80% Income

1 Person  $44,950

2 Person $51,400

3 Person $57,800

4 Person $64,200

5 Person $69,350

6 Person $74,500

7 Person $79,650

8 Person $84,750

Contact me for more detailed information on each of the programs.

Get preapproved before you go house shopping. On Friday my wife and I were showing a foreclosure property to one of my clients, as we were leaving the house a couple approached us about the property. My client told the couple that he was not interested in the property and he gave them his listing sheet (detailed information about the property). They wanted to take a look at the property and I told them I had one more property to show my client and I could meet them back at the house if they did not have an agent. When I returned to the property one of the first questions I asked ” have you been preapproved?” They said no. After showing them the property I told them I could assist them with getting preapproved and they should do that first before continuing to look at houses. In the spring market getting preapproved before you start looking at houses is essential because you have more active buyers in the market during the spring. You could potentially lose out on a house you like because some one else took the time to  get preapproved before touring houses and you didn’t.

If you need help in getting  preapproved I can provide a list of good lenders contact me at 410-977-7176.

Owner-occupied units that are intended as the primary residence of the home buyer are eligible for FHP funding. Eligible units include the following owner-occupied 1-to-4 family properties;

1. Townhouses

2. Condominiums

3. Foreclosed properties

4. Cooperatives

5. Manufactured and mobile housing (manufactured and mobile homes, transportable in one or more sections, which are built on a permanent frame and designed to be used as a dwelling when connected to the required utilities.

6. New construction (new construction requests are eligible when the home is within 30 days or less of the closing date for the loan.

Any first-time home buyer interested in using this program must use a participating (member) lending institution. Contact me to get a list of those members. Also if a first-time home buyer owner-occupy the property for 5 years the grant funds are forgivable. To receive additional information about the program and the guidelines contact me.

Don’t miss this presentation it will be fun, educational, and entertaining. I hope to see you there! Na’Klectic Natural Hair Gallery and Spa 36 East 25th Street Baltimore, Md. 21218  410-889-0287. Each attendee will receive a free copy of my report “How to Buy a Home in the New Economy and Save Thousands of Dollars.”

Since 1999, the Bank has funded over $59 million in FHP dollars to help more than 9,700 families  purchase their first home. More information should be available soon about the program requirements and the funding process. Last year several of my clients used this program to purchase their first home. Don’t miss out! Contact me for more details.

Community Development Block Grant Program 2009 Income Limits are:

1 person $44,800

2 person $51,200

3 person $ 57,600

4 person $64,000

5 person $69,100

6 person $74,250

7 person $79,350

8 person $84,500

What are the benefits?

$5,000 down payment and closing assistance structured as a 5-year loan forgivable 20 percent per year. Buyer must contribute at least $1,000 towards purchase and must use the property as the principal residence. The home must be inspected by a member of the National Association of Home Inspectors or the American Society of Home Inspectors. The home must be free of any flaking, peeling or chipping paint insider and outside, and the home inspector must document no unstable paint surfaces. Closing on the property must occur within 90 days of the contract date. Loan is forgivable over 5 years.

This program is similar to the Baltimore City ADDI Program that started is October 2008 but ran out of funds by January 2009. The ADDI Program was assisting with $10,000 towards closing costs and down payment. Hopefully this program will last longer. Contact  me for updates and availability of the funds.

The term “first-time home buyer”  means an individual and his or her spouse who have not owned a home during the 3- year period prior to purchase of a home with assistance under subchapter II of this chapter, except that– (A) any individual who is a displaced homemaker may not be excluded from consideration as a first-time home buyer under this paragraph on the basis that the individual, while a homemaker, owned a home with his or her spouse or resided in a home owned by the spouse; (B) any individual who is a single parent may not be excluded from consideration as a first-time home buyer under this paragraph on the basis that the individual, while married, owned a home with his or her spouse or resided in a home owned by the spouse; and (C) an individual shall not be excluded from consideration as a first-time home buyer under this paragraph on the basis that the individual owns or owned, as a principal residence during such 3- year period, a dwelling unit whose structure is– (i) not permanently affixed to a permanent foundation in accordance with local or other applicable regulations, or (ii) not in compliance with State, local, or model building codes, or other applicable codes, and cannot be brought into compliance with such codes for less than the cost of constructing a permanent structure. (15) The term “singe parent” means an individual who– (A) is unmarried or legally separated from a spouse; and (B) (i) has 1 or more minor children for whom the individual has custody or joint custody; or (ii) is pregnant.”

Some of the eligibility requirements for home buyers are as follow;

Funds are only available to first-time home buyers.

A home buyer must owner-occupy the property.

A home buyer must contribute at least $500.

Home buyers must complete home buyer counseling, debt management planning, and default prevention program. The curriculum will include, but is not limited to;

Choosing the right mortgage, avoiding predatory lenders, budgeting and saving, maintaining your new home, and preventing foreclosure.

FHP funds must be used only for down payment and closing costs assistance and must be reflected on the HUD Settlement Statement. FHP funds cannot be used for reimbursement of earnest money deposits, pay discount points, or to pay cash to the borrower at closing.

If you are interested in receiving funds from an participating lender, I would advise you to set up your counseling class immediately. Federal Home loan Bank of Atlanta funds traditionally becomes available in January each year. This year we were informed that the funds would not be available until March 3rd but the participating lenders did not receive funds until April. Many first-time home buyers have been waiting for the program to start since January and they have already completed their counseling requirements. I do not think the funds will last long. With interest rates being low, home prices dropping, plenty of housing inventory, sellers willing to negotiate with buyers, and the $8,000 tax credit the market is starting to heat up. Don’t wait and miss out on a golden opportunity!

Baltimore County is starting a program to encourage home buyers to consider homeownership in existing residential communities that have foreclosed properties in the 21207, 21220, 21221, 21234, 21244, 21133, and 21117 zip codes. Before signing a real estate contract, a buyer must complete TWO workshops (home buyer and pre-settlement) and counseling with a Baltimore County affiliated Housing Counseling Agency. Please contact me for a list of the approved agencies for this program. Some additional highlights of the program are listed below:

Buyer(s) do not have to be first time home buyers.

Buyer(s) can get up to $50,000 for down payment and closing costs.

Property must be vacant.

Property must be in one of the zip codes listed.

Property must be a foreclosure-NO SHORT SALE.

Contract must be written for 60 days.

Gift Contributions may not exceed 3% of the sales price.

Property must be purchased at minimum discount 5%; a 15% or more discount based on an appraisal is preferred.

Buyer(s) must have home inspection.

The cost of repairs required to correct housing quality standards (HQS) identified deficiencies can be included in the borrowers maximum loan amount up to $3,000.

NSP is a loan that is forgivable after 15 years.

Contact me to receive more information about this program and to receive a FREE copy of my report “The 7 Things You Must Know to Successfully Receive Grant Money.”