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Homes for Sale in Upper Marlboro, MD | Townhomes | Single Family | Foreclosures | Luxury Properties | Rentals

There are currently 700+ homes for sale in Upper Marlboro, MD.  More than 400 are available and over 300 homes have a contract written on them.  If you are thinking of buying or selling a home, or looking to rent in Upper Marlboro, contact me, Angelo Rhodes, Realtor at 240-535-1855.  I'd be happy to assist you.

Angelo Rhodes, Realtor Taylor Properties 240-535-1855 email: angelo@realestateuppermarlboro.com

Marlton Area of Upper Marlboro Eligible for USDA Rural Mortgage Loan Program - Zero Percent Down

USDA loans (also referred to as Rural Development loans) are backed, directly guaranteed or insured by the U.S. Department of Agriculture to support affordable housing in less developed areas.  One of these eligible areas is the Marlton neighborhood of Upper Marlboro.  

Zero percent down
The first major feature of a USDA loan is the ability for homebuyers to get into a home without a down payment. Although not limited to first-time homebuyers, this could be particularly attractive for younger buyers who have a steady job, but not much in savings.
If buyers have an existing USDA loan, they can take advantage of a rate-term refinance to get lower rates without the need for existing equity. Cash-out refinances aren’t available.

Low guarantee fees
Guarantee fees are much lower than the similar fees on loans backed by the FHA. Let’s do a quick comparison:
With a USDA loan, there’s a 1 percent upfront guarantee fee compared to a 1.75 percent upfront mortgage insurance premium (MIP) for FHA loans. In both cases, buyers can finance the upfront fee in their loan.
USDA loans carry a 0.35 percent guarantee fee on the unpaid principal balance each fiscal year. For FHA loans, buyers pay an annual 0.85 percent MIP fee if they made a minimum 3.5 percent down payment on their home purchase.

USDA loan qualification requirements
As with any loan, USDA loan borrowers must meet certain requirements to qualify. In order to take advantage of this loan option, homebuyers need to be looking to buy a single-unit primary residence in a qualifying area. These can be rural areas or even the outskirts of suburbia. The USDA has an eligibility map on its website (areas not in orange are USDA loan eligible). Working farms do not qualify.  USDA loans also come with some financial requirements.

Homebuyer household income can’t exceed more than 115 percent of the area median income. If the household includes more than four members (adults and children), it may qualify with a slightly higher income. Homebuyers can deduct childcare expenses from this income tabulation, as well as income from a portion from any adult full-time student.

The USDA doesn’t specify a minimum credit score for its loan, but lenders may have their own policies.  For the best chance at qualification, it’s a good idea for homebuyers to keep their debt-to-income (DTI) ratio – a comparison of minimum debt payments to overall income – at or below 45 percent. Lenders may have their own guidelines on this metric as well.

For more information, contact Angelo Rhodes at 240-535-1855 or email: angelo.rhodes@realestateuppermarlboro.com

Angelo Rhodes, Realtor Taylor Properties 240-535-1855 email: angelo@realestateuppermarlboro.com

5 Bedroom Home Up For Public Auction in Upper Marlboro - Bargain for Real Estate Investors!

On October 25, 2017 at 11:00 am, this solid brick, Split Foyer style home will be available to bidders at a public auction.  This is a bargain for real estate investors!  The home requires some repairs so call me for further details at 240-535-1855.

Houseforauction

Angelo Rhodes, Realtor Taylor Properties 240-535-1855 email: angelo@realestateuppermarlboro.com

Washington Post Article on Homeowner's Associations (HOA) Lack of Transparency

Here's a good article on Homeowner's Associations (HOA's).   A potential homebuyer may lose the deal because the HOA might increase the annual dues from $1000 yr. to $3500 yr. 

HOA’s lack of transparency raises red flags for home buyer

 

 

Angelo Rhodes, Realtor Taylor Properties 240-535-1855 email: angelo@realestateuppermarlboro.com