Home Buying in 20878>Question Details

JR, Other/Just Looking in Gaithersburg, MD

I am looking to buy a single family or a townhouse to live in by February 1, 2013. I have a credit score that is above 700 and make $46000 a year.

Asked by JR, Gaithersburg, MD Mon Dec 17, 2012

I would be a first time home buyer, and I completed the Montgomery County First time home buyer program in which I received my Certificate. The areas I am looking at are Gaithersburg and Germantown. Looking for at least 2br and 2 baths, with finished basement and definitely modern. Where should I start?

Help the community by answering this question:

Answers

14
Brent Mendelson’s answer
John,

Please feel free to contact me regarding down payer assistance programs such as FHLB. I will explain the program and pre approve you for the grant and the loan in general. The good news is FHLBank Atlanta will begin accepting new applications on Monday, January 7, 2013.

This is the earliest that the money has been available for this program. Please feel free to contact me for further details. Hope this was helpful and please let me know any questions.

Thanks,

Brent Mendelson
Senior Loan Officer
1ST Mariner Mortgage
O-240-235-5314
C-301-412-0259
F-240-235-8236
Bmendelson@1stMarinerbank.com
Lending in all 50 states
nmls#111407
1 vote Thank Flag Link Tue Dec 18, 2012
wow. I see you have 10 Agents below that already responded.
I don't see that anyone has mentioned the 100% financing program that is available in Montgomery County. Many of my clients who started with FHA, ended up using this program.

You make under the maximum Income allowed, and you have sufficient credit scores... to qualify for the program.
If you have no debts (credit cards, car payments, etc..) you probably qualify for up to a $1,500 total monthly payment.

If you give me a call, I'll be happy to run the numbers for you and give you more details about the program. I also wrote about it here;
http://www.choicerealestate.net/blog/buy-a-home-in-maryland-…

Best of luck,
BJ Matson
1 vote Thank Flag Link Tue Dec 18, 2012
Hi JR,
Everyone has given you great advice and I agree that you should first talk to a reputable lender. You have already started the legwork upfront with the homeowner class, so the only thing left is to get pre-approved for a loan before you start shopping for a home. That will help you stay within your budget and monthly payment target.

There are a lot of lenders in this area and I would be happy to send you a few names of reputable lenders who work specifically with first-time home buyers. They have a proven track-record and can advise you on the best program for your needs. There are also specific lenders who have grant money available to help you with the costs associated with the purchase. I would be happy to help you in this first step.

Jules Cole
RE/MAX Realty Group
301-455-2265
Web Reference: http://www.askjules.net
1 vote Thank Flag Link Tue Dec 18, 2012
JR, talk to a lender first, but don't just walk into a bank branch. Your best options are likely available from mortgage-specific companies. If you want a couple suggestions, let me know.
1 vote Thank Flag Link Mon Dec 17, 2012
JR, talk to a lender first, but don't just walk into a bank branch. Your best options are likely available from mortgage-specific companies. If you want a couple suggestions, let me know.
1 vote Thank Flag Link Mon Dec 17, 2012
BJ is right JR-there is a killer no money down and no monthly mortgage insurance loan out there for your income/credit score .
Give a shout if I can help.
susanmcfarland@mris.com
0 votes Thank Flag Link Tue Dec 18, 2012
One of the best places to start is with a Realtor. A Realtor can set you up on an automatic email list that will notify you immediately of any new properties on the market that meet your criteria. Feel free to contact me at JoanLord@HorizonRealty.com or 301-471-2023 cell/text.
0 votes Thank Flag Link Tue Dec 18, 2012
Get prequalified first by a lender or broker. Then, get yourself a good real estate agent. With that score it should be fairly easy. Good luck!
0 votes Thank Flag Link Tue Dec 18, 2012
JR-- Since you are looking to move by February 1st, it is important to start the process as soon as possible. I can provide you with recommendations of great lenders as well as help you through the process of finding and purchasing a property. If you would like to discuss further, please call me today at 240-603-9700.

Raya Sella; realtor
Long & Foster Real Estate, Inc.
189 Kentlands Blvd
Gaithersburg
0 votes Thank Flag Link Tue Dec 18, 2012
Congratulations on your decision to buy - it is a great time to do so! Speak with a reputable lender to get qualified. That is your next step.

Good luck!
0 votes Thank Flag Link Mon Dec 17, 2012
I work at the Rio in Gaithersburg so the furthest in Germantown I would live would be by Father Hurley. I am going to look for a lender too next week?
0 votes Thank Flag Link Mon Dec 17, 2012
There are many homes in those areas which will suit your needs. We specialize in specific neighborhood is both of those towns. Check out http://homesmontgomerymd.com/neighborhoods/gaithersburg/ and http://homesmontgomerymd.com/neighborhoods/germantown/ to get a sense of what's nearby. Please let me know if you have any questions about either city or a specific neighborhood.

I look forward to hearing from you.

Leslie Dicken
Buyer Specialist
The Myers Team
Re/Max Realty Services
301-646-5512
0 votes Thank Flag Link Mon Dec 17, 2012
The 1st thing would be to get pre-approved by a lender so that you know what programs you can qualify for and what the payments will be.

Where do you currently work? If you want to be closer to work that would determine if you want Germantown or Gaithersburg and which side of 270 would work best for your commute. Also, Germantown will be cheaper than Gaithersburg. Are you looking for a deal to then do some updating to the house?

Once you are pre-approved and are comfortable with the payment amount then you will be able to start looking at homes that meet the criteria you are looking for in a home. Normally it takes 30-45 days from the time an offer is ratified to settlement, depending on the loan program.

I would be happy to assist you in looking for a home and recommending lenders, if you don't already have a lender or realtor.

Please feel free to call, text or email if you would like further assistance.

Sincerely,

Shelley Green
The Banner Team
Long & Foster Realtors
240-401-5875
Shelley.Green@Longandfoster.com
0 votes Thank Flag Link Mon Dec 17, 2012
Congratulations! You have taken some phenomenal steps in your journey to becoming a homeowner. Have you sat with a lender, perhaps recommended by Montgomery County FTHB program, to determine how much home you can afford? In the meantime I have set up a personal search especially for you according to your specifications. Click on http://bit.ly/Zeqpwq to see 55 listings that meet your needs in the Germantown/Gaithersburg area.

I look forward to connecting for all your real estate needs.
0 votes Thank Flag Link Mon Dec 17, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer