Down Payment Assistance Programs
Learn more about the programs offered through the Federal, State, and Local governments to assist homebuyers with down payment costs.
Hints for Homebuyers
Helpful Advice for Homebuyers
Buying a home can be a very exciting and rewarding experience. Here we provide you with expert advice on what to expect from your home purchase experience. Following these tips will help take the stress out of the home buying process and save you time.
Credit
Credit
- Credit is only good for 60-90 days depending on the mortgage loan program and lender
- If the application is taken before a house is found and a contract is signed a new report might have to be pulled
- Also, if there are any delays in the mortgage loan process a new report might have to be pulled
- It is crucial that credit is not pulled by anyone else after the initial application is taken
- Avoid applying for new credit cards, education loans, auto loans, or any other type of new debt
- Do not co-sign for anyone
- If credit is re-pulled for any reason, these new credit inquiries or debts can delay your loan closing or negatively affect the mortgage loan approval
Down payment / Closing Costs
Down payment / Closing Costs
- All cash needed for closing has to be sourced and seasoned
- All deposits over $500 have to be sourced, regardless of income level
- Account statements used to prove seasoning have to be updated throughout the process
- Gifts from qualified individuals must include a donor’s withdrawal slip, cancelled check or other conclusive proof that the funds originated from the donor’s account. This applies to all home loans
Application
Application
- An application cannot be underwritten without an executed contract
Income / Employment Verification
Income / Employment Verification
- Proof of income is only valid for 30 days
- It must be updated throughout the mortgage loan process
- Do not quit your job
- Be sure to communicate if there are any changes in employment status
- First time homebuyers will be subject to a 24-month verification of employment
- Transcripts, diplomas, trade school licenses, etc. can all be used as substitutions, but they need to be addressed in advance
Verification of Rent
Verification of Rent
- First time homebuyers will be subject to a 24-month verification of rent
- Or, they will need to provide an acceptable explanation for living rent free
Mortgage Calculators
Use one of our mortgage calculators to estimate your monthly payments or determine how much house you can afford
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Copyright © 2011 Meridian Home Mortgage Corp. NMLS #56301. All rights reserved.
Copyright © 2011 Meridian Home Mortgage Corp. NMLS #56301. All rights reserved.
Meridian Home Mortgage Corporation NMLS #56301. Licensed by the Virginia State Corporation Commission #MC-3680; Commonwealth of Pennsylvania Department of Banking #21605; State of Maryland #8196; Connecticut Banking Commission #11930; Delaware Bank Commissioner #7885, District of Columbia MLB56301; Florida Office of Regulation MLD172; Massachusetts Division of Banks Broker #MB56301; Kentucky MB 72686; Washington CL-56301; Oregon ML-4979; Georgia Department of Banking and Finance #33346.
Loans are arranged through third parties. We arrange but do not make loans.
Meridian Home Mortgage Corporation is located at 1363 N. Main St Hampstead, Maryland 21074
Meridian Home Mortgage Corporation is located at 1363 N. Main St Hampstead, Maryland 21074