Since it inception in 1934, the FHA loan programs has been the most popular government back programs in the US. In fact, with a flexible credit score and down payment required, it allows more people to access homeownership. in effect, with a credit score above 580, a down payment of 3.5% is needed. Whereas a… Continue Reading
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
While looking to purchase the perfect house, we are confronted with different type of architectural styles. In fact, it can become besetting to properly differentiate and understand each type. Below, you will be provided with a brief description of various architectural styles. Cape Cod This style of architecture started in the Mid 20th century. a… Continue Reading
A short sale is a transaction in which the Seller is selling a property at a price lower than the amount he/she owes the bank. The bank is the ultimate decision maker. In fact, given that the bank will be faced with a lost, it will decide if the price is adequate or not. Prior… Continue Reading
A French drain is a trench covered with gravel or rock containing a perforated pipe that steers water away from an area. A French drain can be installed indoor or outdoor. The purpose of a French drain is to capture water and transport it away from the property. By doing so, water infiltration in the… Continue Reading
As of July 3, 2018, single family dwellings are exempt from TOPA . There is an exception, current tenants who are elderly or have a disability, retain their TOPA rights for the duration of their tenancies as long as they signed rental agreement by March 31, 2018, and taken occupancy by April 15, 2018.
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