Craig Smith, Frederick MD Real Estate

A wonderful program has just been introduced in Frederick Maryland for homebuyers of foreclosed homes.

This is the Frederick County Neighborhood Conservation Initiative

The Neighborhood Conservation Initiative (NCI) is a federally funded program that provides assistance to families that would like to buy a previously foreclosed home in targeted zip codes (areas with a high number of foreclosures).

The NCI program provides deferred loans that can be used for down payments and closing costs.

What are the basic eligibility requirements?

1. Purchase a foreclosed home in Zip codes 21701, 21702, 21703 (All Frederick) or 21716 (Brunswick)

2. The home must be used as your primary residence

3. Your household income must be at or below 120% of the median income for the Washington Metro statisical area - currently about $118,000 a year for a family of four.

4. You must complete a Homebuyer EducationProgram conducted by the Frederick Community Action Agency.

5. You must pre-qualify for a conventional mortgage

So how much credit is proposed?

$10,000 or $20,000 in within Frederick city limits

Also if you are an employee of targeted groups this amount goes up to:

$20,000 and $30,000

WOW! Plus the govt. $8000 can be used on top of all that.

What are the targeted groups of employees?

1. Frederick City Govt.

2. City of Frederick

3. City of Brunswick

4. Frederick County Public Schools

5. Frederick Memorial Hospital

6. Frederick Community College

7. Maryland State Police

8. Frederick County Volunteer Fire and Rescue Association

Contact me for more details

Well 2008 has come to an here is home the Hagerstown Maryland Real Estate Market fared.

Here is a snapshot of residential home sales in Hagerstown MD over the past 5 years

Homes sold

2004-1343

2005-1559

2006-1136

2007-847

2008-740

Average Price

2004-$188,204

2005-$241,273

2006-$246,659

2007-$234,255

2008-$214,981

Days on the Market

2004-48

2005-43

2006-90

2007-148

2008-164

As you can see the number of sales have greatly decreased and days on the market have greatly increased over the past years. In addition average prices in Hagerstown are declining and only now above 2004 levels.

Currently the home inventory in Hagerstown is at 781.

My prediction for 2009 will be more of the same of what we saw in 2008 although many factors can influence the outcome. We'll have to wait and see.

RATES are fantastic now, for one thing and buyers do seem to be coming back out!

Search properties in Hagerstown MD

Well 2008 has come to an here is home the Middletown Maryland Real Estate Market fared.

Here is a snapshot of residential home sales in Middletown MD over the past 5 years

Homes sold

2004-177

2005-148

2006-131

2007-97

2008-96

Average Price

2004-$363,374

2005-$489,388

2006-$502,535

2007-$450,636

2008-$420,302

Days on the Market

2004-44

2005-57

2006-94

2007-120

2008-125

As you can see the number of sales have decreased and days on the market have increased over the past years. In addition average prices in Middletown are declining and only now above 2004 levels.

Currently the home inventory in Middletown is at 88.

My prediction for 2009 will be more of the same of what we saw in 2008 although many factors can influence the outcome. We'll have to wait and see.

RATES are fantastic now, for one thing and buyers do seem to be coming back out!

Search properties in Middletown MD

Wanting to know the value of your home in Martinsburg WV or the surrounding areas such as Falling Waters, Inwood, Hedgesville and more. Send me the details of your home and I will send you a FREE competitive market analysis to give you a general idea of its value.

You may be looking to sell now or 5 years fro now. It doesn't matter.

Search homes for Sale

Martinsburg Real Estate

Frederick Real Estate

If your loan amount is now higher than what your home is worth in Martinsburg, Hagerstown, Charles Town, Frederick or the surrounding areas and you need to sell, contact me to discuss your option of a short sale.

Many people are unfamiliar with the short sale process and may think foreclosure is their only option. For example I recently sold a Martinsburg home for $240K which the loan amount was for around $350K. This is a $110K difference that the bank accepted.

Here are the first initial steps you may want to take to see if a short sale will work for you.

1. Contact your lender. If one than one bank is involved, contact each one. Ask to speak to the loss mitigation department, short sale dept. or whomever may handle the short sale. It may take a talking to a few people before you get in touch with the right one. Have you loan number ready to give them.

2. Let the bank know the reason you need to sell and your intention of doing a short sale. Get their feeling of if they are open to the idea.

3. Ask the bank what you will need to provide them.

4. As a real estate agent, I am not licensed as a lawyer nor a CPA and cannot advise on legal advice or tax ramifications. So if you have questions regarding these issues please contact them.

5. Call me to discuss further the short sale process and the marketing of your home.

Search homes for sale in Hagerstown, Frederick, Martinsburg, and Charles Town

Short sales Frederick MD

Short sales Martinsburg