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Condo Fees
If you purchase in a cooperative, condominium or homeowner’s association, you will pay a fee to the association. This fee is determined by the square footage your home represents in the overall square footage of the association – you will pay a percentage of the costs. The members of the association will get together to determine…
Read MoreStudent Loans
It’s important to understand how your student loans affect your ability to qualify for your mortgage. For most people, the monthly payment of your student loans is more important than the balance. How it affects your qualifying ability depends on which loan program you select. Make sure to check out this link for info on…
Read MoreHow do rate changes affect your payment?
When interest rates rise, you may be concerned about how that affects your affordability of your monthly payment. Let’s break down how a rate shift affects your monthly payment on a 30 year fixed loan. For every $100,000 you borrow, a 1% change in the interest rate will shift the monthly mortgage by about $60/mo.…
Read MoreMaryland Grant Assist
Effective 5/18/22 this program is suspended until the state re opens the program. The Maryland Mortgage Program released a new grant program in 2017. Buyers can receive down payment and/or closing cost assistance of 4% of the loan amount. This grant comes from the state. It does not need to be repaid and is applied…
Read MoreMCC
As of 9/27/22 the MCC in DC is suspended due to funds being exhausted. The below references regarding the program being available in DC are hopefully available again once the program is funded. Maryland no longer offers MCCs (as of June 2020) As of 4/10/23 Virginia is also suspending MCCs. Meaning, MCCs are not currently…
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