Archive for Archive for February, 2008

What Are The MMP+2% and MMP+3% Programs?

The MMP+ 2% program is a premium priced first mortgage program that offers a first mortgage (at a slightly higher interest rate) that provides borrowers with a 2% closing cost assistance grant. The grant is repayable in full upon sale, transfer, or refinance within the first four years from date of closing; it is completely […]

Posted by: najirashid on Monday, February 18th, 2008

What Is DSELP?

DSELP stands for the Downpayment Settlement Expense Loan Program. The program helps eligible borrowers who are purchasing a home with a purchase price of $200,000 or less by funding a portion of their downpayment and closing costs. Individuals or families who are approved to purchase a home using a Maryland Mortgage Program first mortgage loan […]

Posted by: najirashid on Tuesday, February 12th, 2008

What Is CDA?

I have received emails from prospective buyers asking me what is CDA? CDA stands for the Community Development Administration. CDA offers three standard downpayment and closing cost assistance products for any borrower who is eligible for a Maryland Mortgage Program loan. Borrowers can choose to receive a closing cost assistance grant from either the MMP+ […]

Posted by: najirashid on Monday, February 11th, 2008

Baltimore County’s New Mortgage Assistance Loan Program (MALP) Up to $35,000

The pilot program is an effort to encourage first time homebuyers to consider homeownership in existing residential communities in Baltimore County. The program is administered by nonprofit groups and is available in designated communities. Home Buyer’s Workshops and homeownership counseling are offered to potential homeowners. Mortgage Assistance loans up to $35,000 are available to families […]

Posted by: najirashid on Friday, February 8th, 2008

Maryland’s Education System Ranks Among Nation’s Best!

I received the following information from Nancy S. Grasmick the State Superintendent of Schools for the Maryland State Department of Education. Ms. Grasmick stated the following. “Education Week, the nation’s leading education newspaper, recently published its 2008 “Quality Counts” report- the Consumer Reports of education. For the first time in the 12-year history of this […]

Posted by: najirashid on Thursday, February 7th, 2008

Buyers: Days On Market Not Always a Red Flag

Several years ago, a home listed for sale developed a stigma if it didn’t sell within a month or two. Today, many sellers have homes listed that have been on the market for six months or longer. In fact, it’s so commonplace for it to take a significant time to sell a house that it […]

Posted by: najirashid on Wednesday, February 6th, 2008

CDA Lowered Their Rates!

Effective February 1st CDA rates were dropped to the following; 0 Points-  5.875% 1 Point -   5.75% 2 Points-  5.625% 3 Points-  5.5%     

Posted by: najirashid on Saturday, February 2nd, 2008

Wednesday’s Rate Cut Was Needed!

The Federal Reserve on Wednesday January 30, 2008, cut a key interest rate for the second time in just over a week. In a brief statement explaining their decision, Federal Reserve Chairman Ben Bernanke and his colleagues said that “financial markets remain under considerable stress.” The rate cut marked the fifth time that the Fed […]

Posted by: najirashid on Friday, February 1st, 2008