Archive for Home Buyers

Spring Has Sprung Early!

The Real Estate market in Baltimore feels like a spring market even though we are still in February. January was just as competitive. 80% of my clients have gone up against multiple offers. I have a client that want to submit an offer on a property in Baltimore County today, and the listing agent has informed […]

Posted by: najirashid on Thursday, February 23rd, 2017

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

New FHA Guidelines Starting September 14, 2015

Deferred Student Loans:  The old guidelines said we did not have to count student loan debt if we could show the student loans deferred for 12 months.  The new guidelines states they must be counted regardless of the deferment period.  Lenders will be required to use the actual payment for qualification or if the payment […]

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

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