Blog
Maryland 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…
Read MoreARMs
Adjustable Rate Mortgages (ARMs) offer lower start rates on mortgages with the risk that the rate will adjust in the future. The most common ARM is the 7 year ARM, wherein the rate is set for 7 years but then adjusts annually after that. But there are also 3, 5, and 10 year ARMs available. …
Read MoreDC Lowers Transfer Taxes for First Timers
DC’s city council just voted in a reduction in transfer taxes to .725% of the purchase price. This is a first time buyer benefit for eligible purchasers whose income is less than 180% of the area median income. That income cap is going to be approximately $190k a year. This looks to go into effect…
Read MoreDC Open Doors Top Producer
The DC Housing Finance Agency just celebrated its third anniversary and the close of the third fiscal year of the DC Open Doors program. I have been fortunate to be recognized as the top producer of the program every year, as well as being the loan officer who closed the first loan in the program…
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