Joe Shaver, Realtor
RE/MAX Realty Centre
3300 Olney-Sandy Spring Road
Olney, MD 20832
Once you know what you can afford, then start looking at property. MoCo is expensive, but there are plenty of affordable properties available.
Every buyer is important to me and as a resident of this area, I will make sure you find exactly what you love.
Carol Moulton, Realtor
HOC uses FHA financing and this may end up being your best option but you need to consult a Realtor. There are many programs to help with down payment assistance, if needed. Unfortunately, without knowing your situation, it is hard to guide you accordingly. Lenders will push the programs they have available so it is best to talk with a few reputable lenders. There are conventional financing options that may be better suited for you depending upon your down payment. You may be limited based upon your FICO score. FHA likes a 640 minimum credit scrore. Bill Rozek with Embrace(301-325-6399) can go lower than 640 score. However, with a little counseling, we may be able to get your scores higher which will get you a better rate and enable you to buy more. Realtors usually work with several lenders and can help direct you to one that is best suited for you.
Anh Boeshc is right. HOC sounds like the solution you're looking for. HOC has recently changed the way they do things.
One of the changes is that the loan officer as well as the Lender has to be on their approved list. Seeing a Lender on their list doesn't mean that every loan officer working for that lender is approved to originate that loan. You'll have to call and ask for their approved loan officers working with the program.
I'm one of 4 loan officers in my mortgage company that is approved to do these loans.
Another First Time Home Buyer program would be the GRANT program. $52,000 exceeds the maximum limit allowed for a sinlge person however it's within the max for a family of 2.
Feel Free to call me if you have any questions.
Congrats on the upcoming home purchase. You should meet with a good local lender who specializes in two areas. First time buyers and also credit improvement. I do both. Take a look at this http://www.examiner.com/article/lender-advice-for-first-time
It's a good place to get started. A good lender will pre-qualify you and walk you thru the steps and also any programs that are available to help with some first time buyer grants.
Hope this was helpful and please let me know any questions.
Senior Loan Officer
1ST Mariner Mortgage
Lending in all 50 states
Plenty of hope! You may need to use FHA financing depending upon your down payment. There are special financing options available as well within the Gaithersburg City limits. You need to find a Realtor your comfortable with to get started. I would be happy to meet with you without obligation to discuss your options. Our office sells more real estate in northern Montgomery County than any other brokerage. Pllet me know.