Partnership offers below-rate mortgagesFirst-time homebuyers can get...


Partnership offers below-rate mortgages

First-time homebuyers can get below-market-rate mortgages and reduced closing costs through a new housing partnership requiring buyers to complete six hours of counseling.

Through a partnership of the Belair-Edison Housing Service, Janie Lee Buyer Realty, the Waverly Housing Program, Harbor ** Federal Savings Bank and Heritage Savings Bank, buyers will need just $1,500 to purchase a house worth up to $65,000.

The banks agreed to make loans to borrowers buying single-family homes in good condition in Northeast Baltimore -- north of North Avenue and east of York Road to the city line.

Buyers can apply for loans after completing six hours of education. They must spend at least two hours in one-on-one counseling sessions at either the Belair-Edison Housing Service or the Waverly Housing Program. Buyers need two more hours in a workshop on home maintenance.

The workshop schedule includes the home-buying process Tuesday, home maintenance March 28, financing and credit April 11 and budgeting and savings April 25. Workshops will run from 7 p.m. to 9 p.m. at La Fontaine Bleu, 3107 Erdman Ave.

For more information, call Belair-Edison at 485-8422 or Janie Lee Buyer Realty at 882-8090.

Mortgage delinquencies rise to 4.15% in quarter

Mortgage delinquencies edged up to 4.15 percent in the final three months of 1994, and a trade association official said it may be the beginning of an upward trend.

"We're probably at a cyclical turning point," Warren Lasko, executive vice president of the Mortgage Bankers Association, told a news briefing Tuesday.

Mr. Lasko said the association's fourth-quarter survey showed the seasonally adjusted delinquency rate on one- to four-unit homes rose from a 21-year low of 3.90 percent in the third quarter.

"Delinquencies are still low by historical standards," Mr. Lasko said. The third-quarter rate was the lowest since 3.89 percent in the first three months of 1973. The rate was 4.12 percent in the first quarter and 4.21 percent in the second.

But Mr. Lasko predicted continuing increases because of higher interest rates, which have significantly slowed mortgage refinancings and which are boosting monthly payments for homeowners with adjustable-rate mortgages.

New sourcebook published for real estate

The Real Estate Publishing Co. has published a national real estate sourcebook, "Real Estate Books & Periodicals In Print" by John R. Johnsich.

The two-volume set, priced at $39.95, has lists of publications indexed by author and topic, with price and publication year, national real estate professional associations and real estate publishers and suppliers.

For more information, write to: The Real Estate Publishing Co., Mail Order Dept., Box 41177, Sacramento, Calif. 95841.


* Baltimore Business Homeownership Fund, which aids previously unqualified buyers in Baltimore City to attain affordable housing, announced that Fraternity Federal has become its newest member-investor. Fraternity, in making a four-year interest-free loan to the BBHF, joins Alex Brown & Sons, BGE, Johns Hopkins Hospital, Leeds Federal, Liberty Federal, Legg Mason Wood Walker and St. Agnes Hospital in the member-investor ranks.

* Landscape Contactors Association offers a free "Landscape Service Guide" to aid consumers in selecting a professional landscaper. The guide, besides offering guidelines and details on services available from local landscapers, has a complete listing of LCA members. Also available is the 1995 LCA Spring Lawn & Garden Calendar listing procedures that can be performed now. Both publications are available by calling (301) 948-0810.

* HUD, the U.S. Department of Housing and Urban Development, appointed Ina B. Singer director, multifamily housing division, and Candace S. Simms director, single-family housing division, for the Baltimore area.

* O'Conor Piper & Flynn has moved its Bel Air/Fallston office to Rock Spring Road in Forest Hill. Besides offering private work-space for agents, the facility will house a real estate license training school.

* Seacoast Realty of Bethany Beach has acquired Ocean View Real Estate in Ocean View, Delaware. The acquisition -- which gives the agency 44 agents and a listing inventory of $60 million -- makes it the largest locally owned firm in the Bethany-Fenwick area, the company said.

* UNcommon Companies of North America, headquartered in Columbia and parent of UNcommon Realty, said that Jeffrey L. Underwood, CEO and founder, has been designated a Residential Accredited Appraiser by the National Association of Realtors.


* Builders 1st Choice appointed Judy Rose as sales consultant for Chartwell Homes at Quincy Station in Eldersburg and Vera Wasserman sales consultant for the Cypress Homes development to be built in the Wakefield Valley golf community in Westminster.

* Century 21 H.T. Brown Real Estate has added Donna MacBrayne to the staff of its Laurel office.

* First Town Mortgage Corp. hired Mark Tarelton as loan officer. Mr. Tarelton, formerly of CTX Mortgage in Owings Mills, will be based at the company's Lutherville office.

* Log Home Living Institute appointed Terrence M. Bolls as general manager. Mr. Bolls was also named show manager for the Log Home Living & Timber Frame Home Show to be held later this year in Louisville, Ky.

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