What is a cda loan

what is a cda loan

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    CDA Maryland Mortgage Programs

Let First Home Mortgage, the leading lender in the state of Maryland help walk you through the benefits of participating in the CDA Maryland Mortgage Program!

Living in the state of Maryland gives you a great advantage because you have the ability to take part in many great programs designed to make home ownership a little easier. The CDA Maryland Mortgage Programs offer opportunities of home ownership to people who would have not been able to realize their dreams with traditional loan programs. The Paquin Team with First Home Mortgage focuses on all of the great CDA programs. CDA offer loans with lower interest rates and less restrictions, making it easier for more people to qualify. The programs can also assist with down payment and closing cost assistance.

The CDA stands for Community Development Administration, and it was started in 1980 to help more Maryland residents own homes. The state thought this was important, because home ownership brings a sense of pride in the community and provides a more positive feel. In this economy, it can be tough to generate the funds that are necessary to own a home. The programs available are especially beneficial to 1 st time home buyers, so if you’ve never purchased a home because you thought it was out of your reach, the CDA could be the solution you’ve been waiting for.

So what kind of homes can you purchase with

a CDA loan, and what type of properties qualify? First, it has to be your primary residence. Depending on where you live in Maryland, you can build your own dream home or move into an existing home anywhere through out the state. To find out what benefits are available in your target areas, contact us for more information. With the CDA program, you can purchase single family homes, condos, townhomes, and manufactured homes.

In terms of rates and payments, CDA loans are very straight forward. With a lot of traditional loans you can run into unexpected issues with rising rates and hidden fees. With a CDA, you get a low fixed rate with terms up to 30 years. Rates are currently at historic low levels, so if you are looking to purchase a home for the least amount possible now is the time. Additionally, real estate prices are also low right now, but may be on the verge of climbing soon as the economy continues to recover so now is the time to buy. Credit score standards are lower than what you’d find in traditional loans, so although you do need decent credit, it doesn't need to be perfect.

If you’ve been looking to purchase a home in Maryland but thought it wasn’t possible, to talk to us. Let us run the numbers to see if a CDA loan program is the answer to your concerns. To see if you qualify please use our free Purchase Assistant.

Source: www.thepaquinteam.com

Category: Credit

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