As I have mentioned before in this Blog, there are many great down payment assistance (DPA) programs available to buyers. Programs like the Prince Georges County Neighborhood Stabilization Program (NSP).  Many first time home buyers are eligible for the NSP's Down Payment On Your Dream loan.  In Anne Arundel County you have the Mortgage Assistance Program (MAP).  In Montgomery County Maryland you have the HOC down payment assistance program. Buyers state wide in Maryland have access to the DSLP program. All of the these down payment assistance programs are available in Maryland.  However, not every lender has access to them. Many, if not all of these programs are available only to buyers that use a direct lender.  In most cases, these programs are not available to Mortgage Brokers. Ask ... 09/07/2009

Should I Float? Should I Lock? - Daily Update for Friday, September 4, 2009 Here are the daily thoughts on interest rate floating or locking if you are asked by your clients.  As always - consult your favorite mortgage professional who will be able to offer the best advice for YOUR unique situation.  Non Farm payrolls though down 216,000 were not as bad as expected nor as bad as last month.  This is conflicted by the Unemployment rate rising to 9.7%.  Hourly earnings rose .3% - slightly higher than expected.  Look for rates to hold steady this morning when rate sheets are released by Amerisave Mortgage Corporation. Technically speaking - the FNMA 4.5% 30 year bond is holding above the 200 day moving average.  The bond is high in th overbought status. I am recommending to    LOCK your be... 09/04/2009

Every day several times a day I get email from the West Laurellist serv.  Throughout the day I get constant updates on things going in and around West Laurel. I learn about parking issues on Riding Stable Road in front of the Rocky Gorge Animal Hospital.   I am able to give feedback on the pros and cons of putting a sign up in front of our community.  Sometimes I even see issues resolved on the list serv before they get out of hand. I even get the opportunity to volunteer for various community activities.  I get updates on current work being do on the playground equipment at the local park and Bond Mill Elementary School. Many times, if I need to contact someone, I can find them on the West Laurel list serv. This is a great example of technology bringing people closer together. For more... 09/04/2009

First time buyers of Laurel Md real estate, need to hurry.  The $8000 federal tax credit for first time home buyers is about to expire.  If you are interested in taking advantage of the tax credit you probably need to be under contract within the next 30 days. If you have been reading the paper, you probably know that the amount of Maryland homes for sale has been shrinking.  To take advantage of the tax credit and have more choices, first time Maryland home buyers need to buy very soon. As of this post, there is no indication the government will extend the $8000 tax credit. There are still state programs and county programs in Maryland that you can use for for down payment assistance.  Some of these programs are the Neighborhood Stabilization Program, the Mortgage Assistance Program an... 09/02/2009

Should I Float? Should I Lock? - Daily Update for Wednesday, September 2, 2009 Here are the daily thoughts on interest rate floating or locking if you are asked by your clients.  As always - consult your favorite mortgage professional who will be able to offer the best advice for YOUR unique situation.  Yesterday morning the national index for manufacturers rose better than expected.  While normally this could be looked as a good news, a data point does not a trend make.  This morning the national payroll chain ADP reported a higher loss in jobs than was expected though lower than last month.  The metal really meets the road on Friday when the government's report comes out.  Look for rates to improve slightly when rates are released today as the bond rose above a key resistance level th... 09/02/2009

Laurel High School on Cherry Lane in Laurel Marylandwas the scene of much excitement on the first day of school last week.  Laurel High School was visited by Prince Georges County School William Hite on Monday.  Hite had good reason to be at Laurel.  The school's new wing will be opening this week.  Almost a year after it was started the new state-of-the-art facility will be in use by Laurel students and teachers. Laurel High School also was being visited by County Councilman Tom Dernoga. Dernoga was instrumental in getting the funding for the new wing and the 800 seat auditorium.  The auditorium is set to open this December. Dernoga, Hite, Maryland Lt. Governor Anthony Brown and state school Superintendent Nancy Grasmick all visited James Harrison Elementary in Laurel Maryland.  James ... 08/30/2009

Should I Float? Should I Lock? - Daily Update for Friday, August 28, 2009 Here are the daily thoughts on interest rate floating or locking if you are asked by your clients.  As always - consult your favorite mortgage professional who will be able to offer the best advice for YOUR unique situation.  Personal Spending came in on target but lower than last month.  Personal Income fell slightly from last month.  Personal Core Expenditures came in slightly lower than last month and is down slightly compared to last year.  All of this would normally help bonds but with any small chance of recovery, stocks will continue to do well taking money from bonds.    Look for rates to worsen when rates are released today as the bond fell back towards support level this morning. Technically speaking - t... 08/28/2009

Should I Float? Should I Lock? - Daily Update for Friday, August 21, 2009 Here are the daily thoughts on interest rate floating or locking if you are asked by your clients.  As always - consult your favorite mortgage professional who will be able to offer the best advice for YOUR unique situation.  Gross Domestic Product came in higher than expected yet still shrank by 1%.  Weekly unemployment numbers were lower than expected while Auto Sales were also unexpectedly lower than expected.  Look for rates to worsen when rates are released today as the bond fell back towards support level this morning. Technically speaking - the FNMA 4.5% 30 year bond is currently holding steady at a major support level.  The bond is coming off of overbought status. I am recommending to    LOCK your best mor... 08/27/2009

Should I Float? Should I Lock? - Daily Update for Friday, August 21, 2009 Here are the daily thoughts on interest rate floating or locking if you are asked by your clients.  As always - consult your favorite mortgage professional who will be able to offer the best advice for YOUR unique situation.  No scheduled reports due out today with some possible market movers towards the latter half of the week.  Bonds are taking their lead from stocks today though being held up a bit by a strong support level. Look for rates to hold steady today as the bond comes off of oversold status. Technically speaking - the FNMA 4.5% 30 year bond is currently holding steady at a major support level.  The bond is coming off of overbought status. I am recommending to    LOCK your best mortgage rate.   To lear... 08/24/2009

According to a recent report released by the National Association of Realtors, home sales in July increased just over seven percent over July of last year.  The report added this was the largest month to month gain since 1999. In addition, the data pointed towards first time home buyers as the key to the increase.  If you have been reading my blogs, this should be no surprise to you. Home prices have not become more affordable for the first time home buyer.  The previous seller's market shut-out the first time home buyer.  Many families making somewhere between 40 to 50 thousand a year could not afford a home. But with prices dropping, first time home buyers have increased sales numbers in Maryland and across the country Not only have prices dropped to more affordable levels, but govern... 08/24/2009

Should I Float? Should I Lock? - Daily Update for Friday, August 21, 2009 Here are the daily thoughts on interest rate floating or locking if you are asked by your clients.  As always - consult your favorite mortgage professional who will be able to offer the best advice for YOUR unique situation.  Existing Home Sales came higher than expected.  This is giving the stock market hope and putting the kabosh on any further attempts on the bond regaining the 200 day moving average for today. Positive comments by Fed chief Ben Bernanke are also helping with this stock rally, Look for rates to worsen today due to the good news mentioned above.  . Technically speaking - the FNMA 4.5% 30 year bond has fallen back below the 200 day moving average.  The bond is just shy of overbought status. I am ... 08/21/2009

Should I Float? Should I Lock? - Daily Update for Wednesday, August 19, 2009 Here are the daily thoughts on interest rate floating or locking if you are asked by your clients.  As always - consult your favorite mortgage professional who will be able to offer the best advice for YOUR unique situation.  No real news out today other than the stock market looking to take a nose dive due to sell offs in China and HP reporting lower than expected profits.  This has given bonds a nice boost this morning sending it over the elusive 200 day moving average.  Rates will be coming out today a bit better than yesterday - especially after a midday worsening which caused some banks to reprice to the worse. Technically speaking - the FNMA 4.5% 30 year bond has risen back above the 200 day moving averag... 08/19/2009

Ok, last time I discussed the Neighborhood Stabilization Program's (NSP) Down Payment On Your Dream.  As you recall the NSP could give a buyer of a foreclosure in Prince Georges County Maryland up to $20,000 towards the purchase of a home. In Anne Arundel Country Maryland, there is the Mortgage Assistance Program.  This program also offer's qualified Maryland home buyers up to $40,000 in a zero interest loan! Programs like this will not be around forever.  Now is the best time to buy Maryland real estate. Lets say you buy a home in Prince Georges County Maryland for $250,000.  If you put the minimum down, your monthly payment, all things included, is around $1800 a month. At this price point you may qualify for about $17,500 from the NSP program.  The seller pays your closing cost so yo... 08/19/2009

Should I Float? Should I Lock? - Daily Update for Monday, August 17, 2009 Here are the daily thoughts on interest rate floating or locking if you are asked by your clients.  As always - consult your favorite mortgage professional who will be able to offer the best advice for YOUR unique situation.  The Producer Price Index fell a bit more than expected and was down in comparison to last month's numbers.  Not totally a surprise due to last week's Consumer Price Index was similarly down. Building permits and starts for Housing were also down compared to both last month's numbers and expectations. Rates will open a bit worse today due to an apparaent stock market come back after yesterday's selloff.  This will be tempered slightly be the surprising bad news coming from the PPI and Housing ... 08/18/2009

Should I Float? Should I Lock? - Daily Update for Monday, August 17, 2009 Here are the daily thoughts on interest rate floating or locking if you are asked by your clients.  As always - consult your favorite mortgage professional who will be able to offer the best advice for YOUR unique situation.  The Empire Manufacturing Index came in better than expected.  Normally this would cause a decline in bonds but due to an apparent global selloff of stocks due to unexpected weakness in global recovery look for bonds to improve today with a good possibility of closing above the 200 day moving average. Technically speaking - the FNMA 4.5% 30 year bond has back above the 200 day moving average.  The bond is currently approaching overbought status. I am recommending to    LOCK your best mortgage ... 08/17/2009

The Government of Prince Georges County is offering qualified buyers of vacant foreclosed properties up to $20,000 for down payment and closing cost. The money is part of the Neighborhood Stabilization Program or NSP. This part of the NSP is called the Down Payment On Your Dream.  It has three possible scenarios: The lesser of 3.5% or $15,000 of the purchase price of a vacant foreclosed property in one of 33 eligible zip codes. The lesser of 7% or $20,000 of the purchase price of a vacant foreclosed property in one of 12 targeted zip codes. The lesser of 7% or $20,000 of the purchase price of a vacant foreclosed property in one of 33 eligible zip codes as workforce housing.  Workforce housing is defined as foreclosed upon houses in the 33 eligible zip codes, purchased by teachers, polic... 08/14/2009

Should I Float? Should I Lock? - Daily Update for Friday, August 14, 2009 Here are the daily thoughts on interest rate floating or locking if you are asked by your clients.  As always - consult your favorite mortgage professional who will be able to offer the best advice for YOUR unique situation.  Consumer Price Index (regular and core) both came in at analyst expectations though lower than last month's numbers.  Productivity and Capacity were both a bit higher than expected.  Lastly Consumer Sentiment came in lower than expected and lower than last month. Technically speaking - the FNMA 4.5% 30 year bond has returned to bump up against the 200 day moving average.  The bond is currently neither overbought nor oversold. I am recommending to    LOCK your best mortgage rate.   To learn wh... 08/14/2009

Should I Float? Should I Lock? - Daily Update for Thursday, August 13, 2009 Here are the daily thoughts on interest rate floating or locking if you are asked by your clients.  As always - consult your favorite mortgage professional who will be able to offer the best advice for YOUR unique situation.  Jobless Claims rose for last week.  Retail Sales came in quite a bit worse than both last month and what was expected.  Yesterday's fears were slightly overdone with the Fed reporting they were going to keep interest rate targets steady but start slowing down their purchase of mortgage backed security's.  This sent some tremors through the bond markets which ended shrugging the news off Technically speaking - the FNMA 4.5% 30 year bond broke down through support yesterday but is attempting ... 08/13/2009

Should I Float? Should I Lock? - Daily Update for Wednesday, August 12, 2009 Here are the daily thoughts on interest rate floating or locking if you are asked by your clients.  As always - consult your favorite mortgage professional who will be able to offer the best advice for YOUR unique situation.  The Trade Deficit grew compared to last month but was slightly better than expectations.  The big news of the day will be coming out around 2 PM when the Federal Reserve announces what they will be doing with the target interest rate - both today and in the near future.  Also, an auction for 10 year Notes will be occurring today at 1 PM.  Technically speaking - the FNMA 4.5% 30 year bond has come back down to support levels and is rising off the oversold state. I am recommending to    LOCK... 08/12/2009

Should I Float? Should I Lock? - Daily Update for Tuesday, August 11, 2009 Here are the daily thoughts on interest rate floating or locking if you are asked by your clients.  As always - consult your favorite mortgage professional who will be able to offer the best advice for YOUR unique situation.  Productivity came out this morning bounding up to 6.4% - quite a bit more than expectations or last months numbers.  This coupled with an apparent flat opening to the stock market is causing bonds to rise nicely in another attempt to regain the 200 day moving average. Technically speaking - the FNMA 4.5% 30 year bond bounced off a key support level and making a run at the 200 day moving average.  It is currently coming nicely off of oversold status. I am recommending to    LOCK your best mor... 08/11/2009