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Medpal
Full time employees of Montgomery County and buying in Montgomery County may be eligible for Medpal, which provides a $25,000 forgivable down payment/closing cost assistance loan. This program is a part of the Maryland Mortgage Program but is an enhancement of the product, but only for county employees of certain departments. The assistance cannot…
Read More2025 Limits
Each year the Federal Housing Finance Agency (FHFA) announces changes to loan limits based on changes to average home prices. For 2025, loan limits for conforming and FHA loans are: Conforming or FHA: $806,500 Conforming Jumbo or FHA jumbo: $1,209,750 These numbers are increases from the 2024 numbers of $766k & $1,149k. A conforming loan…
Read MoreDC Tax abatement
DC Tax abatement is an incredible program, which allows for: 1. The buyer does not pay for the recordation tax, which is .725%-1.45% of the sales price. Also, instead of the seller paying the transfer tax (1.1%-1.45%), that transfer tax is credited to the buyer. The net change is a reduction in cost to the…
Read MoreTransfer Tax
First time buyer potential tax savings on closing costs: DC: .375% to .725 of purchase price MD: .25% of purchase price. In Maryland, home buyers who’ve never owned real estate in the state and are buying a primary residence are exempt from the state transfer tax, which saves .25% of the purchase price in…
Read MoreServicing
Watch the video to learn more about mortgage servicing. Pre-Qualify Now: https://ajaffe.firsthome.com/startapp ajaffe@firsthome.com 240 – 479 – 7658
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