Academy Mortgage is sponsoring a FHA 203K seminar on November 3d from 8:30 to 11:30 at GBBR. We will speak of the myths and truths of the 203K loan and how it can increase your sales and open doors to new homebuyers. This is a great opportunity for realtors, contractors and everyone else involved in the process to understand the 203K loan before the next round of foreclosures flood into the market. Breakfast will be served from 8:30 to 9:30 AM by The Omelet Queen * voted Baltimore Best 2011* To reserve your seat please contact bill.sohan@academymortgage .com or 410-963-2308.

Academy Mortgage Corporation presents a FHA 203K Seminar on November 3, 2011 from 8:30am to 11:30am.  The seminar will be held at the Greater Baltimore Board of Realtors: 1306 Bellona Ave; Lutherville, MD 21093. 

Mike Wilcox, Academy National Renovation Sales Manager, will be speaking about “the myths and truths of the 203K loan and how it can increase your sales and open doors to new buyers”.

This is a great opportunity to understand the 203K loan before the next round of foreclosures flood the market.  203K loans benefit homeowners/buyers, realtors and contracts.

Breakfast will be served 8:30-9:30am by “The Omelette Queen”.

To reserve your seat please contact: Kelly McCullough, 410-553-2646 or kelly.mccullough@academymortgage.com

Here are a few quick bullets that outline the guidelines for the different types Maryland 203k FHA mortgages.

For more information about a Maryland FHA Mortgage, Loan Limits, or FHA guidelines, please feel free to contact me directly.

Bill Sohan
410-963-2308

bill.sohan@academy.cc

www.yourbaltimorelender.com

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FHA 203K REHAB – Maryland

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• This loan allows a customer to finance the purchase price, or the existing balance, and the cost of improvements into the loan amount

• Loan amount is determined by using the after improved value

• Can lend up to 110% of after improved value up to the FHA loan limit

• Single close, fully amortized loan

• Work is completed after close. Funds are held in an escrow account and disbursed as the work is completed

• 1-4 units, Condos, mixed use properties; Owner occupied only

• 6 months to complete the work

• Eligible with most local housing authorities

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203K Streamline – Maryland

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• $5K – $35K in repairs (no structural, mainly cosmetic, appliances, upgrades, etc). Repairs are health and safety, livability, no luxury

• No HUD consultant

• No inspections required for rehab amounts under $15k

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203K – Maryland

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• $5k minimum in repair amount. Most repairs allowed, still no luxury (pools, etc)

• HUD consultant required

• Inspections required prior to draw

• Can finance up to 6 months PITI into the loan if the home is uninhabitable during rehab

An FHA 203k loan is an awesome program if you are planning to purchase a Maryland foreclosure that needs a some rehab work. Even though there are some great deals on Maryland  foreclosures, many people are hesitant to explore that option due to the amount of repairs and initial investment involved with purchasing a bank owned property.

Here are three great reasons to consider an FHA 203k loan while looking for new homes with your Maryland real estate agent:

1. You keep your cash and roll the cost of the repairs into the loan. 2. One loan with a great low fixed rate. 3. Low down payment.

BONUS – Can also be used to renovate an existing home.

*Disclosure – There are obviously qualifying guidelines associated with the Maryland FHA 203k mortgage program, but we can personally go over your individual financial plan and scenario on the phone or at my office. Many loan officers still think that a 203k loan is difficult to qualify for, however, things are much different now. Feel free to email or call if you have any specific questions about how easy this program really is in Maryland:

Bill Sohan, Branch Manager, Academy Mortgage Corporation; 410-963-2308; bill.sohan@academy.cc

Mortgage rates have reached a historical low.  Now is the perfect time to refinance.  Rates are as low as 4.125 for 30 year and 3.75 for 15 year mortgages in Maryland.  This the best time to see how much $$ you can save!

 For more information, please contact Bill Sohan at Academy Mortgage at 410-963-2308 or bill.sohan@academy.cc

www.yourbaltimorelender.com

The Best Local Source for Mortgages in Yuma Arizona

If you are looking for the best Yuma Arizona mortgage company, you should contact Derek Egeberg, the local Branch Manager for Academy Mortgage.

The Yuma office of Academy Mortgage contact information is:

In an effort to show support and gratitude to Yuma’s military community, Derek and his team have recently announced their support of the Boot Campaign and have challenged Yuma to “Get Your Boots On”.

Academy Mortgage in Yuma AZ constantly provides premier customer service and responsible lending practices.

Derek and  the Yuma mortgage team have the experience & expertise to serve the specific needs of every client.

When buying a home in Yuma, you need to work with a local lender that will close your loan in a matter of days (rather than months).

Contact Academy Mortgage in Yuma with questions about

• Down Payment Assistance Programs,
• FHA Purchase Loans,
• FHA Kiddie Condo Loans,
• FHA Refinance Loans,
• FHA 203K Loans,
• VA Loans,
• VA Streamlines,
• USDA Loans
• and many other conforming and nonconforming loan programs.

Regardless whether you are buying a new home in Yuma or refinancing a current mortgage, choosing the right loan officer can make all the difference if having a smooth transaction.  The best loan officers have experience, knowledge and work for companies who have in-house decision making authority when it comes to underwriting and funding your loan.  At Academy Mortgage, your Yuma Arizona Mortgage Company, we have the best loan officers who can help you with your loan.

Derek Egeberg is the Branch Manager and Sr. Loan Officer for Academy Mortgage in Yuma, Arizona. Derek is NMLS Licensed (#180899) and has over 12 years experience of government lending, both on the mortgage broker and banker sides of the business. His passions are: helping first time home buyers as well as those who may need credit counseling. He resides in Yuma, AZ with wife Sheri and three wonderful sons.