Archive for Financing

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

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

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

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 […]

Posted by: najirashid on Monday, November 3rd, 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

Comparison of Good Faith Estimate (GFE) and HUD-1 Charges

When your lender gives you a Good Faith Estimate (GFE) there are some fees that can’t increase on you at settlement. There are some charges that can’t increase above 10%, and there are some charges that can change. Below is the list of charges that can and can’t change on you at settlement. Charges That […]

Posted by: najirashid on Tuesday, July 22nd, 2014

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 […]

Posted by: najirashid on Friday, September 27th, 2013

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 […]

Posted by: najirashid on Thursday, January 3rd, 2013

The Current FHA Loan limits for Maryland Counties!

  Allegany                                        $271,050 Anne Arundel                               $560,000 Baltimore and Baltimore City      $560,000 Calvert                   […]

Posted by: najirashid on Tuesday, August 21st, 2012