We’ve boiled down a list of ways to help polish your report:

1) Make sure you have a recent copy of your report. This step is an easy. You can get a copy from the three major agencies, Equifax, Experian and TransUnion.

2) Check all ID information to be sure it’s accurate and scan for any discrepancies. It’s important to be sure your full name (not your nickname) is represented on your credit reports. Additionally, check all personal information, such as your Social Security Number, address and account balances. All three bureaus have online dispute forms to report inaccurate information.

3) If you send in a dispute, remember to follow up on the claim. Keep track of the names and dates of bureaus and lenders you’ve contacted. Action on their end could take up to 30 days. Check back and make sure the requested action items have been corrected.

4) Rinse & repeat! You’ve finished the first round of spring-cleaning but don’t let it fall to the wayside. It’s crucial to remain aware of your credit reports in an effort to prevent identify theft. You can do this by ordering a credit report at least once a year.

Have more questions about cleaning up your credit report? Visit us at the housing fair and we’ll discuss in more detail to help you get the best loan available!

Whether you’re a first time buyer or an experienced homeowner, utilize these resources to learn more about where to get the right mortgage – for you – in Maryland.

BB&T

Home buying involves many important decisions. With BB&T, you won’t have to make those decisions on your own. Their dedicated professionals want to help make your home buying experience easy. Providing several tools and resources along the way, such as the Financial Calculator Tool, is just one way they make that happen. Find out why BB&T was rated the Highest in Customer Satisfaction among Mortgage Companies by J.D Power and Associates for two years in a row!

Chase

Chase offers a unique step-by-step guide to buying your first home. Review the “Basics of Borrowing,” the steps to finding your new home, determining which home loan is right for your family, what to do after you make an offer. In fact, Chase offers an exclusive 1% cash back opportunity on a new mortgage. Learn how to qualify!

Maryland Mortgage Program

Maryland Mortgage Program (MMP) invites you to… well… get with the Program! Through the Community Development Association (CDA), MMP offers fixed interest rates on its 30-year Mortgage Program below the market average. Use the helpful Monthly Payment Chart to learn which loan is right for you.

Bank of America

The loan officers at Bank of America want you to make sure you choose a finance option that you can comfortably afford. That’s why they offer a Clarity Commitment – an easy to read, one-page summary of the key terms of your individual mortgage. Bank of America is a great resource to help evaluate your savings and fully understand the loan process.

The post gave some great advice, and we thought it might be helpful to get some additional tips for buying a home in Howard County.

1. Get your financial house in order. That means checking your credit score, and improve it if needed. It also means taking the time to review and understand your financial situation, knowing what you can afford, and knowing if you need to save just a little more for that down payment.

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2. Get pre-approved for a mortgage. Getting pre-approved for a mortgage will tell you exactly how much you can spend on a home. Of course, to get pre-approved, you need to find a lender. The good news: Mortgage rates are at an all-time low, giving buyers a lot of power. That said, lenders are not giving out loans like lollipops any more, so be sure you follow step #1 first!

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3. Find a realtor you can trust. You might think that you can get by without having a realtor. But it’s really to your advantage to get one who will look out for your interests. The best realtors take the time to get to know their clients, their needs and their desires. When the perfect house comes on the market, your realtor is there to get you in to see it–and make an offer!

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4. Find the right home and make an offer. Your home is your biggest investment, your most valuable asset. Don’t just settle on the first property that looks good; find one where you will feel comfortable. Once you’ve found that perfect place, work with your realtor to come up with an appropriate offer (hint: it doesn’t have to be the asking price). At this point, it’s customary to also put up a deposit to indicate that you are a serious buyer.

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5. Secure your mortgage and get an inspection. Ok, this is actually two steps lumped into one. But they should be done around the same time. Even though you’ve been pre-approved for a mortgage, you actually have to finalize it once the seller accepts your offer. Be sure to read the fine print and get all of the details on your loan. Know if there is a balloon payment, any kind of penalties for paying off the loan early, and other important terms of the loan. For the inspection–be sure to find someone who has a good reputation. Check references if needed. Once the inspection is done, be sure to review the results as there may be things that need to be fixed–which can give you leverage with the seller.

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6. Go to closing, sign the papers, collect keys. After all of these details are taken care of, you’ll work with your realtor to schedule the closing where you actually buy the house. You’ll need to bring a cashier’s check for your down payment, a form of ID and proof of insurance. And that’s it!

Once all that is done–you’re a home owner! Congrats!

You can learn more about each of these steps in detail by visiting the 2012 Come Home to Howard County Housing Fair. Register today! 

The best place to start is with Howard County Housing’s pre-purchase counseling. We can provide you with information and guidance for households thinking about the purchase of a home. The Howard County Housing staff will explain credit ratios, credit score, mortgage financing and other factors related to the purchase of a home.

In your counseling session, we can tell you if you qualify for our Moderate Income Housing Unit (MIHU) program, which gives you the opportunity to purchase quality new homes at reduced prices. Sale prices range from approximately $135,000 for a condominium to $249,000 for a townhouse.  Prices vary depending on the size and amenities of the unit. Any person or family can apply to buy or rent an MIHU, provided their household income does not exceed the following maximums:

If you’re not ready to buy and are more interested in finding an affordable rental property, you may want to consider Howard County Housing’s Rental Assistance Program (RAP). The Rental Allowance Program (RAP) is funded and regulated by the Maryland Department of Housing and Community Development (DHCD), providing grants to local governments to assist low-income families who either are homeless or have an emergency housing need with flat rent subsidies. The ultimate goal is to help families transition from homelessness or temporary emergency housing to permanent housing.

Participating families find their own housing including rooms for rent, boarding house rooms, other single-room occupancy arrangements, apartments, group homes, transitional housing (provided it is not temporary emergency housing), single-family houses, and mobile homes.

Finally, if you’re looking to repair your current home, or perhaps are purchasing a fixer-upper, you might want to consider applying for a Rehabilitation Loan. In this program, Howard County provides loans to homeowners to repair their homes or bring them up to current standards. Loans can be made for sewer and water extensions, new roofs, heating systems or other uses to make a unit decent, safe and sanitary.

Whatever your housing needs, or your income level, Howard County Housing is here to help. Call us anytime at 410-313-6318.

And don’t forget to check out the Come Home to Howard County Housing Fair on April 14, 2012, to speak with real estate experts, lenders, and housing specialists–all under one roof!

If you’ve never owned a home before, you might be wondering if home ownership is right for you. And with the volatility in the housing market, you might be nervous. That’s ok. Buying a first home, especially in today’s real estate market, can be a daunting task. How do you know you’re ready?

Here are some things to keep in mind as you explore home ownership.

• Ensure you have a steady source of income.

When you own a home, you have a monthly mortgage payment. It’s essential to be able to meet that financial obligation. Not meeting it can have highly damaging effects on your credit score (more on that below). If you have a regular source of income, then you already have taken the first step towards home ownership.

• Check your credit score. Having a good credit score is necessary for qualifying for a home mortgage. If your credit score is low, you will either not qualify, or you could end up paying a higher interest rate, which will inflate your monthly mortgage payment. Generally speaking, a good credit score is anything over 700. The good news: there are many things you can do to improve your credit score.

• Can you manage your current debt level? According to CNNMoney, the average American household has about $10,000 in credit card debt. That’s a lot! Carrying a small credit card debt is ok, as long as you don’t let it get out of control. It’s really best if you pay it off each month. If you’re saving to buy a home, then avoid spending more than you can afford.

• Save, save, save for a down payment. When you buy a home, it’s generally best to have a sizable down payment. The larger your down payment, the lower your monthly mortgage payment will be. Generally speaking, you should be able to put down about 20% of the total cost. However, if you’re a first-time home buyer, an FHA loan may be able to help you lower the amount you need to put down. Additionally, there are many different types of loans out there, so be sure to consult with a mortgage broker or lender to know all your options.

• You plan on staying in the same area. If you’re the type of person who moves frequently, then home ownership may not be the best use of your money. However, if you have found an area where you enjoy living, then considering buying a home in that community may be a very smart move. You should consider how long you plan to live in the area, and then consult a buy vs. rent calculator to see which is more financially advantageous.

If you’re still not sure if you’re ready for home ownership, don’t worry! Many people face the same situation you do. The Howard County Housing Department is here to help people just like you. Feel free to contact us to set up an appointment, and we’ll be happy to help you figure out if buying a home is right for you.

Gaylord National Hotel & CC- Prince George Exhibit Hall
201 Waterfront Street
National Harbor, MD  20745

Are you a Wells Fargo or Wachovia mortgage customer facing mortgagepayment challenges? If so, we invite you to get the answers you need at a free workshop being held right in your community.

Event Flyer (English)

Event Flyer (Chinese)

Event Flyer (Korean)

Event Flyer (Spanish)

Event Flyer (Vietnamese)

Tuesday July 26th, 2011
6:30pm to 8:30pm
Howard County Library, East Columbia Branch
6600 Cradlerock Way, Columbia, MD 21045

Event Topics:
• Reasonable Accommodations
• Security Deposit & Reservation Fees
• Occupancy Monitoring & Lease Enforcement
• Seeking Remedies in Court for Lease Disputes

R.S.V.P. to 410-313-3441 or email: housing@howardcountymd.gov

Presented by:
Howard County Housing
Howard County Office of Human Rights
Howard County Office of Consumer Affairs

To purchase an MIHU home, individuals must apply to Howard County Housing during an open enrollment period in order to be placed on a waiting list. The applicant’s household income may not exceed 80% of Howard County’s median income; which as of January 1 is $101,940 for a family of four.

In addition, household income must be sufficient to qualify for a home mortgage based on mortgage lending industry standards and applicants must meet minimum credit score requirements. Base sale prices for MIHUs can range from $128,000 for a condominium to $229,000 for a townhome. Sale prices vary depending on the size and amenities of the unit.

Townhomes are available for homeownership opportunities at Elkridge Crossing Towns, Howard Square, Guilford Mews and the Gatherings at Jefferson Place. With interest rates at current lows, now is the time to take advantage of these opportunities.

The MIHU program is an inclusionary zoning program that requires developers of new housing in certain zoning districts to sell or rent some of the new dwelling units to households of moderate income. The program offers quality new homes at reduced sale prices and rents to income eligible families.

Call Howard County Housing for more information 410-313-6318.

Information about the MIHU program, list of available properties, application and more.

Official announcement from Howard County government.

The next Come Home To Howard County Housing Fair will take place on Saturday, April 14, 2012.

Event pre-registration will be open in late fall 2011. Visit the site in the fall for more details about the event. If you are interested in becoming a sponsor or exhibitor please contact Christopher Julien 410-313-6318 or email.