Southern Maryland Real Estate~ Jonathan Benya

Someone recently sent me a photo of a FSBO (For Sale By Owner) sign that I had to share. I understand that you can't always choose your neighbors, but when it comes to selling your home because you hate your neighbors, there is good news! Fortunately, bad neighbors are not what you would call a "material defect" in your home (Regardless of how defective you think they may be). If you hate your neighbors, odds are that other people may hate them as well. My advice would be to keep the commentary about the obnoxious neighbors to yourself, and let the next owner find out in their own sweet time. Enjoy the photo! ~Jonathan Benya- Realtor

Century 21 New Millennium

301-653-8116

Charles County Real Estate Blog

SOMD Home Search

Southern Maryland Custom Homes & Land

This labor day weekend has us working overtime, so for all of you enjoying the holiday weekend, I thought it would be fun to post this clip of a rather obnoxious real estate agent. I got a laugh out of it, and I hope you do too! Now if only we got shows like this here in the United States, I'd be a happy guy!

~Jonathan Benya- Realtor
301-653-8116

Charles County Real Estate Blog
SOMD Home Search
Southern Maryland Custom Homes & Land

As you may have heard, HUD's Neighborhood Stabilization Program (NSP), has been implemented in Prince George's County, Maryland, and the incentives for buying a foreclosure in PG County are STAGGERING!

The goal of the program is to reduce the number of vacant homes in neighborhoods troubled by foreclosures. Through a government funded program (Thanks to the large economic stimulus package), PG County has been allocated $10,883,234 for a program called the "Down Payment Closing Cost Assistance Program" (DPCCA).

If you're looking to buy a foreclosure in PG County, you may qualify!  For a detailed list of qualification requirements, please click here:  Down Payment Assistance for First Time Home Buyers in PG County.  This is going to allow you to purchase your first home with between $1,000-2,000 down, and no closing costs or additional down payment required!  That means some people are actually going to be getting their first home for almost nothing down, AND they can qualify for the $8,000 first time home buyer credit as well!

Keep in mind that this program is not designed to get people loans with serious credit issues.  Your credit and debt-to-income (DTI) ratio's need to allow you to qualify for a traditional mortgage.  This program has been designed for people with good credit, but limited savings.

Will You Need to Pay Back the DPCCA?

You may be required to pay back some or all of the DPCCA Money you receive, depending on how long you live in the home.  The money is treated like an interest free loan, that does not need to be paid back until you sell your home.  Here's the rundown on how much you may owe at settlement:

If you live in the home for:                            % of amount due is:

0-3 years                                                                        100%

3-6 years                                                                         50%

6-9 years                                                                         30%

10+ years                                                                         0%

The longer you live in the house, the more money you save!  When you figure that this program can save you anywhere between $6,000-$20,000, it makes one heck of an argument for buying a foreclosed home!

Have Questions, or Want to Know More?

Please feel free to give me a call on my direct line at (301)-653-8116 and I'll be more than happy to assist you with taking advantage of this great program!

~Jonathan Benya- Realtor
Century 21 New Millennium
9405-A Chesapeake St
La Plata, MD 20646
301-609-9000 - office
301-653-8116 - cell

Charles County Real Estate Blog
SOMD Home Search
Southern Maryland Custom Homes & Land

If you're looking to purchase a foreclosure in PG County and you're a first time home buyer, there's good news afoot! HUD has approved a new program to provide down payment assistance for low income families in PG county ONLY!

The Neighborhood Stabilization Program (NSP) and the Down Payment Closing Cost Assistance Program (DPCCA) have released their guidelines and trained a select group of lenders to be able to provide this program to potential homeowners!

How Does It Work?

Step 1: Find out if you qualify! Here's the eligibility requirements:

1. Must be 18 years or older
2. Must be a first time home buyer, or must not have owned anywhere for the last 3 years
3. Home being purchased MUST be primary residence
4. Annual household income must not exceed program limits (less than $86,600 for 1 person, or $99,000 for two people, if you have children, the limit increases. An income calculator for determining eligibility can be found at https://webapps1.hud.gov/hfc/calculator/)
5. Must qualify for a loan from a participating lender (There are currently 37 approved lenders, give me a call for a complete list)
6. Must contribute a minimum amount of cash towards purchase (Between $1,000-$2,000)
7. Must have ratified contract of sale on a vacant foreclosed property (Need help finding that home? That's where a spiffy Realtor like myself comes into play!)
8. Buyer must also attend an 8 hour minimum housing counseling class provided by HUD and receive a certificate of completion. (Class is free, and there's already a waiting list, so hop to it!)

What Does DPCCA Do?

DPCCA will provide up to $20,000 in closing cost assistance on an interest free loan, with an interest rate of 0%, that is payable only when you go to move! The longer you live in the property, the less you are required to repay! For example, if you live in the home for 3 years, you're required to repay 100%. If you live in the house for 4-6 years, the balance due is 50%. For 6-9 years, the balance is 30%, and if you live in the home 10+ years, you're not required to repay the DPCCA at all!

Essentially, this program is designed to allow low-income families to purchase foreclosed properties with minimal downpayment. The will help reduce the foreclosure blight that has troubled PG County, and reduce the number of vacant homes sitting in the area. This program can be used in combination with the $8,000 first time homebuyer tax credit, which means that it's possible to buy a vacant foreclosure for as little as $1,000 down, all closing paid, with 3.5% downpayment paid by DPCCA, AND $8,000 in tax credit provided by the federal government! The incentives to buy a foreclosure in PG County just keep growing!

~Jonathan Benya- Realtor
Century 21 New Millennium
9405-A Chesapeake St
La Plata, MD 20646
301-609-9000 - office
301-653-8116 - cell

Charles County Real Estate Blog
SOMD Home Search
Southern Maryland Custom Homes & Land

This morning I attended a walk-through in Southern Maryland (Waldorf, to be exact) on new construction for a first time home-buyer of mine that is due to settle this week. Typically, people do not feel a need to pay for an inspection when they're buying a new home. The thought is that if the home is "new", then there shouldn't be a need for the extra expense.

My buyer wanted the assurance that comes with having a professional home inspector go through the property, and it turned into a very wise investment.

So what made it worth hiring a home inspector?

• For starters, the threshold at the front door was water damaged. The builder rep offered to have it painted and sealed, but the inspector stated that due to the water damage, it needed to be replaced. Suddenly the idea of hiring an inspector started to make sense...

• Next, the furnace filter access was blocked by wiring, and was in accessible. Our inspector, Kevin Curry from Amerispec, caught the issue and stated that the wiring needed to be moved. Imagine buying a home and finding out a year after-wards that you can't change the filter!

• Third, there was insufficient insulation in the furnace, and there were drafts being created. This is the sort of issue that only a home inspector would be able to catch, but the work completed by the builder was insufficient.

• In addition, the rear sliding door wouldn't lock, the carpet was cut too short on the sides of the staircase, the kitchen needed a final coat of paint, and there was trim work that was cut too short.

You would think that builders would be a bit more mindful, but the bottom line is that if you as a buyer are paying for new construction, you should not be willing to accept anything less than perfect.

There were issues at the inspection that needed to be addressed, and the builder is perfectly willing to correct them, but without an inspector, there was no way to catch all of the issues at the walk-through. It's proof that it really pays to have a Realtor and Inspector on your side when buying new construction!

~Jonathan Benya- Realtor
Century 21 New Millennium
9405-A Chesapeake St
La Plata, MD 20646
301-609-9000 - office
301-653-8116 - cell

Charles County Real Estate Blog
SOMD Home Search
Southern Maryland Custom Homes & Land