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CDA/MMP Update Homebuyer Education Requirements!
Effective January 1, 2019, the Maryland Mortgage Program (MMP) standardized their education requirements for all 23 counties and Baltimore City. The following statewide requirements will be implemented: *Homebuyer education classes can be any class approved by HUD, Fannie Mae, Freddie Mac, or private mortgage insurers. Classes can be online or in-person, but a dated completion certificate […]
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 […]
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 […]
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 […]
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 […]
Community Development Block Grant Program (CDBG) $5,000 for Closing Costs and Down Payment Assistance
Baltimore City’s Community Development Block Grant Program started this month. The program provides funding that can be used as closing cost and downpayment assistance. Only first-time home buyers with family incomes of 80 percent or below the area median income qualify for the program. Community Development Block Grant Program 2009 Income Limits are: 1 person […]
Happy New Year!!!
I believe 2009, will be a fantastic year for buyers. Interest rates will remain low, housing inventory is high, prices have fallen, and sellers will contribute towards buyers closing costs. What more can a buyer ask for? Grant programs are available for Baltimore City and Baltimore County first-time home buyers, call or email me for […]
