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Escrow Analysis
Expect an escrow analysis once per year, mailed to you. Please be sure to read it to understand how your mortgage payment is changing. The escrow analysis looks back at property tax and insurance costs incurred over the last year. It’ll recalculate what should be your monthly payment to your escrow based on that. Escrow…
Read More1st Time Advantage
Maryland Mortgage Program has numerous loan programs, and 1st Time Advantage is the most common Maryland Mortgage Program product we offer, because it comes with a down payment assistance loan of up to 5% of the loan amount. This program is for first time buyers in Maryland and is available throughout the state. 1st Time…
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 More2024 Limits
Each year the Federal Housing Finance Agency (FHFA) announces changes to loan limits based on changes to average home prices. For 2024, loan limits effective and available today are Conforming: $766,550 Conforming Jumbo: $1,149,825 See announcement here: https://www.fhfa.gov/Media/PublicAffairs/Pages/FHFA-Announces-Conforming-Loan-Limit-Values-for-2024.aspx These numbers are increases from the 2023 numbers of $726k & $1,089k. A conforming loan allows 3% down…
Read MoreImproving HPAP
Today I was given an opportunity to meet with DC Government and share insight on HPAP. DC homeownership (and housing) is unaffordable to many, and HPAP can fix that for some. And the tens of thousands of homeowners since 1980 who’ve been through the program successfully are a testament to that (including 480 of them…
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