GOOD NEWS FOR FIRST TIME HOME BUYERS IN WALDORF

Being a first time home buyer in Charles County will save you money. The State Transfer Tax charged to every home buyer at settlement in Maryland is One-Half Percent (1/2%) of the price of the home. On a $350,000 home, the State Transfer Tax is $1,750. That tax may be split 50/50 between the buyer and seller. First time home buyers are exempted from paying their half of the State Transfer Tax and the seller MUST pay the remaining 1/4%. That is a saving of $875 to the buyer.

For many home owners, buying a home is the first step to financial independence and security.

Tax Benefits of Owning a Home
Owning a home permits you to deduct the mortgage interest and real estate taxes from your income when making adjustments to your adjusted gross income to compute your taxes for federal and state income taxes.

Getting Pre-Qualified
It's important to know how much you can really afford. Contact Homefinders.com and we'll gladly help you understand your qualifying price range. This does not obligate you in any way to use our services, just help you become ready to take the next step, which is to tour homes for sale.

Lender's Letter
Once you have established your price range and toured properties in Waldorf, you will want to speak with a local lender to have a "Lender's Letter" prepared. If you find a home that you wish to buy, you want to be prepared to show the home seller that you are qualified by a competent
lender.

Good Faith Estimate
As a part of preparing a Lender's Letter, the lender will provide you with a "Good Faith Estimate" to show you approximately how much cash you will need at settlement. You can buy a home with Zero to 20% down payment or more. However, Maryland closing costs are approximately, 3% of the purchase price depending on lender's fees and title company fees, some are higher than others. See: http://www.homes-waldorf-maryland.com/closingcosts.shtml

ZERO Down Payment Loans
Zero down payment loans are not unusual. If your credit scores are good, you can obtain a Zero down payment loan from most mortgage lenders. The interest rate you'll be charged will vary depending on your credit scores.

Mortgage Payments in Charles County using an Interest Rate of 6.5%.*