McCrimmon Home Team Washington DC and Prince Georges County Real Estate Report

Dec. 12, 2017

Why is there so much paperwork required to get a mortgage?

Why is there so much paperwork mandated by the lenders for a mortgage loan application when buying a home today? It seems that they need to know everything about you and requires three separate sources to validate each and every entry on the application form.

Many buyers are being told by friends and family that the process was a hundred times easier when they bought their home ten to twenty years ago.

 

There are two very good reasons that the loan process is much more onerous on today’s buyer than perhaps any time in history.

1. The government has set new guidelines that now demand that the bank proves beyond any doubt that you are indeed capable of paying the mortgage.

During the run-up to the housing crisis, many people ‘qualified’ for mortgages that they could never pay back. This led to millions of families losing their home. The government wants to make sure this can’t happen again.

2. The banks don’t want to be in the real estate business.

Over the last seven years, banks were forced to take on the responsibility of liquidating millions of foreclosures and also negotiating another million plus short sales. Just like the government, they don’t want more foreclosures. For that reason, they need to double (maybe even triple) check everything on the application.

However, there is some good news in the situation.

The housing crash that mandated that banks be extremely strict on paperwork requirements also allowed you to get a mortgage interest rate around 4%.

The friends and family who bought homes ten or twenty years ago experienced a simpler mortgage application process, but also paid a higher interest rate (the average 30-year fixed rate mortgage was 8.12% in the 1990s and 6.29% in the 2000s).

If you went to the bank and offered to pay 7% instead of around 4%, they would probably bend over backward to make the process much easier.

 

If you or someone you know are in the market to sell or purchase a home in the Prince George's county Maryland or Washington DC area, allow Marquis McCrimmon and The McCrimmmon Home Team to assist you. We specialize in assisting homeowners and buyers with their real estate needs. We are experts in the field of real estate.

 

Short Sales | New construction sales| Estate sales | Pre foreclosure sales | Divorce home sales | Investment property sales | Relocation sales | Tenant occupied home sales and more.

 

In addition, every home we sell, includes; Free ADT install, 1yr Home Warranty, Moving boxes, and Settlement gift. Contact us today - 301-246-2323

 

 

Dec. 6, 2017

What are the guidelines for borrowers with a previous foreclosure or deed-in-lieu of foreclosure?

 

A Borrower is generally not eligible for a new FHA-insured mortgage if the Borrower had a foreclosure or a deed-in-lieu of foreclosure in the three-year period prior to the date of case number assignment.

 

This three-year period begins on the date in which title transferred from the Borrower.

 

If the credit report does not indicate the date of the foreclosure or deed-in-lieu of foreclosure, the Mortgagee must obtain the Settlement Statement, deed or other legal documents evidencing the date of property transfer.

 

 

If the foreclosure or deed-in-lieu of foreclosure was the result of a circumstance beyond the Borrower’s control, the Mortgagee must obtain an explanation of the circumstance and document that the circumstance was beyond the Borrower’s control.

 

 



The Mortgagee may grant an exception to the three-year requirement if the foreclosure was the result of documented extenuating circumstances that were beyond the control of the Borrower, such as a serious illness or death of a wage earner, and the Borrower has re-established good credit since the foreclosure.

 

Divorce is not considered an extenuating circumstance, however, an exception may be granted where a Borrower’s mortgage was current at the time of the Borrower’s divorce, the ex-spouse received the property, and the mortgage was later foreclosed.

 

 

The inability to sell the property due to a job transfer or relocation to another area does not qualify as an extenuating circumstance.

 

If you or someone you know are in the market to sell or purchase a home in the Prince George's county Maryland or DC Metro area, allow Marquis McCrimmon and The McCrimmmon Home Team to assist you. Our team specializes in assisting homeowners and buyers with their real estate needs. We are experts in the field of real estate.


Short Sales | New construction sales| Estate sales | Pre foreclosure sales | Divorce home sales | Investment property sales | Relocation sales | Tenant occupied home sales and more.


 

In addition, every home we sell, includes; Free ADT install, 1yr Home Warranty, Moving boxes, and Settlement gift. Contact us today!

Dec. 6, 2017

Dockless bikes in DC

 

Chances are that you have used one or seen one around town. Orange, green and yellow bikes parked virtually anywhere, which can sometimes mean odd places like the middle of the sidewalk.

Since dockless bikeshare companies began operating in DC in September, the bicycles have served as a convenient mode of transportation as well as the object of frustration, even inspiring a Popville series on appalling parking practices.

 

The District Department of Transportation (DDOT) and a handful of ANCs in Ward 2 co-hosted a town hall about the dockless bikeshare pilot program to get feedback from the community.

DDOT is testing out dockless bikeshare as a supplement to the regional Capital Bikeshare program, which has been in operation in DC for seven years. Because the city’s regulations have no guidance on how dockless bicycle companies should work, the marketplace was essentially opened up for seven months in order for the companies to test things out.

 

The companies (Mobike, ofo, Jump, LimeBike and Spin) are permitted to operate their systems in DC and are not being charged; all but Jump have close to the maximum 400 bikes currently available throughout the city. DDOT is collecting monthly data reports from each company and wants to see what impact, if any, the competition has on Capital Bikeshare usage and revenue.

DDOT representative Sam Zimbabwe explained that by the pilot’s conclusion in April, the agency hopes to have amassed a significant amount of feedback from the community and to finalize recommended approaches to the issues of whether a regulatory framework need be established, including maximum number of bikes and costs to bikeshare operators and how to better regulate proper parking of the bikes.

And the attendees of the meeting ensured that DDOT, the ANCs and the bikeshare companies had plenty of feedback to start with.

 

 

If you or someone you know are in the market to sell or purchase a home in the Prince George's county Maryland or DC Metro area, allow Marquis McCrimmon and The McCrimmmon Home Team to assist you. Our team specializes in assisting homeowners and buyers with their real estate needs. We are experts in the field of real estate.

 


 
Short Sales | New construction sales| Estate sales | Pre foreclosure sales | Divorce home sales | Investment property sales | Relocation sales | Tenant occupied home sales and more. 

 
In addition, every home we sell, includes: Free ADT install, 1yr home warranty, Moving boxes, and Settlement gift. Contact us today



 

Dec. 6, 2017

Prince George's County area home prices UP 7% from last year

 

 

National home prices have appreciated by 7.0% from October 2016 to October 2017. This marks the second month in a row with a 7.0% year-over-year increase.  A lack of supply of homes for sale has led to upward pressure on home prices across the country, especially in areas where both existing and new home inventory have not kept up with buyer demand. This is great news for Prince George's county Maryland homeowners and surrounding area who have gained over $13,000 in equity in their home over the last year! Those homeowners who had been on the fence as to whether or not to sell will be pleasantly surprised to find out that they now have an even larger profit to help cover a down payment on their dream home.  

 

CoreLogic’s President & CEO Frank Martell had this to say,

“The acceleration in home prices is good news for both homeowners and the economy because it leads to higher home equity balances that support consumer spending and is a cushion against mortgage risk. However, for entry-level renters and first-time homebuyers, it leads to tougher affordability challenges.”

Any time the price of a home goes up there will likely be concern about the affordability of that home, but there is good news. Mortgage interest rates remain at historic lows, allowing buyers to enter the housing market and lock in a low monthly housing cost.

 

Rents Are Also Rising

The report went on to mention that over the same 12-month period, median rental prices for a single-family home have also risen by 4.2%.

With rents and home prices rising at the same time, first-time buyers may find the task of saving for a down payment a little daunting. Low down payment programs are available and have been a very popular option for first-time buyers. The median down payment for first-time buyers in 2017 was only 5%!

 

Bottom Line

If you or someone you know are in the market to sell or purchase a home in the Prince George's county Maryland or DC Metro area, allow Marquis McCrimmon and The McCrimmmon Home Team to assist you. Our team specializes in assisting homeowners and buyers with their real estate needs. We are experts in the field of real estate.

 
Short Sales | New construction sales| Estate sales | Pre foreclosure sales | Divorce home sales | Investment property sales | Relocation sales | Tenant occupied home sales and more. 

 
In addition, every home we sell, includes: Free ADT install, 1yr home warranty, Moving boxes, and Settlement gift. Contact us today

 

Posted in Listings
Nov. 30, 2017

We'll sell your DC metro home in 30 days...Guaranteed!

 

What's My Home Worth?

In today’s real estate market, it’s more important than ever to price your home right!

We sell homes in: Washington DC | Upper Marlboro Maryland | Bowie Maryland | Clinton Maryland | Waldorf Maryland | Greenbelt Maryland | Lanham Maryland | Largo Maryland | New Carrollton Maryland | Oxon Hill Maryland | Temple Hills Maryland | District Heights Maryland | Fort Washington Maryland | District Heights Maryland | Temple Hills Maryland | Crofton Maryland | Capitol Heights Maryland and surrounding metro areas. Contact us today 

If you or someone you know are in the market to purchase a home in the Prince George's county or DC Metro area, allow Marquis McCrimmon and The McCrimmmon Home Team to assist you. Our team specializes in assisting home buyers with their real estate needs. We are experts in the field of real estate.

Short Sales | New construction sales| Estate sales | Pre foreclosure sales | Divorce home sales | Investment property sales | Relocation sales | Tenant occupied home sales and more. 
In addition, every home we sell, includes: Free ADT install, 1yr home warranty, Moving boxes, and Settlement gift. Contact us today! 

 

 

Nov. 30, 2017

The Real Reason Home Prices are Increasing

 

There are many unsubstantiated theories as to why home values are continuing to increase. From those who are worried that lending standards are again becoming too lenient (data shows this is untrue), to those who are concerned that prices are again approaching boom peaks because of “irrational exuberance” (this is also untrue as prices are not at peak levels when they are adjusted for inflation), there seems to be no shortage of opinion.

However, the increase in prices is easily explained by the theory of supply & demand. Whenever there is a limited supply of an item that is in high demand, prices increase.

It is that simple. In real estate, it takes a six-month supply of existing salable inventory to maintain pricing stability. In most housing markets, anything less than six months will cause home values to appreciate and anything more than seven months will cause prices to depreciate (see chart 1).

 

According to the Existing Home Sales Report from the National Association of Realtors (NAR), the monthly inventory of homes has been below six months for the last four years (see chart 2).

 

Bottom Line

If buyer demand outpaces the current supply of existing homes for sale, prices will continue to appreciate. Nothing nefarious is taking place. It is simply the theory of supply & demand working as it should. If you are in the market to purchase a home in the Washington DC Metro area, allow the McCrimmon Home Team to assist you. Our team specializes in assisting home buyers with their real estate needs. We are experts in the field of real estate, every home we sell includes FREE ADT install, 1-yr home warranty, Moving boxes and Settlement gift contact us today!

Nov. 28, 2017

Multigenerational Households May Be the Answer to Price Increases

 

 

Multigenerational homes are coming back in a big way! In the 1950s, about 21%, or 32.2 million Americans shared a roof with their grown children or parents. According to an article by Realtor.com, “Nearly 1 in 5 Americans is now living in a multigenerational household – a household with two or more adult generations, or grandparents living with grandchildren – a level that hasn’t been seen in the U.S. since 1950.”

Another report that proves this point is the National Association of Realtors’ (NAR) 2017 Profile of Home Buyers and Sellers which states that 13% of home buyers purchased multigenerational homes last year. The top 3 reasons for purchasing this type of home were:

  1. To take care of aging parents (22%, up from 19% last year)
  2. Cost savings (17%)
  3. Children over the age of 18 moving back home (16%, up from 14% last year)

Valerie Sheets, Spokesperson for Lennar, points out that,

“Everyone is looking for the perfect home for any number of family situations, such as families who opt to take care of aging parents or grandparents at home, or millennials looking to live with their parents while they attend school or save for a down payment.”

For a long time, nuclear families (a couple and their dependent children) became the accepted norm, but John Graham, co-author of “Together Again: A Creative Guide to Successful Multigenerational Living,” says, “We’re getting back to the way human beings have always lived in – extended families.”

This shift can be attributed to several social changes over the decades. Growing racial and ethnic diversity in the U.S. population helps explain some of the rise in multigenerational living; “Data suggest that multigenerational living is more prevalent among Asian (28%), Hispanic (25%), and African-American (25%) families, while U.S. whites have fewer multigenerational homes (15%).”

Additionally, women are a bit more likely to live in multigenerational conditions than are their male counterparts (12% vs. 10%, respectively). Last but not least, basic economics.

Valerie Sheets brings to light the fact that home prices have been skyrocketing in recent years. She says that, “As home prices increase, more families tend to opt for living together.”

Bottom Line 

Multigenerational households are making a comeback. While it is a shift from the more common nuclear home, these households might be the answer that many families are looking for as home prices continue to rise in response to a lack of housing inventory.

 

If you or someone you know are in the market to purchase a home in the Prince George's county, DC Metro area, allow Marquis McCrimmon and The McCrimmmon Home Team to assist you. Our team specializes in assisting home buyers with their real estate needs. We are experts in the field of real estate.

 

Short Sales | New construction sales| Estate sales | Pre foreclosure sales | Divorce home sales | Investment property sales | Relocation sales | Tenant occupied home sales and more. 

 

In addition, every home we sell, includes: Free ADT install, 1yr home warranty, Moving boxes, and Settlement gift. Contact us today

Feb. 7, 2017

Maryland Energy Star Appliances Free Tax Weekend February 18 to February 20, 2017

Maryland Energy Star Appliances Free Tax Weekend February 18 to February 20, 2017

Beginning February 18, 2017 at 12:01 a.m. and ending on February 20, 2017 11:59 p.m. ; Maryland Residents will be able to take advantage of free sales tax on qualifying energy star appliances.

 

 

  • Washer
  • Dryer
  • Furnaces
  • Air Conditioning Units
  • Dehumidifiers
  • Solar water heaters (tax exempt all year round)
  • Heat Pump
  • Boiler
  • Thermostats (Programmable)
  • Refrigerator (standard size)
  • Florescent Light Bulbs (compact size)
  • LED Light bulbs

 

 

 

 

 

 

 

 

Whether you're looking to sell or purchase a home in Washington, DC, Maryland, or Virginia; we're your real estate team! We specialize in short sale transactions, 100% financing programs, first time home buyer programs, etc. Contact us today to discuss your path to home ownership! (301) 246-2323

Feb. 2, 2017

Maryland Mortgage Grant Assist Program: 4% towards closing costs

Maryland Mortgage Grant Assist Program: 4% towards closing costs

The Maryland Mortgage Grant Assist Program provides a 4% grant to eligible home buyers towards closing costs.

This grant will never need to be repaid. If the grant amount exceeds your closing costs the difference is applied to your loan amount.

This Maryland mortgage grant program is available through the Maryland Mortgage Program.

This grant allows home ownership to be more affordable and possible for thousands of families. 

We specialize in Maryland Mortgage Programs, 100% financing programs, first time home buyer programs, etc. Contact us today to discuss your path to home ownership! (301) 246-2323

Jan. 30, 2017

First Time Homebuyer Classes for Maryland Residents

First Time Homebuyer Classes for Maryland Residents

 The following list represents in person First time Homebuyer Class providers that are approved in Prince George's County. ***All are not HUD/ MD Mortgage Program Approved*** *Alphabetically Listed*

 

Asian-American Homeownership Counseling, Inc

Address: 12320 Parklawn Dr, Rockville, MD 20852

Phone: (301) 760-7636

Website: http://www.aa-hc.org/

 Kairos Development Corporation

Address: 5601 Old Branch Ave, Temple Hills, MD 20748

Phone: (301) 899-1180

Website: http://www.kairosgroups.org/leadership/Homebuyers.asp

 

Greater Washington Urban League

Address: 2901 14th St NW, Washington, DC 20009

Phone: (202) 265-8200

Website: https://gwul.org/

 

Latino Economic Development Center

Address: 641 S St NW, Washington, DC 20001

Phone: (202) 588-5102

Website:Ledcmetro.org 

 

HomeFree-USA

Address: 6200 Baltimore Ave, Riverdale, MD 20737

Phone:(855) 493-4002

Website: http://www.homefreeusa.org/

 

Maryland Money Management International

Address: 8403 Colesville Rd Suite 1100 Silver Spring, MD 20910

Phone: 1(866) 226-0278

Website: https://www.moneymanagement.org/About-Us/Locations/Maryland.aspx

 

Housing & Community Initiative

Address: 444 N Frederick Ave

Gaithersburg, MD 20877

Phone: (301) 590-2765

Website: http://www.hcii.org/

 

Sowing, Empowerment, & Economic Development (SEED)

Address: 6201 Riverdale Rd # 200, Riverdale, MD 20737

Phone: (301) 458-9805

Website: http://www.seedinc.org/

 

Housing Options & Planning Enterprises, Inc ( H.O.P.E.)

Address: 6188 Oxon Hill Rd #700, MD 20745

Phone: (301) 567-3330

Website: http://hopefinancial.org/site/

 

Unity EDC

Address: 5801 Allentown Rd, Suitland, MD 20746

Phone: (301) 505-0331

Website: www.unityedc.org

 

Centro De Apoyo Familiar

Address: 6801 Kenilworth Ave Riverdale, MD 20737

Phone: (301) 328-3292

Website: http://www.mycaf.org/

 

We understand this may be the biggest investment you'll make. We want to assist you with your home buying goals! We specialize in 1st time home buyer programs in Washington, DC and Maryland. Contact us today to schedule your home buyer consultation! 301-246-2323