Big News! Mortgage Insurance Reductions on many FHA refinances, coming soon! March 6, 2012

If you purchased or refinanced your home before May 31, 2009, it may have been a little frustrating if you recently wanted to refinance your mortgage.  You weren’t saving that much.  FHA mortgage insurance premiums have both increased greatly since 2009, and so even with historically low interest rates, it hasn’t been worth it

To give an example, on a $200,000 loan amount, if you were to refinance today you’d pay a $2000 upfront mortgage insurance premium and about $190 every month.  Under the new rates, the upfront would be $20!! and the monthly mortgage insurance would be around $90/month.  It’s a huge change.  The catch?  This isn’t effective until June 11, 2012, so you are going to have to wait to refinance and hopefully mortgage interest rates stay low.

Act Now! Save the Mortgage Interest Tax Deduction on your Maryland State Taxes February 22, 2012

Check out this quick 1 minute video about Maryland’s Mortgage Interest Tax Deduction.

Then Take action. Visit www.savemdmid.org

Follow This Blog On Twitter February 22, 2012

Just a friendly reminder that you can follow me on Twitter at https://twitter.com/mdmortgages and when I post new items here it will show up in your twitter feed!

Does Fannie Mae or Freddie Mac Own Your Mortgage? February 7, 2012

Below are the 2 links to see if Fannie or Freddie own the mortgage (which is different than who you make your payments to, which is your loan servicer).

http://www.fanniemae.com/loanlookup/

https://ww3.freddiemac.com/corporate/

The advantage if Fannie or Freddie own your mortgage is that there are special refi programs available if you don’t have as much equity.  It gives you more options!

2012 FHLB Down Payment Assistance Funds Now Available! Changes to the program! January 31, 2012

Please note that effective immediately, FHLB funds are available for properties in Virginia and Maryland!!  There have been some major changes for 2012, though. Most notably, there are now three different types of funds – the First Time Homebuyer Product (FHP), the Community Stability Product (CSP), the Foreclosure Recovery Product (FRP).  Please see below for a detailed explanation of each.

FHP Funds – First Time Homebuyer Product

These are the funds I have spoken of in the past.  These funds are downpayment and closing cost assistance for the purchase of a home by a first time homebuyer with household income equal to or lesser than 80% of HUD Median Income for the area, adjusted for family size.  This is a 4 to 1 match with the maximum assistance for 2012 set at $5000. The borrower must contribute a minimum of $1000, and needs to contribute $1250 to get the full $5000.

CSP Funds – Community Stability Product

These funds are downpayment and closing cost assistance for the purchase of a home in a neighborhood targeted for stabilization by a federal, state, or local government entity.  These funds can be used by first time homebuyers and non-first time homebuyers with household income equal to or lesser than 80% of HUD Median Income for the area, adjusted for family size.  This is a 4 to 1 match with the maximum assistance for 2012 set at $5000.  The borrower must contribute a minimum of $1000.

FRP Funds – Foreclosure Recovery Product

These funds are downpayment and closing cost assistance for the purchase of a home from any member’s or member’s affiliate or housing associate member’s REO portfolio.  These funds can be used by first time homebuyers and non-first time homebuyers with household income equal to or lesser than 80% of HUD Median Income for the area, adjusted for family size.   This is a 4 to 1 match with the maximum assistance for 2012 set at $15000.  The borrower must contribute a minimum of $1000.

I am trying to find out more about how to identify these houses and will update as soon as I know!

Renovated Detached 3BR Home in Baltimore City for $145,000 + Seller Help!! January 24, 2012

So, I usually post about loan programs and not individual listings, but I work with a really amazing investor and want to show a little of what he’s doing.  I have worked with the people that renovated this house for years, in fact, they renovated my own home, so I can really give a testimonial as to the level of work that they do.

This 3 bedroom house is in North West Baltimore City close to Rogers Avenue and Liberty Heights.  It has recently been reduced to $145,000, which is just insane!  If you are interested, feel free to contact me or the owner directly, Isak 443-722-5691.  He will work with you for closing costs and this house also works great with the down payment assistance programs that are available.

FHLB Down Payment Assitance Funds Still Available! December 2, 2011

It’s the end of the year.  Typically, there are no more funds for the fantastic FHLB (Federal Home Loan Bank) program.  And, in fact, many lenders have exhausted their funds, but I can still get you $7500 towards closing costs/down payment if you qualify for the program.

A refresher on the program requirements:

- Buyer needs to make under 80% of the area’s median income

- Can be used with FHA, VA, and USDA loans

- Property can be anywhere in the State of Maryland

- $7500 in FORGIVABLE funds, buyer needs $1875 contribution, can be deposit, home inspection, appraisal fee, etc

- $7500 counts towards the buyer’s 3.5% down payment for FHA

- Can be used in conjunction with FHA 203k Rehab loan (though additional requirements)

- Buyer must still qualify for loan

- Property must pass appraisal, but home inspection not required to be submitted with loan

Have more questions?  Interested?  Give me a call at 443-802-6864 or email at patticlick@gmail.com

Montgomery County Maryland HOC December 2, 2011

Montgomery County has a great program through their Housing Opportunities Commission.  There are 2 versions of the program.  A very low interest rate and no down payment assistance, or a slightly higher interest rate with 3% of the sales price in down payment assistance help.  You do need to take a home buyer education class through Montgomery County.

I am an approved lender for the program and would love to help you!!

Income Limits are as follows:

One person:        $  89,160
Two persons:     $ 127,320
Three or more:  $148,54

Specific Rates are listing on the Montgomery County HOC website:

http://www.hocmc.org/housing/mortfin/MortFin-Homeown.asp

Want to be on HGTV’s My First Place? October 7, 2011

My First Place Is Looking for First-time Homebuyers to be on HGTV!

One of HGTV’s most popular weekly series, “My First Place,” is coming to Baltimore for its 11^th season to tape first-time homebuyers through all the trials and tribulations of looking for, bidding on and ultimately buying their first place!  Each half-hour episode features people making the dream of homeownership a reality!

We are currently looking for homebuyers who are:

* Just beginning the search for their FIRST place—the first home they’ve purchased.

* Fun, interesting people who are excited to be a part of this show.

* People willing to share their personal & financial struggles with viewers and consider their lives an “open book.”

* Buyers that are going to be closing by the end of February, 2012.

* Will be buying within a 60-minute radius of downtown Baltimore.

**Candidates who are selected to appear on the show and complete their episode will receive a monetary gift and also a DVD copy of their episode after it airs on HGTV!

Singles, couples and families buying their first place are all encouraged to apply!

“My First Place” airs new episodes on HGTV at 8 PM EST on Thursday nights and is produced by High Noon Entertainment in Denver, CO

Interested??  I am in contact with the producer, so contact me by the end of November 2011! pclick@cfmortgagecorp.com, 443-802-6864

Live Baltimore: $4000 for Buyers at the Buying into Baltimore Fair September 10th August 29, 2011

The semi-annual Buying Into Baltimore Housing Fair is coming up on Saturday, September 10th.  Also known as the Baltimore City “Trolley Tour.”  In the past the program has given up to 30  buyers each fair $3000 towards down payment/closing cost assistance, this year, it’s been upped to $4000!

8:30am – 2pm
Mergenthaler Vocational Technical High School (“Mervo”)
3500 Hillen Road
Baltimore, MD 21218

Register online at: http://www.livebaltimore.com/events/BuyingIntoBaltimore/

Some points about the program:

• Valid for home purchases in the east side of Baltimore City (West side tour is in the Spring)
• Available to the first 30 people who have completed the Trolley Tour at the fair, and within 90 days after the fair
• No income limits!
• Can be used with FHA 203k Rehab loans
• Buyers must complete home buyer education before going under contract, and from a City approved counseling location
• Money if forgiven on a sliding scale over 15 years