If you’re a first time home buyer or buying a new home, you need to know about Maryland CDA Mortgage Program Benefits. Unlike traditional home loans with crazy interest rates and terms, the Maryland CDA Mortgage Program is pretty straightforward. Best of all down payment and closing cost assistance come standard, so if you need a little help you’ll still be able to get into your dream home.
Maryland CDA Mortgage Program Benefits #1
Build your own home or move into an existing home; depending on where you choose to apply for your loan (different targeted areas will give you different options) you’ll be able to build your dream home or find an existing home that makes your heart sing. Investment properties sadly are not eligible for Maryland CDA Mortgage Program Benefits, but the following homes are:
- Condos (and certain apartments), townhomes and modular or manufactured homes that are approved and pass building codes
- Existing homes (detached or semi-detached homes)
- New construction
Again, this program is for people whose primary residence will be the home they are buying. If you’re trying to buy an investment rental property this isn’t the program for you.
Maryland CDA Mortgage Program Benefits #2
Tired of creative variable interest rate mortgages, balloon payments and prepayment penalties? With a Maryland CDA Mortgage you’ll get fixed interest rate mortgages; this means whatever the rate is when you originate (start) your mortgage is what it will be for the next 30 years. As of April 2012 this is 4.25-4.9% interest, while many homeowners are struggling with 20% interest home loans. Unless rates dip back down into the 3% range again, now is the perfect time for you to buy. The kicker about this program though is the credit score of the borrower (representative or middle) needs to be 620 or above. If you have an acceptable “nontraditional credit rating” you may still be able to apply. This can lead you into murky FHA waters where you’ll want a HAFA realtor in Maryland to take a look at it and help you decide if you’re eligible for Maryland CDA Mortgage Program Benefits.
Maryland CDA Mortgage Program Benefits #3
Closing Costs and Down Payment Assistance; who doesn’t need that when they’re moving into a home? A program that works well with Maryland CDA Mortgage Program Benefits is called “DSELP” helps people get into their home and alleviates the burden of closing a home. There are other ways you can get help with closing costs like the House Keys 4 Employees program, Builder/Developer Incentive Program and the BRAC match program. The Maryland CDA Mortgage Program benefits many first time home buyers and those who are trying to buy a new home. While you need decent credit to participate in the program, credit repair can help you be ready for to apply to for a Maryland CDA Mortgage and get into your dream home. Home ownership shouldn’t just be for real estate investors. If you’d like more information, click my Maryland CDA Mortgage Program Benefits form.
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