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Home Buying in 21740 : Real Estate Advice

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  • Home Buying11
  • Home Selling3
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Activity 11
Thu Mar 16, 2017
answered:
Hello, I'm a mortgage professional.

Yes, there are programs that require as little 3% down payment, you can even roll some closing costs into the loan.

If you would like help with this or have any questions you are welcome to get in touch with me. ... more
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Tue Dec 1, 2015
answered:
Mortgages are based on the lower of the sale price or appraised value. The asking price has nothing to do with the mortgage.
You can offer more than the asking price, as long as the property will appraise. Build in Seller Contribution to be applied to your closing cost. On FHA and USDA loans you can get up to 6% of the sales price applied towards your closing cost. In most instances, you can get in for little or no money. These are legitimate mortgage programs , designed for low to moderate income families.
Add 4% to the Asking price and ask for 6% Seller Contribution. Be careful not to ask for too much, because you can only apply real cost , don't leave money on the table. A good Lender can calculate how much money you will need to get from the Seller. gmakrides@ihmcloans.com
... more
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Mon Mar 2, 2015
Madelyn Periard answered:
How much is lot rent? Could this be a no money down? I have fallen in love, but have no money. How much is closing cost?
0 votes 2 answers Share Flag
Tue Feb 10, 2015
Barbara Stellway answered:
Lenders usually ask for the well test results based on the tests the buyer asked for in the contract. In my experience, once the well test results are produced and are within the potability ranges for that specific test, I do not see how or why a lender would decline a loan on the basis of the water test. If you send the lender a bad test, that is a mistake. The seller has to correct a bad water test with appropriate treatment, depending on what the problem is, and produce a clear re-test. Once problems with the well have been corrected, the tests should then be sent to the lender. ... more
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Wed Dec 18, 2013
Jeanine McVicker answered:
One of the GREAT things about living in the Hagerstown City Limits right now are the programs available to home buyers through the Hagerstown Home Store. Not only do they offer you education, but they also offer grants, sometimes up to $11,000 to put toward down payment or closing costs. These programs are very helpful for first time homebuyers! ... more
1 vote 7 answers Share Flag
Fri Sep 13, 2013
Greg Myers answered:
Jeff,

This question is a little dated so I am not sure if you proceeded forward with your purchase. Your sales contract would have to contain the language " purchase subject to the existing lease"".

Some lenders may have a underwriting issue with a existing lease or tenant occupancy beyond 90 days. Here's WHY. Your home purchase is an "Öwner Occupant" using lending guidelines as an owner occupant. What if you renewed the tenant's lease and never moved in..now your an investor.

Check with your lender for specifics or delay the settlement date to with-in 90 days of the end term of the lease.

Greg Myers
RE/MAX Realty Grouup
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0 votes 4 answers Share Flag
Fri Sep 21, 2012
Kari Shank answered:
Hi Paul-If you would like to keep you current home I would suggest looking into any modification options that may be available through your mortgage company. If you don't plan on keeping home or if the modification options do not work out for you I think that a short sale may be best for your situation. You want to make sure that you find an agent that is very experienced in short sales and one that will guide you through the entire process-this will be very important to make this process as easy as possible and also give you the best chance for a successful short sale. If you have any further questions on your options please let me know! Best of luck to you! ... more
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Tue Jul 24, 2012
The Roskelly Team answered:
Based on the small amount of information provided I would say yes. An entire additional level of living for only $8,000 seems very reasonable.
0 votes 5 answers Share Flag
Mon Aug 23, 2010
Mary Matthews answered:
Contact a Realtor who will work for you as a buyer's agent. The Realtor can do a market analysis on the property for you . That particular property is unique. At one time that was a wonderful home with lots of interesting features. Over the years a lot of those features have been destroyed. ... more
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Tue Mar 3, 2009
Cindy Maves answered:
Hi Chi:
I see that you have a few different questions regarding buying your first home, where to buy and buying a foreclosure.Prices of homes have dropped in price in both counties and there are many foreclosures. Location always remains the key when buying a home. Homes that are closer to DC will hold there value more than homes further out.

You haven't mentioned whether you are working with a buyer agent. A good Realtor will be able to provide you the information that you need to make an informed decision of what is the best decision to suit your needs.

I would be happy to help.
cindymaves@northropteam.com
... more
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