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WELCOME TO THE NEW FHA LOAN.   OPPORTUNITY FOR MARYLAND REAL ESTATE BUYERS.

HAVING TROUBLE GETTING A CONVENTIONAL HOME LOAN APPROVED?  You bet!  Is the home you wish to buy in a "declining market"?  What's a "declining market"?  What's the solution? 

DECLINING MARKET.  Mortgage companies are smart.  While home prices in the Maryland real estate market have come down significantly, conventional mortgages have become harder and harder for buyers to get approved.  5% has become 10% and 10% has become 20%.  In designated "declining market" areas, areas where prices have declined, underwriting and appraisal guidelines are much more difficult than in the past 5 years.  Mortgage companies want to protect themselves from the risk of making loans on homes whereby the market value is likely to decline.  They protect themselves by limiting the amount of money they will lend on properties where there security (the property) will decline in value. 

What is the solution?

                                                                                                                              

YES!  3% Down loans are available with FHA Financing.  BUT, THAT'S NOT ALL.  If you qualify, you may be able to obtain DOWN PAYMENT ASSISTANCE from the Down Payment Assistance programs offered by the Nehemiah Program.  Wait!  There's more.  With FHA Financing, you may receive up to 6% closing cost assistance from the Seller.  Of course, the seller must be willing to make this contribution to you.  In today's real estate market, our buyers are negotiating contracts with helpful closing cost contributions to help our buyers with costly closing costs. 

ENTER FHA MORTGAGE FINANCING.  Just in time, the loan limits for FHA insured mortgage loans will help many home buyers obtain financing at a reasonable cost.  The new loan limit for FHA is $729,750.  In some areas of Maryland the loan limit is less. 

NEW FHA LOAN LIMITS FOR 2008.

Maryland FHA Loan Limits

Calvert County $729,740
Charles County $729,750
Frederick County $729,750
Montgomery County $729,750
Baltimore City/County $560,000
Carroll County $560,000
Harford County $560,000
Howard County $560,000
St. Mary's County $400,000

                               Home for sale Montgomery county md

           Homes in Montgomery County MD in the $625,000 range in Damascus, Germantown, Clarksburg.

THE NEW FHA MORTGAGE LOAN ARE IMPORTANT.  The average price for Detached Single Family Homes SOLD in February, 2008 in Montgomery County, Maryland is about $620,000.  With the old FHA mortgage loan limit, buyers were denied the benefits of the FHA loan and the financing flexibility offered. 

                     Montgomery County Map MD

City ListPrice   Type Lot Acres BR BathsAll Fpl # Gar
Silver Spring $600,000   Detached 0.268 4 3 2 2
Silver Spring $625,000   Detached 0.27 4 3 1 2
Germantown $619,900   Detached 0.165 5 4 2 2
Germantown $600,000   Detached 0.231 4 3 1 2
Silver Spring $620,000   Detached 0.287 4 3 1 2
Silver Spring $609,000   Detached 0.405 4 3 1 2
Silver Spring $625,000   Detached 0.336 4 3 1 2
Silver Spring $625,000   Detached 0.289 4 3 1 2
Laytonsville $618,900   Detached 0.906 4 3 1 2
Silver Spring $619,900   Detached 0.459 4 4 1 2
Germantown $600,000   Detached 2 4 3 1 2
Silver Spring $615,000   Detached 0.586 5 4 1 2
Olney $615,000   Detached 0.249 4 4 1 2
Silver Spring $619,000   Detached 0.532 5 4 2 2
Clarksburg $605,000   Detached 0.272 4 4 1 2
Boyds $600,000   Detached 0.251 4 4 1 2
Silver Spring $625,000   Detached 0.177 4 4 1 2
Sandy Spring $615,000   Detached 0.446 5 4 0 2
Gaithersburg $619,900   Detached 0.122 4 4 1 2
Germantown $625,000   Detached 0.209 4 4 0 2
North Potomac $624,990   Detached 0.358 5 4 1 2
Silver Spring $620,000   Detached 0.248 4 4 1 2
North Potomac $619,000   Detached 0.232 4 3 1 2
Boyds $600,000   Detached 0.133 4 4 1 2
Gaithersburg $624,985   Detached 2.02 4 3 1 2
Germantown $600,000   Detached 0.19 4 3 1 2
Silver Spring $625,000   Detached 0.192 5 4 1 2
Rockville $619,900   Detached 0.367 4 3 1 2
Silver Spring $625,000   Detached 0.138 4 4 1 2
Damascus $625,000   Detached 2 5 4 2 2
Germantown $619,900   Detached 0.189 4 3 1 2
North Potomac $620,000   Detached 0.3 4 3 1 2
Gaithersburg $618,900   Detached 0.117 4 3 2 2
Derwood $624,525   Detached 0.248 4 4 1 2
Germantown $625,000   Detached 0.192 4 4 1 2
Silver Spring $624,900   Detached 0.301 4 3 1 2
North Potomac $609,751   Detached 0.273 4 4 1 2
Germantown $620,000   Detached 0.337 4 4 1 2

For specific loan information, contact
Bruce Thanh
JPMorgan Chase Bank, N.A.
3190 Fairview Park Drive Suite 100
Falls Church, VA 22042
Phone: (703) 641-6231

Ask about the Homefinders FREE Home Warranty and Home Inspection REBATE.

Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988.

search  Lenn's BlogSend Us Your NeedsE-Mail Homefinders.com

 


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10 Comments on MONTGOMERY COUNTY MD HOME LOANS, FHA HIGHER LIMIT FOR MARYLAND HOME BUYERS - FHA Loan Limit $729,750 and 3% Down!

MAR
31
2008
543,247 Points 39 Featured Posts Outside Blog

Lenn,

This is a never before occurring boon to homeowners in the 'formerly jumbo loan categories' to take advantage of the great FHA mortgage products...including the best ARM in the business...consumers shouldn't be afraid to try this ARM! JMHO, Thanks,   Fran
7:21pm • #1
1,545,500 Points 416 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

Fran.

Indeed.  I plan to write about doing the FHA Arm too.  I've always loved the FHA loans.  We haven't been doing them because sellers wouldn't take the contracts for fear of the appraisals. 

They've changed the guidelines now to do appraisals like conventional.  It's about time.

 
7:25pm • #2
4 Featured Posts
Lenn, you do and OUTSTANDING job at providing readers with the information that they need...
9:35pm • #3
APR
01
2008
 FHA is definitely the way to go for those having trouble going the conventional route.
12:19am • #4
3% down on houses whose values are declining?  No, I'm sure there won't be any buyers walking away from those loans.  ugh, have we not learned our lesson yet?
4:46am • #5
1,037,669 Points 26 Featured Posts Outside Blog Called Shot Master
This is good information for consumers. FHA is becoming popular once again.
5:49am • #6
1,545,500 Points 416 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

Ray.  Thanks.  We do, indeed, need this information out to the home buying consumer.  The mortgage mess has eliminated so many financing opportunities for home buyers. 

Eugene.  I believe the new conventional requirements are a classic case of "overkill" and they're killing the wrong people, the consumer.

John S.  Sure.  We learned a lot.  We learned that the consumer shouldn't be blamed for the perfidy of Congress and the Big Financial houses that securititized mortgage loans and lenders who committed mortgage fraud.  For about 9 months, a few home buyers will be able to buy a home without pawning their future.  We also learned that blaming the consumer for the perfidy of the industry that was meant to serve them can bring down the entire house of cards that the industry built to grease their own palms. 

Tell me John S.  how many home owners do you want in the streets and shelters???  How many children do you want to be out of their school because their parents loose their home?  How many families would you deny an opportunity to buy a home because they haven't been able to save 20% down when they have to pay $350 a gallon of gasoline and $4 for a quart of milk? 

Proponents of high down payments to buy a home have no sense of reality. 

 
5:49am • #7
1,545,500 Points 416 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

Gita.  And that's good news.  Borrowers will pay for the higher loan limits but it is beating out the conventional loans all over. 

 
5:50am • #8
1,254,569 Points 242 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master
Lenn- It feels like FHA is quickly becoming the answer to the almost subprime borrower. The seller can contribute up to 6% of the buyers fees but can not pay their prepaids or MIP. We have started to close on some great FHA loans here in our neck of the woods where for years there was not a house to buy that fell in their limits. But with raising the rates we are now seeing FHA come alive down here. 
8:25am • #9
APR
06
2008
Lenn, you're absolutely right; I am a cold-blooded, uncompassionate bastard who just wants to see people in the streets.  Now that you've shown me the error of my ways, I'd like to suggest that the FHA not only offer a 3% down mortgage, but better yet, offer a 0% down mortgage.  Also, I suggest they offer what I'd like to call an "interest only" mortgage, and also something I'll call a "no doc" mortgage.  These products will allow many more people to buy houses now.  I'm not sure why no one else has thought of these ideas before; I must be a creative genius.
2:37am • #10

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