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Buyers

So You've Decided to Buy a New Home

Purchasing real estate is a complex transaction with many details. If you contact the property's listing agent, that agent (who is obligated to treat you honestly and fairly) is the agent of the seller and will work in the seller's best interests, not necessarily your's. To make sure that you have the strongest possible negotiating posture, always enter into a buyer's representation agreement with your real estate agent. If your agent is an Accredited Buyer's Representative, you receive these specific benefits:

• Evaluation of your specific needs and wants
• Location of properties that fit those specifications
• Assistance in touring properties, including setting appointments at a mutually convenient time, accompanying you on showings, or previewing properties if you are out-of-town or have other commitments
• Researching the selected properties to identify any potential problems in order to make an informed purchasing decision
• Advising you on structuring an appropriate offer to purchase
• Presenting the offer to the seller's agent on your behalf
• Negotiating with the seller on your behalf
• Assisting in securing financing, working with your lender/title company
• Providing a list of qualified vendors, home inspectors, well and termite inspectors, etc., and attending inspections on your behalf at your request
• Assisting you through a smooth settlement

I'd love to refer you to a local agent with the expertise to listen carefully and hlep you find the best home for your budget and lifestyle.

Queen Anne’s County Critical Workforce Mortgage Program

The Department of Housing and Community Services offers second mortgage financing to home buyers who meet the program guidelines. The purpose of the program is to ensure that the county continues to have an adequate supply of workers in local jobs that are critical to the safety and well-being of our county residents.

The loan cannot exceed 33% of the total purchase price or the appraisal value of the home and property, or $50,000, whichever is less. The maximum loan amount is $50,000.

Eligibility:

At least one of the borrowers must fall into one or more of the following categories:

1. Section 8 Family Self-Sufficiency Program participant
2. Critical Workforce
   1. Teacher employed full-time in Queen Anne’s County.
   2. Law enforcement officers, including correctional officers, employed full-time in Queen Anne’s County by County or Municipal Government.
   3. Emergency Medical Technician employed full-time in Queen Anne’s County.
   4. An active member of a Queen Anne’s County Volunteer Fire Company for the past 12 months. This includes both firefighters and Emergency Medical Technicians. The local volunteer fire company Chief must certify eligibility for this category.

Recipients must remain in the eligible category (employment or volunteer service) for a minimum of 5 years, except for Section 8 clients. Annual re-certification is required to ensure workforce eligibility. If no longer in an eligible category, the loan will no longer be interest-free or deferred. Repayments will commence 60 days after a determination of ineligibility. The outstanding balance will be repaid in 240 equal monthly payments of principal and interest will be amortized over 20 years and due on the first of each month. Interest will be 8% per annum.

Loan Guidelines:

• The Critical Workforce maximum loan amount is the lesser of $50,000 or 33% of the purchase price or appraised value of the home.
• Loans are zero percent, deferred payment loans.
• The loans are for homes in Queen Anne’s County and must be the owner’s primary residence.
• The loan will be a second mortgage on the property.
• The loan can be paid off or payments made to the principal with no penalty.
• To avoid a double benefit, loans may not be used to purchase a home under the County’s Inclusionary Housing Program (Title 18 – Moderately Priced Dwelling Units-MPDU)

Critical Workforce Program mortgages can only be subordinated to refinance the current mortgage amount to a lower interest rate. No “cash out” will be permitted with the exception of loan closing costs. In a refinancing, mortgagees will not be permitted to consolidate loans into a new mortgage even if the net amount is below the original loan amount. Applicants must still be income eligible to qualify for the program.

Program Administration:

If you are interested in this program, you must apply through the Queen Anne’s Department of Housing and Community Services. Loans will be approved in order of application date until the funding runs out. In other words, this is a first-come, first-served program. Since the fiscal year runs from July to June, early application for a given year’s funds is essential. The Director of Housing and Community Services will approve each loan once the applicant’s eligibility is established.

Each loan will be secured by a second mortgage on the property being purchased. Mortgages will be recorded in the Queen Anne’s County Land Records at the borrower’s expense. A copy of the closing documents must be sent to the Department of Housing and Community Services at least 2 weeks prior to closing. All loan repayments will be placed in the Housing Revolving Fund.

~ Information courtesy of Queen Anne’s County Department of Housing and Community Services ~

If you believe you are eligible for this program, please call me for a referral to an experienced local agent for assistance.

Email Cynthia Harden, Referral Associate