Mortgage Loans for Home Buyers in
MD and Northern VA.
Above All, Protect Your Credit.
Protect your credit and save for a down payment
Unless you have Veterans Administration benefits to buy real estate, you may need cash for a down payment and closing costs. Mortgage loans have changed dramatically in the past 3-4 years. In fact, many of the loans that were used to purchase a home in the past 5 years no long exist. However, while some loan types are no longer available, the no down payment, 100% financing loans for instance, our home buyers still get financing with reasonable down payment and closing costs. There are also special financing opportunities for low to moderate income home buyers.
Protect Your Credit – This is more important today than ever before in the past.
Conventional Financing. 5-10-20% or More Down Payment Financing. You must be careful with consumer credit. Mortgage companies are requiring higher credit scores than at any time in the past 10 years. Your credit score will determine the interest rate you are able to negotiate. Gone are the sub-prime loans that didn’t require good credit, down payments or even verification of income and employment. Conventional home buyers with down payments of 10-20-30% down will still be required to provide income and source the cash you use for down payment and closing costs.
FHA Financing – 3.5% Down Payment – Up To 6% Closing Cost Contribution From Seller.*
The loan limits for FHA loans has been raised to permit home buyers in the Maryland and Northern Virginia areas to use FHA financing. FHA loans will be fully documented and income and employment will be verified. However, FHA loans permit higher income to debt ratios than conventional loans. Further, FHA is more forgiving about past credit problems including bankruptcy. FHA does offer an attractive ARM to lower the mortgage payments for the first 2 years.
* FHA has proposed lowering Seller Contribution to 3%. 3/2/2012
VA Financing – Zero Down and the Seller Can Pay All of Normal Closing Costs.
VA eligible home buyers have a lot of flexibility and the VA loan limits have increased and can be used for all home buyers with VA benefits. VA loans are forgiving about past credit problems and bankruptcy and the income to debt ratios permitted is far higher than with conventional financing.
USDA Financing For Rural Area Housing.
The USDA loan is also 100% financing, but is limited in income. The loans will be fully documented and limited to low density areas of the Maryland and Northern Virginia counties.
GRANTS and First Time Buyer Programs are often available for home buyers in Anne Arundel County. Contact us for current program information.
Additional home buyer programs are available in many areas. For more information, just give us a call, 800-711-7988. We can discuss your financing needs and qualifications. We can help.
To discuss your mortgage needs or to get pre-qualified, just call Lenn Harley, Broker, Homefinders.com, 800-711-7988. We can help.
WHEN EXPERIENCE COUNTS, home buyers will enjoy our many years of serving home buyers in Maryland and Northern Virginia for over 25 years. We provide buyers with . . .
* Comprehensive home searches,
* Personal tours of homes for sale,
* Comparative Market Analysis for homes under consideration,
* Experienced financial analysis to help you understand different loan opportunities,
* Personally manage home inspections, termite inspections, settlement meetings,
AND MUCH, MUCH MORE.
Lenn Harley, Broker, Homefinders.com, 800-711-7988