Reward for First Time Homebuyers!

It is nice to know that those who are "Wanted" actually get the $8,000 REWARD!

The government is finally providing something as a "stimulus plan" for not only 1st time buyers but also for those who have not been on title to a home in over 3 years.

One of the best parts about this reward is that a buyer can still get the $8,000 this year! If you purchase a home before the program expires in December, you can ammend your tax filing and get money back this year without having to wait for your tax filing for 2009!

Obviously, the program is meant to be a stimulus to the Real Estate market but the best way to look at this as a home buyer is to view it as a rebate on your down payment from Uncle Sam!

There are some subtleties that apply into the program wherein a person who currently owns a rental home but is not on title to another home can actually qualify for this program as well.

To learn more about how you can take advantage of this REWARD please feel free to contact either Linda Greco or Frank Gilmartin, when it comes to respective questions regarding Real Estate or Mortgages. Call Linda at 410.838.1266 ext. 122 or Frank at 410.808.5551.

http://findahouseinmaryland.com/ Search homes

http://activerain.com/blogs/agrecohome More information

Other Foreclosure Opportunities

To start a home search, visit
http://findahouseinmaryland.com/ or contact Linda Greco or Frank Gilmartin by email or phone! Or, if you have a question, just post it in the comment section and we will answer it today!



Other opportunities exist for buyers who are either unable to qualify for the NSP program or have found houses that do not meet NSP property standards. One such program involves the FHA 203K loan which is designed for borrowers who have the need for low down payments. The 203K loan is offered as a Streamline program which allows up to $35,000 in repairs and a full 203K program which is only restricted by the total amount of repairs and the maximum FHA loan amounts per county. For those who might need to consider another option for distressed property or foreclosed homes in need of repair, there is a conventional loan alternative as well which requires more of a down payment.
To identify these homes and to consider all of your options, please contact either Linda or Frank to explore those possibilities ...

Frank Gilmartin, Loan Officer 410.808.5551
Linda Greco, Realtor 410.838.1266 ext. 122

NSP Program Benefits

Baltimore County is starting a program to encourage home buyers to consider homeownership in existing residential communities that have foreclosed properties in the 21207, 21220, 21221, 21234, 21244, 21133, and 21117 zip codes.
Before signing a real estate contract, a buyer must complete TWO workshops (home buyer and pre-settlement) and counseling with a Baltimore County affiliated Housing Counseling Agency.

Please contact me for a list of the approved agencies for this program. Some additional highlights of the program are listed below:
Buyer(s) do not have to be first time home buyers.
Buyer(s) can get up to $50,000 for down payment and closing costs.
Property must be in one of the zip codes listed.
Property must be a foreclosure or short sale.
Property must be vacant.
Contract must be written for 60 days.
Gift Contributions may not exceed 3% of the sales price.
Property must be purchased at minimum discount 5%; a 15% or more discount based on an appraisal is preferred.
Buyer(s) must have home inspection.
The cost of repairs required to correct housing quality standards (HQS) identified deficiencies can be included in the borrowers maximum loan amount up to $3,000.
NSP is a loan that is forgivable after 15 years.