Posts by Alexander Jaffe
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 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…
Read MoreHomeownership Equity Program Prince George’s County Maryland
The Homeownership Equity Program (HEP) offers a down payment & closing cost forgivable loan of $30,000 towards eligible first time home buyers in Prince George’s County, Maryland. The $30,000 is forgiven after five years of residency (20% of it is forgiven annually). The assistance is available for county properties within the 495 beltway, or if…
Read MoreDSCR
The DSCR loan program is a 15%+ down payment loan program for 1-4 unit properties for real estate investors. We analyze the rental income from the property versus the property’s payment. We want the rental income, as determined by the appraiser’s opinion of market rent, to exceed the housing payment. For instance, if a property’s…
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