With so many zip codes for Maryland home buyers to choose from, Columbia, MD is always a popular choice. Columbia is known for so many things but the “planned community” always comes to mind first. The area was developed by James W. Rouse whose bold idea was to build for a better quality of life for the residences and businesses that come to call Columbia, home. Within this large community of great green space, you’ll find a well-developed shopping mall. A huge live music venue called Merriweather Post Pavilion featuring entertainment all year. Columbia has also become a hub in the IT field, housing several companies that are excelling in the industry. Many families are drawn to Columbia because of the close proximity to DC and Baltimore. Naturally the Columbia area schools and recreational act ivies here are constantly watched.
Just recently in 2016, Wilde Lake’s town center went under a total renovation. 10758 Evening Wind Ct is located in the back end of a cul-de-sac in the Wilde Lake area. With the newly rehabbed center, this house is even better than before. See the details of the house below:
10758 Evening Wind Ct – Columbia, MD
3 finished levels
2 car garage
This detached home offers great space for entertaining on the 1st level with a wide open kitchen, dining area & living room with fireplace. The main level continues out to the large flat back yard with patio. The upstairs has 4 good size bedrooms. The master has a walk-in closet & private bath with double vanities. The additional 3 bathrooms are all upstairs with a full bath, perfect for your growing family. Basement is finished into a lovely retreat from your busy life.
If you’d like to hear more about what Columbia MD has to offer or a private showing of this home, contact Suzie Coronel at 410-336-3569 or suzie@CrabbyHomes.com.
CHAP tax credit renovation properties have been saving buyers a substantial amount in taxes for years. These types of Baltimore row homes hold more valuable because of the generous tax break. I did at recent blog titled 10 year CHAP tax credit renovations in Butchers Hill . That blog highlighted 3 CHAP tax credit renovations all in the popular Baltimore neighborhood Butchers Hill. Since that was published all 3 of those active Baltimore City homes for sale are now under contract and set to settle in March 2017.
When explaining the tax credit, most are vegue in the details. When I explain it to Baltimore City buyers, I try to give them round number within my example to keep things easy to calculate.
Here is the example that I tend to use:
CHAP appraisal before renovation is 100k
CHAP appraisal after renovation is 300k.
The “locked in” credit is 200k x 2.32 = $4640.00/year in taxes ($386.67/month)
So let’s say the state’s assessment after renovation is 290k.
Normal tax bill for the city portion is 290k x 2.32 = $6,728/year
CHAP credit is $4640/year
TOTAL AMOUNT OF CITY TAX $6728 – $4640 = $2088.00
When purchasing a CHAP tax credit house it is important to get the CHAP appraised amounts so that you can calculate the taxes that the buyer will be paying. The above example should help you calluclate but in the event you still have questions, please contact Suzie Coronel at suzie@CrabbyHomes.com or the cell number in the banner below.
If you are like most first time home buyers you might be overwhelmed by down payment and closing costs that come with buying a home. While a good agent will help you to negotiate seller help they should also be knowledgeable about the resources available to you through Live Baltimore. Savvy buyers can use these incentives combined with state programs leaving their out of pocket expenses next to nothing. As with the MMP there are certain prerequisites, but most first time home buyers are eligible for one if not more of these programs. Also, as with the MMP, you must attend the FTHB class, complete your one on one counseling, and receive your certificate to be eligible prior to entering a contract.
Home Ownership Assistance Program:
The community block grant (CDBG) you can qualify for $5000.00 toward your fist home.
You should know:
- Your household income should be less than 80% of the area median income
- This is a five year forgivable loan which means your balance is forgiven by 20% every year until you no longer owe, not a bad deal!
- You must receive a HQS (housing quality home inspection) on the property. This means you must use a home inspector with this certification.
Baltimore Employer-Based incentives: are among the easiest to understand, receive, and qualify for.
There are several, here are just a few of the most popular:
1. Live Near Your Work: provides between $2,000-$17,000 to homebuyers. The amount you are eligible for depends on where you work and where you buy in proximity to your work. You can ask your employer if they participate in this program.
2. Good Neighbor Next Door: This incentive is for Baltimore city teacher’s grade K-12, fire fighters/EMTs, and police officers. You must commit to living in the home for at least 3 years and must choose a home from city specific/HUD homes.
3. Baltimore city Employee Homeownership Incentive: is a deferred forgivable loan up to $5,000 that depreciates by 20% every year you live in the home. Employee for city agencies who are employed by the mayor and city council qualify. Also your mortgage can not exceed $417,000.00, you must put $1000.00 of your own money toward the purchase, and one person per household may apply.
MMP “You’ve Earned It” : is a special interest rate and down payment assistance program for those with high student loan dept.
- This is a deferred loan and will have to be paid back at time of sale of property without interest
- Buyer must have at least $25,000.00 in student debt
- Interest rate is a .25 percentage point under
- Mortgage loan cannot exceed $525,901.00
- Homebuyer must invest at least $1000.00 of personal funds
Buying into Baltimore: is a $5000.00 incentive that can be used to buy a home anywhere in Baltimore City. There are two events: a spring/summer and fall/winter. 20 individuals will be selected by a lottery to receive awards. You need to know:
- Mortgage amount cannot exceed $517,000.00.
- Applicants have ten business days after attending to enter into a contract on a home and submit the application to be eligible for the lottery.
- Winners must close within 60 days for being selected.
- Co-signers, cash sales, or owner financing are not permitted.
- No short sales, no foreclosures, and no new construction will be considered.
- Home buyer must invest at least $1000.00 from personal resources
Current mortgage interest rates are at a 2 year low. If you haven’t looked into refinancing, now is a great time. FHA rates are as low as 3.25% fixed. Fannie Mae rates are as low as 3.5% fixed. VA rates are as low as 3.25%. Coastal Lending Group has the ability to “lock and shop” the interest rate. Prior to closing, as the market improves, you can capitalize on the improvements with a lower rate or higher lender credit!
If you purchased a home with me or you are a friend, you know that my preferred lender is Jon Vitak of Coastal Lending Group. I have included his contact information in the event you want to review your loan with him. Tell him CrabbyHomes sent you!
Whether you refinance your mortgage or not, the current market dictates that you should at least see what your options are considering the all-time low rates we are experiencing right now. See below where your loan fits in.
• If you have a 3.75% or higher interest rate on a FHA loan, you may qualify for a FHA streamline at 3.375% with no closing costs (the bank pays the closing costs).
o No appraisal
o No income required
o Lower reduced mortgage insurance on loans originated prior to Jan 2015 (Saves about $42 per 100K borrowed)
• If you have a Conv/Fannie Mae loan above 4%, you may qualify for reduction. Current rates are 3.5% fixed (80% Loan to Value or lower)
o If you pay monthly mortgage insurance, you may be able to lower your rate and remove the MI
• If you have a VA loan above 3.75%. You should qualify for a 3.25% fixed rate with all closing costs paid. VA IRRL (VA Interest Rate Reduction)
o No appraisal
o No income required
o No monthly mortgage insurance
Jonathan Vitak, Owner/President
3600 O’Donnell St, Suite 1F, Baltimore, MD 21224
410-276-3404 (office) email@example.com
In case you need some help with a few real estate terms.
Since the recent expansion of CrabbyHomes, we needed a new website to showcase the team. We are happy to announce that after over 3 long months of redesigning and tweaking, www.CrabbyHomes.com is now up and running with a brand new look! The fresh new site not only looks great but it’s truly helpful.
Buyers/Renters – you’ll be able to search homes and read about the different neighborhoods. On the new site you’ll also be able to understand the buying process, look up real estate terms, and inquire about a loan!
Sellers/Owners – you can reach out to us from the site to inquire about what your house is worth. Need something done to your home? CrabbyHomes has a ton of quality resources. Here you can find a few of our helpful contractors.
We hope you like the new site just as much as we do! While you are clicking thru, don’t forget to read up on how Suzie Coronel can help you in this fast pace real estate market.
Don’t forget to let us know how you like the site, scroll up to leave a comment!