Buy a House Fast

Okay, the Federal Government is trying to help us all buy homes, and hopes were high for a $15,000 tax credit program for any home buyer in the country. Well, that didn’t happen. But don’t get down in the mouth. There’s some really good news for first-time home buyers: it’s still a good time to buy a house.

$8,000 Forgivable Tax Credit
Here’s the first shoe to drop in the President’s Stimulus Package: First-time buyers will get a tax credit worth up to $8,000 on their 2008 or 2009 taxes. You have to purchase the house between January 1, 2009 and December 1, 2009. To qualify, you have to earn less than $75,000 a year individually or less than $150,000 for couples. The credit starts to reduce in size on a decreasing scale for those with higher incomes, but here’s the great news.

You Don’t Have to Pay It Back!
Unlike similar recent proposals, the tax credit is yours to keep…thus the theoretical stimulus to the economy. You DO have to stay in the house for 3 years, but that’s why you’re buying the house. Right?

Buy a House Quick. The time is actually better than any other time in recent history. Prices are low – they have dropped into a reasonable growth curve based on past decades performance. although the Fed has deferred on forcing 4% interest rates, the bets are still on that they are going to drop below 4.5% on 30-year fixed mortgages. And inventory–the number of houses on the market–has never been better, what with bank-owned properties, inherited properties, foreclosures and low-price standard-offering homes.

More Programs Next time…
For our next blog, we’ll review down payment assistance programs and other ways to lower your cost of entry when buying a new home. Here’s a hint: come to us without an existing realtor relationship, and we’ll sell you a new home fast. We have inventory coming on the market each day, and we can and help you buy the new home you deserve. Fast.

Buy a Home Fast,  Home Mortgage for No Money Down. In today’s Volatile Economy?

Last time we described a method of obtaining no-money-down financing for a home. We had a lot of comments that, although we assure you it is solid, it sounded a bit too sketchy for a lot of prospective buyers.

Well, our business is selling properties fast. We sell beautifully renovated homes in the Washington DC Metro area; we sell bank-owned, foreclosed properties as well. But we specialize in closing in fewer than 45 days – and we’re still doing it, even in today’s markets.

One of the ways we sell houses fast in Washington, Maryland and Virginia is keeping abreast of the latest and best methods of helping our clients get the financing they need. So here’s another method to get you into a home loan with little or no money down. And it’s offered by a respected regional bank and backed by a Federal Grant!

DC and Maryland Get-Started Program: A Program for First-Time and Return home buyers

Available in Washington DC and the surrounding Maryland Counties, this homeowner encouragement program offers:

Conventional financing – Term: 15 to 30 years

• Owner-occupied only (no second homes or investment properties)
• Low, fixed interest rate (between .375% – .875% below market rates)
• Maximum loan amount of $417,000
• 97% maximum loan-to-value (3% down payment 680 Credit ) but requires only 1% of sales price as the minimum cash contribution from borrower. 100% with Acorn.
• Required credit score of at least 620 95% max Loan to Value (5% down payment)
• Mortgage insurance (MI) required for down payments less than 20% (offered at reduced rate over 1/3 lower than standard MI rates) MI does not apply to Acorn
• Unsecured closing cost loans are available for remaining down payment and settlement costs at the same interest rate as the mortgage loan
• Closing cost loans added to back/bottom debt-to-income ratios
• No minimum or maximum loan amount/up to 10-year repayment schedule
• No separate approval required for the closing-cost loan
• Target qualifying credit ratios of 33/41% up to 45% with compensating factors

The Qualification Guidelines are Easy, Too:

• Borrower(s) income of $79,200 or less (household size of 1 to 4) OR…
• Target property is located in a low-to-moderate income census tract (see the following website to find census tract: www.ffiec.gov/geocode/default.htm )
• Available in all suburban Maryland counties!
• Monthly or bi-weekly payments available-if automatically debited from a checking or savings account will result in an additional .125% off the rate
• Home buyer counseling required for first-time buyers
• Owner-occupied properties only (no second homes or investment properties)
• Cannot have ownership interest in any other properties at time of closing
• Can also be used for refinances (cash-out refinances not allowed)

What a great program. It’s real, and available now to anyone who wants to buy a home fast in Washington DC and suburban Maryland; and you can qualify right now! You can buy a home fast in Maryland and Washington DC for no money down.

Contact us for details. We’ll be glad to help you buy a house fast.<–>