Home Buying in Gaithersburg>Question Details

Melinda Bats…, Home Buyer in 20871

first time homebuyer looking for advice

Asked by Melinda Batson, 20871 Fri Oct 12, 2012

First time homebuyer in Gaithersburg; what programs I will qualify FICO score is 620 My gross salary is 52K Any hope for someone of my situation I know Mont Co is expensive

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That is a wise decision! I will be happy to help when you are ready. Just let me know and I'll send you information on homes that meet your needs and fit your budget. Take care!
1 vote Thank Flag Link Mon Nov 5, 2012
thanks both Suzanna and Carol for replying - working on some blemishes on my credit report before I start applying for prequalifying loans -
1 vote Thank Flag Link Mon Nov 5, 2012
Melinda, Looks like you received a lot of good advice. I recommend you start the process quickly. You obviously want to take advantage of the current interest rates but just as important home prices have already started rising. I recently worked with a couple of buyers in your situation and both are happy homeowners now. Most important is meeting with a lender to find out what you can afford to purchase and get an approval letter. If you see a home that works you will be ready to make an offer. Homes are not staying on the market long if they are priced right. I will be happy to meet with you at my office and introduce you to our in-house lenders and work with you through the home buying process. There is absolutely no cost and no obligation to meet with our lenders. Please feel free to call or email me with any questions and I will also be glad to provide references from my buyers. I hope to hear from you.

Best regards.

Joe Shaver, Realtor
RE/MAX Realty Centre
3300 Olney-Sandy Spring Road
Olney, MD 20832
Direct: 240-372-8666
Email: Joe@JoeShaver.com
1 vote Thank Flag Link Fri Oct 12, 2012
It never hurts to look. If you go HOC Mario at Monarch Mortgage is a great resource and will take good care of you. We currently do not offer HOC loans. Good luck.

Brent Mendelson
1 vote Thank Flag Link Fri Oct 12, 2012
Thanks Brent :)
Flag Tue Nov 6, 2012
thanks for those who replied - I guess the intimidating factor comes is dealing with the price. But for what I am paying for rent - I might as well look into asap before interest rates start to climb as well as home prices.
1 vote Thank Flag Link Fri Oct 12, 2012
Hi Melinda, it sounds like you need to speak to a loan officer. Brent, who answered below is knowledgeable and can help you understand what your options are.

Once you know what you can afford, then start looking at property. MoCo is expensive, but there are plenty of affordable properties available.

Good luck.
1 vote Thank Flag Link Fri Oct 12, 2012
Like others have indicated there is hope for home ownership. Montgomery County Housing Opportunities Commission (HOC) offers various mortgage programs that you may qualify for. They can even provide closing help. The process for HOC adds an additional 15 days and you must work with a preferred lender (very common lenders are preferred). However, the process for the home search remains unchanged. You must attend a 3 hours First Time Homebuyer Seminar but it very informative. Included the links below for your reference. And please let me know if you have any questions.

1 vote Thank Flag Link Fri Oct 12, 2012
So many great answers! There are many condos and small townhomes that should fit into your budget even in Mont Co. Now is a great time to buy with low interest rates it is often cheaper to buy than to rent. I think you will find something you'll love!
0 votes Thank Flag Link Fri Nov 2, 2012
Melinda: if you can take one more response. The answers have all been great. I guess the bottom line is to find an agent (and lender) who will help you put one foot in front of the other and help you achieve your goals. You need an agent with empathy who understands YOU and your situation. I have a lender who will tell you EXACTLY what you need to do to raise your score.

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

Nextage Realty
0 votes Thank Flag Link Tue Oct 30, 2012

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.
0 votes Thank Flag Link Fri Oct 12, 2012
Melinda, It is a reat time to think about buying a home with prices down and interest rates so low. It looks like my colleagues before me answered most of your questions on your score and the programs available. The HOC and there are other grant programs out ther for people working for the government, school teachers and Police and Fire Fighters. If you do not have a realtor to help you with your search and work with you on all of this feel free to give me a call and we can discuss the ins and outs of buying a home ! Sincerely,'Stephanie
0 votes Thank Flag Link Fri Oct 12, 2012
Hi Melinda,
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.

cell 240.353.5102
0 votes Thank Flag Link Fri Oct 12, 2012
thanks for the info
Flag Fri Oct 12, 2012

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.


Brent Mendelson
Senior Loan Officer
1ST Mariner Mortgage
Lending in all 50 states
0 votes Thank Flag Link Fri Oct 12, 2012
Hi Melinda - There is definitely hope but you need to speak with a lender to see what packages they have to offer for someone with your scores. If you are interested I can pass on the information of a lender that I know has been in the business for over 20 years and I'm pretty confident he can work with you. If interested feel free to give me a call or shoot me an email.
0 votes Thank Flag Link Fri Oct 12, 2012
Hi Melinda
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.
Web Reference: http://www.remax-md.com
0 votes Thank Flag Link Fri Oct 12, 2012
I would Call
Steve Barker
Market Leader
(NMLS 193999)
New American Mortgage
Phone: 443-629-8462
0 votes Thank Flag Link Fri Oct 12, 2012
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