Home Buyer Seminar “How to profit from buying a Bank Owned property” for First Time Home Buyers, Trade up Buyers and Investors in San Jose, CA. As part of Home Ownership Workshop (HOW) series, Arcus Lending is presenting a live *free* seminar for Home Buyers in San Jose. With the drop in home prices over [...]
What is the Maryland CDA mortgage? Actually, the Community Development Administration, CDA, part of the State of Maryland Department of Housing & Community Development manages the Maryland Mortgage Program. This is absolutely a terrific loan program for the 1st Time Homebuyer. The program offers very competitive rates and down payment and closing cost assistance through [...]
Maryland is changing it’s FHA guidelines on April 5th 2010. and here are 3 important changes you need to know about. The new Maryland FHA upfront mortgage insurance premium (UFMIP) will be 2.25% for all purchase and refinance loans up from 1.75% Maryland FHA seller contributions will be cut in ½. You will be limited to a [...]
The Maryland 2011 FHA loan limits by county are unchanged from 2010. With only a 3.5% down payment, FHA mortgages have been a great mortgage option for First Time Home Buyers. 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 County [...]
Maryland’s FHA proposed rule was published today in the Federal Register regarding lender eligibility and net worth requirements. 6 Things you need to know about these changes: 1. If accepted, these changes will take effect January 1st, 2010. 2. Maryland FHA proposes to no longer approve mortgage brokers for participation in Maryland FHA programs. 3. [...]
FHA Mortgage, Interest Rates, Short Sale, USDA Rural Guaranteed Loan, VA Guaranteed Home Loan
Residents in Harleysville, PA Montgomery County and the Philadelphia area finally have place to come for up to date information about FHA mortgages, First Time Home Buyer loans and many other mortgage related topics. Our goal is to bring the national news and real estate happenings to the local level to help you make informed [...]
New Jersey’s FHA Mortgage Source Superior Mortgage Corp. 1030 Hooper Ave. Toms River, NJ 08753 732-818-0802 Email Rick ————————————————————————————————- Register now by calling Ocean County College at 732 205 0400 ————————————————————————————————- New Jersey home buyers are invited to join us monthly at the Ocean County College for a full course on updated mortgage guidelines and [...]
You read my last post about buying a foreclosure and the problems and solutions to getting it done, including being pre-approved to purchase the home through a knowledgeable and trustworthy lender. That is a great first step, finding out what you can and can’t afford to buy. Too many first time home buyers try to get the cart before the horse and start looking at homes before they know what they can afford, a very important first step. Now, for step two, let’s talk about an equally important second step, finding the right Realtor®.
So, let’s talk about urgency and why now may be the time to develop your sense of urgency. If you are a first time home buyer and are planning on taking advantage of the $7,500 tax credit available for purchasing your first home, that is only available for homes purchased before July 1 of this year, unless Congress decides to extend the deadline. This means the purchase must be complete, not just in the offer and acceptance stage. Now, since you haven’t bought a home before, this is not something that happens overnight. Expect to spend several weeks looking and then about a month closing the loan. All in all, this could take a lot of the 5.74 months left in the program.
*This is not an offer to lend. 
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