Buying real estate in Elkridge is a lot easier if you start off with a good mortgage lender. Contact us and we can have you pre-qualified or pre-approved by an experienced lender specializing in Howard County home loans. Homefinders.com sells a lot of home and we meet a lot of lenders. We have no financial interest in your choice of lender. But, if you want to get to the settlement table on time and pay a reasonable interest rate, we'll make sure that the lender we refer to you is trusted and experienced. First time home buyers often believe that getting a mortage loan to purchase a home in Maryland is hard to do. It isn't. We'll help you every step of the way. First, we get you pre-qualified so you know how much you can buy. We can do that in five minutes over the phone, 800-711-7988 or E-Mail. Then we can take you home shopping. Let's go.
FHA -These loans are insured by the Federal Housing Administration and permit buyers to finance some of their closing costs, thereby reducing the amount of cash that you need to buy. This loan is very popular for first time home buyers. Anyone can use the FHA loans. FHA loans are very popular with first time home buyers. FHA 203(k) has just announced a new loan that permits home buyers to add $15,000 to their loan amount for home improvements. June, 2005.
VA - These loans are guaranteed by the Department of Veterans Affairs. Only active duty and military veterans can use this loan. This loan requires no down payment and the seller can pay up to 100% of the buyer's closing costs. The VA mortgage loan is the best loan on the market but limited to eligible borrowers.
CONVENTIONAL CONFORMING - These loans conform to the Fannie Mae guidelines for eligibility, meaning that, on average, the buyers may devote up to 28% of their before tax income to housing. These loans require a down payment of at least 5%. You can also obtain 100% to 103% financing with conventional loans. In exchange for a slightly higher interest rate, the lender will lend you money with no down payment and will even pay your closing costs. The higher interest rates are deductible and are often a good buy for folks with good income, good credit and little cash.
JUMBO LOANS - (PORTFOLIO LOANS) We work with lenders who specialize in the Jumbo or Portfolio loans for special people like you who are in the luxury home market. You will not have to lift a finger. Our lenders will communicate and process your loan by electronic means or, if you are local, will meet with you at your convenience in your office or home. Loans up to over several million are available and special long lock loans, up to 9 months, are also available. This may be important if you decide to build and it appears that rates may be on the increase. We follow loan programs with long term locks, float-down features, short term locks, fixed, ARMs, nodocumentation or low documentation loans, or any type that is best for you. We have Jumbo Loan lenders with rates of up to 1/2 % lower than market. We can save you real money on your Jumbo loan and it is a local company.
CURIOUS ABOUT CREDIT SCORES?
This article provides timely information for home buyers who are concerned about their credit scores and how lenders use credit scores when making loan commitments.
Elkridge MD Real Estate
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