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Mortgage Information
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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 the mortgage that best meets your needs at the best price. |
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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 a monthly newsletter, use interactive calculators and more.
FHA Loan Update
If you think that "now is the time to buy" is just a sales phrase, it is not...
The Housing and Economic Recovery Act of 2008 (HR 3221) (see the National Association of Realtors summary here) increased the minimum cash investment required by bowers to 3.5% and allows a maximum LTV of 100% (to include any financed UFMIP {MIP paid upfront}). FHA has indicated that the trigger date for this new cash investment requirement will be case numbers assigned on or after January 1, 2009. FHA has said that it expects to issue a mortgagee letter on the new cash investment by October 1, 2008. The minimum cash investment for FHA loans will stay at 3% until January 1, 2009.
The DPA (Down payment Assistance) programs will be eliminated effective October 1, 2008. Basically, the Act prohibits the use of downpayment assistance programs funded 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. However, as always, I stand ready to assist you with your real estate needs -- when you're ready to find your new home, let me know! |
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PreferredLoan 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.
Mason Dixon Funding, Inc.
Ms. Lorie Woodruff has helped many people achieve their goal of homeownership. Whether you are a first time home buyer or refinancing an existing loan, Ms. Woodruff has a solid understanding of the local real estate market and what it takes to close your loan with efficiency and expertise.
Ms. Woodruff, formerly with SunTrust Mortgage, has experience in all types of loan programs and is always available to help you with your mortgage needs. A proven mortgage professional, her attention to detail will make your mortgage process run smoothly and easily. You can reach Ms. Woodruff at 240-463-7971.
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. Mr. David Phillips is located in the Long & Foster Andrews/Camp Springs Office—you can reach him at 301-449-9100.You can count on personalized local service backed by the expertise of one of the nation's largest and most respected lenders.
First Home Mortgage
From the start, Christopher Hood works with you to understand and assess your long- and short-term needs and goals. We can develop, review and explain a variety of loan options, perhaps even find a few you never considered. And you'll never have to answer questions from an underwriter halfway across the country, because all of First Home Mortgage's loan applications are processed and approved locally. Call Chris today at 877-220-0999. From application to closing, First Home Mortgage is committed to delivering the very best loan for you.
B.F. Saul Mortgage
B.F. Saul Mortgage is a subsidiary of Chevy Chase Bank, F.S.B. As the largest, full-service bank headquartered in the Washington, D.C. metropolitan area, Chevy Chase Bank has the financial strength to offer you innovative portfolio mortgage products that can be tailored to your specific situation. Talk with Mr. Jordan Milne at 240-497-8533.
Chase
Strength. Value. Commitment.These are qualities you have to come to depend on. Especially in today's housing market.Chase is the Largest Residential Lender in the US.At Chase we understand that dependability is everything.And you can depend on us for low mortgage rates, fast credit approvals, and on-going servicing of your loan.Chris Boston currently serves as a mortgage officer in the Washington Metropolitan area. As a lender he possesses a variety of mortgage programs for 1st Time Homebuyer, Union Members, Military Personnel and Real Estate Investors.You may contact Chris Boston at 301-220-4581. |
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