Archive for Buyers

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. […]

Posted by: najirashid on Friday, June 17th, 2016

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 […]

Posted by: najirashid on Wednesday, January 27th, 2016

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 […]

Posted by: najirashid on Friday, September 4th, 2015

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 […]

Posted by: najirashid on Thursday, August 13th, 2015

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 […]

Posted by: najirashid on Sunday, March 8th, 2015

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 […]

Posted by: najirashid on Tuesday, January 13th, 2015

House Hunting Tips!

Knowing how much house you can afford is just a starting place for your search. You also need to answer the following questions to narrow down your options to those that are most relevant to you. 1. How many bedrooms and bathrooms do you need? 2. Do you want a new home or would you prefer […]

Posted by: najirashid on Friday, November 14th, 2014

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 […]

Posted by: najirashid on Monday, October 27th, 2014

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.

Posted by: najirashid on Friday, May 16th, 2014

Avoid These Mistakes at All Cost!

Now that you have decided to purchase a home in 2014, you must avoid these mistakes at all cost. These mistakes will prevent you from getting your home during the loan process! 1. Purchase  a car or truck. 2. Change jobs or become self employed. 3. Fall behind on your payments. 4. Buy furniture for […]

Posted by: najirashid on Thursday, January 30th, 2014