1% Down From Borrower in Maryland

For Help With A 1% Down Home Purchase in MD
Please Click To Our New & Improved Home Page!  

Please Click To Our New And Improved Home Page!
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Loan Program Guidelines Are Subject To Change!!  

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On Line Pre-Qualification Form

No or Low Money Down Loan In Maryland

NEW PROGRAM!  NOW NO MONEY DOWN!
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Please Ignore the old outdated loan program guidelines below

This is a low interest 30 year fixed (no balloons) mortgage and is available in the entire state of Maryland.

I requires 3% down payment, with only 1% of which must come from the borrowers own funds.

The balance of the down payment and closing costs can come from a gift, grant, installment loan, or a down payment assistance program (DAP).

Minimum down payment 3%, maximum down payment 50%.

Source of down payment: Any combination of borrower's own funds (including cash on hand...), gift, grant, installment loan, DAP.

Income cannot exceed 80% of median income for area (no income limit for Low Income Census Tract purchases).

Borrower does not have to be a first time home buyer, but cannot own any other property at the time of closing.

Property types: Owner occupied 1-2 units, condos, PUD's, manufactured homes, double wides on permanent foundation.

Reserves: 1 month PITI reserves of borrower's own funds.

Closing Costs/ Prepaids: Seller, gift, grant, installment loan, DAP. Maximum 3% seller contrbution.

Debt ratios up to 45/45 with housing increase 25% or less; 38/38 if more than 25% housing increase.

Maximum loan amount $359,650 1 unit    Now 417,000

Homebuyer education not required, but recommended for first time buyers.

Call the office for no credit, limited credit, and established credit guidelines.

Undocumented income will be considered, call for examples...

Please call the office prior to writing any contracts..

Rates and guidelines subject to change without notice.  There is no guarantee that all loans meeting the above criteria will be approved.

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