Getting a Mortgage (With Nothing Down in Washington, Washington

No image

 
Buying a Annapolis Home ? With a $0 Down Payment?
Some of Annapolis?s wealthiest buyers may be getting a mortgage without putting a single dollar down. And we aren?t talking about single-bedroom fixer-uppers, either!
It's called 100% financing, and, at first blush, it looks suspiciously like a version of the strategy that sent the economy reeling in 2008.  But lenders feel that well-heeled Annapolis, Maryland residents who are getting a mortgage through these programs are totally different.  How so? you may ask.
For openers, these loans are offered only to the super-qualified: those with serious investment portfolios they can use as collateral. That means getting a mortgage with zero cash for the down payment. That can carry an additional tax benefit, since the borrower won't have to pay a capital gains tax on investments liquidated to fund a down payment.
Since current mortgage rates can be as low as 2.5%, since even middling investment accounts often return a higher rate, the difference make this strategy what the Wall Street calls an ?arbitrage play?.
So what would a homebuyer getting a mortgage in Annapolis need to do to qualify for one of these mind-bending loans?  In addition to the willingness to put up two forms of collateral (the property and a portion of your investment portfolio), the Wall Street Journal offers some relevant details:
? The amount that can be borrowed against any investment account depends on what?s in the portfolio. Usually up to 95% of account cash; up to about 80% for bonds; between 50% and 75% for most stocks. Withdrawing pledged funds is usually restricted.
? To get the lowest rates, clients who already have significant assets at a particular bank should consider applying for 100% financing there.
? Borrowers still need to pass regular underwriting requirements. They?ll need --  high credit scores, a low level of overall debt, and documentation of substantial income or assets.
Of course, getting a mortgage doesn?t require a seven-figure portfolio.  If you are seriously thinking about buying a  home in Annapolis, Maryland, call me -- we?ll get started by getting you pre-qualified.
 
 
CLICK HERE to see ALL HOMES FOR SALE IN MARYLAND!
 
 
The G-Team your Maryland Real Estate Connection, is a full-time team with over 22 years of experience. We provide service to our clients in all areas of Maryland. Our areas of specialty include Real Estate in Central Maryland.
We are located in Millersville, Maryland between Baltimore and Annapolis in Anne Arundel County convenient to Fort Meade. We also service Howard, Harford, Carroll & Queen Anne?s Counties and central Maryland. Whether you are BUYING, SELLING, RELOCATING or SHORT SALES. Call us we can HELP.
If you or someone you know is interested in Buying a home, Selling a home or renting a home, CALL US WE CAN HELP! We provide Experience, Integrity and Solutions to help you through the real estate process. Our website  has all the information you need. It is designed to share info about the community, it?s neighborhoods, real estate trends, housing prices and the ability to create your own search for listings.
Call us at ( or email theg-team@theg-team.com or contact.
 


Similar categories
Nearby Cities
Copyright © 2024 Americanlisted.com, All Rights Reserved.
Designated trademarks and brands are the property of their respective owners.