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Glen Burnie Home Purchase Loans Low FHA Rates for Maryland New Home Financing
Glen Burnie is a census-designated place (CDP) in Anne Arundel County, Maryland. It is a suburb of Baltimore. FHA has temporarily raised its loan limit to $560,000, which expires on December 31, 2008. And, as of October 1, 2008, FHA will no longer allow seller-funded down payment assistance. Now is the time to make your Maryland home purchase. The average price for single-family homes in Anne Arundel County in August 2008 is $652,739, but you can find prices as low in $110,000 in Brooklyn, so the lending limit should be plenty for FHA home buying in Glen Burnie.
Glen Burnie Home Buying with FHA Loans
FHA Glen Burnie home purchase loans only require a 3% down payment. You can't get a house with 97 percent loan to value under conventional underwriting. FHA home buying in Glen Burnie makes good financial sense. The minimum credit score for Glen Burnie home financing is 580. You get low, fixed interest rates with FHA. Plus you can do a FHA streamline refinance if interest rates drop. Glen Burnie home buying with FHA is the best way to go for those bruised credit.
Glen Burnie VA Loans
Glen Burnie offers many affordable housing opportunities for those relocating to Ft. Meade and Annapolis. Glen Burnie is located north on 97 from Rt. 50 or north on Rt. 2 from Annapolis Naval Academy and east along 32 and north on 97 from Ft. Meade. It is also only a couple short miles from the Curtis Bay Coast Guard Station too.
If you are active duty military, a surviving spouse, a reservist or veteran, you should consider a VA loan. You could potentially finance up to 100% of your home purchase.
Buying a Foreclosure Home in Glen Burnie
More and more legislation is being passed to increase the amount of time that a foreclosure takes to help troubled homeowners stay in their loans. You may be able to get a 10 to 50% discount on foreclosed homes, but you should get a realtor that specializes in foreclosures to help you, so you donít end up with problems.