All Forum Posts by: Lian Shi

Wow 5% on a conventional loan? That is impressive, congrats! I hope the same for myself since I have a stable nurse W2 position and 740+ credit. Which lender/bank did you decide to work with? And finally, I have minimal knowledge on PMI, except that it is applied anytime a down payment is <20%. It sounds like a large financial load since you are trying to rid of it. How is your PMI? The price range of homes I'd like to purchase is <$250,000.

Hey Richard, great to hear from you! Considering my W2 and great credit scores, wouldn't a conventional loan still put me up with the base rate of 20% down payment?

I'm from Rockville, Maryland area and looking to purchasing my first property in Annapolis, MD. I've been referred to MD's program for first time homebuyers, where they can assist in the down payment and closing costs. Some states provide even grants. Can someone share their experiences on this assistance program? Although I cannot put down a lot of money, I have a well lying stable career and an excellent credit score.

Thank you BPers!

@Lian Shi

I will email you one I have used.  If you receive another from anyone else, please share with me.

One thing I suggest for everyone in this thread is to have a real estate attorney look over the contract you are going to use, or even have them draw one up for you.  Maryland real estate law and contracts are pretty complicated compared to most states. Spending the extra few hundred dollars to have a professional draw you up a contract can save you a lot of trouble down the line.  

Hi BP,

Does any one have a Maryland Purchase Sales Agreement of Residential Real Estate to be used in wholesale and to be assigned that they could offer?

Look back on my posts, I wrote a long one about my experience. You can also search the forums, there are a few others. 

@Lian Shi  seperates those who can buy from those who can't really.. the logic is if you have the cash as you state in your offer to purchase then you have it and the deposit should be a simple thing.

We are currently doing VERY well buying those exact properties because of the high EMD requriements it scares many away... I personally really like it and would be fine if they raised it to 20k or higher personally you either have the cash or you don't... as long as you have a due diligence period.. now if there is no due diligence period and its 10k non refundable then I would only put that up once I was sure on the DD side of things.