Is the 203k loan a good idea to purchase a bank foreclosure in Baltimore, Maryland?
Most (Real Estate Owned, Bank Owned) houses are run down. That is why banks sell them so cheap.
The problem is that financed buyers can’t buy houses with holes in the walls, broken windows, missing bathrooms, filthy carpets, etc. Or buyers don’t [...]
Baltimore, Maryland - 410-963-2308
In a recent announcement, USDA Rural Housing in Maryland has confirmed that the Agency will continue to accept and process application packages for USDA Rural Housing loans in Maryland. As has been done in the past when the program funds are not available, USDA Rural Development will now issue loan approvals in Maryland (conditional commitments [...]
Baltimore, Maryland - 410-963-2308
What is the Maryland CDA mortgage? Actually, the Community Development Administration, CDA, part of the State of Maryland Department of Housing & Community Development manages the Maryland Mortgage Program. This is absolutely a terrific loan program for the 1st Time Homebuyer. The program offers very competitive rates and down payment and closing cost assistance through [...]
Baltimore, Maryland - 410-963-2308
While many experienced Maryland real estate agents have a general understanding of the mortgage approval process, there are a few important details that frequently get overlooked which may cause a purchase to be delayed or denied.
New Maryland regulation, updated disclosures, appraisal guidelines, mortgage rate pricing premiums, credit score, secondary approval layering, rescission deadlines, property type, [...]
Baltimore, Maryland - 410-963-2308
Baltimore Maryland FHA Rates are at all time LOWS. If you were waiting to lock into a FHA mortgage, today might be your day. We are seeing the 30 year FHA fixed rate at historic lows and the FHA Arms at ridicules lows. We offer FHA, VA, Conventional, USDA, and CDA mortgages and they are all [...]
Baltimore, Maryland - 410-963-2308
Maryland is changing it’s FHA guidelines on April 5th 2010. and here are 3 important changes you need to know about.
The new Maryland FHA upfront mortgage insurance premium (UFMIP) will be 2.25% for all purchase and refinance loans up from 1.75%
Maryland FHA seller contributions will be cut in ½. You will be limited to a 3% seller [...]
Baltimore, Maryland - 410-963-2308
Maryland FHA responds to Short Sales and here are the 5 things you need to know.
Changes are effective immediately.
Maryland borrowers ARE eligible for new FHA financing if they are 0X30 on the mortgage in the last 12 months and the proceeds from the short sale serve as payment in full.
Maryland borrowers whose mortgage was in pre-foreclosure [...]
Baltimore, Maryland - 410-963-2308
The Maryland 2010 FHA loan limits by county are unchanged from 2009. With only a 3.5% down payment, FHA mortgages have been a great mortgage option for First Time Home Buyers.
For more information about a Maryland FHA Mortgage, Loan Limits, or FHA guidelines, please feel free to contact me directly.
Bill Sohan
410-963-2308
County Name
Single Family
Duplex
Tri-plex
Four-plex
ALLEGANY
$271,050
$347,000
$419,400
$521,250
CUMBERLAND, MD-WV (MSA)
ANNE [...]
Baltimore, Maryland - 410-963-2308
Maryland’s FHA proposed rule was published today in the Federal Register regarding lender eligibility and net worth requirements.
6 Things you need to know about these changes:
1. If accepted, these changes will take effect January 1st, 2010.
2. Maryland FHA proposes to no longer approve mortgage brokers for participation in Maryland FHA programs.
3. The sponsoring Lender must [...]
Baltimore, Maryland - 410-963-2308
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