Mortgage Information  

 

If you're like most buyers, a home is the most expensive purchase you'll ever make, and you'll probably need some form of financing.     There are many lending institutions that offer a variety of mortgage products. Financing options and rates can vary widely, so it is important to do your research and shop around to ensure you get te mortgage that best meets your needs at the best price.

 

Mortgage 101 
     by Pamela Nelson-Chandler

With over 175 informative documents and interactive tools, Mortgage 101 can help you find the answers to your mortgage questions. View current interest rates, sign up for monthly newsletter, use interactive calculators and more.

The time to buy is NOW! 

Money for First Time Home Buyers                                

Anyone who has not owned a home in the past three years may qualify as a first-time There are many options available to assist first time home buyers in purchasing a home in Prince George?s County or Washingto, DC. Each program has different requirements. Don't miss out on money to purchase your home. Contact me today and I will refer you to a lender who can tell you whether you qualify for first time home buyer programs.

Downpayment Assistance

DPA (Downpayment Assistance) programs were eliminated effective October 1, 2008. Basically, the Act prohibits the use of downpayment assistance programs unded by those who have a financial interest in the sale (in other words no more seller assistance to downpayments via programs such as Ameridream and Nehemiah); however, it does not prohibit other assistance programs provided by nonprofits funded by other sources, churches, employers, or family members. Talk with your lender about your options and how the legislation could affect your situation. Different lenders have different deadlines and programs and are better prepared to answer the financial questions than I.

HUD, however, has long recognized the important role that downpayment assistance through secondary financing plays in providing affordable housing opportunities. There are three categories of DAP assistance providers:

1) Nonprofit and Nonprofit Instrumentality of Government DAPs

2) Government Entity DAPs

3) Gift Programs

See Downpayment Assistance through Secondary Financing Providers (DAP) (HUD?s site) and the Maryland Mortgage Program for more details.

 

Prince George's County My HOME Program 

Now is an exciting time to buy a home in Prince George's County. Today, first time home buyers can take advantage of the County's My HOME program, in which buyers can receive down payment and closing costs assistance when purchasing a property in Prince George's County. This website outlines specific guidelines for the homebuyer, realtors and lenders as well as the necessary steps families must take in order to qualify.

Prince George's County has always been a great place to experience the American dream of homeownership. We are committed to helping families realize this dream.

Finding and identifying a foreclosure is a somewhat different process than searching for a traditional "for sale" property. The best resource to find, view, research and purchase a foreclosed home is through the assistance of REALTOR® Pamela Nelson-Chandler.

 

Maryland Veterans Homeownership Initiative for Prince George's County

Lt. Governor Anthony G. Brown and Maryland Department of Housing and Community Development (DHCD) Secretary Raymond A. Skinner announced the launch of a special initiative to help veterans purchase previously foreclosed property within designated areas in Prince George's County.

This new program will provide up to all closing costs plus a 20% down payment in the form of a zero percent deferred loan to qualified Veterans. The state DHCD will use $2.175 million of federal Neighborhood Stabilization Program (NSP) funds for this initiative. Details: http://pgcar.org/pghome_homebuying/veteran-home-buyers-help.htm.

Maryland Mortgage Program Offers Interest Rates Below 4%, $100 Million Set Aside for Loans to BRAC Buyers 

In addition to lowering the state Community Development Administration (CDA) mortgage interest rate, $100 million of federal assistance bond money is being set aside for 4.5% mortgage loans in Prince George's County and nine other Maryland counties that will be impacted by the federal Base Realignment and Closing act (BRAC). Our neighbors Anne Arundel, Howard and Montgomery are also included. It is estimated that this set aside can be used for approximately 625 mortgages. http://pgcar.org/pghome_homebuying/Maryland-drops-CDA-rate.htm has the press release and more.

Prince George's County Deputy Sheriffs, and County and Municipal Officers Save on Transfer Taxes when Buying a New Home 

Since July 1, 2007 Prince George's County Deputy Sheriffs are eligible for elimination or reduction of county transfer taxes. Legislation was enacted in 2006 extending this same benefit to County Police Officers and municipal police officers. http://pgcar.org/pghome_homebuying/police-and-sheriff-savings.htm has a synopsis of the details.

DC Bond Program  

The DC Bond Single Family Mortgage Program offers a 30-year, fixed-rate mortgage and includes up to $10,000 in down payment and closing costs assistance. The program provides the opportunity for qualified applicants to purchase homes, condominiums, or cooperative units and qualified applicants are eligible for financial assistance to meet down payment and closing costs needs. The loan amounts are based on a combination of factors including income, household size, and the amount of assets each applicant must contribute towards the property?s purchase price. Often times this program can be used in conjunction with other homebuyer assistance programs offered by the DC Department of Housing and Community Development (DHCD), the DC Housing Authority (DCHA) including the Employer Assisted Housing Program (EAHP), the Negotiated Employee Affordable Housing Program (NEAHP,) and its Home Purchase Assistance Program (HPAP).

DC Home Purchase Assistance Program (HPAP)

The Home Purchase Assistance program provides interest-free loans and closing cost assistance to qualified applicants, which provides the applicant with the opportunity to purchase houses, condominiums, or cooperative units. The loan amount is based on a combination of factors, including income, household size, and the amount of assets that each applicant must commit towards a property?s purchase. Loans provided are subordinate to private first trust mortgages. Eligible applicants can receive a maximum of $40,000 in downpayment assistance and an additional $4,000 in closing costs assistance. The HPAP 0% interest loan is deferred for the first five-years, and amortized over 40 years.  

DC Employer Assisted Housing Program (EHAP) 

The Employer Assisted Housing Program (EAHP) provides assistance to employees of the District of Columbia Government who are first-time homebuyers in the District. Employees of District government agencies may be eligible for matching down payment funds up to $1,500 and a deferred loan of up to $10,000. In addition, applicants who apply and qualify for the program receive additional income tax and property tax credits.

Metropolitan Police Housing Assistance Program (MPHAP)

The Metropolitan Police Housing Assistance Program (MPHAP) provides police officers in the District of Columbia with financial assistance and other incentives to become first-time homeowners in Washington, DC. When all steps are carefully followed, and all required documentation is timely submitted, MPHAP settlements can occur in 30 days or less.

Keeping your home?

Making Home Affordable Program

The Obama Administration's Making Home Affordable Program includes opportunities to modify or refinance your mortgage to make your monthly payments more affordable. It also includes the Home Affordable Foreclosure Alternatives Program for homeowners who are interested in a short sale or deed-in-lieu of foreclosure. For more detailed information on the Making Home Affordable plan, visit http://www.makinghomeaffordable.gov/.  If you need assistance in keeping your home, another resource is the Neighborhood Assistance Corporation of America (NACA).

Maryland's Mortgage-Help Site

Already a homeowner, but need help with your adjustable rate mortgage or other issues to try to prevent foreclosure? The Making Home Affordable program helps homeowners refinance or modify their mortgages with Fannie Mae or Freddie Mac. To learn eligibility requirements: go to makinghomeaffordable.gov or call the telephone hotline number at (888) 995-4673; Maryland homeowners, go to the Maryland HOPE (Home Owners Preserving Equity) website...if your mortgage is late, don't wait!

In trouble on your mortgage? DC might be able to help

The DC Housing Finance Agency is piloting a program in Wards 5, 7 and 8 starting the week of January 14, 2011, that will help the underemployed keep their houses while they find new employment.  Through a $20M grant from the government, if you lost your job and have fallen behind on your mortgage payments, but are not yet in foreclosure or bankruptcy, you can receive up to 15 months of assistance from the HFA to help keep your home.

If you are currently out of work, and are struggling to keep your home, give the DCHFA a call at 202.777.1690 and ask about the HomeSaver Program. You?ll need to stay in your home for five years after receiving the assistance in most cases, as a lien is place against the property, but the loan will be totally forgiven after five years.

Preferred Loan Officers  

I would be happy to refer you to some very good mortgage contacts I have in Maryland and DC, or to help you in any other way I can to secure the best possible rate for your home purchase.

Prosperity Mortgage

Long & Foster's own mortgage company, Prosperity Mortgage®, is chosen by more Long & Foster real estate customers than any other lender. And they're ready to help you too.

Prosperity Mortgage joined Wells Fargo Home Mortgage in 1993 to form Prosperity Mortgage Company. As a result of this joint venture, Prosperity Mortgage has at least one mortgage officer in almost all of Long & Foster's 200+ offices.

 

Contact Ms. Kim Heying at 301-449-9100 or Mr. David Phillips, 301-520-6902. You can count on personalized local service backed by the expertise of one of the nation's largest and most respected lenders.

 

Residential Mortgage Corporation

Derick Hungerford has more than 15 years of experience in the mortgage industry. He has built an excellent reputation providing financial expertise for his clients and the community at large. He is a Certified Mortgage Planning Specialist (CMPS), which is a title held by only 5% of the mortgage professional population. As an accomplished corporate and financial strategist, his vision and expertise in mortgages has contributed to the increase of home ownership in the Washington Metropolitan Area.

RMC is committed to helping families and individuals achieve their dream of home ownership, asset accumulation and wealth preservation. They are dedicated to serving and advising our community with sincerity, honesty and integrity. They believe that today, a mortgage loan is not as a mortgage loan once was; but instead a financial instrument that must be tied into the short and long term personal financial plan. They help our clients to create a debt strategy that helps in building long-term wealth. You can reach Derick on 301-773-9811.

Vincent Queen Loans/Union Trust Bank

Since 2000, Vincent Queen has successfully worked in the mortgage business, helping people from diverse backgrounds, situations and needs find affordable housing in Maryland, Virginia, District of Columbia, Florida, North Carolina and South Carolina.

Vincent Queen Loans is part of Union Mortgage Group, a subsidiary of Union Trust Bank, has been at the forefront of bringing new and creative products online for prospective homebuyers and those looking to refinance. With "State of the Art" automated underwriting, UMG can quickly have your loan request approved.  Their free pre-approval and infile credit report can put you in a strong negotiating posture for your contract presentation.  Call Vince at 800-355-5524!

 Washington Capitol Financial Corporation

The real estate market, home loan terms and rates are constantly changing and adjusting. Washington Capitol Financial is dedicated to providing you with practical mortgage product information and loan financing tools, helping you reach the goal of homeownership. Get competitive loan products and programs designed to fit your unique financial situation, getting you closer to homeownership. Mr. Manny Navarro is the loan officer you should speak with -- he gets the job done, and you will learn about the loan process along the way, not just sign paperwork. Call him on 301-309-0084. 

First Home Mortgage 

Rob Mercer has been a mortgage originator since September, 1989. Rob has been an actively originating manager for the past twelve years, most recently with American Home Mortgage where he worked until August of 2007.  Rob has consistently achieved President's Club / Chairman's Clubs status, ranking in the top five percent as both a Loan Officer and Branch Manager for the past ten years. Rob's professionalism and experience are second to none. Rob completed his studies in 1987 with a Maketing Degree from the University of Maryland. Call Rob today at 301-332-2745. From application to closing, First Home Mortgage is committed to delivering the very best loan for you.

Bank of America 

During his 20 years of experience in the mortgage industry, James "Jamie" Gates has shared his expertise to personally assist hundreds of families with responsible and affordable home financing. He has an extensive background assisting first-time homebuyers, high net worth borrowers, low-to-moderate income borrowers, self-employed borrowers, investment borrowers and our local heroes: police, firefighters, teachers and medical workers. He also has a great deal of experience in affordable mortgage lending, conventional loans, government lending, and non-conventional "Jumbo" lending. You can reach him at 443-837-0402.