Who is a first time home buyer?
The definition of a first time home buyer can vary from state to state. In the state of Maryland and the district of Columbia, a first time home buyer is a person who hasn’t own a property for the past 3 years prior to purchasing another property. Purchasing a property in a targeted area qualifies… Continue Reading
Chenoa fund
The Chenoa fund is administered by the CBC mortgage agency. It is designed to facilitate home-ownership by providing down payment assistance to qualified buyers. The assistance can be used for FHA and conventional loans as well. FHA Loans Chenoa Fund DPA Edge: Soft Second product: The borrowers need to have a score of 620 at… Continue Reading
Homeready from Fannie Mae
The homeready program could be a good alternative for folks with limited funds. Unlike FHA or other programs, this program allows borrowers to put as little as 3% down. One of the highlights of this program is the fact that the mortgage insurance is cancellable once the balance falls below 80% of LTV, and cancelled… Continue Reading
Inclusionary Zoning
With increasing housing price and some buyers’ criteria, certain neighborhoods can become unaffordable for some buyers. In an effort to help homebuyers and renters abilities to afford living in neighborhoods that would typically be outside of their price range, the District has a program called the IZ ( Inclusionary Zoning). This program called on Home… Continue Reading
