Patti Shawgo - Loan Officer, Grant Program Guru

If you have good credit and have at least 3% to put down you are in excellent shape! While it's possible for people who don't meet those qualifications to get a mortgage, it could just be a little more difficult. Though there's been much in the news lately regarding the economy and the credit crunch, much of the tightening of mortgage guidelines had already been put into effect over the last year and half.

Your biggest concern right now is going to be timing of your purchase and rates. In the last couple of months interest rates have been VERY volatile, swinging from year highs to near year lows.

Good luck and if you'd like to talk to someone from a reliable, local bank, I'm here for you. - Sat Oct 25 2008, 15:55

There are voucher programs like section 8 that help people with purchasing houses if that's what you are asking about. You want to speak with the local agency that adminsters the program or a local housing counseling agency in the area you are looking to buy.

Hope that helps! - Fri Oct 24 2008, 06:13

Now...from experience, I am being negative on these short sales, but understand that the bank who is going to accept or deny your offer did not set that price. Frequently, buyers who are on the brink of foreclosure will list the property really low...this doesn't mean the bank, who is going to accept or reject your offer, has had any input into the decision of this sales price.

I'm not saying this is the case with this property you are talking about, but be sure your realtor talks to the listing agents and feels it out. And get's a real answer....like...the seller or the agent has had communication with the lender and has been given a range that they are willing to accept.

Good luck! This is my own personal feeling and experience with short sales, and I don't mean to be negative....but i don't want to sugar-coat it for you either. - Fri Jul 11 2008, 19:22

Here is the link for PG county foreclosure sale notices: http://class.somdnews.com/classifieds-bin/classifieds?tp=SOU…

Also, you can search trustees sales or substitute trustee sales and you will find a bunch, or go to the website of the auctioneers/lawyers you see.

But please.....let me tell you my .02

At the foreclosure auction, generally less than 25% of the properties being auctioned sell. Go ahead and go and educate yourself, but you will learn for yourself.

At the auction, understand that you are taking on an enormous responsibility and the banks are taking on very little. You generally must pay 100% transfer and recordation taxes, plus all interest from the day the foreclosure is final until you settle at the rate the person who was foreclosed on was paying.

Besides those awful terms, the banks at the auction have a bottom number they are willing to take which is based on what they have appraised the property at.

This is solely my opinion on the situation, but for whatever reason, you are better off waiting until the property is no longer a short sale and after it's gone to auction, then the bank will list it as it's own listing and be more flexible with the price.

This is not logical...it is simply the way foreclosures seem to be working right now in Maryland in my opinion....jumping off my soap-box. - Fri Jul 11 2008, 19:16

The buyer's lender is really the one that orders and owns the appraisal, and you may want to see if you can speak with him/her since there is no agent involved for you.

As long as the buyer is not getting an FHA or VA loan, there should be no issue with getting a second appraisal completed. If it is FHA/VA once the appraisal is registered for a property you can't have a new one for 6 months. You can get the appraiser to adjust things on that appraisal, just no new appraiser.

However, PG county is considered a declining market by lenders/appraisers and be prepared for some scrutiny of a new higher appraisal if the comps are being forced a little bit to make it work.

As a side note....are they first time home buyers? have they looked at programs to help with closing costs that you wouldn't have to give a concession for? if they are, check out: http://www.morehouse4less.com that is a state program and can give 2% or 3% grants. That program is called CDA, but there are a bunch of other programs as well, if they are 1st time buyers and fit within the income guidelines.

Good Luck! - Fri May 23 2008, 06:02