Buying after Foreclosure, Short sale or Bankruptcy

FHA : Timing is from Date of event to date the new FHA case number is issued.

Foreclosure or Deed in  Lieu of Foreclosure: 

·        3 years from date the foreclosure was completed and transferred out of the borrower's name.  Be careful on this one because it is not the date of foreclosure but rather the date the Deed transferred out of the borrower's name which can be longer than three years.

Credit Scores Explained

Lenders want to give you a mortgage, but they also want to minimize their own risk. The easiest way to retard risk is by using your credit scores to make lending decisions.

Credit scores are compiled separately by three consumer reporting agencies -- Equifax, Experian, and Trans Union. These credit reporting bureaus calculate scores differently, and base their scores on information that may differ from other bureaus.

Equifax Beacon 5.0 Facta: scores range from 334 to 818.

Experian Fair Isaac V2: scores range from 320 to 844.

Anne Arundel County Buying Program

ACDS still has Mortgage Assistance Program funds available for this fiscal year.   The Mortgage Assistance Program is currently offering a special promotion for a maximum loan amount of $25,000.   This special promotion will end on June 30, 2017 OR until funds are exhausted.   MAP funds are available on a first come, first serve basis.   ACDS must receive a fully ratified sales contract by June 30, 2017 OR until funds are exhausted.    On July 1, 2017, the maximum loan amount will return to $20,000.

Baltimore City Special

*  Fully forgivable GRANT monies of $7,500 that can be used for down payment and/or closing costs

*  Income limits based on total household income.  1 to 2 person household income limit is $107,400 and 3 or more person household income limit is $125,300

*  Program runs through May 1st to June 30, 2017 or until the allocated funds are expended

*  Available for conventional or government loans, minimum credit score for conventional loans is 640, VA is 640 and FHA is 660

How Can A Firefighter, Police Officer or Teacher Buy a House for 50% Off?

.   Did you know that a firefighter, police officer or teacher can buy a home for 50% off and only have to contribute $100?  If it sounds to be good to be true, it's not.  Read on.

Eligible GNND properties can be located  -

Select Maryland as the State and drop down Buyer Type to Good Neighbor Next Door

Howard County Settlement Down Payment Program  

Did you know that Howard County has a lot of money for first time home buyers and non-first time home buyers for down payment and/or closing costs?

HomeStarter Loan

*  Income limits based on total household income.  1 person household $46,100, 2 person household $52,650, 3 person household $59,250, 4 person household $65,800, 5 person household $71,100, 6 person household $76,350, 7 person household $81,600 and 8 person household $86,900.

*  Low interest rates at 2 points below the primary mortgage interest rate.

Condo info

Fannie Guidelines

*  Project must be 50% owner occupied or second home if subject is investment only

*  HOA must be in control and project cannot be subject to additional phasing or annexation

*  Management company must show 10% of operating budget in reserves and demonstrate that the project is well managed

*  No single entity can own more than 10% of total units

*  Project must be 100% complete and 90% of the units must have been conveyed

Money for buyers

In the State of Maryland, there is an EXCELLENT chance you will be eligible for assistance of $5,000 at a MINIMUM.  Even if you have owned a home in the past three years, there are targeted areas where you can buy again without the 3 year wait.  For example, the entire City of Baltimore is classified as targeted so anyone can get $5,000 in assistance as long as they don't own any other property when they go to settlement.


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