Federal Home Loan Bank (FHLB)

Get $5,000 towards closing costs!

I'm happy to announce that the Federal Home Loan Bank (FHLB) has it's funding in place for 2012 and these funds are readily available for those who qualify.

The FHLB program is a great help to those who need assistance with closing costs.

A change this year to the FHLB funds are that the closing assistance has been reduced from $7,500 to $5,000. 

This FHLB program is fantastic because it doesn't mandate any special inspections and it doesn't have any additional restrictions on debt to income eligibility.

If you'll like more information or to get qualified for this program contact me by phone 410.357.1774 or email.

~Nnaemeka Chima

Check out this graduation speech by Steve Jobs in 2005!  It's very inspiring and I particularly like the quote "Stay hungry. Stay foolish."  This speech is very inspiring and we hope it moves you to great things!  Stay hungry... stay humble and don't let dogma dictate your life!

Homeset Realty Team

 BUYING YOUR FIRST PLACE?

Then HGTV is looking for you!

$4,000 Grant for East Baltimore City Home Buyers

The next trolley tours for East Baltimore City will be held Saturday, September 10th at Mergenthaler Vocational Technical High School "MERVO" 3500 Hillen Road, Baltimore, MD 21218.

The first 50 homebuyers that attend the trolley tour and execute a sales contract within 90 days of the fair receive a $4,000 award towards closing costs.

More information on City website: http://www.baltimorehousing.org/homeownership_trolley

Call Chima at 410.602.3232 x510 for more details or to get a list of all homes that match your search criteria.  Reference 'East Baltimore Trolley Tours'.

Hello Everyone,

Here's the latest information for the Baltimore City Community Development Block Grant Program:

CDBG's First Time Homebuyer Program

What is it?

The Office of Homeownership established a new program designed to assist first time home buyers. The program, the Community Development Block Grant Program, can give qualified first time home buyer $5,000 toward down payment and settlement expenses.

Who is eligible?

First-time homebuyers with a counseling certificate from a City Approved Counseling Agency. Upon receiving a counseling certificate, the borrower can then find a property and sign a contract to purchase. Once executing a contract, the borrower must bring that contract back to the counseling agency to have the CDBG program application completed. The property must be inspected utilizing an HQS inspection conducted by a certified lead abatement inspector. Please be absolutely certain that there is no peeling, flaking, chipping paint inside or outside the purchased property.

Additionally, if you qualify for other mortgage incentive programs, you can stack these incentives to pay all of your closing cost expenses and may have enough residual to reduce your mortgage principal. We have witnessed homebuyers stacking more than $20,000 in incentive funds.

What are the benefits?

$5,000 down payment and closing assistance structured as a 5-year loan forgivable 20 percent per year.

What are the restrictions/loan terms?

The funding source for the CDBG program have 80% median income limitations. You must be within the income limitations to qualify for this program. The income limitations are as follows:

1 person $44,950

2 person $51,400

3 person $57,800

4 person $64,200

5 person $69,350

6 person $74,500

7 person $79,650

8 person $84,750

Homebuyer Workshops

Great Washington & Greater Baltimore Areas

When purchasing a home as a first time homebuyer, there are many opportunities made available to help you with closing costs & downpayment.  You can find out about these homebuyer opportunities like grants, Settlement Expense Loan programs, Downpayment assistance programs and more by attending a workshop through one of your locally approved agencies.  Here are approved agencies in the area:

Greater Washington Area (Montgomery and Prince George's Counties)

Greater Washington Urban League (301)985-3519

Housing & Community Initiatives, Inc. (301)590-2765

Housing Initiative Partnership, Inc. (310)699-3835

Housing Options and Planning (310)567-3330

Kairos Development Corp (301)899-0046

Greater Baltimore (Baltimore County and Baltimore City)

Belair-Edison Neighborhoods, Inc. (410)485-8422

Diversified Housing Development (410)496-1214

Harbel Housing Partnership (410)444-9152

Neighborhood Housing Services of Baltimore (410)327-1200

Eastside Community Development (410)284-9861

Govans Economic Management Senate (GEMS) (410)443-3400

More agencies and programs for homebuyers can be found on the Maryland Mortgage Program website: http://www.mmprogram.org/

 **New Listings**

5404 Morello Road, Baltimore MD

WHAT IS HAFA?

SHORT SALE RULES

'What is a Short Sale?', 'Why is a Short Sale not short ?", "What do I need to do to qualify for a short sale?", or "Will the bank come after me for the difference owed?".  Below is an insightful video by NAR that breaks down the short sale process. 

Call us if you have any questions.  We'll love to help!

The Spring time is traditionally an excellent period to sell your home.  You'll learn from the following video about the benefits of getting your home professionally staged.  We've found that homes that we stage sell for (1)More Money in (2)Shorter Time with (3)Least amount of hassels. 

Contact us if we can help you with your home sale or purchase.

Enjoy!

~Chima