Peggy Magnanelli

In Frederick City MD and Brunswick MD buyers can get between $15,000 and $25,000 to put toward down payment and closing costs. This money is only good for the purchase of Foreclosed and Bank owned (REO) properties. The base amount is $15,000. If you buy in a targeted Neighborhood you can get an extra $5,000, and if you work for a targeted employer, The City of Frederick, The City of Brunswick, Frederick County Teacher, Frederick Community college, Frederick Memorial Hospital and first responders in Frederick County you can get another $5,000.

What buyers need to do is take a class with the Frederick Community action Agency and of course have a credit score high enough and income sufficient to purchase a home. This is a great way to help buyer who would like to buy but have not much cash. This program is not just for first time homebuyers. The home must be used as your principal residence.

The money is a no-interest loan that doesn't have to be paid back until you either Sell the house, Refinance it, or it is no longer your primary residence. After 15 years the money is fully forgiven.

Buyers must work with a Real Estate Agent and Loan Officer who are certified to work with this program.

It is a wonderful program for clearing the foreclosures off the market and moving the market in Frederick City, and Brunswick MD.

For more information on the program please feel free to contact me or any other qualified REALTOR or Local Loan Officer in Frederick.

<!--[if gte mso 9]><xml> <w:WordDocument> <w:View>Normal</w:View> <w:Zoom>0</w:Zoom> <w:PunctuationKerning /> <w:ValidateAgainstSchemas /> <w:SaveIfXMLInvalid>false</w:SaveIfXMLInvalid> <w:IgnoreMixedContent>false</w:IgnoreMixedContent> <w:AlwaysShowPlaceholderText>false</w:AlwaysShowPlaceholderText> <w:Compatibility> <w:BreakWrappedTables /> <w:SnapToGridInCell /> <w:WrapTextWithPunct /> <w:UseAsianBreakRules /> <w:DontGrowAutofit /> </w:Compatibility> <w:BrowserLevel>MicrosoftInternetExplorer4</w:BrowserLevel> </w:WordDocument> </xml><![endif]--><!--[if gte mso 9]><xml> <w:LatentStyles DefLockedState="false" LatentStyleCount="156"> </w:LatentStyles> </xml><![endif]-->

<!-- /* Font Definitions */ @font-face {font-family:"Baskerville Old Face"; panose-1:2 2 6 2 8 5 5 2 3 3; mso-font-charset:0; mso-generic-font-family:roman; mso-font-pitch:variable; mso-font-signature:3 0 0 0 1 0;} /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {mso-style-parent:""; margin:0in; margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:12.0pt; font-family:"Times New Roman"; mso-fareast-font-family:"Times New Roman";} span.EmailStyle15 {mso-style-type:personal; mso-style-noshow:yes; mso-ansi-font-size:12.0pt; mso-bidi-font-size:12.0pt; font-family:"Baskerville Old Face"; mso-ascii-font-family:"Baskerville Old Face"; mso-hansi-font-family:"Baskerville Old Face"; color:windowtext; font-weight:normal; font-style:normal; text-decoration:none; text-underline:none; text-decoration:none; text-line-through:none;} @page Section1 {size:8.5in 11.0in; margin:1.0in 1.25in 1.0in 1.25in; mso-header-margin:.5in; mso-footer-margin:.5in; mso-paper-source:0;} div.Section1 {page:Section1;} -->

<!--[if gte mso 10]> <style> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Times New Roman"; mso-ansi-language:#0400; mso-fareast-language:#0400; mso-bidi-language:#0400;} </style> <![endif]-->

Frederick MD home buyers can get between $15,000 and $25,000 toward down payment and closing costs if they buy a Foreclosed home, in Frederick City or the Municipality of Brunswick. The name of the program is the Neighborhood Conservation Initiative.

You do not have to be a first time home buyer. The house just has to be their Primary Residence.

Buyers can get between $15,000 and $25,000. This is a NO Interest loan that does not have to be paid back until you either: 1) refinance the loan, or 2) the home is no longer your primary residence. or 3) you sell the house. (The loan is forgivable after 15 years) There are also income restrictions but they are very liberal, and the buyers have to take home buyer classes. About 8 hours total. You need to use a Local loan officer who has taken the NCI training, and also a local Realtor who has taken the training.

There are income restrictions also. Anyone can get the $15,000. If you buy in a targeted neighborhood then we can add and extra $5000 and if you work for a targeted employer you can add another $5,000. There are other programs in the City of Frederick that you can apply for that are similar.

To get more information on this program go to the NCI website at www.co.frederick.md.us/nci Or call me.

Yesterday I participated in a Landmark settlement in Frederick County MD. The first Recorded Reverse Mortgage PURCHASE. For everyone involved we learned alot. But the best thing is that we got an 89 year old widow out of her house (which had been broken into 4 times in 6 months) in a crime ridden neighborhood in another county, and into a beautiful condo, in a secure building, in a safe neighborhood in Frederick.

There are some strange HUD requirements that goalong with the Reverse Mortgage Purchase. The seller cannot split the transfer and recordation taxes with the buyer. The buyer has to pay them all. I also do not think that the seller can give a credit for closing costs. (we didn't have closing cost credits so there was no issue for us) Also credits to the seller for fees and taxes already paid connot be on the front of the HUD1 as credits back to the seller.

I am not really sure why these regualtions exist. I just found out about them the day before settlement. (this was a first for the title company too) So agents if you have a client with a Reverse Mortgage Purchase loan make sure that you take into account the fact that they have to pay all the transfer & recordation taxes when making your offer.

This is such a new product and can help so many people that I think it is a great thing. But before doing a transaction with one make sure your title company does the reesarch in advance for any different regualtions in your state. When you see the look of joy on the face of the person you helped it is well worth it.

Opportunities for first time homebuyers in Frederick County MD and pretty much anywhere else, are amazing right now. In Frederick County there are 5 single family homes , 7 townhouses, and 5 condo's for sael for under $100,000.

Between $100,000 and $150,000 there are 116 total listings and under $200,000 there are over 500 homes listed for sale.

Six years ago when I first started that was unheard of. My first client and I wrote 7 offers on 7 different condos and we were competing with at least 5 others on just about every one. It was a horrible market for buyers. But no one was worried about paying too much for a house.

Now the choices for buyers are incredible and you have the time to do your research on the house, the neighborhood, (check the crime statistics and sex offender registry) and the school system. You cna even take the time out to talk to the neighbors. Talking to the neighbors is the best way to gage if you want to live in a neighborhood or not.

With so many bank owned properties for sale a first time home buyer who can do some work on a house ie: paint carpet and maybe appliances, the opportunities are even better.

The Local Governments and Realtor Associations have been working on more first time homebuyer incentives, then we add in the First Time Home Buyer Tax Credit of $8000 which is refundable and does not have to be paid back, you have a great time to buy.

And to top it all off the interest rates are low. What more could you ask for?

Actually if you have been waiting for just the right time, I think we have found it.

The cold weather came way too fast this year. Of course I say that every year and will probably say the same thing when summer comes. But I decided it was time to winterize the house. Not really winterize but weatherize, to save money on heating bills. So I went around and checked the weather stripping around the outside doors. Looks like the cat tore it up trying to get back in. Item 1 for my trip to Lowes. Then there are the outlets. Nobody really thinks of them as a way for cold air to get in. I found these really cool inserts for my outlets that are on outside walls. They block the cold air from coming in, plus with outlet plugs are really keep the cold out. (plus you baby proof at the same time) I dragged the space heater down from the shelf in the garage and set that up in the room that we use the most (the family room). This way when we are home and in the family room we can trun on the space heater and warm up the room we are in and not the whole house.

We had the Chimney Sweep out last week to clean the fireplace chimney so that we can use the fire place for heat too. A cord of firewood is probably cheaper than heating oil and a great suppliment on those really cold nights. I also had the furnace checked (the winter once over) just for safe keeping. According to the Farmers Almamac we are in for a cold winter this year. So hopefully we can use these and other ideas to keep warm.