HOUSING LOAN AMOUNTS DECREASING IN ST MARY'S COUNTY MARYLAND

By
Real Estate Agent with Century 21 New Millennium MD

Not only are HOUSING LOAN AMOUNTS DECREASING IN ST MARY'S COUNTY MARYLAND, HOUSING LOAN AMOUNTS are also DECREASING in Charles and Calvert Counties, effective October 1, 2011.

Are you thinking of buying a home in ST MARY'S COUNTY MARYLAND?

Effective October 1, 2011, HOUSING LOAN AMOUNTS IN ST MARY'S COUNTY MARYLAND are scheduled to go down.  In fact FHA limits will be reduced to $347,300 in ST MARY'S, MARYLAND.  This is of some concern since the purchase price of most single family home new construction tends to be over $350,000.  Available loan amounts will be cutting it close to purchase price.

ST MARY'S, MD will not be the only county effected.  Charles and Calvert County FHA housing loan amounts will be reduced to $625,500 max. 

Presently the down payment for an FHA loan is 3.5%, but legislation is being reviewed to increase the down payment to 5%.

These changes will impact your buying power and the amount of cash you will need to take to Settlement, when buying a home in ST MARYS COUNTY MARYLAND.

ST MARY'S MD is fortunate enough to have many homes that qualify for the 100% USDA/Rural Develpoment loans.  This may be the loan for you if you are within the income qualifying guide lines. 

I am Margaret C. Taylor REALTOR® sharing information and events in St Mary's MD.

I am qualified to help YOU buy or sell your home. YOU need a Buyer’s Agent to represent YOU.

Even though  HOUSING LOAN AMOUNTS are DECREASING IN ST MARY'S COUNTY MARYLAND  YOU can still find the home that you want.  Let me help.

ASK A QUESTION HERE   RealEstate@MargaretC.com

CALL or TEXT 301 481 8407 for a FREE Consultation

I am a Century 21 New Millennium Real Estate Agent. Ask for MARGARET C.

I welcome your REFERRALS.

This blog is for informational purposes only and is not intended as legal or tax advice. An Attorney, CPA or other specialist should be consulted for specific needs.

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Disclaimer for Short Sales and loan modifications IMPORTANT NOTICE  Your lender may not agree to change your loan and/or agree to a Short Sale.  If you stop paying your mortgage you could lose your home and damage your credit.  Seek legal and financial counsel.

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