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!

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.

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 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

]]> http://mdrealestate.wordpress.com/2011/12/02/montgomery-county-maryland-hoc/feed/ 0 thoughtsaboutrealestate.com HOC-Logo-Color-sm http://mdrealestate.wordpress.com/2011/10/07/want-to-be-on-hgtvs-my-first-place/ http://mdrealestate.wordpress.com/2011/10/07/want-to-be-on-hgtvs-my-first-place/#comments Fri, 07 Oct 2011 15:16:27 +0000 Patti Click http://mdrealestate.wordpress.com/?p=512 ]]>

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

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

From the www.mmprogram site:

Mortgage Market Guide – Featured Charts.

Bonds and Home loan rates improved last week but tapered off a bit on Friday. Stock markets fell once again last week on fears of a double-dip recession.

That coupled with a plunge in the Philly Fed Index along with weak housing numbers fueled a rally in the Bond markets that saw Mortgage Bonds hit fresh 2011 highs before giving up some of those gains on Friday.

I get an email as soon as you apply, and can also let you know what types of first time home buyer programs you might qualify for.

With all the uncertainty in the stock market, bonds have been a safe haven. And once the US’s AAA rating was again secure, bond prices have been soaring which means lower interest rates for you.