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Towson Home Purchase Loans Low FHA Rates for Maryland New Home Financing
Columbia Home Buying with FHA Loans
Towson Home Buying with FHA Loans
Towson is an unincorporated community in Baltimore County, Maryland. It is the county seat of Baltimore County and the second most populated unincorporated county seat in the United States (after Ellicott City, Maryland). It is a suburb of Baltimore and lies 1 miles north of Maryland's largest city, just inside the Beltway (Interstate I-695). Nearby communities include Hampton (to the north), Parkville (to the east), and Riderwood (to the west). (Sources: Wikipedia and CityTownInfo.com)
According to the National Association of Realtors (NAR), the median home price for a single-family home is $280,500, 4.5% less than that it was this time last year. It's a buyer's market, and more bargain hunting buyers are coming into the market, according to the Realtors Association.
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 new FHA loan limits are plenty for Towson home, and their credit criterion are more lenient than those of conventional loans.
FHA Towson 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 Towson makes good financial sense. The minimum credit score for Towson home financing is only 580. Itís at least 660 for conventional loans. You get low, fixed interest rates with FHA. Plus you can do a FHA streamline refinance if interest rates drop. FHA streamlines do not require credit underwriting, unless the principal balance is increasing. Baltimore home buying with FHA is the best way to go, especially if you have a score of less than 700.
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. Youíll 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, youíll need a HUD certified real estate agent to buy a HUD home.
Buying a Foreclosure Home in Towson
As a result of the foreclosure crisis, you could get a home for 10-50% less than its market values. The longer properties sit unsold, the longer the lender must keep paying monthly expenses, including insurance and property taxes. You can typically find foreclosures by going through courthouse real estate auctions in your local newspaper.