GERMANTOWN HOME BUYER FINANCING
THE MARYLAND MORTGAGE PROGRAM
A Realtor Guide To Germantown Home Buyer Financing | Doug Kenny, Germantown Realtor
This is a realtors guide for the Germantown home buyer looking for the best financing options. The Maryland Mortgage Program (MMP) is the main focus of this page along with its applications in Germantowm. The Maryland Mortgage Program a great source for 1st time home buyers looking for down payment and closing cost help. Much of the MMP applies to all of Montgomery County. These differences can be found at the Maryland Mortgage Program website.
IS BUYING A HOME THE RIGHT THING FOR ME TO DO ?
Is now the right time to buy? Maryland wants you to be a home buyer and home-owner. Therefore its important to understand the economics of buying a home. This includes paying a mortgage plus the extra expences of maintanince, taxes, and the unexpected repairs. For this reason, the Maryland Mortgage Program a Home Education Course. Each lender has certain requirements. This is a list if qualified lenders.
Take the courses and be an educated buyer.
DOWN-PAYMENT HELP FOR THE GERMANTOWN HOME BUYER
Downpayment help comes in several ways. Expanded explanations of the programs are available Here
First is a downpayment loan. The loan is paid back when you sell the house or refinance. This is called a zero interest deffered loan.
Second is a forgivable loan. The loan balance goes down with each year you live there.
Third are grants. State and local departments are the providers. Your loan officer will know which grant programs are available and how to use them. Many programs can be combined. The grants are always changing. An informed lender is crucial. It is essential to work with good people. Missed deadlines can cost you the house you want. The real estate agents part in this process is explained in the first time home buyer video.
The Maryland Mortgage Program has requirement. The main ones are:
- You almost always need to be a Maryland first time home buyer.
- You must live in the house.
- Credit scores between 640 and 660, but it depends on the overall loan package.
Income can be as high as $132,000 for 1 or 2 people and up to $154,000 for a family of 3 or more.
WHY GERMANTOWN ?
The Maryland Mortgage Program works well in Germantown. Most Germantown homes will quality with the combination of higher allowable incomes and reasonably priced homes. Germantown information about housing, jobs and schools will be found found at this link.
Work with a good Germantown realtor plus a qualified lender. Both must understand how it works in Germantown and make it work within the sales contract provisions.