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Federal Home Loan Bank
FHLB funds are currently exhausted until replenished! The Federal Home Loan Bank (FHLB) program provides a $15,000-$20,000 grant or forgivable loan to be used towards down payment and closing costs. There are three programs: The Workforce Housing Grant offers a $15,000 grant, to home buyers with incomes from 80-120% of area median income…
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 MoreHomestead Deductions in DC and MD
If you buy your home in DC or in Maryland, and will live in the property, you will want to apply for the homestead deduction. The homestead deduction will limit how much your property taxes can increase annually and potentially reduce your tax bill. In DC, with the homestead deduction your taxable assessed value will…
Read MoreAppraisal Waiver
Many buyers and agents ask if it’s possible to purchase without an appraisal. Or, if they can waive an appraisal contingency in their contract without increasing their risk. The appraisal waiver / value acceptance can help with that – and here’s how it works. Fannie Mae and Freddie Mac (government entities) require we upload…
Read MoreFamily Lending
Mortgage guidelines have specific rules on allowable sources of funds for down payment and closing costs. In most instances gifts from family are allowed. Gifts are money that will never be repaid. Sometimes clients ask about getting loans from family for their purchase. This blog post overviews the rules for this arrangement and copies guidelines…
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