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First Time Home Buyer Maryland

Are you a First Time Home Buyer Loan in Maryland? You are at right place. We will guide and help you to secure First time home buyer loan loan for you.

VA Loans Maryland

Like a conventional loan, VA loans are issued by private lenders like banks or mortgage companies in the Maryland, but they're insured by the government. VA loans are specifically guaranteed by the Department of Veterans Affairs. That means the VA agrees to repay a portion of the loan to the bank if you don't make your payments (default) or if you face losing your home (foreclosure).

Refinance Maryland

You can refinance an existing mortgage in as little as 12 months after purchase with a conventional mortgage. Some programs allow for a waiting period of six months under special circumstances. As part of the valuation process, a home's value should show a gradual increase over a 12 month period. FHA loans ask there be at least six payments made, or 210 days that have passed since the original date of the existing mortgage.

Reverse Mortgage Maryland

A reverse mortgage loan, like a traditional mortgage, allows homeowners to borrow money using their home as security for the loan. A reverse mortgage is a mortgage loan, usually secured by a residential property, that enables the borrower to access the unencumbered value of the property. The loans are typically promoted to older homeowners and typically do not require monthly mortgage payments.

First Time Home Buyer Loan Maryland

Find the best rates and learn how home ownership can benefit you. The best home loans and the best available rates. Have a mortgage professional walk you through the process. Whether you buy and hold, fix and flip, or build to rent, CambridgeHomeLoan.com has the capital for your investment needs. The nations #1 Lender for Fix and Flip and Fix To Rent Investment Loans. Fix & Flip Loans 90% LTC and up to 100% of fix up costs.

Who is considered to be the First-time home buyer?

Many are confused as to who they are and what one need to do to qualify as a the first time home buyer. A first time home buyer is someone who hasn't owned a residence as a primary residence within the last three (3) years or falls into one of the other criteria categories as listed below. Primary residence refers to the property that you live within as your homestead. Homesteading in this way doesn't mean that you've submitted a claim to claim the Homestead Exemption for reduced property taxes on the property you reside in. This means that in accordance with The Florida Constitution your property is eligible for protection under the homestead. To be eligible for this protection of your homestead it is necessary to have the status of a perpetual Florida resident, and your homestead property has to be your primary residence. Your homestead that is your constitutional homestead is the property that could be eligible for an exemption for the Homestead Exemption for reduced property taxes. In addition to this, it is also the case that US Department of Housing and Urban Development (HUD) created standards to help lenders determine first-time buyers for Federal Housing Administration (FHA) loan programs. As per HUD's guidelines, a homebuyer who is a first time buyer is someone that meets these requirements:

  • A person who has not owned a primary residence for three years that ended on the date of the purchase.
  • If a couple's spouse was or is a homeowner, but the other spouse hasn't had a house the spouses will be considered first-time homeowners.
  • A parent with a single child who has owned only the home of a previous spouse when they were married is considered to be a first-time homebuyer.
  • A person who is a homemaker who has been displaced (has only worked in your home over a significant amount of time providing unpaid housekeeping services in the home for relatives) and who has owned an apartment with an spouse is thought to be an initial homeowner.
  • A person who has owned a primary residence, that is not permanently fixed to a permanent foundation conformity with the the applicable rules (such as mobile homes where the wheels are on)
  • A person who has held a property that is that isn't in compliance with the state, local and model codes for building, that cannot be made compliant at a cost less than that of building an permanent structure.
The most important thing to determine whether you are first-time homebuyers is because of the ability you'll have to programs that are offered by the Federal Housing Administration (FHA). The majority of these programs are designed to reduce the cost or credit requirements for entry into homeownership and help you attain that American Dream of Homeownership. These loan programs could include any of the below low mortgage rates as well as lower closing costs and loans for those with lower credit scores than are required in conventional (non-FHA) loan, as well as down-payment assistance programs. We are serving following Maryland cities:

Areas of Expertise

  • First Time Home Buyer
  • Refinance
  • VA Loan
  • Reverse Mortgage

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