Category Archives: Blog

Refinance

Let’s get started!  You may begin in one of two ways:

  1.  Phone call or in person meeting.  E-mail me at ajaffe@firsthome.com or call 240-479-7658 to set this up.
  2. Or, you may begin with the online form and we can connect afterwards.  Start here: Refinance

Learn more about how working with me is different from other loan officers: My Team

A refinance is the act of opening up a new mortgage which pays off you old mortgage. There are three reasons to refinance:

1. You want a lower rate. If rates have come down since when you purchased or when you last refinanced, a refi is a great way to get your monthly payments down.

2. You want to cash out. Have other debts you want to consolidate? Rolling credit card revolving payments into a lower fixed-rate mortgage may be the best option. Want to remodel? A cash out refinance can finance the costs with a low, fixed-rate secured loan.

3. You want to switch loan programs. Want to switch from an ARM to a fixed rate? Set the rate for the life of the loan. Want to switch to an ARM for short-term savings because you won’t be in the property long? No problem.

How do I know if I will qualify for a refinance?

Good question. You typically need at least some equity (3.5%) and be able to qualify for the payments just like when you purchased.

What does it cost to refinance?

We can set it up any way you want. Don’t want to pay closing costs upfront? Fine. Want to buy down the rate for an even lower rate? No problem.

Awards and Recognition:

  1. First Home Mortgage
    1. Top Producer, 2016
    2. Chairman’s Club (6x)
  2. Washington DC
    1. Key to the City awarded by the DC Housing Finance Agency
    2. DC Open Doors Top Producer, 2013, 2014, 2015, 2016
  3.  National: Top Producing Mortgage Loan Officers in the nation
    1. National Mortgage News, 2015, 2016 (Top 200)
    2. Mortgage Executive Magazine, 2016 (Top 200)
    3. Scotsman Guide Top Producer 2016 (Top 500)
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Buy

My role as your loan officer is to help guide you in deciding how to best finance your home purchase.  There are several loan programs to choose from, and the best choice for you is based on analysis of your income, debts, assets, credit, and your goals and long term plans.

Let’s get started!  You may begin in one of two ways:

  1.  Phone call or in person meeting.  E-mail me at ajaffe@firsthome.com or call 240-479-7658 to set this up.
  2. Or, you may begin with the online form and we can connect afterwards.  Start here: Pre-Qualify Now

Learn more about how working with me is different from other loan officers: My Team

Awards and Recognition:

  1. First Home Mortgage
    1. Top Producer, 2016
    2. Chairman’s Club (6x)
  2. Washington DC
    1. Key to the City awarded by the DC Housing Finance Agency
    2. DC Open Doors Top Producer, 2013, 2014, 2015, 2016
  3.  National: Top Producing Mortgage Loan Officers in the nation
    1. National Mortgage News, 2015, 2016 (Top 200)
    2. Mortgage Executive Magazine, 2016 (Top 200)
    3. Scotsman Guide Top Producer 2016 (Top 500)
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Loans

 

Conventional Loans – Best paired with higher credit and/or higher down payment…providing the best terms for most applicants

FHA Loans – Best paired with lower credit and/or lower down payments…providing superior loan terms in the above instances

Jumbo Loans – For loan amounts over $636,150, jumbo loans require slightly higher down payments

Down Payment Assistance – For loan amounts under $636,150, there are various down payment assistance opportunities

Renovation Loans – To finance both the purchase and renovation of a property

VA Loans – For veterans, allowing a 0% down with the very best loan terms in most situations

USDA Rural Housing Loans – For purchases in rural areas, this 0% down loan program is a better option than FHA

Homestyle Renovation Loans – To finance both the purchase and renovation of a property with conventional financing…best paired with higher credit and/or higher down payments

Investment Property Loans – To purchase a property that you plan to rent

ARMs – Start out with a lower rate that is set for 3, 5, 7, or 10 years and then adjusts annually afterwards.

Bridge Loans – “Bridge” the down payment gap by getting financing on your current home to cover the down payment on your next home purchase

 

Questions? ajaffe@firsthome.com or 240 479 7658

Ready to pre-qualify?

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Down Payment Assistance Programs

There are down payment assistance and low down payment programs available both nationally and locally.  I have written below the descriptions of each program to aid in understanding what is available.  During your initial conversation, we will review your financial situation to see what is the best fit for you.

For most first time buyers, putting together the down payment is the hardest part of purchasing.  And so the government has eased this by offering down payment assistance programs with either grants or interest-free-loans.  The “catch” is that sometimes these loan programs come with higher interest rates than if you were making the down payment yourself.

Maryland:

HOC and MMP (Montgomery County HOC and Maryland Mortgage Program)

Maryland Grant Program

Howard County SDLP

Takoma Park Home Stretch

Gaithersburg Homebuyer Assistance Loan Program

DC:

DC Open Doors

DC Tax Abatement

HPAP & EAHP

Virginia:

VHDA

Available everywhere:

Home Ready and Home Possible

MCC (Mortgage Credit Certificate)

 

Questions? ajaffe@firsthome.com or 240 479 7658

Ready to pre-qualify?

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Transfer Tax

Beginning with settlements October 2017, the DC transfer tax rate is reduced to eligible buyers* to .725%.  This is a .375% or .725% decrease in the transfer tax for other purchasers.  The previous transfer tax was 1.1% for purchases below $400,000 versus 1.45% for purchases $400,000 and above.

So on a $500,000 purchase price, this is a savings of $3625 in closing costs.

*The fine print for the program is spelled out here.

*But the key requirements are:

  1. The purchaser must be buying their first home in the District of Columbia.  It is OK for a buyer to have owned outside DC.
  2. The property must be a principal residence  and buyer must qualify for the homestead deduction.
  3. The buyer must document that they meet household income limits.  Income from all sources is counted.

Income limits by household size:

  1. $139,130
  2. $158,940
  3. $178,740
  4. $198,540
  5. $214,560
  6. $230,400
  7. $246,240
  8. $262,080

Here is a link to the application for the reduced recordation tax for first-time homebuyers.

To proceed, pre-qualify now at: https://ajaffe.gofirsthome.com/startapp

Questions?  ajaffe@gofirsthome.com 240 – 479 – 7658

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