First Time Homebuyer

FHA Mortgages Allow for Downpayment to be a Gift

February 7th, 2017

FHA mortgages allow for the full downpayment to be a gift. Currently, FHA mortgages require a 3.5% downpayment from a buyer, in addition to local closing costs, including transfer taxes, mortgage costs, title company and local charges, and possibly other closing costs. What many FHA homebuyers may not know is that the 3.5% downpayment can be [...]

Tips for First Time Homebuyers

September 3rd, 2013

Tips for first time homebuyers! Buying your first home can be a very daunting experience. In all likelihood, this is the biggest investment you've made in your life, and you may be unclear as to how the process goes. HGTV paints a picture for buying a home, but it is not a true depiction of [...]

First Time Buyer $7500 Grant Federal Home Loan Bank is Back!

February 4th, 2011

Federal Home Loan Bank's $7,500 First Time Buyer Grant is back for many qualifying individuals. Brian Picker, one of my mortgage partners from 1st Mariner Mortgage, announced the return of the program and his company's involvement in it. Here are particulars on the grant qualifications from the information he sent over to me: Details: •            [...]

BRAC Buyer Assistance Programs

October 25th, 2010

There are a number of families relocating to the Baltimore area for BRAC, the Base Realignment and Closure Program. Many BRAC transferees will be working at the Aberdeen Proving Grounds in Aberdeen, MD. To help families with their necessary moves, the State of Maryland government has put a few closing cost assistance programs into place. [...]

Maryland Mortgage Program Expanding

July 8th, 2010

The Maryland Mortgage Program is expanding in expectations that many BRAC individuals may use the program to buy their first home in Maryland. The interest rates were dropped to 4.5% as well, to make the program even more attractive. These programs and rates are available to all who qualify for them, not just Maryland BRAC [...]

President Obama Signed Tax Credit Extension Into Law

July 2nd, 2010

This morning, President Obama signed the tax credit extension into law, helping about 180,000 buyers who were unable to settle by June 30, 2010 to hopefully receive their due tax credit. NAR reported that around 180,000 eligible buyers were unable to settle by the original deadline to no fault of theirs, causing them to lose [...]

Senate Passes Homebuyer Tax Credit Extension

June 30th, 2010

The Senate passed the homebuyer tax credit extension today, allowing those who were under contract by April 30, 2010 to move past the original deadline of today, June 30, 2010 to settle by September 30, 2010. NASDAQ reported this wonderful news a short time ago. The House voted in favor of the homebuyer tax credit [...]

House Votes to Extend Tax Credit Three Months Now in Senate Hands

June 29th, 2010

In a last effort push, the House voted to extend the tax credit three months and the decision to be put into law is now in Senate hands. The House voted 409-5 in favor of bill H.R. 5623. This would be a welcome relief for the estimated 180,000 homebuyers who would lose out on the [...]

Up to 180,000 Homebuyers May Lose Tax Credit if Not Extended

June 29th, 2010

Up to 180,000 homebuyers may lose the tax credit if the deadline is not extended past June 30, 2010 -- and not by any fault of those buyers. NAR reports that in Maryland, that number is around 2,630 homebuyers. This is due to waiting on short sales, foreclosures, or lender delays, none of which these [...]

Tax Credit Not Extended

June 25th, 2010

The tax credit extension bill did not pass in the Senate today. Those qualifying buyers who wish to receive the credit MUST close by next Wednesday, June 30, 2010.