Tag Archive | home buying

Home Buying help for Military and Veterans DMV DC MD VA

If you are Active Duty Military, a Veteran, or a Government Employee in the DMV DC, MD, VA area, Let me help you buy or sell your next home.  Contact Me Today! Start Here GreatDCMetroHomes.com 

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DMV Home Buyers 6 Fundamental Home Buying Tips DC MD VA

Home Buyers should be familiar with these 6 fundamental Home Buying tips.   Contact me Today to discuss more tips and info .. Start Here  GreatDCMetroHomes.com

Free Home Buying Class for first time buyers Northern VA

Stop dreaming of home ownership!  
Sat March 25th 945am-4pm                      8407 Pennell Street

Fairfax, VA 22031

Come learn about the buying process from beginning to end. There will be a loan officer, a real estate agent, on hand to give you valuable information and answer your questions on credit repair, home loans, finance, down payment assistance and real estate contracts

If you are serious about buying a home in 2016 then this class is designed for you. Find out how to get pre-approved to buy, how to make an offer, downpaymentfree-class-brand assistance info and what to expect in the closing process. This class meets VHDA, Sparc, Community, and many first time buyer program requirements.

Call, text, or email TODAY to RSVP, leave name and phone number and number of guest.

 Must RSVP online  http://www.cvent.com/events/homebuyer-education-song-hutchins/event-summary-2d2f56baeee04e57b496dfbd31ef7ba8.aspx?Refid=2

 

Military Pay Increase 2017 BAH and basic pay VA loan buyers

If you want to know what changes have been approved for Military Families for 2017. Pay attention to the base pay and basic allowance for housing changes.  

On December 8, 2016, the full Senate passed the final conference report for the 2017 National Defense Authorization Act by a vote of 92 to 7. The bill will now move to President Obama for final signature. If approved by the President, the 2.1 percent pay raise for 2017 will become effective January 1, 2017.

Military pay will see a 2.1 percent increase for 2017, compared to 2016 levels. The military pay tables below apply to active members of the Navy, Marines, Army, Air Force, and Coast Guard.

The calculator above (and related tables below) reflect 2017 monthly pay based on the 2.1 percent pay raise, which is effective as of January 1, 2017. This pay increase will be reflected in the January 15 paycheck.

The 2017 Basic Allowance for Housing (BAH) rate has increased on average by 2.4% or approximately $41 per month, according to a Defense Department news release. The new BAH rates will take effect on January 1, 2017 and service members will see their first increase on their January 15th pay.

 

The overall rates are based on area- areas such as Washington DC and Northern VA will have a higher allowance than areas in Hampton Roads and Virginia Beach. To find your area go to http://www.militaryrates.com/military-pay-charts,  But the litlle increase can still help those thinking of using their VA home loan benefit.

 

also BAH Update 12/11/16: Congress has agreed to not reduce the Basic Allowance for Housing benefits for new entrants beginning in 2018. The language originally called for only covering what service members actually pay in rent.  

Read more: http://militarybenefits.info/2017-bah-basic-allowance-for-housing-rates/#ixzz4TV4BeZCG

 

by DMVRealEstateChick.com

No Downpayment Loan from USDA Rural Housing Service 502 Direct Loan program

USDA and the Rural Housing Service (RHS) has available funds in its Section 502 Direct Loan Program that must be used by September 30, 2015 for buyers that want to live away from the city.  The Washington DC field office reported : “As of August 13, 2015, RHS has enough to fund approximately 2,500 additional home loans.”   

This is a loan for buyers in Non city areas- “rural areas” whose adjusted income does not exceed 80 percent of the area median. There is no down payment requirement and the interest rate are really low. Areas like Warren County, Culpeper,  Orange County, Page County, Rappahanock County, Front Royal and Linden, Virginia should  qualify for this program. Some parts of Fauquier County Catlett, Warrenton and Marshall may qualify. Rural parts of Maryland Counties may also qualify such as North Western Montgomery County, Brunswick to Middletown and Parts of Carroll County, MD.

This is a direct loan program that is different then the Guaranteed loan program. You must apply thru an RHS field office and not thru a mortgage lender for the Direct Loan.  Loan funds may be used to purchase existing homes, to build, repair, renovate or relocate a home, or to purchase and prepare sites, including providing water and sewage facilities.

Contact me if you are interested you have until the end of September 2015 to get started, Contact me and I can help you get started thru a Rural Housing field office lender and check to see if you meet the income criteria.  GreatDCMetroHomes.com

Washington DC Open Doors Down Payment Assistance Program for District of Columbia

Do you like to Make or Save Money? Do you currently live in or plan to move to Washington D.C., District of Columbia?

If the answer is yes and you make under $123,395 you may 

be able to qualify for Home Buying Down Payment assistance.

This is basically like finding FREE Money !!!!! DC Open Doors

Down Payment Assistance Program (DPAL)  is your answer.

This program and funding is available to both first time home buyers and repeat home buyers.  DCHFA defines, “First time home buyer’ means you have not owned your primary residence for the last 3 years. If you currently own your primary residence, you can still apply for $0 Down. Your current home must be sold and settled prior to closing on your $0 Down home.

According to DCHFA, “They know your biggest obstacle to a home purchase can be the required minimum down payment so DC Open Doors offers down payment assistance loans (DPAL) that bridge the financial gap between the purchase price of your home and your first trust mortgage loan. If you qualify, you can obtain a DPAL for the full amount of your required minimum down payment, substantially reducing your upfront out-of-pocket expense! See the two examples below.”

Currently, DC Open Doors offers its DPAL at a 0% interest rate and it is non-amortizing so you are not required to make monthly payments on it. The loan is only repayable if you sell or refinance your home, or if you no longer occupy it as your primary residence.

Home Buyers Marketing II, Inc offers real estate brokerage Services in DC, MD and VA but is not affiliated with the DC Housing Finance Agency.  This program requires a Home Ownership education class contact me to register for a class djoneshomes@gmail.com.

For more info and to search homes contact DeAndrea Dee Dee Jones thru GreatDCMetroHomes.org

Self Employed you can get a mortgage

Three Tips for How to Secure a Mortgage if You’re a Self-employed Entrepreneur

If you are self-employed, either as a freelancer or as the owner of your own business, your income can fluctuate greatly from year to year. That can make it difficult to get approved for a mortgage, although there are some things you can do to improve your chances. Here are three tips for securing a mortgage if you are self-employed.

Have a Large Down Payment

The more money a bank lends you to buy a house, the more risk it is taking on that the money won’t be paid back. If you are self-employed and considered a higher risk to begin with, one way you can alleviate some of that risk is to be able to put down a large amount of money. Putting down 20 percent is standard for a conventional loan, and you should be willing to contribute at least that much. Putting down at least 20 percent also will save you money in the long run, because you won’t have to pay for mortgage insurance and you will pay less in finance charges over the life of the loan.

Make Sure Your Credit Score Is In Good Shape

While your ability to pay back a mortgage is the most important factor in approval, your credit score is a close second, and that goes for every borrower, not just those who are self-employed. If you have a credit score in the high range — something above 750 or 760 — it will help you get approved for a mortgage. To boost your score, make sure you pay all bills on time, pay down your debt levels and don’t make any new big purchases or apply for new credit soon before you apply for a mortgage.

Have Significant Assets

One way to put a lender at ease about your ability to pay for a mortgage is to have significant reserves in the form of assets. If you have large amounts of money in regular savings, brokerage and retirement accounts, it offers a reserve for you to tap should your income take a dive. Other forms of property, such as personal and business property that’s paid off and has value, also help.

For help finding a lender that can help you get a mortgage contact Dee Dee Jones thru GreatDCMetroHomes.org

MD DCHD New Program helps residents buy a home with student loan debt

Great new program for MD residents with student loan debt

MD DHCD: Maryland for the better...

MMBA-5.7

Annapolis, MD – Governor Larry Hogan and Secretary Kenneth Holt this week announced a $20 million initiative aimed at members of the Millennial Generation that will give a boost to otherwise qualified buyers who have been unable to move into homeownership because of significant student debt.

Through the “You’ve Earned It!” initiative, the Maryland Mortgage Program is offering a 2.75 percent fixed rate, 30-year mortgage and $10,000 in down payment assistance to qualified homebuyers with more than $25,000 in student loan debt. The program is open for a limited time to families purchasing a home in one of Maryland’s 82 Sustainable Communities. Maryland’s Sustainable Communities program seeks to strengthen reinvestment and revitalization in the state’s older communities through state, local and private sector partnerships. There is at least one designated Sustainable Community in each of Maryland’s 23 counties and Baltimore City.

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Home Buyers Marketing II, Inc a National Real Estate Company,