for this little known loan program. If you have child care costs subtract that amount off of your income, which means you could actually earn more than the limits. Income limits are county dependent. It is one loan at 100% with no mortgage insurance option that can’t be beat.
Maryland First Time Homebuyer- Great program! Put this one on your list!
Through the CDA, Maryland offers its first time homebuyers an opportunity to purchase their homes at below market rates. They offer 30, 35 and 40 year fixed options. With community seconds, 100% financing is available. CDA also offers grants and down payment and closing cost assistance to help with the purchase of your home. Call to find out if you are eligible for additional financial assistance to purchase your home through CDA.
Reverse Mortgages- If you are 62 or older, this could be a great option! With reverse mortgage programs there are no employment, income, assets or credit verification required. If you are age 62 or over, a purchase money reverse mortgage may be a great option to provide cash flow solutions to your financial challenges. A reverse mortgage allows you to pull money out of your primary residence and you never have to make a payment on the balance for as long as you live!
Have questions? Feel free to contact Jeri Benner at 301-471-0024-be sure and tell her you saw the information on www.ElkeSellsHomes.com.
Some information about Jeri:
As a Mortgage Loan Consultant, I deliver a "solution-oriented" approach by finding the best financing solution to fit your individualized needs. Whether it's delivering 24-hour loan approval, offering flexible financing for first-time homebuyers, or recognizing and reacting to a borrower's special circumstances, I anticipate what's needed and are proactive in pursuing the program or product that is appropriate and affordable. Monarch Mortgage mission "We deliver mortgage solutions" - is more than just words; it's what motivates me every day to provide cutting edge products along with "old fashioned" customer service in securing the fastest possible loan processing and approval.
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