First Time Homebuyer

Five Things I Wish I Knew Before Buying my First Home in Towson

February 7th, 2024

Five things I wish I knew before buying my first home in Towson comes from a discussion I had with a potential client who is considering selling their current first home and buying their next Baltimore home. They were referred to me recently. We didn't know each other when they bought their first home. Here [...]

How Much of a Downpayment Do You Need to Buy a Home?

January 27th, 2023

How much of a downpayment do you need to buy a home? The long and short of it is that it depends on your situation, loan qualifications and loan type. That being said, according to a NerdWallet Home Buyer Report, 62% of Americans believe you need to put 20% down on a house. In reality? [...]

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 [...]

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