real estate

Rental Alert! 2 Bedroom Gem in Oxon Hill for $1,525

This listing in Oxon Hill off of St. Barnabas Rd features 2 large bedrooms, 2 full bathrooms, a fully updated kitchen with granite counters, a fireplace, and a patio off of the living room. This unit is located within minutes of the National Harbor and Washington, DC with excellent commuter access.

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Government Shutdown Affects Real Estate Market

photo credit: rpongsaj

Some mortgage loan application processing could be delayed as a result of IRS and Social Security Administration offices being closed. Fortunately, FHA and VA loans do not require IRS tax returns. Some conventional lenders are allowing processing to proceed with verification being postponed until later in the process, but this decision is being made at the lender level. Social Security number verification could also cause delays.

Fannie Mae and Freddie Mac will continue to operate without interruption. Federal Housing Finance Agency will continute operations. FHA will endorse continue to endorse new single family mortgage loans. However, FHA will not make new multifamily loan commitments. National Flood Insurance Program will not be affected because it is funded by premiums, not tax dollars.

Pre-qualification vs. Pre-approval

photo by danielbertsche 
 
Here is part of an email sent to me by Dan Flavin from Waterstone Mortgage:
 
DaCia,
People often believe that pre-qualifying for a loan or being pre-approved for financing mean the same thing. However, pre-approval entails making a stronger commitment to a buying a property, albeit tentative. Pre-qualification is simply the step you take before you conduct a real estate search to see how much house you can afford to buy. To pre-qualify for a loan then, you need to sit down with the lender and provide him with your income and debt information and an estimated down payment amount. Pre-qualifying helps get the ball rolling when you are looking for real estate. On the other hand, when you apply for pre-approval, you must provide the lender with documentation that details your salary, debt load, and assets. While the process of pre-qualification is free, an application fee is assessed for pre-approval. Your credit information will be run as well. However, just because you obtain pre-approval still does not mean that you can automatically obtain financing. Funding will only be officially approved once a title search is conducted and an appraisal on the property is made.
Dan
 
I hope Dan’s email has shed light on the difference between pre-aaproval and pre-qualification. If you need help getting pre-qualified or pre-approved, please call our office today.

MMP: Short Sale Sellers are in luck too!

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Buying a home in the state of Maryland? Planning to purchase in Capitol Heights, Brentwood, Cole Manor, Fairmont Heights, Mt. Rainier, or Seat Pleasant, Landover, Palmer Park, Glenarden, or Langley Park? You could receive closing and down payment assistance whether you are a first time homebuyer or not. The Community Development Administration (CDA) of the State of Maryland provides the MMP to offer a loan programs with low interest rates and down payment and closing assistance. Today (April 19, 2013) the APR for a FHA loan is 4.082% and 4.229% for a conventional. The Downpayment and Settlement Expense Loan Program offers consumers a deferred loan of $5,000 at no interest. Deferrable, in this case, means the loan is repaid when the property is resold. This assistance could help you purchase a home with very little of your own money upfront. Be aware, income and purchase price limits do apply.

Even more assistance can be obtained through the CDA’s Partners Match Programs, House Keys 4 Employees, Builder/Developer Incentive Program, and the Community Partners Incentive Program.

There are many approved lenders that offer the Maryland Mortgage Program. Click here for a list.

More information on the MMP can be found at www.mmprogram.org or Contact me and my lender partners will provide you with you information you seek,

Quick Tip For Sellers

Most buyers will present offers with a home inspection contingency. Depending on the results, they may choose to walk away from the deal, ask that the items cited in the report be repairs, or they may agree to split the report costs.

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Having a home inspection completed before the home is listed makes the home more attractive to buyers, which means you are likely to get more offers sooner. Show buyers that repairs have been made by having a slideshow of the work or before and after pictures play during open houses.

The market is heating up! With more and more options springing up everyday, let’s make the buyer’s decision easy. Connect with me today and I’ll help to get your home sold!

 

REO properties

REO’s are bank owned properties. They can be a great, fiscally, if you know what you’re doing. The time an REO is active is usually very short and the listing price is usually way under market value. My strategy with REO’s i to present the highest and best offer, the first time. Hmmmm. What is the highest and best offer? A real estate professional (such as myself) could provide you with their opinion of market value, based on a comparative market analysis. With a little paint, you could a bank owned property your home for a bargain. Message me for more information on REO’s.