Tuesday, March 31, 2009

OHFA update

The Ohio Housing Finance Agency announced its new homebuyer tax advantage credit program. Eligible borrowers will receive a second loan for 3% of the purchase price and can use this money toward the down payment or closing costs. The buyers would not be required to start repaying the second mortgage until August 1, 2010. Once they receive their $8000 tax credit they may use this money to repay the mortgage if they would like and there are incentives to repay it before June 30, 2010. The second mortgage would have an interest rate 1% higher than the first.

For more information please check the OHFA Homebuyer Tax Credit Advantage Program Website.

Tuesday, March 10, 2009

Just sold!


I just sold this house at 2591 Snowtip Lane. It is a new home built by Dominion. If you are interested in a newer home or in an area where there are a lot of new homes, I would recommend contacting a builder. Dominion offers great prices plus gives buyers 6% of the purchase price to use toward closing costs and to lower their interest rate. With these points my buyer was able to get a 30 year fixed rate loan at a 4% interest rate! You can't beat that. Congratulations, Mark! I hope you enjoy your home for many years to come!

tax credit fraud

Are you filing your taxes now? If you are eligible for the $8000 tax credit make sure you actually closed on your home before claiming it on your taxes! There have been cases where people have received their refund before even owning the home. Don't do it! This is fraudulent and you will be penalized by the IRS.

Remember that you can file an amended return. Even if you don't close on your home until the summer, file an amended return then to receive your refund.

http://www.marketwatch.com/news/story/pros-cons-first-time-home-buyer/story.aspx?guid=%7B7E50636F%2D66E3%2D47EC%2D84B5%2D33580F0E96F7%7D&siteid=nwhfriend

FHA for condos

If you have been thinking about or have already purchased a condo you may know that sometimes it can be more difficult to obtain financing on a condo. Often lenders require larger down payments if a condo complex is non-conforming (usually this means that more than 20% of the condos in the complex are rentals).

Also, if you are thinking about getting an FHA loan you need to make sure that the complex is FHA approved. You can do a search at www.hud.gov to find out. Even if the condo you have your eye on isn't on the list, there is still a chance you can get an FHA loan. If the complex has more than 4 units the lender may be able to do a "spot approval" on your unit. Each lender is different and these rules are constantly changing, so please talk to your lender for more details about particular complexes you are thinking about before getting your heart set on the perfect home.

My Award!

Coldwell Banker had their annual awards program this morning. I didn't think that I qualified for any of the awards this year, but I thought it would be fun to go and support my fellow agents. Well, I got a big surprise! I am the Top Listing Agent in the Upper Arlington office for 2008! Wow, I am honored! I'd like to thank everyone who made this possible...Mom, Dad, Tod, Coldwell Banker, and of course my clients! haha. Thanks! :-D

Thursday, March 5, 2009

OHFA loan update

The Ohio Housing Finance Agency has lowered their rates. They offer 30 year fixed rate conventional and FHA loans with a 3.5% down payment and VA loans with 0 down. They offer job loss protection at no additional cost. They require a home buyer counseling class, which has gotten great reviews by some of my buyers.

The rates are now 5.625% or 6.125% with assistance of 2.5% of the purchase price to go to closing costs or the down payment. This is the lowest down payment available now.

There are some limits. For households of 1 or 2 people the maximum income is $65,300 and for 3 or more people the limit is $75,095. Also, the purchase price has to be under $276,750 for a single family residence. Ask your lender for more information.

Tuesday, March 3, 2009

loan limits

The first-time homebuyer tax credit was one of the many aspects of the American Recovery and Reinvestment Act of 2009. It also reinstates the 2008 loan limits for FHA, Freddie Mac, and Fannie Mae. In Franklin County the loan limit for an FHA loan is $341,250 and the maximum for Freddie and Fannie is $417,000.

NAR opposes Obama's budget proposal

Obama's budget proposal released last Friday would reduce the amount of mortgage interest that is tax deductible for families earning more than $250,000 per year. The National Association of Realtors believes that "this proposed change in the Mortgage Interest Deduction will result in further erosion of home prices and home values. If this proposal is enacted it will lead to a new round of price depreciation, will cause greater distress on the balance sheets of banks as the collateral value of mortgage backed securities declines. A second credit crisis could emerge before the first one is resolved." The NAR has expressed its concerns to President Obama and Congress.