Homeownership for Individuals with Disabilities Program (HIDP) from DCHD

Did you know Maryland offers home loans with low to no down payment for individuals with disabilities or taking care of someone with disabilities?  Click the link below for more details.  Once you get approved contact me to help you find your home!

Homeownership for Individuals with Disabilities Program (HIDP)

Highlights

The Homeownership for Individuals with Disabilities Program is offered through the Maryland Department of Housing and Community Development (DHCD) and is available statewide. Please call Single Family Housing at 410-514-7530 or e-mail to SingleFamilyHousing@mdhousing.org  for additional information.

Eligible Borrower(s):	One of the borrowers is disabled OR One of the borrowers has a son or daughter who is disabled regardless of the age of the son or daughter; who resides with one of the borrowers and is cared for principally by one of the borrowers OR One of the borrowers is a guardian for an immediate family member who is disabled An immediate family member includes a spouse, domestic partner, son, daughter, brother, sister, mother or father; regardless of the age of the immediate family member; who resides with one of the borrowers and is cared for principally by one of the borrowers A disability is defined as a physical or mental impairment that substantially limits one or more major life activities (for example, hearing, seeing, speaking, sitting, standing, walking, concentrating, or performing manual tasks). The definition does not include a person whose disability is based solely on any drug or alcohol dependence. A "Certificate of Disability" completed by a health, mental health, or disability professional is required. All borrowers must meet program eligibility guidelines and the loan must conform to all underwriting criteria. Must be a first-time homebuyer unless buying in a targeted area or a veteran and exercising one-time exemption to first-time homebuyer requirement (must provide copy of DD-214).
Cosigners:	Not Permitted
Eligible Jurisdictions:	Available statewide.
Eligible Properties:	Existing or newly constructed homes. Newly constructed homes must be located in Priority Funding Areas. 1
Proximity Rule:	Occupancy implies that the home is located within reasonable proximity of the borrower’s place of employment. If the borrower’s employment requires the borrower’s absence from home a substantial amount of time, the following two conditions must be met: The borrower must have a history of continuous residence in the community; and There must be no indication that the borrower has established, or may be required to establish, principal residence elsewhere.
Homebuyer Counseling:	Refer to the list of counseling agencies for one in your area. A homeownership counseling certificate must be received by all buyers prior to execution of a contract of sale for a property that will be purchased under this program (contracts of sale that are executed prior to completion of homeownership counseling will not be eligible). Counseling certificate may not be more than one year old at the time of closing
Home Inspection:	Required. Fire, safety and health issues must be addressed.
Interest Rate:	2.75% - 4.75% (subject to change) based on borrower qualifying at a housing expense ratio not greater than 30.0% [principal and interest payment of mortgage loan + monthly escrow amount for taxes and hazard insurance divided by the gross monthly income of the borrowers] and a total debt-to-income ratio not greater than 38.0% [housing expenses plus long term debt divided by the gross monthly income of the borrowers]. Borrower may be required to respond to income monitoring during the term of the loan; rate may be increased after closing if Borrower's household income exceeds the Maximum Current Annual Household Income. If prequalification is required, qualify borrower at a 4.75% interest rate.
Maximum Current Annual Household Incomes:	The total combined income of all members of the household may not exceed: $106,100: Washington D.C. PMSA (Calvert, Charles, Frederick, Montgomery, and Prince George’s Counties); $89,400: St. Mary’s County; and $88,100: all other areas of the State.
Maximum Purchase Prices:	$289,470: counties of Allegany, Caroline and Dorchester; $287,257: non-targeted areas of Wicomico County; and $300,000: remainder of the State.
Maximum Underwriting Ratios:	30.0%: the maximum housing expense to income ratio 38.0%: the maximum total debt-to-income ratio Exceptions to these ratios will be considered up to 32.0%/40.0% with at least two strong compensating factors.
Non-Taxable Income:	If a particular source of regular income is not subject to federal income taxes (for example, certain types of disability and public assistance payments, military allowances), the amount of continuing tax savings attributable to the non-taxable income will be added to the borrower’s gross income when calculating the borrower’s underwriting ratios. The percentage of income that is added is the appropriate tax rate for that income amount. If the borrower is not required to file a federal income tax return, the tax rate that will be used is 25 percent.
Minimum Credit Score:	In order to be eligible for a Homeownership for Individuals with Disabilities Program loan, the representative (middle score of three scores or the lower score of two scores) credit score must be 640 or above.
Credit:	Satisfactory credit history required. Borrowers having no traditional or non-traditional credit history are not eligible In the absence of a credit score on the credit report, evidence of acceptable non-traditional qualifying credit, such as a satisfactory rental history, satisfactorily paid utility (cable, telephone, electric and gas) bills, satisfactorily paid insurance (renter’s or car) bills, etc. may be considered. Applicants must have established an acceptable credit rating for at least one year from the date of the release of a judgment or collection account. An exception to this policy will be considered if the paid collection account or judgment was a medical account with a nominal balance and applicant has a reasonable explanation why the account was delinquent. If the borrower had a bankruptcy, it must have been discharged for at least four years
Term:	30 years
Processing Fee:	$1,000.00 (may be financed).
Minimum Cash Contribution:	$500.00 (entire amount can be gifted).
Mortgage Insurance/Guarantee:	Not required.

Revised 06/26/13

¹ A Priority Funding Area (PFA) is an older community or locally-designated growth area where State and local governments already have a significant financial investment in the existing infrastructure and want to target their efforts to conserve natural resources and farmland while encouraging and supporting sensible economic and residential growth. Municipalities, Baltimore City and areas inside the Baltimore and Washington beltways are PFA's. For new construction, it must be confirmed that the property is located in a PriorityFunding Area by using theInteractive Online Maps on DHCD website or by abutler@mdp.state.md.us.

For More Information:

• Email Single Family Housing (SingleFamilyHousing@dhcd.state.md.us) or Contact:
• Single Family Housing
• Community Development Administration
• Maryland Department of Housing and Community Development
• 100 Community Place
• Crownsville, MD 21032-2023
• 410-514-7530
• Toll Free (Maryland Only): 800-638-7781
• Fax: 410-987-4136

Available Listing - 2301 Penrod Ct Upper Marlboro MD 20774

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KELLER WILLIAMS REALTY | 9701 Apollo Drive, 102 | Upper Marlboro | MD | 20774

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How the Shut Down Impacts Your Mortgage Loan Processing

The Federal Government shutdown has occurred. 

So what does this mean to you, in general?  For the most part not much, unless it is for an extended period.  The most serious impacts are felt by USDA buyers.  Below is a general outline of what affects it will have on our industry.  These affects may change by lender.

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 FHA Loans

·         Lenders will be able to obtain a FHA case number from the FHA Connection

·         Limited FHA staff to respond to questions

·         CAIVRS will be available to determine if a borrower has a delinquent federal debt

·         FHA Total Scorecard will be available

·         FHA will collect the Upfront MIP during a shutdown

VA

·         The Department of Veterans Affairs (VA) will continue to operate if there is a government shutdown, which means lenders will be able to continue originating VA-guaranteed loans.  Both lenders and borrowers will be able to obtain the Certificate of Eligibility online, and they will still be able to submit applications and follow up on COEs that require more research with the Atlanta Eligibility Center.

Will VA loans be adversely affected in any way?  Answer = no

USDA

·         Indications are that Rural Development will cease all but essential functions and no new loans or guarantees will be made.

Will we be able to obtain a conditional commitment?  Answer = No

Can we close a loan without the conditional commitment?  Answer = No

Can we close a loan if we have the conditional commitment?  Answer = Yes

Internal Revenue Service (IRS)

·         The IRS will NOT process any forms, including tax transcripts (Form 4506T).

Can we close loans without the tax transcripts?  Answer = No

Social Security Administration (SSA)

·         The SSA will likely NOT be able to verify social security numbers.

Can we close loans without verifying the social security number?  Answer = No

Fannie and Freddie

·         Fannie and Freddie would not be directly affected, except to the extent they rely on verification and other functions of HUD, IRS, and SSA.

Federal Reserve

·         The Federal Reserve – including the reserve banks – is not funded through the annual appropriations process;  thus a government shutdown would have no impact on Federal Reserve operations, including payment system and open market functions.

Consumer Financial Protection Bureau (CFPB)

·         The CFPB is not funded through the annual appropriations process; thus a government shutdown should have no impact on CFPB operations.

FEMA Flood Insurance

·         It is likely that mapping issues or amendments will be impacted.

·         Most functions will be unaffected because of their use of contractors and public/private partnerships.

Will I be able to get flood insurance?  Answer = yes

If the subject property is not yet mapped by FEMA and needs research by FEMA will my loan be affected?  Answer = yes

Can I close the loan if mapping research cannot be completed by FEMA?  Answer = no

Call or email me with any questions.

George Flower IIINMLSR ID 193157

Branch Sales Mgr - Prod
Prosperity Mortgage Company | 590 Baltimore PK FL 1 | Bel Air, MD 21014
Phone (410)274-7252| Fax (866)359-2062

george.floweriii@prosperitymortgage.com

www.georgeflower.com

Don't Wait Until It's Too Late #Foreclosures

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There's a new post on Mdhousing's blog, The Foreclosure Process Made Simple: Chart Gives Consumers Clear Guide to Their Rights and Responsibilities. Baltimore - The Maryland Housing Counseling Network, Inc. has a consumer-friendly chart of the state's foreclosure process, outlining in a clear, easy-to-follow format what homeowners who are behind in their mortgage can expect from lenders and matching each step in that process with what homeowners can do to get help.    The chart helps illustrate the importance of seeking counseling through the state's MD HOPE Counseling Network as early in the process as possible; and of opting-in for foreclosure mediation through the Office of Administrative Hearings. Here's how. Maryland was one of the first states to give homeowners that option, in the hopes of encouraging lenders to work with families to find sustainable alternatives to foreclosure. However, it should be noted that the chart does not include early mediation, the newest step in the foreclosure process. Early mediation, which goes into effect Oct. 1, gives homeowners in financial trouble the option to seek mediation before lenders take them to court. The goal is to bring the parties to the negotiating table even earlier in the process, when more options may be available. Early mediation was one of three key measures recommended by Governor O'Malley's foreclosure task force and passed this year by the legislature by wide bipartisan margin. The legislature also established a statewide foreclosed property database and a tax credit for families that buy a foreclosed property as their principal home. Taken together, the measures reflect the Maryland Foreclosure Task Force's dual strategy for coping with what it called the "harsh reality" that the crisis will continue for some time - the new measures give beleaguered homeowners additional time to find alternatives to foreclosure and they give state and local governments new tools to help neighborhoods rebound from the blight of vacant and foreclosed properties. The measures also build upon the sweeping reforms enacted under Governor O'Malley's leadership since 2007 in response to the most severe national housing crisis since the Great Depression. Maryland foreclosures peaked during the fourth quarter of 2009 and have been declining ever since. But foreclosures have inched up in recent months as lenders adjust to regulatory reform and the state's housing market gets stronger. Subscribe to Community Review, the official blog of the Maryland Department of Housing and Community Development,to get the latest in housing and community development news.

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KELLER WILLIAMS REALTY | 9701 Apollo Drive, 102 | Upper Marlboro | MD | 20774

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Independent Foreclosure Review Fact Sheet

Independent Foreclosure Reviews 

Fact Sheet 

What is happening? 

Fourteen U.S. mortgage servicers and their affiliates are making available free, 

impartial Independent Foreclosure Reviews to certain of their borrowers as 

part of the consent orders entered into with the Board of Governors of the 

Federal Reserve System and the Office of the Comptroller of the Currency in 

April 2011. 

If eligible borrowers believe that they were financially injured as a result of 

servicer errors, misrepresentations or other deficiencies in the foreclosure 

process on their primary residence, they can request a review of their 

foreclosure file to verify that their foreclosure process was handled properly. 

Throughout this process, servicers will continue their efforts to help 

homeowners who have not yet gone through a foreclosure sale stay in their 

homes, where possible.  

Who is eligible? 

Borrowers are eligible to submit a Request for Review if 1) their loan was 

serviced by one of the participating mortgage servicers, 2) their loan was active 

in the foreclosure process between Jan. 1, 2009 and Dec. 31, 2010, and 3) the 

property securing the loan was their primary residence.  

To participate in an official review, eligible borrowers must submit a completed 

Request for Review Form by April 30, 2012. 

Which servicers are being required to perform the reviews? 

The participating servicers are: 

•  America’s Servicing Company 
•  Aurora Loan Services 
•  BAC Home Loans Servicing 
•  Bank of America 
•  Countrywide 
•  EMC 
•  EverBank/Everhome Mortgage Company 
•  GMAC Mortgage 
•  HFC 
•  National City Mortgage 
•  PNC Mortgage 
•  Sovereign Bank 
•  SunTrust Mortgage 
•  U.S. Bank 
•  Beneficial 
•  Chase 
•  Citibank 
•  HSBC 
•  IndyMac Mortgage Services 
•  Wachovia 
•  Washington Mutual (WaMu) 
•  CitiFinancial 
•  MetLife Bank 
•  Wells Fargo 
•  CitiMortgage  
•  Wilshire Credit Corporation 

How can borrowers find out if they are eligible for a review? 

An estimated 4.5 million borrowers will be notified by a letter explaining the 

review process and a Request for Review Form. The mailings will be 

staggered—to better manage volumes—in stages beginning Nov. 1, 2011. 

Information also may be found at www.IndependentForeclosureReview.com.  

Borrowers who believe they may be eligible for a review who do not receive a 

mailing can call 1.888.952.9105 Monday through Friday 8:00 a.m. – 10:00 p.m. 

ET and Saturday 8:00 a.m. – 5:00 p.m. ET to determine if they are eligible. 

What does it mean that a borrower was active in the foreclosure process? 

Foreclosure actions include any of the following occurrences on a primary 

residence between the dates of Jan. 1, 2009 and Dec. 31, 2010: 

 The property was sold due to a foreclosure judgment. 

 The mortgage loan was referred into the foreclosure process but was 

removed from the process because payments were brought up-to-date or 

the borrower entered a payment plan or modification program. 

 The mortgage loan was referred into the foreclosure process, but the 

home was sold or the borrower participated in a short sale or chose a 

deed-in-lieu or other program to avoid foreclosure.  

 The mortgage loan was referred into the foreclosure process and remains 

delinquent but the foreclosure sale has not yet taken place. 

What information will borrowers need to provide? 

Borrowers will be asked to provide information on the property, the borrower 

and any co-borrowers, and details about how they believe they may have been 

financially injured. There is no charge to eligible borrowers for a review, which 

will not be reported to any of the credit bureaus and will not impact any other 

options a borrower may pursue related to their foreclosure. 

What constitutes “financial injury?” 

Listed below are examples of situations that may have led to financial injury. 

This list does not include all situations. 

 The mortgage balance amount at the time of the foreclosure action was 

more than you actually owed. 

 You were doing everything the modification agreement required, but the 

foreclosure sale still happened. 

 The foreclosure action occurred while you were protected by bankruptcy. 

 You requested assistance/modification, submitted complete documents 

on time, and were waiting for a decision when the foreclosure sale 

occurred. 

 Fees charged or mortgage payments were inaccurately calculated, 

processed, or applied. 

 The foreclosure action occurred on a mortgage that was obtained before 

active duty military service began and while on active duty, or within 9 

months after the active duty ended and the servicemember did not waive 

his/her rights under the Servicemembers Civil Relief Act. 

How long will the foreclosure review take to complete? 

The borrower will be sent an acknowledgement letter from the Independent 

Review Administrator within one week after the request is received.  Because 

the review process will be a thorough and complete examination of many 

details and documents, a review could take up to several months. 

Who will be conducting the reviews? 

Foreclosure Reviews will be conducted by independent consultants engaged by 

the servicers and approved by the Board of Governors of the Federal Reserve 

System and the Office of the Comptroller of the Currency.  In order to ensure 

that the request for review process is as consistent as possible for eligible 

customers, all of the participating servicers are using the same outside 

administrator to manage the handling of incoming complaints for the Request 

for Review process.  

Once the Request for Review Forms have been collected by this single vendor, 

the servicer will provide relevant documents to the independent consultant. 

The servicer will also provide any findings and recommendations related to the 

borrower’s request for review to the independent consultant for examination.  

Servicers may be asked to clarify or confirm facts and disclose reasons for 

events that occurred related to the foreclosure process, and customers could 

be asked to provide additional information or documentation. 

Buyer After a Short Sale from American Home Key