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Hagerstown Home Purchase Loans Low FHA Rates for Maryland New Home Financing
Hagerstown is the county seat of Washington County, Maryland and the sixth largest city. Greater Hagerstown is the fastest growing metropolitan area in the State of Maryland.
FHA has temporarily raised its loan limit to $377,500, 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 new home price in Washington County in May was $207,000.00, so the FHA lending limit is plenty for FHA home buying in Hagerstown.
Hagerstown Home Buying with FHA Loans
FHA Hagerstown home purchase loans only require a 3% down payment. You canít get a house with 97 percent loan to value under conventional underwriting. FHA home buying in Hagerstown makes good financial sense. The minimum credit score for Hagerstown home financing is 580. You get low, fixed interest rates with FHA. Plus you can do a FHA streamline refinance if interest rates drop. Hagerstown home buying with FHA is the best way to go for those bruised credit.
Buying a Foreclosure home in Hagerstown
The Washington metropolitan area largely escaped the problems plaguing other parts of the country until late 2007, according to a report the George Mason University's Center for Regional Analysis for COG. The region, which includes the District and parts of Maryland, Virginia and West Virginia, now has one of the fastest-growing foreclosure rates in the country. Areas with higher levels of growth are more affordable and attract first-time homebuyers more likely to have a subprime loan, which often have higher interest rates, according to Gaithersburg-based Realtor Matt Rowland.
Now could be the time to buy a Hagerstown foreclosure. But, buying foreclosures is not easy. Recent Maryland legislation has increased the length of time it takes to foreclose on a property by quite a bit. Foreclosures are sold ďas-isĒ with no warranties. And, many times, you are not allowed access to the property to inspect it. Get professional assistance so you end up with the fewest surprises when you bid on the house at the auction.