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Don’t have tons of cash? Renting? You CAN buy and build wealth!

posted by: Teddi Segal in Uncategorized

So I recently worked with a new client to purchase an awesome home on Auchentoroly Terrace in Reservoir Hill – right along Druid Hill Park.  Amazing location! It’s a cool story…my client’s parents owned a home on Auchentoroly Terrace many, many moons ago that they renovated with their own hands. Their son, now a father himself, decided to follow in their footsteps and invest in his future there.

My client introduced me to a new lender and mortgage broker, Mark Cohen at BB&T.  Mark already had his financing all worked out through the CHIP program.  (Community Homeowership Incentive Program) After our closing, Mark contacted me and invited me to learn more about it… and I am so glad I did.

Here’s it is in a nutshell: First off – you have to look at properties under $424,100.  There is NO Private Mortgage Insurance.  You d0n’t have to be a first-time homebuyer. You can borrow funds for your 3% down (you can literally come to the table with just $500 if it’s orchestrated properly.)  And you can combine and layer this with other grants and incentives. I’m just giving the highlights… but I would say that if you are currently renting in Baltimore you should DEFINITELY look into this. Call me and I can tell you more about it.

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