Financing

Today, K. Micah Maupin of TREO Realtors talks about the Welcome home program. This loan is backed by the Federal Home Loan Bank of Cincinnati and there are three things you need to know about this program. First and foremost, it is first come, first served and it started on March 1st.  This means to use this program, you need to get on the ball!  Go to their website and get your application in to get this grant. It is up to $5,000 of free money that they are giving...

Below is an awesome article that is going to put you into the drivers seat for obtaining a mortgage.   Back in the day of 2005-2007, they were giving anyone who could fog a mirror a mortgage.  They had some crazy loans out there and because of that the market crashed.  The Pendulum swung the opposite direction for the past few years and lenders were extremely picky about wanting excessive documentation, really wanting to make sure any loan that they gave out was totally buttoned up and it was a...

By Micah Maupin.  Now that the realityTV election is over, what will happen to the real estate market?  With Trump in charge of the White House, there is a ton of speculation as to how this will affect the housing industry.  Whether we will see the house market improve or crash won’t be obvious in the short term.  Let me break down how much impact an election, or a newly elected president, really has on the housing industry with these 3 “Need to Knows.”   How the Housing Market Reacts During an...

If you are looking for a home, right now is the best time to let your Cincinnati Real Estate Agent, Brett Keppler assist you in finding funds that are available through the Federal Home Loan Bank.  FHLB sponsors an annual ten million dollar grant called the "Welcome Home Program" which started at the beginning of March. This program is available to all buyers that fall below the medium income index for the area and can be used towards a down payment or closing costs.  Up to $5,000 can be made available to...

So now that we've gotten past the worst housing market in most of our lifetimes, the Consumer Financial Protection Bureau is taking steps to make sure this never happens again (until new rules are put back in place allowing it to happen again).  We all saw the news reports about outrageous loan options being offered to the most unqualified people with no real repercussions.  Well it's time to cut out all those crazy mortgage schemes.  A new Major Mortgage Overhaul now in effect.  Here are some of the main points of...

Over the last few years, it's been tough for a lot of people to meet the criteria for getting a new mortgage or refinancing their existing one. But luckily, current economic trends and government program changes mean it could be getting easier to own a home or refinance. In fact, according to a recent report from Ellie Mae, a nationwide residential mortgage solutions provider, the average approved borrower credit score of applicants borrowing from banks and private insurers in March 2013 was 743. This is the lowest it has been since...

More and more underwater homeowners are asking how their credit scores will fare after a short sale or foreclosure — and how the two outcomes compare. It’s a good question, since the homeowner will have to live with the consequences of this decision for at least seven years, the length of time “derogatory” information remains on a credit report. Whereas you can expect a loan in foreclosure to appear on your credit report as a “foreclosure,” there is no such single, universally accepted description for short sale on credit reports, such as,...

Happy New Year and Happy Fiscal Cliff Agreement Day! So now that a new deal is approved keeping us from falling off the fiscal cliff, the next step is to figure out how the new agreement will affect the typical Cincinnati home owner. Several changes were made on an income tax level and several previous rules that benefited homeowner's and especially those going through a hardship will remain in place for another year. Below is a great article that touches on the benefits of doing a short...

LendingTree recently conducted a study to determine which state was the most affordable in terms of average monthly mortgage payment as well as investigating what percentage of monthly income goes towards that payment. Washington DC and Hawaii were the most expensive states with average payments of $1641 and $1536. DC homeowners put 31% of their income towards those payments while Hawaii paid 30% of their income to live on the beautiful island (which I completely understand). Ohio was the 10th most affordable state with an average of $791/mo mortgage payment. Kentucky ranked 9th with an average payment of $788/mo. But the average mortgage in Ohio only made up 21% of an owner's income whereas the average Kentucky mortgages made up 23%.

This video explains everything that goes into making the decision to refinance your home as well as where and how to get the best rate and terms available. Find out how to determine how long you must live in your home for the refinance to make financial sense! Learn which company in Cincinnati will refinance your home for $199 plus recording fees! Using a tool through CalcXML, you will learn how you can take advantage of the low interest rates but still pay off your home by the previously scheduled...

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