Financial Organization for your home loan

In order to make the home loan process easy for you and your lender, you should be financially organized. At the beginning of the year, most people are inclined to have that in order for tax filing purposes. However, it is a great practice to maintain year-round. Especially if you’re ready to begin your home search long after you’ve filed your taxes in the earlier months of the year.

Maintain all your financial records - including your tax records - in one place. You may want to buy a box and keep your separate information in different labeled folders (tax information together, for example, and bills in another folder) for easy referencing. But, don't just keep a file of your bills. Track your progress with them.

* Place a note directly on the bills (on the remaining stub of the bill or on the copy of the bill) indicating the days you paid them.
* Keep a log of how much you owe, where you owe money and when you make payments on those debts.

Seeing all your financial life in one place makes it easier for you to see where your credit and your financial life still needs work. Whatever system you use, you will find it much easier to manage your finances - and your credit - if you don’t have to hunt for random pieces of paper.

Some of the information you may want to keep in your financial file includes:

* Bills
* Tax receipts and forms
* Articles and pamphlets about debt
* Your credit reports and scores (It’s a good idea to order a copy of your report before you meet with your lender as well)
* A list of contacts that affect your financial life (such as your bank and credit agencies, for example)
* Your written emergency plan, detailing what you should do in case of a sudden loss of job or other problem
* Banking information
* Financial forms
* Investment information
* Deeds to your assets (such as your house)
* Agreements you have signed for loans and other financial services
* Insurance forms
* A list of your financial goals

This organized filing process will help you and your lender work together smoothly so you can get the loan for your new home.

For further information about credit, visit our Prosperity and Credit Repair page.

Prince George's County increases Down Payment Assistance Amount

Now is the best time for first-time home buyers in Prince George's County, MD to buy a home! Even more Down Payment Assistance is available!

The new loan limit through the Prince George's County Neighborhood Stabilization Program (NSP) has been increased. First-time homebuyers (including those who have not owned a home in the past three years) can now borrow up to $60,000 to use for their down payment and/or closing cost needs, upon the purchase on one of the county's foreclosed homes!

These new guidelines are effective until the February 19, 2010 application deadline.

This program only applies to buyers within or below the following income levels:

Household Size ....... Income Limit
1-Person ................ $35,950
2-Persons ............... $41,100
3-Persons ............... $46,200
4-Persons ............... $51,350
5-Persons ............... $55,450
6-Persons ............... $59,550
7-Persons ............... $63,650
8-Persons ............... $67,800

Under this new plan, purchasers must be preapproved for a mortgage by their lender before applying for the NSP loan. Repayment amount of the loan is determined by the length of time the purchaser retains the home as his/her primary residence:

Less than 5 years - 100% loan due
At least 5 years but less than 15 years - 70%
15 or more years - 50%

This program provides low-income borrowers a fantastic opportunity to now expand their search throughout the various areas of the county to find their dream home.

The deadline is February 19, 2010. For more information, click here and give us a call: 301-910-6502.

Short Sales in Maryland

As a Certified Distressed Property Expert® (CPDE), I understand the complex issues that many homeowners are facing in the current market.

Are you facing foreclosure? If so, we can help. But, first note that foreclosure may not be the direction for you.

Homeowners need to understand that foreclosure is not always the only option. Understanding the process is the first step and making a determination of what suits your individual needs is the best course of action - away from panic.

So, this brings up the next question... what is a Short Sale? It is the bank's acceptance of the sale of your property for less than the market price - in some cases, for less than what you may owe on the property.

A Short Sale may, indeed, be beneficial to your needs and as a CDPE, I have the tools to help you find the best solution for your situation.

Many real estate professionals have the basic knowledge of the short sale process, but I have the advanced, certified education and team of lawyers to assist you best.

Find out more about how The Marcus Rice Team can help you determine the best way to assist your homeselling needs. Contact us today.