Yet another great month in the real estate world (in Maryland at least!). In March we had another 18.6% increase in home sales over the previous month. What does that mean?? SPRING IS HERE! The competition is fierce but there are also many more homes to choose from. Now is an amazing time to sell, and a rewarding time for patient buyers that are ready to take advantage of the latest programs and activity in the real estate market. For a full report on the home sales for each county for March, CLICK HERE.
Here are some of the current First Time Home Buyer Programs currently available:
- Maryland Mortgage Program: CDA Loan
This program gives the buyer a $5,000 grant that can be used toward down payment and purchases with a FHA Loan (which only requires a 580 credit score).
- Maryland Mortgage Program: 4% Grant
Buyers who use a 3% downpayment Conventional loan may be eligible to receive up to 3% toward that down payment, and an additional 1% to cover some of your closing costs with select lenders! That paired with some seller closing help could help you to achieve 100% financing anywhere in the state. Conventional loans are much less restrictive on property condition than FHA, so it opens up a lot more options for eligible home buyers.
- MMP SmartBuy Program
Do you have Student Loans? This program helps you to both simultaneously purchase a home and pay down up to $15,000 in student loan debt. The program only runs to December 31st 2017 so ask if you're eligible! There's also a "You've Earned It" intiative for buyers who have at least a $25,000 in student loan debt to help you pay it down faster!
Options for Veterans and Active Duty Military:
- Did you know 100% financing VA loans can be re-used AND you only need a 580 credit score to qualify for a loan?
- Maryland Homefront
Under the Maryland Mortgage Program, eligible lenders can get you an additional interest rate reduction of .25%. Over the life of the loan, that adds up!
Options for Everyone:
- Most eligible borrowers can be approved for an FHA loan with only 3.5% down payment with only a 580 credit score. Only select lenders offer this so ask me to refer you to a company that will give you great service and a great rate with no extra fees.
- 100% Financing USDA Loan
Did you know that as long as you have a 660 credit score and eligible debt-to-income ratio that you can qualify for 100% financing in parts of rural Maryland? Buyers planning to purchase in Calvert, Saint Mary's, and parts of Charles, Prince George's and Anne Arundel counties may qualify! Take a look at the map below to see if you qualify.
- 3% Conventional Loans
Not a downpayment assistance program, but most home buyers don’t know that conventional loans don’t require 20% down. There are 3% and 5% downpayment conventional loans available to eligible buyers. Conventional loans are less strict on property condition and allow you to purchase fixer-uppers. That way you can purchase low and put in some sweat equity to get the property to tip top shape.
Individual County Programs
- Montgomery County
- Baltimore County
- Anne Arundel County
Teachers, Police Officers, Security Guards, Truck Drivers, Bus Drivers, Custodians—those working in a public service field: You may be eligible for additional discounts! Contact me today to learn more.
Feel free to call me anytime at 443-532-8917. Let's chat real estate!
Dunkirk MD Homes for Sale - Genna Fleming, REALTOR® at EXIT 1 STOP REALTY
You now have free access to my Real Estate Search Engine! I am your local real estate expert with the knowledge and experience to deliver the unsurpassed service you deserve. Local Specialties: Upper Marlboro, Lanham, Lothian, Edgewater, Annapolis, & Dunkirk. Call Genna Fleming at (443) 532-8917 or follow my real estate adventures on Instagram @realestateaskgenna