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 …
Maryland Housing down payment assistance programs
The 1st-Time Advantage line of programs is only available for first-time homebuyers unless they purchase in a targeted area. Maryland's targeted areas are determined by the US Census Bureau and are areas with fewer restrictions for homebuyers using Maryland Mortgage Programs. A borrower is considered a first-time …
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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 …
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The difference between DSCR/DCR/DSR
What is the difference between DSCR/DCR/DSR? These terms are interchangeable. A DSCR is an important term used to measure a property's ability to cover its debt obligation. DSCR stands for Debt Service Coverage Ratio DCR stands for Debt Coverage Ratio DSR stands for Debt Service Ratio What is a DSCR …
Benefits of a VA IRRRL
What is a VA IRRRL? A VA IRRRL loan is an Interest Rate Reduction Refinance Loan (IRRRL), sometimes called a VA Streamline loan offered by the U.S. Department of Veterans Affairs (VA). When interest rates drop, many Maryland Veterans and other homeowners with VA loans consider saving money with a refinance. The …
What is a mortgage pre-approval?
What is the Cash Ready Plus Program? A mortgage pre-approval is designed to make the homebuying process easier. Getting a fully underwritten pre-approval from Mortgage Equity Partners means your loan officer and an underwriter have thoroughly reviewed your financial position. By issuing a pre-approval letter, we are …
