Boomerang Buyers Return to Market After Foreclosure

Many borrowers who lost homes to foreclosure during the housing bust are starting to buy again. Since the housing bubble burst, 4.8 million borrowers have lost their homes to foreclosure, and another 2.2 million gave them up in short sales, according to RealtyTrac. While many are still struggling to recover financially, a growing number are starting to bounce back — and they are looking for a new place to call home. Read more here.

So, for those you who have had a short sale, foreclosure or bankruptcy, contact me today to discuss your home buying options –  Roxanne 301-613-7257

Great News Baltimore Home Buyers – Up to $15,000 in Down Payment and Closing Costs Assistance.

Neighborhood Housing Services (NHS) of Baltimore announces financing available for down payment and closing costs in Baltimore City. This organization is currently making $1,000,000 in down payment assistance available.  Potential home buyers ready with the necessary qualifications and documents will be able to register on line for first-come, first-served appointments. For more information click here.

It’s Raining Men….I Mean Money!

It’s a great time to buy! Yeah, yeah, yeah…… you hear it all the time lately. Even housing price indicators and low interest rates for the last few months reflect that sentiment.

But really, it is a great time to buy! Fortunately, there are many housing assistance programs available through federal, state and local agencies for many credit and income-eligible home buyers.

The District of Columbia offers the Home Purchase Assistance Program (HPAP) where qualified applicants can receive up to $44,000 in financial assistance (a low interest 5 year deferred loan) to purchase a single family house, condo or co-op.

Prince George’s county offers up to $60,000 in low interest deferred loans for purchases in targeted areas. This program, The Neighborhood Stabilization Program is a 0% interest loan for purchasers and if this is your primary residence and you stay in the home at least 10 years, no repayment of this money is necessary.

College Park offers a similar program called the “Work & Live College Park”. This program offer up to $35,000 in down payment and closing costs assistance if the buyer works and purchases a foreclosed home in portions of the 20740 zip code.

Montgomery County offers several programs which includes the Montgomery County Closing Assistance Program which offers up to $7,500 or 5% of the sales price, whichever is less.

For our veterans and their families, Maryland has allocated $50 million dollars for a home purchase. This program called The Veterans and Military Family Mortgage Program offers closing costs assistance up to $10,000 in addition to loans with  interest rates at 2.875% for purchases in targeted areas. This program is available for active duty and honorably discharged veterans.

Keep in mind, the pool of money available through these programs to home buyers is limited, so please contact me today for additional information about these programs and for a list of additional housing assistance programs.

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