You have lots of questions that could be answered with a phone call. You ask about the $8,000 tax credit. It is gone, but my clients have access to $5,000 to $7,500 in grant money if they are first time buyers. The interest rate you pay will be determined by your lender. It will be based on your credit score and the type of financing you choose. As far as starting the journey without a real estate agent, seems rather illogical. You wouldn't travel somewhere that you have never been without a map or gps. An agent won't cost you money.
I have the time to speak with you. You can decide if you want to move beyond the conversation.
Your next step is to find, interview and hire an agent to assist you. There is no cost for this service and the right professional can guide you through the entire process with ease. Don't try to go this alone!
Congrats! You are on the road to purchase your home. I would start with interviewing and choosing a Realtor to represent you in this process. A Realtor will guide and help you thu the entire process and looking out for your best interest and negotiate the best possible deal for you. Your lender should be able to break down all the costs for this property and will show how much money down you need to have, what your monthly payment is going to be etc.
I hope this helps and if you have any other questions feel free to contact me.
Dee Campbell, Realtor
Keller Williams Realty
The tax credit ended last spring, so right now there is no 8k credits.
As far as making an offer and getting credot towrds closing, a buyer broker can assist you in looking our for your best interests and guiding you through the buying process. I recomend that...
Please see my blog for more assistance on getting a mortgage
Congratulations on your preapproval. As you look keep in mind that for FHA you will need 3.5% down payment. Those funds must come from you but you can indeed ask for closing help which should run roughly about 4%. Some strategy has to be used when asking for closing assistance which I'd be happy to review with you. I do highly suggest getting a REALTOR now who can offer you direction in finding the closing programs available (like NACA or CDA). The seller pays the REALTOR commission so why not get an agent to assist you now? I wrote an article on how to choose the right REALTOR for you. http://ariana.featuredblog.com/?p=14
As for your monthly payment, you want to be mindful of the property taxes on the homes you view. I have a home for sale now in District Heights and the property taxes are $3681, which is $306 monthly added to your mortgage. If you have any further questions, please feel free to contact me directly and it would be my pleasure to assist.
Keller Williams Realty Centre
1.Down payments can vary by the type of loan you decide to use. So if you switch form an FHA loan into a conventional, or some other type, your down payment can vary as well.
2.Maryland does have a first time home buyer transfer tax credit, but the $8000 program is gone. I have found that you can usually get at least $8000 from the seller through negotiating a lower price, and or closing help.
3.Get your Realtor, get your local mortgage lender, find out what mortgage you should get in order to keep your mortgage payment at the level you feel comfortable.
I do not work in that area, but if you would like I can recommend 2 good agents who do work in that area and they would be happy to assist you,
Enjoy the house hunting!!!
Patrick Dugan http://www.Patrick4Homes.com
$5000 should be plenty for your earnest money deposit. This should also be sufficient to cover your down payment for FHA.
You can expect a rate somewhere around 4-4.25% depending upon when you lock in.
You will have the State portion of the transfer taxes for Maryland waived as a first time buyer. There are no longer any Tax Credits available for first time buyers. The $8K credit expired in the spring of this year.
You want to negotiate for the seller to pay all of your closing costs. It should run about 5K. This should be written into the contract to be paid on your behalf.
Your payment will be less than $1000 with Taxes and Insurance included.
Call me if you want an experienced (28 years) to assist you in negotiating the best deal. It is no cost to you - the seller pays my fee.
Good Luck -
Maryland, Virginia and District of Columbia