Since the first of the year, we've been so busy I've hardly had a free minute.  I'm certainly not complaining mind you, but in the course of the day as I'm returning another call from a potential buyer, she asks:

"But are banks still lending money?"

Really?  That's the impression some people are getting because of all the media hysteria. 

BANKS ARE LENDING MONEY EVERY DAY TO NEW HOME BUYERS!  

The only thing that has changed is we're back to basics.  If you're looking to buy a home today, you need to show your pay stubs and tax returns to the mortgage lender so that you can show them you can afford to pay the loan back.  You'll want to make sure you have reasonable credit, paying your bills on time on a regular basis. You can actually get an FHA loan if your FICO score is below 600, but the higher the better (less risk to the bank, less cost to you).

Many buyers, first time or not, are choosing FHA loans.  These loans are insured by the government and you only need to put down 3 1/2% for the downpayment and many times you can have the seller pay your closing costs if you negotiate that with the home purchase.

There used to be loan programs where you could have the seller pay the downpayment and they might come back.  If you want me to put you on a notification list for when/if this happens, just call or email.

If you are military or former military, you can use your VA benefit and possibly buy a home with no money down, or very little. 

There are still the "standard" conventional loans where you will want to have 20% down and a decent credit score to get the best rates.

If you'd like to see if the banks will LOAN YOU MONEY, just give us a call and we'll see if we can get you pre-qualified for a loan to buy your own home!

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To list your property for sale or to purchase a property in Maryland, call Lisa & David Webber, ABR, Licensed Realtors®. For more information on our services, please visit our profile or our website. To view all the Maryland Homes For Sale Click here and then click on Property Search on the left hand side. We know Anne Arundel, Howard, Calvert, Charles, Baltimore, and Prince George's Counties and look forward to the opportunity to serve you.