Bowie Home Purchase Loans Low FHA Rates for Maryland New Home Financing
Bowie is a city in Prince George's County, Maryland. Bowie has grown from a small railroad stop to is the largest municipality in Prince George's County, and one of the largest and fastest growing cities in Maryland. It is 12 miles from Washington, D.C., 15 miles from the state capital of Annapolis, MD and 20 miles from Baltimore, MD. (Source: Wikipedia)
FHA has temporarily raised its loan limit to $729,750, which expires on December 31, 2008. As of October 1, 2008, FHA will no longer allow seller-funded down payment assistance. Single-family home prices in Bowie are down to about 2004 price ranges at $492,217. The average town home costs about $330,497. Inventories of resale homes are the highest in years.
Bowie Home Buying with FHA Loans
FHA home buying in Bowie is the best way to go if you have a credit score of less than 700—you only need a score of 580 and a 3% down payment. You get low, fixed interest rates with FHA. You can’t get a home with 97% loan to value under conventional underwriting. Plus, you can do a FHA streamline refinance when the interest rates drop.
Bowie VA Loans
The Department of Veterans Affairs guarantees VA loans. Only active duty, surviving spouses and military veterans can use this loan.
The VA has temporarily raised its loan limit to $729900 through December 31, 2008 before going down to $417,000. Act quickly, and get your Bowie home financing through VA. It's the only program that allows up to 100% financing.
Buying a Foreclosure Home in Bowie
The longer properties sit unsold, the longer the lender must keep paying monthly expenses, including insurance and property taxes. As a result, lenders are typically willing to get the properties off their books by selling homes at less than market value. You can typically find foreclosures by going through courthouse real estate auctions in your local newspaper. There is usually a 5% to 7% commission (of the selling price) payable to the auction house. Most auctions require a 20% down payment of the selling price within 30 to 45 days.
