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FHA May LIMIT Seller Contribution-BUYERS NEED MO' MONEY! - 02/28/12 12:13 PM
FHA May LIMIT Seller Contribution-They are at it again!!
FHA is proposing a rule to limit seller contribution One reason is that they feel that the 6% cap that is currently in place is serving to artificially inflate the appraised value of homes. The new rule will drop the maximum seller contribution from 6% to a maxium of 3% or $6000 whichever is GREATER.
There is also an increase in the annual mortgage insurance premium (also called monthly MIP) by .10% going into effect for loans under 625,500. Over 625,500 there will be a .25 increase. EFFECTIVE FOR CASE NUMBERS ASSIGNED ON OR … (3 comments)
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CATONSVILLE, MARYLAND-NEWEST SWEET SPOT - 02/24/12 01:47 PM
CATONSVILLE, MARYLAND-NEWEST SWEET SPOT
Grab the kids and head to the HMART Shopping Center at Rolling Road and Route 40 in Catonsville for Catonsville's Newest Sweet Spot.
SweetFrog opened recently to serve folks in Catonsville, Maryland premium, all natural, soft serve yogurt. It's not just yogurt, it's yogurt YOUR way. They have a great selection of delicious soft serve yogurts (100-110 calories per 83g which is about 3 ounces).
How Does It Work?
1. Serve yourself the flavor or flavors you like. There is a wide variety to choose from.
K
There are so many great flavors and flavor combinations, be sure … (5 comments)
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What's Your Point?? Nawww ... Not THAT Point! - 02/22/12 04:06 PM
We have lots of borrower's asking if it makes sense to pay a point (1% of the loan amount) to buy down the interest rate. Gene gives an easy to understand explanation. Speaking with your mortgage professional about YOUR situation is important. Sometimes, instead of paying a point, it makes sense to increase your interest rate which will allow your lender to contribute to your closing costs. This is often a good idea for folks who have minimal savings or just need to decrease their out of pocket costs.
Should I pay points on my Maryland loan? Check out Gene's information … (1 comments)
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Is Your Buyer Looking For A Norwegian Elkhound? - 02/22/12 08:26 AM
Is Your Buyer Looking For A Norwegian Elkhound?
Many years ago while on business travel in Western Maryland, I called my husband and said "Remember that dog I said we would never get? I am bringing her home!" The poor, beautiful dog was standing in the pouring down rain just outside of a post office in a small town in West Virginia just over the boarder. I asked around and no one knew anything about this dog. I left my information at the post office and with the local police station and drove home with her. A trip to the vet told us that she was a … (4 comments)
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"What do you get when I use one of your lenders?" - 02/16/12 08:33 PM
And the world keeps getting smaller! I am so proud to be mentioned in Andrea's blog and will always strive to earn the endorsement. I was very happy for Andrea that her blog got featured and was sharing it (and some of the awesome comments) with my husband.
As I re-read the blog, I noted the other lender that Andrea mentioned...Jeanne Topper. Somehow I didn't make the connection on the first read....JEANNE TOPPER? It couldn't be MY Jeanne Topper. I clicked on the link, no picuture...I opened facebook, searched and clicked on INFO. There it was, under contact. The link went to the same site as the … (6 comments)
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Where Can I Have Afternoon Tea/High Tea Near Baltimore? - 02/15/12 10:25 PM
Where Can I Have Afternoon Tea/High Tea Near Baltimore?
You won't go wrong if you head to Paris. No, not Paris, France, Moulin de Paris in Pasadena, Maryland.
High Tea at a Euro-Asian bistro in a strip mall in Pasadena, Maryland? Yep, it works!
Since reservations for tea is required, I made our reservation on OpenTable.com, easy, peasy! We were greeted warmly and led to a table set with an eclectic mix of tea cups, ribbon wrapped cloth napkins and place settings. The menu included a wide variety of white, green, oolong, black as well as scented and flavored teas.
The girls … (5 comments)
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Loan Approval vs. Comfort Level - 02/01/12 11:27 PM
My thoughts on Andrea's blog...
Andrea, This is SO important. It's one of the first things I ask folks in an initial interview for their mortgage. "Have you determined what a comfortable mortgage payment will be?" What one qualifies for and what is comfortable can be two VERY different numbers.
When folks come back to me with "more house", I always take them back to that initial conversation!
There is great budget information at www.gailvazoxlade.com. Too many folks forget about the higher utility bills, repairs, updates, and silly things like FOOD and furniture or even moving costs when calculating what they will need to … (1 comments)
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Bridget "Mortgage Mama" McGee
Baltimore,
MD
More about me…
CrossCountry Mortgage, Inc. 410-960-2061
Address: 1825 Dundalk Avenue, NMLS # 196068, Baltimore, MD, 21222
Office Phone: (410) 282-6456
Cell Phone: (410) 960-2061
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