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 |
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.
| 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.
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