Eric Fleming, Home Buyer in Montgomery County, MD

i am looking to buy a townhouse or house upto 250,000 in the montgomery, pg county It it possible to get with no money down?

Asked by Eric Fleming, Montgomery County, MD Mon Jan 23, 2012

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Eric, there are MD State funded programs for this, and I've done several, mostly in 2011. If you need to speak with a mortgage lender who can get you into these programs, please shoot me an email, and I'll put you in touch. Best of luck.
1 vote Thank Flag Link Mon Jan 23, 2012
Eric,

VA is 100% if you served in the military. USDA is 100% but only in certain areas and is income and area qualifed. Worth a look. Patti gave you the link to explore further. FHA is 96.5%. Conventional can go to 97% now in certain cases. Are you a first time buyer? If so there are grants like My Home for PG and FHLB that is statewide. There are ways to get very close to 100% financing but unless you are VA/USDA you will have to put some of your own funds into buying a home. Hope this helps and pleas let me know if you have any questions.

Thanks,

Brent Mendelson
Senior Loan Officer
Monarch Mortgage
600 Jefferson Plaza, Suite 400
Rockville, MD 20852
240-403-1970 Direct
301-412-0259 Cell
http://www.monarchmtg.com/bmendelson
nmlsr#111407
0 votes Thank Flag Link Tue Jan 24, 2012
Hi Eric,
100% financing is not readily available as it was several years ago. VA financing for veterans and USDA rural development loans are the only loan programs that I am aware of that require no money down. Even then you will still have closing costs to cover. There are several programs, including the Maryland Mortgage Program (CDA) which is available throughout the state, and My Home and Buy Suitland, which are available in Prince George's County, that offer down payment and closing cost assistance to eligible first time buyers. You can get more information on the PG County programs at http://www.princegeorgescountymd.gov/myhome/index.asp. For information on the Maryland Mortgage Program visit http://www.mmprogram.org/.
0 votes Thank Flag Link Mon Jan 23, 2012
Hi, Eric!

There are programs out there that can help with down payment and get you into a home for very little out of pocket, but it depends on exactly your situation (household size, income) as to what programs you might qualify for.

In addition, parts of Montgomery and PG county are eligible for 100% financing through USDA. (I've included a link of where you can check an address for eligibility.

Feel free to contact me if you would like information on these options!
Patti
0 votes Thank Flag Link Mon Jan 23, 2012
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