Many "first time buyers" have been riding the fence for the past year or so. Since 2007 potential buyers have been watching prices continue to slide with inventory building. Since January-February 2009 and the introduction of the stimulus package, many of those fence riders have decided to make a leap; also, the Hagerstown Maryland market for many "first time buyers" seems to have a somewhat limited inventory. The last offer I wrote the other day was a full price offer with no seller assistance and we did not get the contract, but we are the back-up contract.
Many of my "first time buyers" having been using FHA financing. We are very lucky in the Hagerstown Maryland market because we also have available to us a program called FmHA or USDA. Similar to FHA, this loan program requires NO MONEY DOWN and, one can negotiate for the the sellers to contribute some if not all of the closing costs. Unlike FHA, there is no monthly PMI. It must pass a home inspection and, pretty much has the same requirements like FHA (no peeling paint, broken windows, missing railing, etc., etc., etc.). I have used this program so many times I pretty much know all of the areas that are eligible for USDA financing. I always do a double check and so can you. Anyone can look up a property by googling USDA eligibility. Follow the few required steps and you can find out immediately. This program, if the area is in the eligibiliy zones, has increased most of my clients loan options. I always recommend that a "first time buyer" or any buyer check with their lender to see if the lender offers the USDA loan and if the client meets the requirements.
If you are interested in additional infomation on properties or if you are a "first time buyer" in the Hagerstown Maryland area of Washington County MD, please feel free to contact me at RE/MAX Achievers at the following number: 301-739-4800 or click here to check out current listings to begin a preliminary search of the area.
If you are interested in land listings only in the Hagerstown Maryland area, click here.