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.
Subscribe to:
Post Comments (Atom)
Posts
Its really great concept chosen in this post. This includes lot of interesting information which is really useful to everyone.
ReplyDelete