|
You've found the house, now begins the search on how to pay for it! Compare a variety of lenders that know Baltimore City, and offer competitive products and quality service. From aquisition to renovation loans, the most current products available are listed below.
First Time Home Buyer Programs: Maryland Mortgage Program offers below market interest rates along with settlement expense assistance. Zero down payment programs available as well. We participate in most closing cost assistance programs in the greater Baltimore Marketplace. We are FHA/VA approved lenders.Borrower’s Advantage: 103% financing. The 1st Mariner Mortgage Borrower’s Advantage program allows the purchaser to borrow up to 100% of the purchase price, and finance 3% of the closing cost in the mortgage. The program will also allow the seller to pay up to 3% of the remaining closing costs eliminating the cash required to purchase a home.
Renovation Loans: 1st Mariner Mortgage offers a complete line of renovation loan programs. You can borrow enough money to purchase and renovate your new home in one easy loan.
Interest Only Loans: 1st Mariner Mortgage offers interest only mortgages providing borrowers the lowest mortgage payment options and improving cash flow.
RateXchange: A 1st Mariner exclusive program, the RateXchange allows the borrower to permanently buy down the interest rate on a mortgage by financing up to 6% of the cost of the buy down. This program can provide the borrower with some of the lowest interest rates available.
Our lending professionals provide superior technical assistance, customer service and exceptional rehabilitation financing opportunities.
Single Family Rehabilitation Loan
This program has been indefinitely suspended as of June, 2008.
Multi-Family and Investor Loan Programs
Available to investors and developers to rehab Baltimore houses for residential rental or sale to individual homeowners.
- Acquisition + Rehabilitation/Construction loan or line of credit.
- Maximum 80% LTV based on 'as completed' value of the property.
- 5 + multi-family units; 1- to 4-unit single house rental properties eligible.
- Min.1.1 debt coverage ratio required.
BB&T’s “CHIP” Program
• No Mortgage Insurance.
• Up to 100% Financing available to qualified buyers.
• No Income Limits in Baltimore City
• Gift Funds can be used for a down-payment
• Unlimited seller contributions
Maryland Community Development Administration
• Approved “CDA” lender. See www.morehouse4less.com
• Down-payment assistance available
FHA and VA
• Local underwriting and processing
• Direct Endorsement FHA underwriters
• Up to 97% financing for FHA Loans
• Up to 100% financing for VA Loans
• In-House approval
BB&T is a full service lender. We offer a wide array of conventional mortgages including Fixed, ARMs, Jumbo and Construction/Perms to help fill every customers needs.
And we don’t sell our Servicing.
BB&T… “The Best Bank in Town since 1872”
Carrollton Bank, in business in Baltimore for over 100 years, has one of the most comprehensive portfolios of Mortgage products available!
Whether you are a 1st time homebuyer or a seasoned investor, Carrollton has an affordable program just for you. Our experienced team understands the needs of our home buying market.
Our loan processing, underwriting, and funding is all done right here in-house which makes your entire home-buying experience simple and easy. Our goal is to provide you with the best rate and service you can find.
Let us earn the privilege of becoming your mortgage consultants for life!
Highlights:
100% Financing Options
- 80/20's w/ no MI
- 103% (covers purchase plus closing costs)
- CDA loans with grant money
Renovation Loans
- FHA 203(k) Renovation loans
- 100% Investor/Rehab loan (one of a kind)
Interest Only/ARMS
- 1,3,5,& 7 Year Adjustable-Rate Loans
- Interest-Only Options (to keep your payment down and afford more home)
FHA and VA (direct underwriters)
Expanded Approval/Timely Payment Rewards:
Expanded Approval allows Borrowers with impaired credit to obtain financing with interest rates/costs that are less than those offered by the SubPrime market. The Timely Payment Reward encourages Borrowers to improve their creditworthiness by automatically decreasing their interest rate.
FHA 203k:
Provides financing for the purchase/refinance of the property and the improvement of the property. The Borrower can finance a first mortgage home improvement loan based on the "as-improved" value.
Maryland Mortgage Program with Settlement Expense Program:
Provides homeownership opportunities to eligible limited-income Maryland homebuyers below current market rates. The Settlement Expense Program allows the Borrower to finance settlement expenses for purchasing a home, which is due upon maturity or the sale of the home.
80/20 Programs:
Zero down payment and allows the seller to contribute up to 6% towards closing costs. The home buyer will have two loans to repay, but using this program there is no mortgage insurance needed.
MECU - Baltimore’s Credit Union
To pre-qualify or apply for a MECU Mortgage Loan, please contact Financial Security Consultants:
(410) 823-3300 or (800) 730-7599 –www.fscontheweb.com
Ask FSC about MECU’s $150 closing costs rebate offer!
MECU
7 E. Redwood St., Baltimore, MD 21202
(410) 752-8313 or (800) 248-MECU –www.mecu.com |
 |
The Credit Union Advantage
MECU passes the savings on to you. Banks earn profits for their stockholders. MECU is a nonprofit, owned by its members. What does this mean to you? – lower loan rates and fewer/lower fees.
MECU has been paying loan interest rebates for nearly three decades. Yes, you’ll get back some of the interest you pay. Think about it – what bank would do this for you? You’ll receive your rebates in June and December – in time for the vacation and holiday seasons.
Joining is easy. You don’t have to work for Baltimore City. You’re eligible for membership if you:
1) live, work, worship or attend school in Baltimore, OR
2) are a family member (by blood, marriage or adoption) of a current or potential eligible member, OR
3) reside in the same household as a current or potential eligible MECU member, OR
4) you are an employee of a Select Employee Group.
Mortgage Products
MECU offers conventional mortgages with no points:
fixed rate 15-, 20- and 30-year
adjustable rate 3/1, 5/1 and 7/1
Save time - Why fill out paperwork twice? You may qualify for a MECU Home Equity Line of Credit too. Ask when you apply for your MECU Mortgage.
Also ask about MECU’s $200 VISA® Gift Card offer for new Home Equity Line of Credit borrowers!
Special Programs
First Time Homebuyers – receive .25% off your mortgage rate by completing an approved homeownership counseling program.
Buy in Baltimore – receive .25% off your mortgage rate by purchasing a home in the city of Baltimore.
Home Loan Payment Relief (HLPR) – HLPR features a 3-year ARM for qualified borrowers at 1% below the national average. The required down payment will not exceed 3%, and gifts/grants are permitted.
First-Time Homebuyer Programs
Making the transition from renting to owning a home may seem difficult, but with M&T you can become a homeowner even if you have:
- Little money saved - M&T offers low downpayment mortgage options, reducing the amount of cash savings needed to buy a home. We may even be able to help you finance your closing costs.
- Less-than-perfect credit or no credit history - If your credit isn’t perfect, M&T can often find a mortgage that’s right for you. And, if you lack a credit history, we may be able to use “non-traditional” forms of credit including records of timely utility or rent payments.
- Changed jobs recently - When buying a home, a steady income is more important than how long you’ve been in the same job.
- Foreign citizenship – If you are a legal resident, you can likely purchase a home in the United States.
M&T’s First-Time homebuyer programs include:
M&T’s Get Started Mortgage
Buy a $100,000 home with just $1,000! Featuring a low 1% cash downpayment and financed closing costs, M&T’s Get Started Mortgage makes buying a home easier than ever. M&T’s Get Started Mortgage is available in select counties in New York, Pennsylvania, Maryland, West Virginia, Virginia and Washington D.C.*
Home Possible and MyCommunity Mortgages
With no downpayment required, there’s no need to wait to buy a first home.
FHA Mortgages
A flexible, low downpayment financing solution. And with no maximum income limits, FHA mortgages are available to almost any homebuyer.
FHA 203 (K) MakeOver Mortgage
Buy and improve a home in one easy step. Featuring low downpayments and low closing costs, M&T’s MakeOver Mortgages combine purchase and home improvement financing in a single loan.
VA Mortgages
With no downpayment required, VA Mortgages offer special advantages to eligible veterans, reservists and active-duty personnel. Plus, sellers can help pay your closing costs.
Maryland’s Community Development Administration Program - More House 4 Less
Qualified first-time homebuyers living in Maryland can enjoy the following:
- 100% financing available on single or two-family residences
- Below market interest rates
- Closing cost assistance
- Interest-only payment options
*The example above is based on a fixed interest rate of 5.875% with an APR of 6.88% and 360 monthly principal and interest payments of $857.73. Example assumes a 97% loan-to-value ratio, $625 in fees, 15 days pre-paid interest and a $145,000 mortgage amount. Remaining downpayment, closing costs and prepaid items (excluding any interim interest if applicable) may be funded by a gift, grant subsidy or an M&T unsecured loan. Example for illustrative purposes only. Posted rate effective 4/12/06 for low/moderate income areas only. Please call for current rates. Certain restrictions apply. Maximum income by household size, 80% of area median income unless property is located in a low/moderate income census tract, then no income limit applies. Available in select counties.
For additional product information visit M&T Mortgage online at www.mtb.com.
Rehab/Renovation: As one of the nation's leading rehab lenders and one of the area's most experienced teams, we will see you through this exciting loan program. Our unique programs go far beyond the boundaries and limitations of the traditional FHA 203k program. Quick settlements, along with contractor-friendly terms and no payments during the entire renovation process are just a few of the highlights of our Conventional Renovation programs. Ask us about our enhanced no money down and a stated income options as well.
HUD Officer/Teacher Next Door: Right now, qualified law enforcement officers and teachers may be eligible to purchase a HUD-owned home at a discount of 50% of the list price. As an approved HUD lender, we can provide financing which allows the borrower to finance 100% of the cost of the property and as well as all closing costs. A minimal investment of $100 is due from the borrower. When you combine this loan with one of our rehab loan options, and you can create the home of your dreams for half the price! Click here for more info, http://www.HUD.gov/offices/hsg/sfh/hsgsingle.cfm.
S.C.O.P.E. Selling City Owned Property Efficiently: This is one of Baltimore's hottest new initiatives, this project enables qualified borrowers to capitalize on underutilized City-owned properties. Purchasing a SCOPE-designated property requires the use of an approved qualified real estate agent and an experienced lender. For more information on SCOPE call Brian Nowakowski or visit http://www.realtorsbaltimore.com/scope/.
Investors: Whether you are just starting to build your portfolio of rental properties, or if you are looking to buy in order to renovate and sell, we can handle all of your financing needs. We offer loan to values up to 100%, Interest Only options, Home Equity lines, and Renovation loans. Let our experience work for you.
More House 4 For Less: State of Maryland has an initiative to create more home ownership opportunities for everyone. We are proud to have long been one of the leading lenders in conjunction with this initiative. With extremely competitive rates and NO DOWN PAYMENT options it is a perfect solution for first time homebuyers. Call Brian Nowakowski or visit www.morehouse4less.com for more information.
All of Baltimore City Eligible Income Limits: 1 or 2 persons in home $91,080, 3 or more $102,260 Maximum Acquisition Costs: $522,363 Zero Point Rate: 5.25% fixed (subject to change), 30 year term Two Point Rate: 4.875% fixed (subject to change), 30 year term, 2 points negotiable between buyer and seller Must complete home buyer education - There are several homeownership counseling agencies in Greater Baltimore, see www.morehouse4less.comfor a list. Do not have to be a first-time home buyer
CDA/More House 4 Less Program:
Affordable fixed rate financing options for first-time homebuyers offering below market interest rates and various forms of closing costs assistance. Minimum contribution from borrower’s own funds of $500. Can be used throughout the state of Maryland.
Suntrust Affordable Housing Program:
$500 down payment from borrower’s own funds, remainder of required 3% down payment can come from gift, grant, approved second mortgage. No mortgage insurance. 29%/41% ratios, maximum loan amounts up to $417,000. Purchase or refinance of primary residence permitted.
Construction/Rehab Programs:
Suntrust offers a variety of rehab loans: Purchase Rehab, Refi Rehab, Investment Rehab, Construction Perm. You can borrow enough money to purchase and renovate your home in one easy loan transaction. Suntrust pays your contractor as the work is completed.
100% NO PMI Doctor Program:
Financing available up to 100%, loan amounts up to $650,000 for medical doctors, and up to $417,000 for residents. Programs include one year, 3/1, 5/1, 7/1 and 10/1 LIBOR adjustable rate products.
You Can Dream or You Can Own: Let Wells Fargo Home Mortgage Help you with Your Homebuying Needs
Free Home Buyer Education Workshops call for times and locations
- America's leader in FHA and VA Loans
- A Selection of Home Renovation (203K) Financing Programs to Choose From
- Flexible Term, and Adjustable Rate Mortgages Customized to Your Needs
- Special First Time Homebuyer programs
Dreaming is the First Stage, Let Wells Fargo Home Mortgage take you to the Next Stage.
| 
