Can I Get a Mortgage with 10% Down? - 08/29/10 08:28 PM
Can I get a mortgage with 10% down?  The answer is YES, you can get a mortgage with 10% down.  The best option for this situation is what is called an 80/10/10.  This is comprised of two separate mortgages allowing the borrower to go up to 90% financing without mortgage insurance!
The first mortgage is structured to be 80% of the sales price and is a standard conventional Fannie Mae / Freddie Mac mortgage product at current market rates.  The second mortgage that my bank offers can accommodate up to 90% financing on the purchase of a home.  The second mortgage … (2 comments)

What is an escrow waiver and should I ask for one? - 08/19/10 10:24 PM
A little known option when shopping for a mortgage in Montgomery County Maryland is what's called an escrow waiver. 
- An escrow account is an account setup by your lender that is funded in advance to pay your property taxes and homeowners insurance automatically.  - An escrow waiver is an option (usually comes with an additional fee) which enables you to pay your property taxes and homeowners insurance on your own (ie: not part of your monthly mortgage payment).  Note: Not all types of mortgages allow the borrower to waive escrows.

If you let the bank hold your escrows, the bank will pay … (0 comments)

Yes, mortgage lending standards are strict, but they ARE working!! - 08/08/10 10:24 AM
Yes, the mortgage lending standards have become very strict, but there is proof that they are working!  The Quarter 2 2010 losses are the lowest they have been since the government took over Fannie Mae in 2008.  
I had a Realtor tell me that a family with documentable income of $35,000 per year was given a mortgage for a $1 million dollar property that she sold short last year.  Clearly, mistakes were being made across the board with lending standards being too relaxed.
Now the corrections have been made, and with some back-burner discussions about the ultimate fate of Fannie … (1 comments)

Just in! - Expect upcoming changes to FHAs upfront and annual premium - some numbers - 08/05/10 08:37 PM
David H. Stephens, the Assistant Secretary for Housing / Housing Commissioner released today a special notice with the intent of decreasing the annual upfront MIP down to 1% (currently at 2.25%) with a simultaneous increase in the annual MIP to 0.85-0.90% (currently at 0.50-0.55%).  The anticipated case number assignment effective date is September 7th 2010.  The bill still needs to be signed into law.

"With this authority, FHA is in a better position to address the increased demands of the marketplace and return the MMI fund to congressionally mandated levels without disruption to the housing market."
"As I have previously … (0 comments)

Don’t Miss Out on Fresh Produce This Summer in Germantown! - 08/04/10 03:00 PM

Via Al and Mary Cardany (Keller Williams Team Realty):
Butlers Orchard offers fresh local produce for us all to enjoy. Open every day except for Monday, you can either pick your own produce or purchase it in the farm store. What’s currently available to pick? Blackberries, blueberries and fresh flowers. Produce isn’t where it ends. Butler’s Orchard also offers farm fresh free range chicken, cheese, ice cream, butter and milk! AND PIES! Apple, strawberry, strawberry mango, very berry… mmmm…..   The farmers market is open May-Christmas eve, so don’t miss your opportunity to support our local farmers.  Items fresh for the pickin’ … (0 comments)

 
Nick6 Rainmaker_large

Nick Pakulla Mortgage Lender Loan Officer in MD DC VA

Rockville, MD

More about me…

First Place Bank Maryland, Virginia, District of Columbia

Address: First Place Bank, 15400 Calhoun Drive #170, Rockville, MD, 20855

Office Phone: (301) 585-7283

Email Me

Loan Officer with First Place Bank in Rockville Maryland. FHA, 80-10-10, VA, Conforming, Jumbo, Refinances, a group of local approved appraisers (no 3rd party appraisal system), In-House Processing and Underwriting. Servicing Maryland, DC, and Virginia.



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