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FREDERICK COUNTY MD REAL ESTATE

FREDERICK COUNTY PROPERTY TYPES

ABOUT REAL ESTATE AGENTS IN FREDERICK COUNTY

FINANCING YOUR HOME PURCHASE IN FREDERICK COUNTY, MD

ABOUT THE MARYLAND REAL ESTATE CONTRACT, DISCLOSURES and INSPECTIONS

EDUCATION IN FREDERICK COUNTY

RESOURCES FOR FREDERICK COUNTY BUYERS

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MORTGAGE INFORMATION FOR BUYING REAL ESTATE IN
FREDERICK COUNTY, MARYLAND

So many loan types are now available for home buyers in Frederick County today. A description of some of the more popular loan types are described below. If you have already purchased a home in Frederick County or elsewhere, this information may be familiar to you . If you are a first time home buyer, you'll become familiar with some of the procedures. Conventional loans with rates fixed for 30 years, 10 years, 7 years, 5 years, 3 years, 1 year and several combinations of fixed and Adjustable Rate Mortgages (ARMs). Terms may be for 10 years, 15 years or 30 years or 40 years, with the amortization of 30 years the most popular.

Real estate in Frederick County is sells quickly. So, one you are sufficiently familiar with the real estate in Frederick County that you may be ready to make an offer on that "special home", you'll need a pre-qualifying letter from a qualified lender to accompany your offer. This will help you compete with other offers and the seller of your home of choice will be confident that you are credit worth when considering your contract. It's very important that you get the very best terms and conditions with the loan you use to finance your newly purchased home. We believe that home buyers should have information about the mortgage process so they understand the procedures and costs. You're going to be spending $Thousands of $Dollars and deserve to know the details of what the money is for and where it goes. These pages will help you get ready.

CONVENTIONAL MORTGAGE LOANS IN FREDERICK COUNTY
By far the most popular loan type to buy a home in Frederick County is the Conventional loan. These loans generally follow the Fannie Mae guidelines. Many of the Fanny Mae guidelines are designed to protect home buyers. However, many of the guidelines that lenders follow are designed to protect lenders. The guidelines require that buyers be credit worthy to reduce the likelihood of default.

Borrowers using Conventional loans may have as little as 5% down or even Zero money down if a slightly higher interest rate is paid. Borrowers may devote up to 28% of their gross monthly income for housing. However, if the buyer has less than 20% down, they will be required to protect the lender by buying mortgage insurance. Payments for the mortgage insurance may be made up-front at settlement, approx. 1.25% of the loan amount. Payment for the mortgage insurance may also be made by raising the interest rate an paying in monthly installments. Or, buyers may use a combination of both. Buyers with 20% or more down are not required to insure their loan. In case of default, the buyer with 20% down will have sufficient equity to protect the lender.
CONTACT US for the loan limits for Conforming Conventional loan limits.

GOVERNMENT INSURED MORTGAGE LOANS IN FREDERICK COUNTY
Federal Housing Administration insured loans (FHA). Home buyers in price ranges that qualify for FHA loans will benefit from the lower down payment offered by the FHA insured loan when compared with the Conventional loan. Also, the qualifying ratios of the FHA loans are higher than Conventional loans. FHA permits borrowers to devote approximately 30% of their gross monthly income for housing. This loan is very popular for first time home buyers. Anyone can use the FHA loans, but a borrowers may have only one FHA loan at a time. CONTACT US for FHA loan limits for Montgomery County. These limits change from time to time.

VETERAN ADMINISTRATION GUARANTEED LOANS
These loans are guaranteed by the Department of Veterans Affairs. Only active duty and military veterans can use this loan. This loan requires no down payment if the purchase price is at or below the maximum loan amount permitted. CONTACT US for VA loan limits. VA loans permit borrowers to devote approximately 30-35% of their gross monthly income to housing. These loan limits change from time to time.

JUMBO CONVENTIONAL LOANS
These loans conform to the Fannie Mae guidelines for eligibility, meaning that, on average, the buyers may devote up to 28% of their before tax income to housing. These loans generally require a down payment of at least 5%. In exchange for a slightly higher interest rate, the lender will lend you money with no down payment and will even pay your closing costs. The higher interest rates are deductible and are often a good buy for folks with good income, good credit and little cash. CONTACT US for more information about Jumbo or Super Jumbo loans.

Homes for sale in Frederick County sell fast. So, as soon as you know you are ready to buy, or even look, CONTACT US and we'll schedule a tour of homes for you.

DISCOVER YOUR BUYING POWER USING OUR HOMEFINDERS.COM MORTGAGE CALCULATOR.

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