The goal of the program is to reduce the number of vacant homes in neighborhoods troubled by foreclosures. Through a government funded program (Thanks to the large economic stimulus package), PG County has been allocated $10,883,234 for a program called the “Down Payment Closing Cost Assistance Program” (DPCCA).

If you’re looking to buy a foreclosure in PG County, you may qualify!  For a detailed list of qualification requirements, please click here:  Down Payment Assistance for First Time Home Buyers in PG County. This is going to allow you to purchase your first home with between $1,000-2,000 down, and no closing costs or additional down payment required!  That means some people are actually going to be getting their first home for almost nothing down, AND they can qualify for the $8,000 first time home buyer credit as well!

Keep in mind that this program is not designed to get people loans with serious credit issues.  Your credit and debt-to-income (DTI) ratio’s need to allow you to qualify for a traditional mortgage.  This program has been designed for people with good credit, but limited savings.

Will You Need to Pay Back the DPCCA?

You may be required to pay back some or all of the DPCCA Money you receive, depending on how long you live in the home.  The money is treated like an interest free loan, that does not need to be paid back until you sell your home.  Here’s the rundown on how much you may owe at settlement:

If you live in the home for: % of amount due is:

0-3 years                                                                        100%

3-6 years                                                                         50%

6-9 years                                                                         30%

10+ years                                                                         0%

The longer you live in the house, the more money you save!  When you figure that this program can save you anywhere between $6,000-$20,000, it makes one heck of an argument for buying a foreclosed home!

Have Questions, or Want to Know More?

Please feel free to give me a call on my direct line at (301)-653-8116 and I’ll be more than happy to assist you with taking advantage of this great program!

~Jonathan Benya- Realtor
Century 21 New Millennium
9405-A Chesapeake St
La Plata, MD 20646
301-609-9000 – office
301-653-8116 – cell

Charles County Real Estate Blog
SOMD Home Search
Southern Maryland Custom Homes & Land

Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, said that the Federal Housing Administration is going to permit its lenders to allow homeowners to use the $8,000 tax credit as a down payment, provided you are using personal funds for the first 3.5% of the downpayment.

Donovan’s statement came in an address to several thousand Realtors® gathered at The Real Estate Summit: Advancing the U.S. Economy, a special daylong session at the Realtors® Midyear Legislative Meetings & Trade Expo in Washington D.C.

If you’ve been looking at buying your first home, but the down-payment requirements have kept you from doing so, then this might be your chance to take advantage of a fantastic change in FHA policy.  Feel free to give me a call to find out more information or ask questions about how to take advantage of this program!

~Jonathan Benya- Realtor
Century 21 New Millennium
9405-A Chesapeake St
La Plata, MD 20646
301-609-9000 – office
301-653-8116 – cell

Charles County Real Estate Blog
SOMD Home Search
Southern Maryland Custom Homes & Land

She is now the 7th and most significant player to plead out on charges related to the Metro Money Store scam.

Prosecutors say that 115 people have been identified as victims, and that number is expected to grow.

This sort of mortgage fraud ran rampant through Maryland during the boom years, and now that it’s come crashing down, we’re finding cases of scumbags like this, cheating people out of the very roof over their head, and for what?  $800,000 spent on her wedding?  A McMansion in Fort Washington?

I hope it was worth it, because my bet is that Ms. Jackson will be behind bars for at least the next decade.  In a way, that’s almost too good for her.  She’s caused over 100 people to lose their homes.  I think we should find a punishment to fit the crime.  If they don’t have a roof over their heads anymore because of her?  Why should she be allowed to have one?  Make her pitch a tent and live in the prison yard or the next few years!

Washington Post Article

~Jonathan Benya- Realtor
Century 21 New Millennium
9405-A Chesapeake St
La Plata, MD 20646
301-609-9000 – office
301-653-8116 – cell

Charles County Real Estate Blog
SOMD Home Search
Southern Maryland Custom Homes & Land

The two biggest players in the scheme, Joy Jenise Jackson and Kurt Fordham have yet to be convicted, although 4 people have now pleaded guilty as the court builds their case. Katisha’s plea may force her to testify in court against her brother and sister-in-law.

It still disgusts me that people were able to rob homeowners like this, right in our back yard. Their actions have forced people into foreclosure, cost them their life savings, ruined their credit scores, and all because these con-artists found a way to get rich quick at the expense of honest folks like you and me. Good riddance to bad rubbish!

~Jonathan Benya- Realtor
Century 21 New Millennium
9405-A Chesapeake St
La Plata, MD 20646
301-609-9000
301-653-8116
Charles County Real Estate Blog

Jeez, even the dog doesn't want to be in this house!

There’s been a huge increase in Southern Maryland Short Sales over the last year thanks to the ongoing housing crisis. More often than not, they end up as foreclosures, many times because the path to negotiating is at best, murky.

When working with a lender to get a short sale agreement, there are several things that they are going to ask for, including tax returns, financial statements, investment records, etc. They’re also going to ask for a hardship letter.

So what is a “Hardship Letter”, exactly?

It’s essentially a personal letter to the bank explaining why you can’t possibly afford to pay the mortgage anymore. The thing to remember about the hardship letter is this: The sadder, the better!

This is really where you want to work closely with your Realtor to brainstorm on all the reasons why you can’t pay the mortgage. Sick mother? Kids with serious medical bills? Devastating car accident? Job lost due to faltering economy? This is your time to say so!!

Whatever you do, don’t lie about it, but make sure you are maximizing the hardship you are experiencing. The banks are willing to work with people, but excuses such as admitting you falsified loan docs to get the house aren’t exactly going to make the bank jump for joy.

It DOES make a difference!

The banks can only work with the information they are given, and the more hardship they can establish, the better off your chances of getting the short sale approved are.

Questions about how to survive a short sale or get your hardship letter written? Send me an email to jonbenya@mac.com and I’ll be more than happy to help!

~Jonathan Benya- Realtor

Century 21 New Millennium

301-653-8116

What’s really surprising is that many people aren’t looking for what really matters when it comes to hiring an agent.  People look at the bottom line.  Money.  Cash.  How much are you going to put in my pocket?  Quite often, the agent with the highest bottom line wins!

This method of thinking is the WORST WAY TO PICK A REALTOR!!!

Here’s why:

1) An agent’s job is to market your home, not set the price.  Their CMA is only a recommendation of price, and you have the right to have your agent list your home at whatever price you see fit.

2) If you interview three agents, and one places a higher value on your home than the others, you need to wonder why.  Are the other two agents undervaluing your home?  Are they using the same comps?  Or is the agent with the higher estimate OVER-valuing your home in order to get your business?

3) You need to give your home the best possible chance to sell.  This doesn’t mean choosing the Realtor with the highest or lowest estimate.  It means choosing the Realtor with the best marketing plan.  You can always negotiate fees, listing prices, etc.; but you can’t make a mediocre marketer great.

When it comes to that CMA, take the advice you get from all the Realtors you interview and use that to set the price. DO NOT use it to choose the Realtor you hire.

A higher price evaluation is no measure of competency or ability as an agent.  I’ll do a post tomorrow on the qualities to look for in a great listing agent, and keep your eye out for a post later this week on the biggest traps to avoid when choosing an agent!

~Jonathan Benya- Realtor
Century 21 New Millennium
9405-A Chesapeake St
La Plata, MD 20646
301-609-9000
301-653-8116
Southern Maryland Real Estate Blog

They already owned a townhouse, but as the story often goes, there comes a time where you need to look at moving up, so a single family home was the goal.  We managed to find a lovely model home in Upper Marlboro, just a few short miles from the area they already live in and love so much, and construction was not going to be completed until September, which was several months away.

We put his townhouse on the market, studied the average marketing time for his area and came up with an intelligent marketing and pricing strategy to get the home sold before his new home was completed.

All of the work analyzing timing, price, and market projections paid off!  This week we ratified a fantastic offer for his townhouse, and hopefully we will be closing the same week as our client is due to settle on his new home!

There’s a few things that make success stories like this happen:

1. Being realistic about the market value
2. Knowing how price impacts time on market
3. Marketing to the right buyers

Getting a contract ratified can be difficult in this market, but making the time frames work out this well is a BIG challenge, and proof that experience and hard work pays off, even in a slow market!

~Jonathan Benya
Century 21 New Millennium
9405-A Chesapeake St.
La Plata, MD 20646
301-653-8116
301-609-9000

http://www.teambenya.com