More Exciting News for 1st Time Buyers in Maryland!

More Exciting News for 1^st Time Buyers in Maryland!

CDA  (The Maryland Mortgage Program) is offering the 30 year fixed rate loan at 3.5% and no points!! 

Can you believe it?  Well, there’s more.  You can also purchase and renovate a home with a 203k Loan and CDA and get a 30 year fixed rate at 3% and no points. 

I know it seems too good to be true.  CDA has lowered their rates to help to revitalize the market and incentivize 1^st time homebuyers.

In addition to the awesome rates, you can qualify for the DSELP - $5000 toward closing costs and down payment, and several other grants that come along with the CDA loan.

These rates won’t last forever.  If you want to know if you are eligible for this incredible program, please contact us right away! Contact me directly at sepstein@carrolltonbank.com or (410) 491-0200. 

VA Loans - No Down Payment – No Monthly Mortgage Insurance

VA Loans in Maryland, Pennsylvania, and Virginia – No Down Payment – No Monthly Mortgage Insurance

Who is eligible for getting a VA loan?

The VA loan is available to veterans, active duty service members, and reservists.  Your VA eligibility can be verified through VA directly or you can contact a VA Lender who can verify your eligibility for you.

Why use VA?

1. VA is one of the only mortgage products left that allows NO DOWN PAYMENT – that’s right 100% financing
2. There is no required Mortgage Insurance
3. The credit qualifications are easier than FHA and Conventional
4. Interest rates are GREAT

I am a VA Approved lender and work for a Baltimore based local community bank that has been around for over 100 years!  We process, underwrite, close, and fund VA loans in-house.  We know the local real estate market.  We are VA experts.

If you are moving to the Maryland, Virginia, or Pennsylvania area and are part of the BRAC realignment, we have additional incentives for you as well.  How about free money to pay for your closing costs?  Ask us about the BRAC Homeownership Incentive.

Contact the Stuart Epstein team for more details….

Why Should I Refinance from a 30-yr Fixed to a 15-yr Fixed Rate Loan?

Mortgage Rates in Maryland - Why should you Refinance from a 30-year fixed to a 15 year fixed rate loan now?  

I will tell you why.  Suppose you took out a $250,000 mortgage on your home two years ago.  You have made your payments on time (like a good boy or girl) and after two long years, guess what your principal balance is…….$243,000 – ouch!  You have barely made a dent.

Now suppose you could get in your time machine, go back 2 years and do a 15-year mortgage instead.  After two years your balance on the mortgage would be $224,000.  That’s a difference of almost $20,000!!
 
Even you do not have a time machine…well… sorry... there is still hope.  What about refinancing that evil 30 year mortgage now while the rates are great and get into a 15 year mortgage…and watch your debt melt away!!

Here is the math:  Using the scenario above, if you are two years into your 30 year loan at a rate of 5.5%, and you refinance your loan into a 15 year mortgage at 3.75%, you will save over a hundred grand.  Would you like to save a hundred grand?  I think so!

If you keep the existing 30 year loan, after 15 years of regular payments, you will be left with a balance of $177,000 you still owe.  If you refinance to a 15 year loan, you will be left with a balance of $0 after 15 years (obviously).  The difference in the payment for the 15 year mortgage is about $400/month (times 180 payments = $72,000).  $177,000 minus $72,000 equals $105,000 in your pocket!!

My suggestion – bite the bullet if you can and consider refinancing to a 15 year loan while rates are at historic lows….but only if you are interested in savings lots of money!

Feel free to contact us at any time if you are interested in refinancing your loan. You can also visit my website for more information at www.stuartepstein.com/.

Attention First-Time Homebuyers:

We have some really exciting news from the Maryland Mortgage Program (some know this program as the CDA loan or MMP).  The MMP has added the FHA 203(k) Streamline Renovation loan program to its offerings!!
You can now take advantage of the awesome benefits of the Maryland CDA loan and closing cost assistance - and add up to an additional $35,000 to renovate your new home at the same time. This is a big deal!!  And here is the best part – the CDA program is offering this loan at a 30-years fixed rate of 3.875% and zero points – for a limited time.

We have been waiting for years for this program to be released.  This loan is especially helpful if you are interested in buying a foreclosure or any “neglected” property that needs some TLC, or perhaps a new kitchen or bathroom(s).  The Maryland Mortgage Program also comes with DSELP, a $5000 zero percent interest loan from the State to help with your down payment and closing costs.  There are several other grants that come along with this wonderful program as well.

Traditionally, when using the Maryland Mortgage Program, you had to have a home inspection and the program required that all the items on the home inspection be repaired before settlement.  This was very prohibitive for buying homes where the seller was not able or willing to make those repairs.  That issue no longer exists with this new program.  You, as the buyer, select you licensed contractor and make your list of repairs and wish list of renovations/upgrades, and we add that to your loan, up to $35,000.  You can make the house into your dream home before you move in!

The eligibility for this MMP 203(k) loan is the same as the regular CDA mortgage.

As always, I am happy to walk you through this great program, and answer any questions you may have.  Feel free to check out all the details on my website http://www.stuartepstein.com/, or go to the website for the program - http://www.mmprogram.com/.