Mistake #1: Closing the wrong credit card accounts.  Hold on to your cards that you've had the longest.

Mistake #2: Not enough credit. Insufficient credit implies that you might not be able to handle more credit.

Mistake #3: Opening store accounts to save on store purchases.  Doing so means a hard inquiry which can shave 5 or more points off your score.

Mistake #4: Carrying high balances on your credit cards.  High balances signal that your debt ratio is too high.

Mistake #5: Making late payments.  Thirty-day late payments can drop your score by a whopping 60-100 points!

Call Nnaemeka Chima for more Home Buying/Selling Advice!

410.357.1774

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

Homeset Realty Team

 BUYING YOUR FIRST PLACE?

Then HGTV is looking for you!

]]>http://www.homesetrealty.com/Blog/Join-HGTV-My-First-Place-Are-you-buying-a-homehttp://www.homesetrealty.com/Blog/Join-HGTV-My-First-Place-Are-you-buying-a-homeThu, 22 Sep 2011 03:00:00 GMT*Lovely home with 3 BEDROOMS, 3 BATHS and 3 LEVEL BUMP OUT *One of the Largest Town Homes -LOTS OF SQ FOOTAGE *Gas Fireplace in large finished basement. Soaking Tub in separate Master Suite with sitting area. Island in Kitchen. More... Short sale handled by experienced agent. *Short Sale APPROVED!]]>http://www.homesetrealty.com/property/9317-VANGUARD-CT-OWINGS-MILLS-Marylandhttp://www.homesetrealty.com/property/9317-VANGUARD-CT-OWINGS-MILLS-MarylandFri, 26 Aug 2011 20:23:00 GMT$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'.

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

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/

5404 Morello Road, Baltimore MD

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!

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

Enjoy!

~Chima

The Greater Board of Realtors (GBBR) will be hosting an upcoming licensing course series beginning February 28th and continuing through April 20th on Monday and Wednesday evenings, from 6 p.m. to 10 p.m.  [Alexander Waicker] The cost of the series is $200, plus approximately $50 for books and materials.  Instructor: Leah Knoerlein, LT Realty.  Registration is available through the Education Calendar or contact Jenifer League at (410) 337-7200 or Jenifer@GBBR.org.
 

1629 Gleneagle Road, Baltimore MD