What is an FHA Loan? An FHA loan is a mortgage insured by the Federal Housing Administration (FHA). It is particularly popular with first-time homebuyers in Maryland because it allows borrowers to finance homes with low down payments, sometimes as low as 3.5% of the sales price. Borrowers with lower credit scores and …
Does Maryland have 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 …
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8 reasons to buy a house in Maryland this winter
Why purchase in winter? Many people believe spring is the best time to buy a home, but winter is a great time to make a purchase, especially in Maryland. While the weather may not be as inviting, there are several advantages to buying a home during the winter months. Buying a home during winter can be a smart idea, …
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What is an escrow holdback, and how can it benefit you?
What are the advantages of an escrow holdback? Purchasing a home can be an exciting experience. Still, it also comes with challenges, especially when dealing with a delayed closing due to repairs and improvements discovered during the homebuying process. Sometimes, the loan closing could be contingent upon these …
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$400 million housing bond issued to support affordable housing in Maryland
$400 million housing bond issued to support affordable housing for Maryland first-time homebuyers The Maryland Department of Revenue announced that the Maryland Department of Housing and Community Development issued the most significant mortgage revenue bond in the agency’s history. The $400 million bond from the …
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Is a reverse mortgage right for me?
Reverse mortgages have become an increasingly popular option for older adults to use as a strategic financial tool for retirement. Reverse mortgages, also known as Home Equity Conversion Mortgages (HECM), are still a somewhat misunderstood mortgage product; however, if appropriately used, a reverse mortgage can unlock …
