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Essex Home Purchase Loans Low FHA Rates for Maryland New Home Financing
Essex is an unincorporated community and a census-designated place in Baltimore County, Maryland, United States.
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 median home asking price for a home is $204,000, so the FHA lending limit is plenty for FHA home buying in Essex.
Essex Home Buying with FHA Loans
FHA Essex 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 Essex makes good financial sense. The minimum credit score for Essex home financing is 580. You get low, fixed interest rates with FHA. Plus you can do a FHA streamline refinance if interest rates drop. Essex home buying with FHA is the best way to go for those bruised credit.
Buying a Foreclosed Home in Essex
Mortgage lenders sell foreclosed properties as a way to reclaim the debt of the homeowner that defaulted on the loan. Recent legislature has been passed that lengthens the time it takes to foreclose a Maryland property. You could get anywhere from 10 to 50% off the market value on your foreclosure purchase. But, many times you are not allowed to inspect the property before buying it. Foreclosures are sold “as-is”, so the bargain may not end up being such a bargain. If you are a first-time homebuyer, it’s probably best to hire a professional to help you. You could end up getting a great house for less than what you expect to pay.
Don’t Overlook HUD Homes
HUD homes are homes that reverted back to the Federal Housing Administration (FHA) after the borrower defaulted on the loan and the home failed to sell at the auction. FHA is part of the Department of Housing and Urban Development (HUD). Visit the HomeSource Real Estate Assets Services, Inc. website to find HUD homes in your area and for information on buying HUD homes.
