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Understanding 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 MoreHome Ready and Home Possible
There are two really great loan programs offered by Fannie Mae (Home Ready) and Freddie Mac (Home Possible) that combine low down payment loans with superior mortgage terms. These products even have better terms in many cases than standard conventional financing at a variety of down payment amounts. Program Highlights: 3% Down minimum for loan amounts up to…
Read MoreTax Advantages
I am not a tax advisor – but I often get questions about the tax advantages of home ownership. The below deductions assume you choose to itemize your deductions instead of taking the standard deduction. Here are the benefits: Deduct interest: When filing your income taxes, you may deduct the interest you pay on your…
Read MoreChenoa
The Alex Jaffe Mortgage Team now offers financing with no down payment from the buyer up to sales prices of $1,253,626*…and there is no income limit for the program! *Max sales price varies by county and $1,253,626 is applicable to DC and the counties that surround it, plus Frederick & Calvert County. This FHA loan…
Read MoreCo-ops
We’re able to help you finance your co-op in DC, MD or VA! Co-ops are a great option for home ownership in the DC metropolitan area that is very similar to buying a condo. Down payments can be as low as 3%-5%. There’s a maximum loan amount of $1,209,750. The loan products offered are similar…
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