Have to agree with you here, even though it comes off harsh. Life on booze is a constant celebration (to justify all the drinking..). The reality is that little in life really warrants an outward celebration. It's hard but I had to learn it's OK to feel good without having to celebrate the fact I did well or felt well.. focus often, celebrate rarely
Well put. Quitting booze takes away the shovel, but the digging out is up to us.
"Hoosiers"/Eggs Aisle.. "Gene Hackman is captain no one can beat the Hoosiers"
You can get close... A $500k home with a 3.5% down payment is a loan of $482,500.. Talbot max is $472k so you would need a little more down at $500k, but it's really close.
Daily Mail.. "waiting on the rapture... singing "we're here" "...
Nope. It's not what I want. I haven't drank in over 7 years and I do not miss happy hour or having a beer after a long day. I sometimes miss being obliterated. I know I can't drink just one, and life is SO much easier not trying to moderate
Sorry for the delayed reply. So, MMP has their own refinance program.. if you use that, you don't have to repay at time of refinance. If you decide to refi and not use MMP, you will have to repay at closing of refinance (you can bring the money, or you can often roll it into the new loan amount).
Yes, they have reduced fees on their MMP refinance, still have your normal transaction fees but refinance is much cheaper cost wise than the purchase was.
I don't know if refinancing from 8.25 to 8.125 is worthwhile savings wise, but at least it's a decrease
If you bought out the MMP at the closing (of the refinance) you can pursue any loan program you want. Which is best would depend on loan to value (whats the home worth now..) and credit score combo. Refinance rates outside of MMP are in the low 7's (6's with points). If you have equity you may be able to roll what you owe MMP into the new loan and not pay it out of pocket, but that depends on how much equity were working with..
Having a good Realtor is invaluable. Congrats on the new place!
Yeah, the refinance rates are not good right now. Back during COVID when rates were low and home values going up fast, a lot of people refinanced out of MMP and rolled in the MMP I to new loan amount and just paid it back to get the better rate.. if you just bought you may not have the equity yet to do so, but at least right now, the rates for the MMP refinance aren't great. I don't know how it's set, but the 8.125% isnt helping anyone since their purchase rates have not been that high (and in theory no one is using this refinance who didn't use MMP to purchase..it's like right now they don't want you refinancing..)
They base the income cap on household income, so even if we do the loan in one person's name, it won't keep them from accounting for spouse income. Are we definitely above the limit?
Yeah, they're sticklers on the income cap. I've never successfully been able to get it done if over. If anything may just be worth verifying that were definitely over the limit, but if even $1 over they don't bend on that
In targeted areas (areas the state wants to increase home ownership) they expand the income limits for those areas. ALL of Baltimore City is considered a targeted area, and parts of some other counties as well
Me neither, it's a good question.
Yeah that is the #1 issue right now. MMP doesn't offer any ARM's or buydowns and they have 1, zero point rate. Sometimes folks like a home and will pay a couple of points to get the rate down and the payment affordable but MMP doesnt give that option. (which makes sense in some ways, no use in giving someone 5% and then charging them 2-3% of that back in points..) but it makes affordability really tough. The multiple bid scenarios are even tougher, because you have to assume that if there's 4 bids at least one of them isn't asking seller for help or extra time (MMP takes 30 days, when some sellers' want it done in 15-20 right now..). It's a real challenge for buyers right now. Good luck on your search!!
Hi there. So the Home Ability program gives up to 45k, and the two big stipulations for that are that we need to show a borrower disability (or borrower is acting as a 'guardian angel' for a disabled family member who will reside there), and that it's a conventional 5% down (but the 45k can be used for down payment/closing). Income is 80% of area AMI. Here is some particular info on what they want in terms of documenting the disability ..https://mmp.maryland.gov/Pages/HomeAbility/default.aspx
Regarding short sale, time wise you're probably fine, but if we went VA we'd have to get the updated COE to see if any eligibility is still tied up in that home. If we had to we could go FHA as long as it's been 3 full years since the short sale..
I don't know a lot about matching funds, I can do some research on that and message you in the next day.
I'm always happy to answer any questions, don't hesitate to reach out - I will follow up with you on the matching funds
EDIT: I just found out that Home Ability is out of funds right now, so they are not offering that program at the moment.
That is the biggest issue right now, prices are going up and just keep pushing new high's. We didnt feel it as much when rates were so low, but now that rates are elevated it's really made the prices unaffordable on the monthly level. I'd love for rates to go down, but I fear if/when they do it's going to really exacerbate the imbalance of buyers and sellers.
Good question - It's gross income, before any deductions.
Current pay (though they do a couple of calculations of income and generally use whatever is highest)
Yes. No interest is added to it, no monthly payments made on the money - but when you sell (or if you turn home to a rental) you repay what they gave you from the proceeds at sale. You can refinance with their refinance program and not repay at time of refi.
It's funny because as random as the income caps are, I see people just above and just below all the time
Yes, as long as income under the cap and FICO over the min...1st time buyer 5%, if not first time can get 3%.
You repay the money when you sell it (or if you convert it to a rental). No interest is added, you just repay what Md gives you from your proceeds .
Grandma's Boy
In your opinion, what is the funniest movie of all time?
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