Call or email Pat for the most up to date facts on Mortgages and Loan programs to

Loan Choices:

Choices for your Mortgage Loan
for Residential Property - Residences, Second Homes and Investment Uses - Purchase or Refinance

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GOOD NEWS  -  2008 Economic Stimulus Bill

A temporary increase in the Conforming Loan Limits for high-cost areas of living has been incorporated into the 2008 economic stimulus package. Congress has authorized an increase of the single family residences limits to the lesser of $729,750 or 125% of the average home value within the metropolitan statistical area (MSA). However, neither Fannie Mae nor Fredie Mac are required to offer loans to those limits.

The bill was signed into law by President Bush on February 13, 2008.^[3]

The President signed an economic stimulus package that temporarily increases the conforming limit to $729,750 until December 31, 2008. The limit for any area would be the greater of (1) the 2008 conforming loan limit ($417,000); 

or (2) 125% of the area median house price, but no more than 175% of the 2008 conforming loan limit

($729,750, which is 175% of $417,000).

^{From http://en.wikipedia.org/wiki/Conforming_loan}

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^{Find more details on the MARYLAND STATE mortgage programs for Home Buyers} 

^{and more real estate loan information.}

Maryland State - Dept of Housing & Community Development

Mortgage Loan Programs for Maryland, D.C. and Virginia - Residential Property

NEW Amounts for 2008:  Conventional Loans can be up to $729,750.  Jumbo Loans are above $ 729,750. loan amounts (one unit).    Find out more details on financing from the Nat. Association of Home Builders site.

ASK ABOUT OUR LOAN PROGRAMS for STATED INCOME and 100% FINANCING for PURCHASES!

Which mortgage loan would be your best choice?

Years planning to stay in the house Recommended Loan programs 1-3 3/1 ARM, 1 year ARM or 6 month ARM 3-5 5/1 ARM 5-7 7/1 ARM 7-10 10/1 ARM, 30 year fixed or 15 year fixed, 30 year Interest Only 10 or more years 30 year fixed or 15 year fixed (some lenders offer 20 year fixed)

Loan Programs Advantages Disadvantages ... Fixed Rate Mortgages 30 year fixed 15 year fixed Monthly payments are fixed over the life of the loan Interest rate does not change Protected rate if rates go up Can refinance if rates go down Full Doc or Limited Doc programs Higher interest rate Higher mortgage payments Rate does not drop if interest rates improve Adjustable Rate Mortgages - "ARMs" 10/1 ARM 7/1 ARM 3/1 ARM 1 year ARM 6 month ARM 1 month ARM Lower initial monthly payment Lower payment over a shorter period of time Rates and payments may go down if rates improve May qualify for higher loan amounts More risk Payments may change over time Potential for high payments if rates go up Margins and Caps vary for all programs Read all Disclosures for loan terms/rates Balloon Mortgages 5 year 7 year Lower initial monthly payment Lower payment over a shorter period of time Some balloon mortgages offer the option to convert to a new loan after the initial term Risk of rates being higher at the end of the initial fixed period Risk of foreclosure if you cannot make balloon payment or if you cannot refinance or if you cannot exercise the conversion option First Time Buyer Programs   Lower down payment Easier to qualify Sometimes you may get lower rate Lenders may accept lower Credit scores May be subject to income and property value limitations Some programs with government subsidies may have a recapture tax if you sell the house too early ... Stated Income Programs   No need to verify income Faster approval -less documents to show Low Doc requirements (need assets) Higher rates Higher down payment - lower LTV % Must verify Cash Assets No point and/or No Closing Costs Programs - varies depending on Lender   No closing costs, or lower costs Less money required to close Higher rates Higher payments Loan amount usually has to be > $350,000 Credit Issues Programs - also called Subprime Programs   Potential for improving credit if you pay your mortgage on time If used for debt consolidation, may be able to reduce your monthly debt payment Higher rates Terms may not be as favorable Harder to get long term fixed loans Loans may have prepayment penalties Home Equity Line of Credit You only borrow what you need Pay interest only on what you borrow Flexible access to funds Interest may be tax deductible Rates can change. The maximum interest rate is normally higher Payments can change Harder to refinance your first mortgage Home Equity Fixed Term Loan   Fixed payments Interest may be tax deductible Higher interest rates than on 1st mortgages Harder to refinance your first mortgage

Besides these typical loan programs, we also have a selection of alternative programs to serve your financial needs: Purchase a home with LOW downpayments Piggyback loans 80-10-10 or 80-15-5. No PMI payments even with only 5% or 10% down. 100% Financing programs with Good credit scores and some assets Interest Only loan programs - 30 year terms, more options Debt consolidation programs - many terms possible Home Improvement loans Your qualifications and application reviewed and best loan programs compared

Contact me with any questions or to set up a Free Consultation about your new Mortgage. Email  Pat  at   calverton3@yahoo.com Home office: 301-572-4256   Calverton, MD Fax: 301-572-7796  Cell: 301-996-6941 To PRINT 1003 Loan Application CLICK HERE - print on 8 1/2 x 11 size paper. NOTE - To PRINT this page -select Print Preview and reduce to 60% to fit the table on the page.

This website offers CALCULATORS for many Financial events including Mortgage Payments - Try some Calculators now! http://www.financenter.com/consumertools/calculators/ ** Investment property or Second Home Purchases may have LTV (loan to value) limits- ask us for details.  Serving Maryland, Virginia and DC (for loans only) Specializing in Montgomery, Prince George's and Howard Counties in Maryland

Copyright 2005-2008- ABS Corp. - All Rights Reserved - All Information deemed correct as of  10-14-2008

 

Announcing – FREE Home Buyer and Home Seller Seminars in Silver Spring, MD
Visit our HomeBuyers Connections website for FREE Seminar Details -- Reserve your space today.
Next First Time Buyers Seminar  - Email me for Reservations and Directions.
Future Seminars scheduled for Thursday Evenings  for Buyers and Monday Evenings for Sellers
7:30 to 9:00 pm at our White Oak Location 

For more details see:   Call or email me

Find New Homes:

Visit my other Real Estate and Mortgage Resources Websites:

• Learn more about JUMBO loan at  - http://en.wikipedia.org/wiki/Jumbo_loan
• Home Improvement How To Resources - Everything you ever needed to know about Home Improvement How To! FREE Resource site all about Home Improvement How To. Hundreds of articles, links, newsletters and it's all FREE!
• Calculators from the Fannie Mae website - http://www.fanniemae.com/homebuyers/calculators/index.jhtml?p=Resources&s=Calculators
• The Credit Scoring website-Fair Isaac 

If you are thinking of buying or selling . . .

   

Email me at calverton3@yahoo.com with any Questions, 

Comments or to set up a Free Consultation!