By clicking "Submit" I am consenting to have my information shared with one to three lenders or brokers and to be contacted by each of them by telephone or email, even if I have previously listed myself on any corporate, state or federal do not call list.
Gaithersburg Home Purchase Loans Low FHA Rates for Maryland New Home Financing
Gaithersburg is a city in Montgomery County, Maryland. It is the fourth largest in the state behind Baltimore, Rockville, and Frederick. The National Institute of Standards and Technology (NIST) is headquartered in Gaithersburg. Other major employers in Gaithersburg include IBM, ACE*COMM, Lockheed Martin Information Systems and Global Services business area headquarters, MedImmune (recently purchased by AstraZeneca) and Sodexo. (Source: Wikipedia)
Home values are down and inventory is high in this buyer's market. Single-family homes in suburban Montgomery County have an overall median sales price of $337,000. And the average condominium price is about $210,000. 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 FICO credit score of less than 700. Gaithersburg home purchase loans through FHA 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. Gaithersburg home financing with FHA is the only way you can get a home with 97 percent loan to value. It's not possible under conventional underwriting.
Gaithersburg Home Buying with FHA Loans
Like other parts of Maryland, it’s a buyer’s market in Gaithersburg. FHA’s increased loan limits are expiring on December 31, 2008, and seller-funded down payment assistance programs are gone as of October 1, 2008. Now is the time to make your Maryland home purchase.
Maryland Homebuyer Incentives
Montgomery County offers homebuyer incentives including these:
Below market rate mortgage financing and down payment assistance through the Mortgage Purchase Program - 301-933-4663.
People can and are buying for as little as 36% on the dollar for foreclosed homes. When searching Maryland foreclosure listings, be sure not to skip HUD foreclosures. A HUD foreclosure is one where a buyer forecloses on a HUD or FHA loan. You need a HUD certified realtor to buy a HUD home.