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Frederick Home Purchase Loans Low FHA Rates for Maryland New Home Financing
Frederick home buyers have new options with low rate FHA home purchase loans to help them lock in buying a new home Frederick is the county seat of Frederick County, Maryland. Frederick is home to the U.S. Army's Fort Detrick, the countyís largest employer, and to BP Solar, one of the largest solar panel factories in the country. Frederick City is Marylandís second-largest city (behind Baltimore). It is 40 miles west of Washington and Baltimore, and has been a major crossroads of history, especially during the Civil War. (Source: Wikipedia)
Frederick Home Buying with FHA Loans
It's a buyer's market in Frederick, so now is the time for your Maryland home purchase. The average price for condos, townhouses and single-family homes is close to $350,000. And FHA has temporarily raised its loan limit to $729,750, which is plenty for an average-priced home. FHA is the best way to go if you have a credit score of less than 700. FHA Frederick home purchase loans only require a 3% down payment. You get low, fixed interest rates with FHA. Plus you can do a FHA streamline refinance if the interest rates drop. Frederick home financing with FHA is the only way you can get a home with 97 percent loan to value.
How about Buying a Foreclosed Home in Maryland?
Another Frederick home buying option is buying a foreclosed home. You could get a 10% to 50% discount from the market value with a foreclosure if you do your homework. You'll 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. HUD homes can also be good bargains. But, you'll need a HUD certified real estate agent to buy a HUD home.
FHA Homebuyer Incentives
Frederick County offers several homebuyer incentive programs including:
Down payment and closing cost assistance of up to $7,000 through the Homebuyer Assistance Program (HAP) - 301-600-3531.
Up to $5,000 state match by the Community Partner Incentive Program if using Homebuyer Assistance Program - 301-600-3531.