It is my Fiancee's and Mine first time buying. We just do not know where to start. Are there any good first time buying prgms in Mongomery Cty?

Asked by bwilliamson, Frederick, MD Thu Jul 5, 2012

Both or our Credit are not that great but improving every day. She has way better than mine though. We are looking for MPDU or FHA possibly as well. The county keeps sending us in circles. You all seem to know the answers.

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15
brent mendel…, Mortgage Broker Or Lender, Bethesda, MD
Tue Jul 10, 2012
Whatever you need just let us know and we'll do our best.
Good luck and thanks.
1 vote
bwilliamson, Home Buyer, Frederick, MD
Tue Jul 10, 2012
Thank you everyone for your answers! You do not realize how much all of this has helped. We are going to weigh our options, and may be in contact with some of you.

Thanks Again!
1 vote
brent mendel…, Mortgage Broker Or Lender, Bethesda, MD
Fri Jul 6, 2012
Thanks Piero I'll even buy two cups. It's a two way street I know Piero would take excellent care of you as well and walk you thru all the steps and questions you may have. I have worked with him in the past and the clients found both of us on Trulia. We have the track record to back up what we say on here. And I don't want to start anything on here but trust me Realtors don't know lending programs as well as a lender does. If they do it's one in a million. Nor should they. It's not their job.
I have no idea how to list a home or what to offer on a property. it is or rather should be a clean division of labor with both lender and Realtor working in YOUR best interest.

No doubt there is tension at times between Realtors and lenders, sometimes for good reason. I understand why Realtors are hesitant to work with a new lender. If we as lenders drop the ball all the good work by the Realtors goes up in smoke.

No doubt the conventional wisdom is to find a Realtor first and let them connect you with a lender. Nothing wrong with that but lenders know the good Realtors, the ones who know a certain area and work with a lot of first time buyers. All I am saying is referrals are a two way street and there is no reason a lender can't refer to the Realtor. Now let the criticism begin!! :)

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
Piero Marinu…, Agent, Silver Spring, MD
Fri Jul 6, 2012
There are some great answers here, and the Montgomery County HOC suggestion could be a great one for you, depending on your situation.

If you need the name of a good lender to get your feet wet, start with Brent Mendelson who replied below. I've worked with him before, and he's a stand-up guy. Tell him to buy you a cup of coffee and ask away - you'll walk away with a much better sense direction.

And if you want an agent to sit down with, give me a holler. I would be glad to help.
1 vote
Greg Myers, Agent, Gaitherburg, MD
Thu Jul 5, 2012
bwilliamson,

The best first ttime home buyer program is the Montgomery County HOC ( Housing Opportunities Commision) program. You can purchase a home up to $425,000 and Montgomery County will loan you up to $21,250 to buy the home. Montgomery County has a "zero ' interest second loan program and if you live in the home for 5 years you do not have to pay it back.

A client just recently just purchased their first townhome for $259,000 and their total cost was $984.00.

Presently the Montgomery County HOC program is changing participating banks as the second loan program is funded through a Bond issue. While 1st Mariner Mortgage has been on the Montgomery Cty HOC "Prefered" lender list for years the bank has to re-apply as a participating lender.

You can contact me for details.

Greg Myers
RE/MAX Realty Group
1 vote
brent mendel…, Mortgage Broker Or Lender, Bethesda, MD
Thu Jul 5, 2012
Congrats on the upcoming purchase. I have a little different take on this as I believe I am the first lender to respond. Before talking to Realtors talk to a few local lenders and ask them what first time buyer programs there are. The ones popular in Moco are FHLB, HOC and CDA. All three have pros and cons. I know all three programs very well. First step is to think about where you need your monthly payment to be NOT how much home you qualify to purchase. Buying a home is about three things. Credit, income and assets. A lender will pull credit, determine income and discuss downpayment and closing costs. Talking to us is free and Google anyone you talk to for more information. Hope this gets you started and please let me know if you have more questions.
Thanks,
Brent Mendelson
1st Mariner Mortgage
Nmls#111407
1 vote
Charles Bail…, Agent, College Park, MD
Thu Jul 5, 2012
Do yourself a huge service, interview and choose a realtor first. They will advise and guide you through the entire process.
1 vote
Lisa Plushni…, Agent, NORTH POTOMAC, MD
Fri Sep 20, 2013
Hi....It's interesting...people ask me this question daily. The first time homebuyers save on transfer and recordation taxes mostly. There are different programs out there, but the best way to save being honest is having a great agent negotiate the closing cost being paid by the seller etc. This way you have less out-of-pocket when you go to settlement. I specialize mostly with buyers and there are ways to strategically help cost-wise for my first time homebuyers. FHA, you put down only 3.5% at the minimum, Conventional is 5%, and there is a program a Preferred Lender I work with personally uses called HOC. It is only for Montgomery County buying and has to be owner occupant. They will pay 3% of your down payment on an FHA loan and all you pay is .5%. The closing costs can still be paid by the seller as well. This is at least a place to start. Getting pre-qulaified is the only place to start. This begins with a 15 minute conversation with a Lender and then they will ask for W-2's ,Tax Returns to verify, and do a credit check. I believe 640 minimum for FHA and 720 for Conventional, I hope this helps:) Lisa
0 votes
Robin D Powe…, , Germantown, MD
Wed Feb 13, 2013
Yes Mr. Williamson. There are good First Time Home Buying Programs in Montgomery County. I, myself, have attended the MPDU orientation. I personally liked the program but it may not fit everyone's needs or plans. There is a program that offers up to 100% financing with no Private Mortgage Insurance. The qualifications vary of course and you must complete a Home Buyer Seminar. If you do not meet the qualifications, don't fret there are other programs. If you're credit is an issue, I'll be more than happy to work with you to help you. My goal is to get you in a home, now or later. If you have any questions or concerns, don't hesitate to call or email me. I'm here to assist you.
0 votes
Trevor Curran, Mortgage Broker Or Lender, Great Neck, NY
Thu Aug 2, 2012
Good morning bwilliamson,

I have a solution for you to get exactly the answer you need: Meet with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.

Mortgage Bankers are Direct lenders; your Loan Officer has direct access to an Underwriter and the latest updates in lending guidelines. Even if you are not qualified at this time, your Mortgage Banker can show you how to prepare to become a Homeowner in the future.

Good luck!
Trevor Curran
NMLS #40140
0 votes
Louise Capor…, Agent,
Wed Aug 1, 2012
The answer to your question is yes. Go to Montgomery County gov.com and hit the MPDU program and read the qualifications. You will need to take their class given on a Saturday. Sign up for it and then you will earn a certificate and learn about financing and how to then to check the wonderful opportunities available in our county to first time home buyers. Should you have any other questions or concerns please feel free to get in touch with me. Wishing you good luck and much success for your future. Louise.Caporaletti@L&NF.com.
0 votes
Charles Bail…, Agent, College Park, MD
Thu Jul 5, 2012
I must say again, find a realtor first. They will know programs as well as lenders. They will also know the best lenders to suggest. Real estate is a relationship based business so take advantage of your realtors experience.
0 votes
Lana Borzova, Agent, Gaithersburg, MD
Thu Jul 5, 2012
Good Afternoon Mr. Williamson,

Going from one lender to another and putting applications may lower your credit score and hinder your ability to buy a house in the near future. Would you please call me at 240-505-4244 after 7pm today? If that time is not convenient for you, please feel free to email me at
LanaBorzova@Gmail.com to set up another time for our conversation. I would like to get mote details about your situation before sending you to one of the lenders who I know very well and work closely with. Buy the way, I live in Germantown.

Sincerely,
Lana Borzova
Realtor
RE/MAX Town Center
office: 301-540-2232
0 votes
Jules Cole, Agent, Gaithersburg, MD
Thu Jul 5, 2012
I would be happy to give you some names of lenders who specialize in County programs for first-time homebuyers. A good lender will review your complete credit package and be able to give advice on how to improve your credit scores. Once they determine what you can afford, I would be glad to talk to you about affordable opportunities in the area geared to helping you become a homeowner. Feel free to call me if you have any questions.

Jules Cole
RE/MAX Realty Group
301-455-2265
askjules@verizon.net
0 votes
Lucy Kessler, Agent, Gaithersburg, MD
Thu Jul 5, 2012
Best to set up a consult with a Realtor who will get the ball rolling in the right direction.
I would be delightde to be that person. 301-502-5027
0 votes
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