Here are a few quick bullets that outline the guidelines for the different types Maryland 203k FHA mortgages. 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 bill.sohan@academy.cc www.yourbaltimorelender.com —————————————– FHA 203K REHAB – Maryland —————————————– This loan allows a [...]
So you are a First Time Home Buyer or at least you are considering buying a new home. You have heard that you can own a new home for less than what you would be paying rent on a comparable place. You want to own because you want a place to call your own, you [...]
An FHA 203k loan is an awesome program if you are planning to purchase a Maryland foreclosure that needs a some rehab work. Even though there are some great deals on Maryland foreclosures, many people are hesitant to explore that option due to the amount of repairs and initial investment involved with purchasing a bank [...]
If you are an Inland Empire home buyer looking for a house that is in turn key condition and ready to move in, a recently flipped property can be the perfect match for you!!! Purchasing a flipped property in San Bernardino and Riverside counties just got easier. The guideline that prevents an investor from selling [...]
Mortgage interest rates fell to the lowest levels on record last week in New Jersey and New York! That goes for FHA and Conventional mortgage loans in the New York metropolitan area. The fall in rates in recent weeks is in response to turmoil on Wall Street which makes this a great time to purchase a home [...]
Why does everyone say that 203K loans never close? While it is true that 203K loans take longer and require a bit more work, they can and do close every day in Maryland. It is essential that all parties involved understand the 203K process and have experience working with this product. Your agent should advise [...]
Unemployed FHA borrowers in Rhode Island just got a break. Effective August 1, 2011, and continuing for two years, loan servicers collecting payments on FHA-insured mortgage loans will be required to allow qualified borrowers who lose their jobs to miss up to 12 months of mortgage payments before initiating foreclosure proceedings against them. Under the old [...]
Academy Mortgage and Lowe’s are coming together to create a partnership in Maryland. This effort is called REbuild USA. This program will help many of you across Maryland bring your homeownership dream to life as well. We all know that Maryland was recently hit by a perfect storm of negative conditions that created economic challenges not [...]
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 [...]
On May 26, 2011, FHA announced a potential change to loan limits, barring any congressional action, for loans insured by FHA on or after October 1, 2011. More information can be found on http://portal.hud.gov/hudportal/documents/huddoc?id=FHA_Loan_Limits_HERA.pdf. It is estimated that 669 out of the 3,334 counties will be effected, including Rhode Island. Below is a chart showing the [...]
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