There are many mortgage types. We can help you find the best one for your needs. Some special mortgage needs are:
First time home buyers
Buyers with VA benefits
Buyers with past credit problems
Buyers in Jumbo loan price ranges
Buyers who have a home to sell
Buyers with parental helpFirst time home buyers are often possible to qualify for first time buyer programs that offer special interest rates that help the home buyers. Counties and states provide incentive for first time home buyers and local mortgage companies will help you find the best loan for your needs.
Buyers with VA benefits qualify for a "now down payment" up to the legal VA loan limit. Further, sellers are permitted to pay ALL of the VA buyer's closing costs and in some cases, help pay off existing debts.
Buyers with past credit problems. If you are current with your monthly payments now but have delinquencies on your credit report can benefit from working with lenders who know how to help buyers with past credit problems.
Buyers in Jumbo loan price ranges. Jumbo loans are becoming harder and harder to get and home buyers benefit from working with local lenders who specialize in Jumbo loans.
Buyers with a home to sell. Working with contingent home buyers requires that the loan officer have access to loan types that will let borrowers use the equity in their existing home to finance the new purchase.
Buyers with parental help. Buyers can use co-borrowers who will not occupy the home under an FHA program. FHA is becoming more and more helpful to many borrowers.
TO SPEAK WITH US ABOUT YOUR FINANCING NEEDS, CONTACT Lenn Harley, Broker, Homefinders.com, 800-711-7988. E -mail
So many loan types are now available for home buyers in Bowie in Prince George's County today. A description of some of the more popular loan types are described below. If you have already purchased a home in Bowie, Laurel, Upper Marlboro or other location in Prince George's County or elsewhere, this information may be familiar to you . If you are a first time home buyer, you'll become familiar with some of the procedures. Conventional loans with rates fixed for 30 years, 10 years, 7 years, 5 years, 3 years, 1 year and several combinations of fixed and Adjustable Rate Mortgages (ARMs). Terms may be for 10 years, 15 years or 30 years or 40 years, with the amortization of 30 years the most popular.
Real estate in Frederick County is sells quickly. So, one you are sufficiently familiar with the real estate in Frederick County that you may be ready to make an offer on that "special home", you'll need a pre-qualifying letter from a qualified lender to accompany your offer. This will help you compete with other offers and the seller of your home of choice will be confident that you are credit worth when considering your contract. It's very important that you get the very best terms and conditions with the loan you use to finance your newly purchased home. We believe that home buyers should have information about the mortgage process so they understand the procedures and costs. You're going to be spending $Thousands of $Dollars and deserve to know the details of what the money is for and where it goes. These pages will help you get ready.
CONVENTIONAL MORTGAGE LOANS FOR REAL ESTATE IN BOWIE
By far the most popular loan type to buy a home in Prince George's County is the Conventional loan. These loans generally follow the Fannie Mae guidelines. Many of the Fanny Mae guidelines are designed to protect home buyers. However, many of the guidelines that lenders follow are designed to protect lenders. The guidelines require that buyers be credit worthy to reduce the likelihood of default.Borrowers using Conventional loans may have as little as 5% down or even Zero money down if a slightly higher interest rate is paid. Borrowers may devote up to 28% of their gross monthly income for housing. However, if the buyer has less than 20% down, they will be required to protect the lender by buying mortgage insurance. Payments for the mortgage insurance may be made up-front at settlement, approx. 1.25% of the loan amount. Payment for the mortgage insurance may also be made by raising the interest rate an paying in monthly installments. Or, buyers may use a combination of both. Buyers with 20% or more down are not required to insure their loan. In case of default, the buyer with 20% down will have sufficient equity to protect the lender.
CONTACT US for the loan limits for Conforming Conventional loan limits.100% and 103% LOANS FOR HOMES IN BOWIE.
Yes, you can buy a home with little to no cash down. You must have good credit and a reserve of approximately 3 months mortgage payments. But, the 100% home loan in Bowie is very popular and we work with several lenders who do a wonderful job.GOVERNMENT INSURED MORTGAGE LOANS IN FREDERICK COUNTY
Federal Housing Administration insured loans (FHA). Home buyers in price ranges that qualify for FHA loans will benefit from the lower down payment offered by the FHA insured loan when compared with the Conventional loan. Also, the qualifying ratios of the FHA loans are higher than Conventional loans. FHA permits borrowers to devote approximately 30% of their gross monthly income for housing. This loan is very popular for first time home buyers. Anyone can use the FHA loans, but a borrowers may have only one FHA loan at a time. CONTACT US for FHA loan limits for Montgomery County. These limits change from time to time.VETERAN ADMINISTRATION GUARANTEED LOANS
These loans are guaranteed by the Department of Veterans Affairs. Only active duty and military veterans can use this loan. This loan requires no down payment if the purchase price is at or below the maximum loan amount permitted. CONTACT US for VA loan limits. VA loans permit borrowers to devote approximately 30-35% of their gross monthly income to housing. These loan limits change from time to time.JUMBO CONVENTIONAL LOANS
These loans conform to the Fannie Mae guidelines for eligibility, meaning that, on average, the buyers may devote up to 28% of their before tax income to housing. These loans generally require a down payment of at least 5%. In exchange for a slightly higher interest rate, the lender will lend you money with no down payment and will even pay your closing costs. The higher interest rates are deductible and are often a good buy for folks with good income, good credit and little cash. CONTACT US for more information about Jumbo or Super Jumbo loans.
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