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
An REO property, is a property that has gone through the foreclosure procedures and failed to sell at a foreclosure auction. After the Auction, the property goes back into the bank or institution’s portfolio. Once owned, by the bank, the property is then placed for sale, typically at a discounted price compared to non REO… Continue Reading
Rates have been improving lately. lower rates can help lower monthly payments or Help qualify for a higher price point.
A credit score plays a big and important role in purchasing a house. in Fact, the credit score will dictate the amount that one qualifies for as well as the interest rate and payments. A Good score will provide for a lower rate which could translate in lower payment and possibly higher approval amount. It… Continue Reading
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