If you are looking to purchase a home in the Baltimore County area, but need help with down payment and closing costs, then 1st Mariner Bank has just the answer: the “Baltimore County Settlement Expense Loan Program” (SELP) as offered through the Department of Planning and Housing Opportunities of Baltimore County. This program is an effort to encourage first time homebuyers to consider home ownership in existing residential communities in Baltimore County. Located within the Communi... [More]
What is your debt-to-income ratio? Don't know? Don’t care? Do you plan on buying a car and getting a loan to do so? Do you plan on buying a house? If the answer is yes, you should definitely care what your debt-to-income ratio is.
Why is your debt-to-income ratio an important factor when looking to borrow money?
Before a lender approves you for a loan, they calculate your debt-to-income ratio. This gives the lender an idea of your ability to pay your monthly debts and take on a new loan. L... [More]
Are you looking to purchase a home in Anne Arundel County, but short on funds for a down payment or closing costs? 1st Mariner Bank offers a program called, “The Mortgage Assistance Program” (MAP) that can provide up to $20,000 in assistance for the purchase of an owner occupied home anywhere in Anne Arundel County, including the city of Annapolis.
The maximum sales price allowed for an existing home is $242,000 while a new construction sales price limit is $295,000. These funds are ... [More]