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>>>>>>>>>>>>>
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Contact
me for a Pre-Approval for your
Mortgage!
Calculators
for Mortgages & refinances
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"Community Counts!"
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Visit
Washington
Museums and Parks
Cherry Blossoms at the
Old Smithsonian Building
on the Mall |
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Call or email Pat for
the most up to date facts on Mortgages and Loan programs to
purchase your new home or investment property.
Loan Choices:
Choices
for your Mortgage Loan
for Residential Property -
Residences,
Second Homes and Investment Uses - Purchase or Refinance
News for 2013
Writable version -
New Mortgage Loan Application - Writable 1003 form
HUD - US Dept of Housing and
Urban Development - Gov't info on Buying a Home - HUD.GOV
NEW HUD LOAN LIMITS for 2013 - See the HUD chart at this site
(you can search by state, county and FHA or Fannie/Freddie loans)
HELP for Homeowners in avoiding Foreclosure - MDhope.org - Visit
HERE
HUD has changed many rules about home Mortgages - their Handbooks are
HERE.
***************
The CY2013 basic
standard mortgage limits for FHA insured loans are:
One-family
Two-family
Three-family
Four-family
FHA Forward
$271,050.00
$347,000.00
$419,425.00
$521,250.00
Fannie/Freddie $417,000.00
$533,850.00
$645,300.00
$801,950.00
High cost area limits are subject to a ceiling based on a percent of
the Freddie Mac Loan limits
The ceilings for CY2013 are:
One-family
Two-family
Three-family
Four-family
FHA Forward
$729,750.00
$934,200.00
$1,129,250.00
$1,403,400.00
Fannie/Freddie
$625,500.00
$800,775.00
$
967,950.00
$1,202,925.00
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Find more details on the MARYLAND STATE
mortgage programs for Home Buyers
and more real estate loan information.
Maryland State - Dept of Housing &
Community Development
Mortgage
Loan Programs for Maryland, D.C. and Virginia - Residential Property
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Find
out more details on financing from the Nat.
Association of Home Builders site. View the HUD chart HERE for all counties
and states limits for loan amounts.)
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ASK
ABOUT OUR
LOAN PROGRAMS for STATED INCOME and 100% FINANCING for PURCHASES!
|
| Which mortgage loan
would be your best
choice? Programs vary by qualifications and Locations. |
| Years
planning to stay in the house |
Recommended
Loan programs |
| 1-3 |
3/1
ARM, 1 year
ARM or 6
month ARM |
| 3-5 |
5/1
ARM |
| 5-7 |
7/1
ARM |
| 7-10 |
10/1
ARM, 30 year fixed
or 15 year fixed, 30 year Interest Only |
10
or more years
|
30
year fixed or 15
year
fixed (some lenders offer 20 year fixed)
|
|
|
| Loan
Programs |
Advantages |
Disadvantages |
| ...
|
|
|
| Fixed Rate Mortgages |
30
year fixed
15 year fixed |
- Monthly
payments are fixed
over the life of the loan
- Interest
rate does not change
- Protected
rate if rates go up
- Can
refinance if rates go down
- Full
Doc or Limited Doc
programs
|
- Higher
interest rate
- Higher
mortgage payments
- Rate
does not drop if interest
rates improve
|
Adjustable
Rate
Mortgages - "ARMs"
|
10/1
ARM
7/1 ARM
3/1 ARM
1 year ARM
6 month ARM
1 month ARM |
- Lower
initial monthly payment
- Lower
payment over a shorter
period of time
- Rates
and payments may go down
if rates improve
- May
qualify for higher loan
amounts
|
- More
risk
- Payments
may change over time
- Potential
for high payments if
rates go up
- Margins
and Caps vary for all
programs
- Read
all Disclosures for loan
terms/rates
|
| Balloon Mortgages |
5
year
7 year |
- Lower
initial monthly payment
- Lower
payment over a shorter
period of time
- Some
balloon mortgages offer
the option to convert to a new loan after the initial term
|
- Risk
of rates being higher at
the end of the initial fixed period
- Risk
of foreclosure if you cannot make balloon payment or if you cannot
refinance or if you cannot exercise the conversion option
|
| First Time Buyer Programs |
| |
- Lower
down payment
- Easier
to qualify
- Sometimes
you may get lower
rate
- Lenders
may accept lower
Credit scores
|
- May
be subject to income and
property value limitations
- Some
programs with government
subsidies may have a recapture tax if you sell the house too early
|
...
|
| Stated Income Programs |
| |
- No
need to verify income
- Faster
approval -less
documents to show
- Low
Doc requirements (need
assets)
|
- Higher
rates
- Higher
down payment - lower
LTV %
- Must
verify Cash Assets
|
No
point and/or No Closing Costs Programs -
varies depending on Lender
|
| |
- No
closing costs, or lower
costs
- Less
money required to close
|
- Higher
rates
- Higher
payments
- Loan
amount usually has to be >
$350,000
|
Credit
Issues Programs - also called
Subprime Programs
|
| |
- Potential
for improving credit
if you pay your mortgage on time
- If
used for debt
consolidation, may be able to reduce your monthly debt payment
|
- Higher
rates
- Terms
may not be as favorable
- Harder
to get long term fixed
loans
- Loans
may have prepayment
penalties
|
| Home Equity Line of Credit |
|
- You
only borrow what you need
- Pay
interest only on what you
borrow
- Flexible
access to funds
- Interest
may be tax deductible
|
- Rates
can change. The maximum
interest rate is normally higher
- Payments
can change
- Harder
to refinance your first
mortgage
|
| Home Equity Fixed Term
Loan |
| |
- Fixed
payments
- Interest
may be tax deductible
|
- Higher
interest rates than on 1st
mortgages
- Harder
to refinance your first
mortgage
|
|
|
Besides
these typical loan programs, we also have a selection of alternative
programs to serve your financial needs:
- Purchase
a home with LOW downpayments
- Piggyback
loans 80-10-10 or 80-15-5.
No PMI payments even with only 5% or 10% down.
- 100%
Financing programs with Good credit
scores and some assets
- Interest
Only loan programs - 30 year
terms, more options
- Debt
consolidation programs - many
terms possible
- Home
Improvement loans
- Your
qualifications and application
reviewed and best loan programs compared
|
 Contact
me with any questions or to set up a Free Consultation about your new
Mortgage.
Email Pat at calverton3@yahoo.com
Home office: 301-572-4256 Calverton, MD
Fax: 301-572-7796 Cell: 301-996-6941
Enter your data and PRINT 1003 Loan Application CLICK
HERE - print on 8 1/2 x 11 size paper.
NOTE
- To PRINT this page -select Print Preview and reduce to 60% to fit the
table on the page.
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Specializing
in Montgomery, Prince George's and Howard Counties in Maryland
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All
Information deemed correct as
of 5-6-2013, but please verify your information from several
sources.
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Thank
you for
visiting my website. Pat
Realtor Licensed with:
Thompson
Company, REALTORS
15711 New Hampshire Avenue
Silver Spring, MD 20905
If you are
thinking
of buying or selling . . .
Call Pat Thornberg,
Realtor
301-996-6941
|
Visit other
Real Estate and Mortgage Resources Websites:
If you are
thinking
of renting a home . . .
CALL
… Pat Thornberg
Home
Office: 301-572-4256
Cell
Phone:
301-996-6941
Comments or
to set up a Free Consultation!
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...
Pat
Thornberg
Realtor
..
|
 |
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FREE Consultation for Buying
or Selling your Home or Property.
I
have assisted my clients for 30+ years. i have been in the
mortgage loan business and a Realtor serving customers in the Metro DC
area. Whether you are a First-Time Buyer or a long time owner wishing
to sell your home and buy a smaller home, I can help you determine the
process you will be considering.
Call me or email for a
meeting.
|
 |
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Call
me
immediately if you want to get
PRE-QUALIFIED for a Mortgage loan and then you can start looking for
your New Home! Print
out this
Application (pdf format) and start filling in the information to get a
look at your financial situation. The new 2013
Loan
Application
form.
Click on this link for writable
Application form and Instructions.
Click this link for a Fill-in Form 1003 (latest version 06/09)
Writable 1003 form |
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Homes SOLD by
Pat |
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| Taney Drive - Calverton, MD |
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| Ridge Road -
Gaithersburg, MD |
Epstein Court - Olney, MD
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