100% Financing, No Down Payment loans in Anne Arundel and Calvert Counties!

Are you dreaming of purchasing a new home, but you are not quite able to pull together a 3.5%-5% required down payment? The USDA Rural Development Loan may be a great option for you!

Traditionally, FHA loans require a 3.5% down payment, equaling about $10,500 cash down on a $300,000 home. To the average buyer, that can be a hefty amount of cash to have to come up with in order to qualify to purchase a new home. For some, it is simply unattainable. The USDA Rural Development Loan is available to assist buyers with low to moderate income levels achieve home ownership in Maryland by working with local lenders to offer 100% financing to buyers who meet the eligibility requirements for properties in approved rural areas. A buyer who qualifies for this loan will not have to make any down payment at all, and will be able to finance 100% of the purchase price.

The Rural Development loan assists buyers in purchasing home in approved rural areas only. The property must be located in one of the approved rural areas in order for it to qualify. Some of the cities that are approved in Southern Anne Arundel County are Shady Side, Lothian, Harwood, Tracy’s Landing, Deale, and parts of Davidsonville among others. If you are thinking of purchasing a home in Calvert County-good news! The entire county is considered rural and therefore any property in Calvert county will qualify to be purchased using the USDA Rural Development Loan.

Of course, there are eligibility requirements that a buyer must meet in order to qualify. The income requirements vary based on the number of people in a household (children included). For instance, a household of 4 people including 2 adults and 2 children could qualify to purchase a home in the approved rural areas in Southern Anne Arundel County if the income in the household does not exceed $96,150. There are deductions that can be made in income for things like daycare expenses and such, in order for a buyer’s income to qualify. Additionally, the buyer will have to meet certain credit requirements, but unlike typical loans the credit requirements are flexible and some non-traditional credit histories may be acceptable.

The interest rates on the USDA Rural Development Loan are competitive with the average market rates. All of the loans are based on 30 year fixed mortgage rates. Additionally, this loan allows the seller to pay up to 3% closing of the buyers closing costs, essentially meaning the buyer might not have to come up with any cash out of pocket in order to purchase a home.

I know this might sound too good to be true, but believe me, it is true! I am currently working with buyers who are using the USDA Rural Development Loan to purchase a home in Calvert County. They are a sweet family of 5 who met the income eligibility and credit requirements. We found an amazing home for them, wrote the offer and are now waiting for settlement at the end of next month! They do not have to make any down payment at all, and the seller is paying all of the closing costs for them.

If you would like more information on the USDA Rural Development Loan, or if you have any questions about home ownership in Maryland, please feel free to give me a call or send me an email anytime! I am happy to help you!

Jennifer Novak
“Turning Your Dreams into an Address”
301-370-9789-Cell
Novakdreamhomes@gmail.com-Email

 

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Open House Today, Saturday 7/20 at this Elegant Colonial in Davidsonville!

Impeccably Maintained!

Impeccably Maintained!

I’ll be holding an Open House today from 1:00-3:00 at this gorgeous, well maintained home in the Wynnewood community of Davidsonville. Features include a welcoming 2-story foyer with hardwood flooring, separate formal living and dining rooms, large main level office, Kitchen with 42″ cherry cabinets and new flooring and sunny breakfast area. This home boasts 4 bedrooms and 2 1/2 bathrooms on a lovingly maintained 1.13 acre lot with stone walkways and patio. Currently being offered at $685,000. Please stop by for a visit to this beautiful home today!

Huge Landscaped Yard

Huge Landscaped Yard


2 Story Foyer

2 Story Foyer

Floor to Ceiling Stone Fireplace in Family Room

Floor to Ceiling Stone Fireplace in Family Room

Kitchen and Breakfast Area

Kitchen and Breakfast Area

Market Update: We had a Fabulous June in Davidsonville!

I was just looking at the real estate statistics in Davidsonville for June and the numbers were so incredible I had to share. I love to be the spreader of good news!

There are currently 74 homes listed for sale in Davidsonville ranging from $319,900 to $1,850,000.   31 of these 74 homes were listed June 1st or later.  It has been a very busy Summer for real estate here in Davidsonville so far!

Here are some of the numbers showing what a great month June was:

Total Number of homes Sold:  13  This is up from 8 total homes sold in June of 2012.

Average Days on the Market in June 2013: 69  In June of 2012 the average days on the market was 132.  That’s a positive difference of over 47%.  It is taking a lot less time for sellers to get their homes sold.  Who doesn’t love that?

Average Sold Price in June 2013: $733,885   The average sold price is up over 9% from the same time last year.   If you are selling your house this year, good for you.  You’ll likely get a little extra cash in your pocket, you smart cookie.

Even with 74 homes on the market we are still experiencing a bit of an inventory shortage.  Buyers are out there looking and hoping to snag the perfect house when it comes on the market.   If you are thinking of selling, now is a really great time to do it.

If you know someone who is selling or thinking of selling, please share this good news with them!

Here’s to hoping for a fabulous July!