Are you a First-Time Homebuyer (FTB)? These Frequently Asked Questions are for you!

April is National Fair Housing Month!

As a HUD-certified Housing Counseling agency, St. Ambrose has the responsibility and privilege to Affirmatively Further Fair Housing. The Fair Housing Act of 1968 protects individuals from discrimination when they are renting or buying a home, getting a mortgage, seeking housing assistance, or engaging in other housing-related activities. “Housing, like food and water, is an essential basic need. Fair housing laws are in place to ensure everyone has equal opportunities to access appropriate affordable housing. This process in action doesn’t occur in a vacuum. For more than 50 years, St. Ambrose has assisted Baltimore and surrounding areas in making safe, affordable homes a reality for its residents,” said Erin Broussard, Deputy Director of St. Ambrose.

HUD Assistant Secretary for Fair Housing and Equal Opportunity, Anna Maria Farias, addresses the recognition of Fair Housing Month amidst the current Coronavirus pandemic.“I invite all of you to join me in using the occasion of Fair Housing Month to renew our commitment to the principles of justice and equality, beginning with our response to discriminatory policies and practices associated with Covid-19.”

FAQ’s

Are there incentives for FTB?

Yes. Many incentives are provided by local and state housing agencies. We can help you navigate the details and requirements to obtain many of the FTB incentives. Click here to visit the Maryland Mortgage Program: www.mmp.maryland.gov, which provides information on home loans, financial incentives and other assistance options for many homebuyers.

Do you think it’s a good time to buy a house in the current economic climate?

If you feel financially stable and have 3 to 6 months of living expenses saved, the current housing market could be a great opportunity to purchase. Mortgage rates are low, sellers may need to drop sale prices in order to make quick sales, and there is less buyer competition.

While the status of the housing market depends on how bad an outbreak an area is suffering, most markets are feeling some sort of hit. “The Coronavirus is leading to fewer home buyers searching in the marketplace, as well as some listings being delayed,” says Lawrence Yun, Chief Economist for the National Association of Realtors®. Conversely, here at St. Ambrose, our Real Estate program has been amazed at how active the market is during this crisis!

Bottom line: With fewer buyers in the marketplace, there is less competition plus the added benefit of historically low interest rates.

Will mortgage rates increase?

Based on a prediction from Freddie Mac and other housing authorities, rates will continue to hover around 3.32% for the next 90 days. Forecasts for 2020 say rates will average around 3.7%.

For instance, rates could bounce between 3.3% and 4% all year, and you’d get an average of around 3.7%. But when you lock in your rate during that range is important.

Still have questions? Please contact St. Ambrose’s Housing Counseling program at 410-366-8550 ext. 249.

Homesharing: Connecting Compatible Roommates

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By Emma Jornlin

Homesharing is a great option for those who don’t want to live alone. Oftentimes individuals who come to St. Ambrose are looking for a roommate but, for various reasons, don’t want to live with family or close friends.

The benefits of Homesharing abound. On the Home Provider’s part, sharing your house can mean assistance with household expenses, receiving help with chores or, as a recent article in the Chicago Tribune mentioned, just having someone with whom to watch Dancing with the Stars!

On the Home Seeker’s part, moving in with a Home Provider in Baltimore City/County can mean obtaining affordable housing while having the opportunity to share in someone lifestyle or culture—even being welcomed into the family. One of our Home Providers introduces Home Seekers to her grandkids when they visit. Another invites her Homesharers upstairs for Friday night dinners.

For those who don’t like the idea of having to greet someone before they’ve had their coffee or navigating someone  shower schedule, private baths and entrances are available for a slightly higher price than the average $450-500/month.

Our goal at St. Ambrose is to match people based on personality and preferences so that our Home Owners find the right person to share their home and our Home Seekers feel genuinely welcome there.

Here is an overview of our process:

  1. Homeowners apply through our online application or request a mail-in form.
  2. Homeowners are interviewed in their home.
  3. Homeseekers are interviewed at St. Ambrose Housing Aid Center.
  4. Homesharing staff screen and check references of Home Providers and Home Seekers to make sure they have a clean criminal history, no current addictions, and that they have a good rental history.
  5. Our Homesharing Counselors discuss and refer possible Homesharers, based on asking rent, location, and other “non-negotiables,” as well as based on personality and likes/dislikes.
  6. Home Seekers visit the Home Provider’s’ homes until each party decides on a roommate they like.
  7. Our staff meets with the Homesharers to formalize the match.
  8. We check in on the match once a quarter for the first year and provide free mediation services if needed.

The Homesharing Department is reachable at: (410) 366-6180 or you can go to www.stambros.org