About Baltimore's Belair-edison

8 Months For Free

That's right, eight months of mortgage payments for free. It is all courtesy of the United States Government. The exact amount may depend upon the price of the home that you purchase and upon the amount that you finance. It also assumes that mortgage rates will stay relatively steady.

It makes sound financial sense to have from 6 to 12 months of reserve money available in case of any set backs, such as a temporary loss of job or an unexpected expense like a medical bill.

With the recent economic downturn, many people have lost employment and have had to tap into their reserves. If they are now employed again, they may be hesitant to purchase a house if their cash reserves have been substantially reduced.

However, now with this Government program, they can either put the money that they receive away to replenish their cash reserves, which is the recommended option, or they can use it to pay some of their mortgage payments.

In several regions of the country, including Baltimore, it is possible to get a nice home for under $150,000 and to have a mortgage payment for under $1,000 per month.

With this type of purchase you may be eligible for an $8,000 tax credit, which may be the equivalent of 8 months of mortgage payments depending upon the loan terms.

The program will be ending on April 30, 2010, so it is imperative that you start looking for the house now, since it will take a couple of months to complete the transaction.

Belair-Edison Market Report of Baltimore MD Homes for Sale

Homes for sale in Baltimore include 8 Three Bedroom properties in the Belair Edison neighborhood that have SOLD in the past 60 days:

Sept 1, 2009 to Nov 1, 2009

The highest list price was $134,900
The lowest list price was $49,900
The average list price was $85,188
The average days on market was 72
Eight sales but only 25% (2 properties) had two full baths


The next post in this series will be homes currently available in the Belair-Edison neighborhood.