Sjackson1399, Home Buyer in Upper Marlboro, MD

Are there any programs for first time home buyers that would assist with closing cost?

Asked by Sjackson1399, Upper Marlboro, MD Thu Oct 10, 2013

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The answer to your question is yes. There is the Prince George's My Home Program for first time home buyers. There is also a program that gives you up to $5, 000 to assist you with closing cost. If you have a great real estate agent, you might be able to negotiate for the seller to pay most of the closing cost, then you only have to pay the down payment. I can help you with a list of reputable lenders that can help answer your question in more detail. I would love an opportunity to be your agent. I can be reached directly at; 202-640-0100.
1 vote Thank Flag Link Thu Oct 10, 2013
Get in touch and work with a local area Realtor they will assist you from start to finish.
0 votes Thank Flag Link Fri Oct 11, 2013
Yes there are depending on where you wish to live. I am well versed in most of the programs that MD/DC/VA offer and can explain pros and cons and let you know if you will qualify for any of them.
I would advise getting the financing squared away and then find a good local Realtor. I can also give you some names of key Realtors if you like.
Client references are available upon request. I hope this was helpful and I look forward to talking soon.

Sincerely,

Brent Mendelson
Senior Loan Officer
1st Mariner Mortgage
Office 240-235-5314
Cell 301-412-0259
Nmls #111407
0 votes Thank Flag Link Thu Oct 10, 2013
Hi Sjackson1399!

There are a few programs available to first time home buyers. I would welcome the opportunity to discuss the details. I live in Upper Marlboro and could also assist you with finding the right home as well.

Congrats on your decision to purchase a home!

Bridgette "Kyria" Chase
Exit Bennett Realty
301.974.7110 | mobile
http://www.BridgetteChase.com
0 votes Thank Flag Link Thu Oct 10, 2013
Yes there are. Many of them depend on your income and some require a brief training class. I have a great lender who can point you in the right direction. Message me if you'd like his contact info.
0 votes Thank Flag Link Thu Oct 10, 2013
Dear Sjackson 1399,

Yes, however in most transactions, the closing costs are negotiated and paid by the seller. The remaining cost to purchase then becomes the down payment. There is a program in Maryland that provides $5,000 from the state toward a purchasers down payment. There are some restrictions such as household income limit, credit scores that apply. You also cannot have owned a home in the past 3 years. You may contact us so that we can provide you with a lender to speak with to review your situation further if you like.

All the Best,
Liz and Cecil Jackson
Principal Broker
Jackson Premier Properties, Inc.
Office: 301-972-4181
http://www.JacksonPremierProperties.com
0 votes Thank Flag Link Thu Oct 10, 2013
Not only do some banks have special loan programs, but there are cities and non-profits that offer assistance to 1st time buyers. We are not in your area, so we don't know what is available in your area. Some of the programs run out of money toward the end of the year. So, you may have to wait until next year for assistance. We suggest that you meet with loan officers at two local banks to determine what type of loan you can qualify for. If you are currently in the military or have a relative who is currently in the military, the Navy Federal Credit Union may be able to assist you.
0 votes Thank Flag Link Thu Oct 10, 2013
Hi S. Jackson
There are a few options for closing cost assistance. If you are purchasing with FHA financing you can ask for as much as 6% of the loan amount in concessions. These concessions can come from the lender or seller. Below is an example to give you a clear understanding.
Purchase Price is $100,000.00
FHA Down Payment (3.5%) $ 3,500.00
Loan Amount $ 96,500.00
Total amount of concessions allowed $ 5,790.00 = 6% of the loan amount.
In most cases closing costs tend to be about 6% of the loan amount. However this will differ from state to state and lender to lender.

You can also in some cases get down payment assistance. This can from a multitude of sources; community programs such as your local board of realtors may offer some assistance, a gift and other sources. These will depend upon the organization and your community you live in.

If you have any questions please feel free to call me anytime.

Thank you
Chris J. Lewis, CDPE
Broker/President/Realtor®
Atlantic Winds Realty, Inc.
881 NE Prima Vista Blvd.
Port St. Lucie, FL 34952
Office: 800.732.4707 ext. 201
Mobile: 772.240.4969
Fax: 800.792.6812
Email: cjlewis1@bellsouth.net
On the web at: http://www.AtlanticWindsRealty.com and http://www.TCBankOwned.com
0 votes Thank Flag Link Thu Oct 10, 2013
You can get help with your closing costs from the seller or your lender. Either way, you're just rolling the costs into your loan either in the form of a higher interest rate or larger loan amount.

Best place to start is to hire an Exclusive Buyer Agent. EBAs only work with homebuyers and there is never a conflict of interest that will jeopardize your negotiating position. Visit http://www.naeba.org for a referral to an Exclusive Buyer's Agent in your area.

I've had a book published on Amazon called Buying a Home: Don't Let Them Make a Monkey Out of You. It'll be the best $6 you've ever spent. Follow the link below.

Best of luck!

Alysse Musgrave
214-734-3863
Alysse@HelpUBuyAmerica.com
http://www.helpubuyamerica.com
0 votes Thank Flag Link Thu Oct 10, 2013
SJackson,
You have many options regarding closing cost assistance.
Very often the HOME SELLER can provide that assistance. Reality is, most 'LENDER' assistance plans actually take the money from the seller also..
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You really need to consult your real estate professional and create the pruchase strategy that will make your purchase offer solid. If you are a marginal buyer, YOUR lender WILL throw obstacles in the pathway to success. The home owner (seller) know this and will not look faborably on your offer.
Your agent willl advise you regarding the best way to structure your offer.
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The agent representing the seller will protect them from the consequenses the seller will inherit IF an offer from a weak buyer is accepted. I'm serious, the seller can suffer severely because of a weak buyer, the lender they choose and the mortgage plan. That is why you MUST think about creating a solid. less risk offer.
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Don't defy reality. If you are shopping above or at the 'tippy-top' of what you can afford, you need to reassess your strategy.
0 votes Thank Flag Link Thu Oct 10, 2013
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