What is the difference between a second mortgage and a HELOC? Many mortgage industry terms are confusing to consumers. Multiple names often describe the same loan product or mortgage program. A second mortgage is one of those terms. A second mortgage is a loan you take out using your house as collateral while you still …
Maryland Down Payment Assistance
Maryland Mortgage Programs The Maryland Mortgage Program has some extremely generous mortgage programs with down payment assistance (DPA) and flexible qualifying guidelines to make owning a home affordable for more borrowers in Maryland. The programs include conventional and government loan options for first-time homebuyers and repeat buyers. 1st-time Advantage Programs The 1st-Time Advantage line of …
What is Down Payment Assistance?
What is Down Payment Assistance? Of the many steps to homeownership, the one that is often the most difficult for credit-worthy first-time homebuyers is coming up with funds for a down payment and closing costs. For example, borrowers with high student loan payments or low to middle income may not have extra cash to set …
RIHousing $17.5K DPA update
As of March 5, 2024, the RIHousings $17.5K Statewide DPA program is closed to new applications. The success of this program is evidenced by the fact that these funds were depleted in less than two months. Not to fear though, the RI Housing’s $15K DPA program is available. RI Housing’s $15K DPA provides $15,000 in …
How FDR helped shape the current housing industry
FDR was concerned about housing issues when he was governor of NY. As President, he supported housing reforms as part of his platform, and lenders and homeowners can still feel the impact today. FDR became President in 1933 when many people were living in poverty due to the Depression and economic and global unrest. During …
Fannie Mae and Freddie Mac offer $2500 credit
Fannie Mae and Freddie Mac offer $2500 credit for lower income families Fannie Mae and Freddie Mac have announced a $2,500 credit for low-income borrowers to make homeownership more accessible. Fannie Mae and Freddie Mac recognize that down payment and closing costs remain a significant barrier to homeownership for many borrowers. Fannie Mae and Freddie …
