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Gifts
I am not a tax advisor. But many clients have questions about how gifts both affect their mortgage application and their taxes. I am happy to explain: Gift amounts There is no limit to the amount of the gift. You may receive multiple gifts from multiple sources. 2. Gift sources A gift can be provided…
Read MoreMulti-Unit 5% Down
With a conventional loan we are now able to finance primary residence multi-unit properties of 2-4 units with 5% down without income limits/caps! To put down 5-24.99%, a buyer will need to occupy one of the units for minimally one year after purchasing. Learn more Https://alexjaffe.com/occupancy If a buyer wishes to invest and not occupy…
Read MoreUnderstanding Closing Costs
There are five primary categories of closing costs: Lender fees Title Attorney costs, including title insurance Transfer taxes to local government Real Estate Agent Commission/Fee Upfront deposits for escrows and prepaids In addition to the main categories, there are going to be miscellaneous costs which vary by transaction. For instance if you are buying a…
Read MoreMedpal
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…
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