How does the Chenoa Fund work? The Chenoa Fund provides second mortgages to be used with FHA loans to cover the minimum down payment requirement when purchasing an FHA-insured home. In effect, pairing the DPA with an FHA loan requires no money from the borrower, and the entire cost of the house is financed. The …
MEP’s Rate Protection Program is a win-win for borrowers!
Every rental payment you make is building equity for someone else. Home values are predicted to continue to appreciate. The prices you see today are going to continue to rise. Don’t you want to realize that appreciation for yourself? MEP’s Rate Protection Program (RPP) allows you to get off the sidelines and buy the …
Continue Reading about MEP’s Rate Protection Program is a win-win for borrowers!
Mortgage options for self-employed borrowers
Why is self-employed different? Self-employed people often struggle to qualify for a home loan because their income is challenging to verify. Traditionally, lenders will ask to see a borrower's W2s and tax returns. Since Maryland business owners do not get W2s and often use tax write-offs for business expenses, their …
Continue Reading about Mortgage options for self-employed borrowers
Baby boomers and retirement
The best routes for retirement Baby boomers own the most significant portion of housing value nationwide. Data from the Federal Reserve shows that total real estate wealth in the fourth quarter of 2023 was $44.84 trillion, and boomers claimed an impressive $18.65 trillion (42%) share of that value. A baby boomer is …
Can I get a mortgage without a 2 year job history in Maryland?
How important is stable employment when applying for a loan? Stable employment is a crucial factor in the mortgage approval process. Lenders value Maryland borrowers with consistent job histories since they demonstrate financial reliability. A steady job ensures a reliable income, reducing the risk of borrowers …
Continue Reading about Can I get a mortgage without a 2 year job history in Maryland?
MEP’s Advantage Down Payment Assistance Program
What is the benefit of down payment assistance? DPA is one of the best tools homeowners have in today's market to make homeownership more affordable for Maryland Residents. These programs provide a possible solution to help homebuyers who need financial support. With a shortage of affordable housing across the …
Continue Reading about MEP’s Advantage Down Payment Assistance Program
