Baltimore City homes, Baltimore City Real Estate Baltimore City homes, Baltimore City Real Estate
Why Live In Baltimore - Baltimore City homes, Baltimore City Real Estate Buying A Home In Baltimore - Baltimore City homes, Baltimore City Real Estate Selling A Home In Baltimore - Baltimore City homes, Baltimore City Real Estate Neighborhoods In Baltimore - Baltimore City homes, Baltimore City Real Estate Need A Realtor? - Baltimore City homes, Baltimore City Real Estate Feature Properties - Baltimore City homes, Baltimore City Real Estate
Baltimore Homesearch - Baltimore City homes, Baltimore City Real Estate Relocation Guide - Baltimore City homes, Baltimore City Real Estate Need Financing? - Baltimore City homes, Baltimore City Real Estate Investors - Baltimore City homes, Baltimore City Real Estate Builders and Contractors - Baltimore City homes, Baltimore City Real Estate Contact Us - Baltimore City homes, Baltimore City Real Estate



Today's banks offer a wide range of loan options designed to meet the diverse needs of American homeowners. Baltimorecityrealestate.com has put together a short guide of the most popular financing options.

FHA Loan
FHA loans are loans designed to make housing more affordable for first-time homebuyers and those with low to moderate incomes. Because FHA loans are insured by the U.S. Department of Housing and Urban Development, a homebuyer can purchase a home with as little as 3% down. FHA loans can be fixed or adjustable.

FHA 203k Loan
The FHA 203K loan provides cash for both the purchase/refinance of the property and improvement of the property. FHA 203K loans enable the borrower to finance a first mortgage home improvement loan based on the total anticipated "improved" value of the home. Borrowers receive a lump sum to purchase the property and installments as milestones are hit during the renovation process. The 203K loan is popular in many Baltimore neighborhoods due to the large number of rehabs.

VA Loans
VA loans are Administered by the Department of Veterans Affairs to make housing more affordable for U.S. veterans. To qualify for a VA loan, you must be a veteran or reservist on active duty, or a surviving spouse of a veteran with 100% entitlement. VA loans are fixed-rate mortgages with an extremely competitive interest rate. Qualified buyers can also use a VA loan to purchase a home with no money down, no cash reserves, no application fee and reduced closing costs.

Adjustable Rate Mortgages
Adjustable rate mortgages, commonly called ARMs, are mortgages in which the interest rate is fixed for an initial period of 1 year, 3 years, 5 years, 7 years, or 10 years. After the initial period expires, the interest rate will adjust, usually on an annual basis. The adjusted interest rate is determined by adding the index to the margin (usually 2.5% to 3.5%). Interest rate caps, usually of 2% annually and 6% over the life of the loan protect the borrower against excessive upward interest rate movement.

Balloon Programs
A balloon mortgage loan is a type of mortgage loan that has a short term (typically 5 or 7 years), but the monthly payment is computed using a 30 year term. When a borrower uses a balloon loan, he/she will make the monthly payment for the scheduled loan term (5 or 7 years). When this loan term is over, the borrower is required to pay off the remaining balance in one lump-sum payment. If the borrower decides not to sell the property after the loan term is over, the borrower has the option to refinance the mortgage with a new one.

FREE MORTGAGE RATE QUOTE Approval Over the Phone within 48 Hours! - Baltimore City homes, Baltimore City Real Estate
First Horizon Home Loans

Pete O'Donnell
479 Jumpers Hole Road Suite 404
Severna Park, MD 21146


Phone - 1.800.801.7657 ext. -233
FAX - 410.544.9034
Pager - 410.681.9568

email - petesloans@aol.com