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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 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 MoreSabotage
DON’T MOVE YOUR CASH/SAVINGS AROUND: We have to verify all funds for closing, including the source of those funds. Moving assets around can create a paper trail nightmare. The best advice is to leave everything where it is, even if the purpose of the move is to pool your funds for buying the house. After…
Read MoreCo-signing
A co-signer is a mortgage loan applicant who co-applies with a home buyer to help the buyer qualify for their mortgage. This co-applicant is typically a family member who does not plan to occupy the property the home buyer is purchasing, and is therefore labeled a non-occupant co-borrower (or co-signer). Adding a co-signer to a…
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