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Rental Income from Current Home – Vacating for a new Home
If you’re a current homeowner intending to rent your current home and purchase a new primary residence, it’s helpful to understand what’s necessary for us to consider rental income in qualifying you. Utilizing rental income will require we document you have money in reserve, to account for the need to maintain and repair real estate,…
Read MoreFirst Homes for First Responders and Teachers – Maryland
Maryland Mortgage Program has improved its 1st Time Advantage program for eligible teachers and first responders…by lowering the mortgage rate for them by .5%! The program offers a down payment assistance loan of 5% of the loan amount, paired with a mortgage. First responders or teachers will need to work full time in Maryland, and…
Read MoreGifts
I am not a tax advisor. But many clients have questions about how gifts both affect their mortgage application and their taxes. I am happy to explain: Gift amounts There is no limit to the amount of the gift. You may receive multiple gifts from multiple sources. 2. Gift sources A gift can be provided…
Read MoreDown Payment Assistance Programs
There are down payment assistance and low down payment programs available both nationally and locally. I have written below the descriptions of each program to aid in understanding what is available. During your initial conversation, we will review your financial situation to see what is the best fit for you. For most first time buyers,…
Read MoreCritical Workforce Housing Assistance Program – Prince George’s
CWHAP – the Prince George’s County Workforce Housing Assistance Program – offers up to $50,000 in forgivable down payment and closing cost assistance for eligible buyers purchasing in Prince George’s County. The amount of the assistance is $50,000 or 25% of the purchase price, whichever is less. The money is forgiven 10% for each year…
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