How To Get Grants For A Down Payment For Maryland First Time Home Buyers

How To Get Grants For A Down Payment For

Maryland First Time Home Buyers 

( Original Article Here)

Did you know that there are 2,290 down payment programs across the country waiting for home buyers to apply for funds. .and most of these remain unused  just because home buyers are unaware they even exist!

This is according an analysis recently issued by RealtyTrac, a real estate data provider, and Down Payment Resource, a purveyor of home-buyer assistance programs. 

Did you know that the average amount of down payment assistance per buyer is $11,565, according to this analysis?

The problem is, few first time home buyers don't know this type of help exists—ignoring all the money out there to help them become homeowners.

There’s a lot of missed opportunities here and we encourage you to take advantage of all these possibilities if you are buying a home in 2016.

5 Easy Ways To Save For a Down Payment 

A Down Payment Assistance  grant decreases homebuyer costs, avoids burdening the home buyer with additional debt and allows them to afford a more expensive home.

Ask Your Realtor and Your Lender

Your Realtor and lender alike need to research and understand various funding resources for your particular needs as a buyer...if they are not doing this, you need a different Realtor or Lender

Some of the major program types that you may qualify  include the following:

• Below-market interest rate loans or 100% financing
• Mortgage credit certificates that provide annual tax credits for the life of the loan
• Maryland Neighborhood Stabilization Program loans and grants designed to revitalize communities
• Maryland First Time Home Buyer Tax Discounts 

In case you have not hired a Realtor to help you in this process. .

Let us be your guide as a first time buyer homes in our area.

There are many unadvertised programs out there.. and we work in conjunction with qualified lenders that are 100% knowledgeable for all the these grants out there.
We can guide you specifically for Montgomery , Frederick and PG counties in Maryland 
We showcase the finest homes in real estate for sale today
for MD DC and VA

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Maryland MLS Homes For Sale

10 HUGE FIRST TIME HOME BUYERS MISTAKES! 

http://www.reallynicehomes.com/blog/how-get-grants-down-payment-maryland-first-time-home-buyers/

Should You Buy a House Now...or Later This Year? Maryland Real Estate

 

from: http://www.reallynicehomes.com/blog/should-you-buy-house-now-or-later-year/

 

 

Q: My wife and I are having a discussion. She says we should buy a house now and I really think that we should wait for later on the year to buy and see if prices get cheaper... Who is right? Do you think prices will come down? 

 

A: A great question to ask and congratulations my friend...you have a very smart wife!

Aside the fact that the decision to buy a home should be timed based on your needs and not the market, let me give you an explanation of what we are expecting on prices this year.

A recent post from Keepingcurrentmatters.com indicated the cost vs price difference in housing for 2015 to be higher at the last quarter of 2015.

This is a little hard to understand from a buyers point of view, specially if you are not a regular follower of real estate market statistics...

But here's a brief explanation what this means for you:

Should I buy a house in the first quarter of 2015?

or 

Should I buy a house in the last quarter of 2015?

A nationwide panel of real estate experts, including economists  and investment market strategists have predicted that home values will appreciate for at least 4% by the end of the year

Additionally as they look at mortgage rate form Freddie Mac most recent commentary and projections, there is a consensus that interest rates will appreciate to 4.5 by the end of 2015

What is the bottom line if you buy now or wait until the end of the year?

This is a demonstration of what is your bottom line if you wait to buy now in dollar amounts 

Taking as an example buying a typical $250,000 home today.

 

Easy to understand.

If the economists are right, for a $250,000 house, you will be paying $172.32 more per month. .

On a typical 30 year mortgage, you will end up paying a total of $62,035.20 more at the end of your loan.

 

Now the question comes again..

Should I buy a house in the first quarter of 2015?

or 

Should I buy a house in the last quarter of 2015?

The answer is YES if you want to save around $60,000 in the next few years...

And you should buy your wife a diamond ring. ..for saving you all this money!

 

 

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"I Know Buying a Home Instead of Renting is Better...Stop it Already!"

"I Know Buying a Home Instead of Renting is Better...Stop it Already!" 

Without fail, Realtors speak in unison to the crowds.

"Buying a home instead of renting is better!" 

These are the reasons [money - comfort - stability..etc ]

Enough already, we have been incessantly  trying to convince the public about home buying when there is really no convincing to do. .they already know

A survey made by Hanley Wood Housing 360 revealed a startling statistics about Owners and Renters

Renters already know that buying is better than renting. . 

38% are not homeowners just because they think "They may not qualify for a Mortgage" 

55% are not homeowners simply because they "Cannot afford the Downpayment" 

Adding them together and the numbers don't lie. .

A Startling 93% of renters already know that buying is better than renting . .

The only thing stopping them is their credit and cash at hand.

If we solve these two problems, we can wipe out the rental market in the USA

To my  fellow Realtors, stop pounding a message that they already heard...and start solving your clients two major problems

Credit and Cash for the downpayment

That is the only thing renters want to hear. . .so help them now!

You ask yourself?

Why are they already convinced? 

 Since 1975 statistics show that home prices [Median Sales Price] have steady went up. . 

is almost too predictable. . 

Every accumulate year shows a steady increase with exception of the obstacles we encountered in 2005 and 2006. 

Happy to see we are getting back into the groove of what we call a normal market once again. ..

If we match this with average income earned during the same years, [Mean Household Income] Salaries are moving up and steadily . .similar to house prices.

But the major point to take from this study is that RENTERS [CPI Rent of Primary Residence] have also have seen rental increases year after year. . 

is almost too predictable. . 

I could easily predict what renters will be paying in the year 2020, 2025, 2030 and beyond.. .

To further amplify the message. . 

Here comes this study:

Owners got it made!

Their equity money keeps growing and growing building their net worth year after year for just being homeowners! 

A happy and welcome unintended consequence for the vast majority of them.

Meanwhile, RENTERS. . .

Their [Median Net Worth] is the "unintended" consequence as well. .

No one wants to rent to be worth less!

Going back to my initial argument that RENTERS do not need to be reminded of this anymore. .

Let's look at the problem and come up with solutions. . 

Is it affordable? 

Yes it is!

If you have the credit and the money for the downpayment. . 

There has never been another time in the history of housing. .[at least since 1971] how affordable is to really buy a home right now.

Interest rates are low...and home prices are holding steady

Now, 

Let's look at the two problems and come up with solutions. . 

CREDIT RATINGS

America is a nation of borrowers and there is no education for young people to start life the right way. Parents are doing a lousy job!

From the very first time they leave college of their parents homes, they are already loaded with college debt and credit card debt.

A bad way to start an unhappy life...loaded with bills and forced to take the first job offered, ending up stuck and  pressured to hold and pursue their dreams because they need that weekly paycheck to pay their bills. .

Now, adding insult to injury (a self inflicted obstacle).... .

READ THE REST : http://www.reallynicehomes.com/buying/i-know-buying-home-instead-renting-better/

About the Author: Fernando Herboso is Broker/Owner for Maxus Realty Group in Maryland. Fernando can be reached by phone at 301-246-0001 or email Fernando@ReallyNiceHomes.com

What Credit Score is Needed to Buy a Home in Maryland ?

What Credit Score is Needed to Buy a Home in Maryland ?

First of all,  you might be wondering which credit score mortgage lenders use?

• Equifax?
• Transunion?
• Experian?

I get this question a lot and I'm not sure why?

There’s no sense focusing on something that only lenders have control of it, the fact remain that you need to be credit worthy  to be a borrower.

All lender determine your creditworthiness by pulling your credit score.

But if you must know, the answer is your FICO score and that is an standard being used with most lenders in general. 

Your FICO score is a combination of the 3 listed above...which are the three main credit bureaus. 

If you are looking for the perfect "LOWEST CREDIT SCORE" you must have and get the best pricing from a lender...you will need at least 760 points.

If you have any mistakes or missteps inside your credit report, you must deal with them before buying a home if you want the best rates possible...and  in some cases, this could take several months.

Maybe you will find that  your credit score is not sufficient for you to get a loan. Your income and the ratios play an important role in determining how much credit you can get.

This is a very personal conclusion based on your own  credit score, your income ratios, your debt amounts...and a few other important relevant facts. I caution for you NOT TO DISQUALIFY yourself...but have a professional evaluate your whole application for the best advice possible.

In summary, the only thing you have control over your credit score is to keep up diligently with your bills, don't wait until the last minute to pay them, don't  over burden yourself with so much credit and be responsible and strive fro perfection when it comes to paying your bills...

If you have low credit scores, do not get discouraged, there are ways to raise your credit up with the right help...call us if you need assistance on this 301-246-0001.

What Credit Score is Needed to Buy a Home in Maryland from Herboso and Associates llc

What it takes to get a loan plus information about grants when you are a first time home buyer?  

What Credit Score is Needed to Buy a Home in Maryland ?

10 BIGGEST HOME BUYER'S MISTAKES

10 BIGGEST HOME BUYER'S MISTAKES

If you’re a first time home buyer, chances are that you are not ready for the experience.. as you’re just looking for a house that will cater to your specific needs but is a lot more!

There are many pitfalls that could end up costing you money

It’s almost improbable to step into the home-buying market for the first time and immediately buy your dream home. 

That’s why it takes a lot of preparation and with the right guidance, you will find that perfect home for you!

Watch our video version below. . 

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Let us be your  guide to a all the first time buyer homes in our area. There are many unadvertised programs out there.. 

We can guide you specifically for Montgomery , Frederick and  PG counties in Maryland 

We showcase the finest homes in  real estate for sale today

 for  MD DC and VA

Click on the picture below to get started!

10 BIGGEST HOME BUYER'S MISTAKES

YOU CAN AVOID BY WORKING WITH OUR AGENTS!