Brien Berard Maryland Real Estate Agents Laurel real estate

Ok, last time I discussed the Neighborhood Stabilization Program's (NSP) Down Payment On Your Dream. As you recall the NSP could give a buyer of a foreclosure in Prince Georges County Maryland up to $20,000 towards the purchase of a home.

In Anne Arundel Country Maryland, there is the Mortgage Assistance Program. This program also offer's qualified Maryland home buyers up to $40,000 in a zero interest loan!

Programs like this will not be around forever. Now is the best time to buy Maryland real estate.

Lets say you buy a home in Prince Georges County Maryland for $250,000. If you put the minimum down, your monthly payment, all things included, is around $1800 a month.

At this price point you may qualify for about $17,500 from the NSP program. The seller pays your closing cost so you get into the house for about $2000 total.

So now, you the buyer are up $15,500 and you just moved in to your new home.

Now at the end of the year, you get an $8000 tax credit. Add that to your $15,500 and now you are up $23,500!

But wait, there's more. Don't forget the tax deduction on your mortgage payment. For arguments sake it is $3000.

So now you have made a total of $26,500 in the first year of home ownership.

Lets subtract out the $1800 a month you paid for your mortgage. That number is $21,600.

Simple math: $26,500 - $21,600 = $4900.

Basically, the government paid your entire first years mortgage and gave you a $4900 bonus!

Now is a great time to buy Laurel Md real estate!

The Government of Prince Georges County is offering qualified buyers of vacant foreclosed properties up to $20,000 for down payment and closing cost.

The money is part of the Neighborhood Stabilization Program or NSP.

This part of the NSP is called the Down Payment On Your Dream. It has three possible scenarios:

The lesser of 3.5% or $15,000 of the purchase price of a vacant foreclosed property in one of 33 eligible zip codes.

The lesser of 7% or $20,000 of the purchase price of a vacant foreclosed property in one of 12 targeted zip codes.

The lesser of 7% or $20,000 of the purchase price of a vacant foreclosed property in one of 33 eligible zip codes as workforce housing. Workforce housing is defined as foreclosed upon houses in the 33 eligible zip codes, purchased by teachers, police officers, nurses, firefighters, Or employees purchasing a home within a three mile radius of place of employment.

What are the terms of Down Payment On Your Dream loan?:

0% interest deferred payment loan

Must be primary residence for at least 10 years

Loan repayment requirement declines the longer purchaser remains in the home

No repayment if purchaser stays in home for 10 years or more.

Who is this program for?:

First time home buyers only or can not have owned a home anywhere in the last three years.

Ok, there you go. More reason to buy a home now. Don't forget, this does not impact the federal government giving you an $8000 tax credit at the end of the year.

Now is the best time to buy Maryland real estate.

The 33 eligible zip codes are:

20607,20608,20613,20623,20705,20710,20715,20716,20720,20721,20722,20743.20735,20740,

20747,20744,20769,20770,20781,27082,20783,20784,20785,20706

20707,20708,20712,20745,20737,20746,20748,20772,20774

The 12 highlighted zip codes above are target zip codes. Prince Georges County have designated these 12 zip codes as areas where buyers can get up to the lesser of 7% or $20,000 of the purchase price.

Potential buyers of Laurel real estate will note that both Laurel Md zip codes are part of the Down Payment On Your Dream loan prgram. In fact, Laurel zip code 20708 is one of the targeted zip codes.

The Neighborhood Stabilization Program (NSP) and its Down Payment On Your Dream loan program make buying a home very affordable.

If you are considering buying Laurel Md real estate, you better hurry.

The government's $8000 tax credit for first time home buyers is set to end at the end of November. In addition, the $10,00 grant for first time home buyers is running out of money.

Thats $18,000 of FREE money you could miss out on if you don't buy a home soon!

If you have a $300,000 mortgage, $18,000 would pay for your first nine months in the house. Throw in your interest deduction and you are practically living in the home for FREE the first year.

If you are considering buying Maryland real estate, you need to call me today!

Looking forward to hearing from you.

Call me at 301-604-0198

Laurel Marylanddoes matter. We are important. To prove it Governor Martin O'Malley visited us last Friday.

Speaking in Laurel Lakes with County Councilman Dernoga, Maryland Senator Rosapepe, and Maryland Delegates Pena-Melnyk and Barnes in attendance, the Governor answered questions.

One of the hot topics were Maryland's budget cuts and how they might affect Laurel. The government of Laurel has been pretty thrifty in managing their money. However, the Governor has to make cuts and Prince Georges County will have their fair share.

In Maryland, the law states the budget must be balanced. You can make arguments wheather this is a good thing or a bad thing for our state. Over time Laurel Md will feel the impact of these cuts.

How this may affect the Maryland real estate is anybodies guess. However, the federal government is still providing incentives for home buyers. Prices and interest rates are still low. More Maryland home sales will help the economy and lessen the impact on Laurel and other Maryland cities.

For information on Maryland and other local communities visit, Maryland real estate.

Looks like there will not be any slots in Laurel Maryland. The Laurel Racing Association had asked the Maryland Court of Appeals to hear their case. However, the court of Appeals has ordered the Ann Arundel Circuit Court to dismiss the case.

The Laurel Racing Association (LRA) had hoped to get slots at the Laurel race track in Ann Arundel County. But the LRA failed to submit the required fees with their bid. LRA's bid was rejected because of the lack of fees. The LRA claimed they did not submit the millions of dollars in fees because they feared they would not get the money back if they were not successful.

The LRA is clearly running out of options. Right now it looks like the Laurel community will not have slots.

For more information concerning Maryland communities, visit Maryland real estate.