West Chester & Liberty Township OH Real Estate: FHA Loans

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1. FHA loans are not only for first time homebuyers.

Many people believe FHA loans are available only to first-time home buyers, but this is not true.  While it’s true many home buyers are buying their first home using an FHA loan, but a large number of move up/repeat home buyers are also utilizing the opportunity of the FHA loans as a home financing option.

 2. FHA loans are not only for lower-income homebuyers.

FHA loans are available to everyone. There are many homebuyers in West Chester and Liberty Township Ohio using FHA financing.  There are no income restrictions tied to FHA loans.  Just as with conventional mortgage financing, home buyers do need to qualify for a mortgage based on their income, monthly debt obligations and credit scores.

  3. FHA loans are not just for small mortgages.

Currently in Butler County, Warren County and Hamilton County, Ohio the FHA loan limits are $337,500.  Keep in mind that this is the loan limit.  So, as an example, someone buying a home with a 3.5% down payment could buy a home for as much as a $350,000 purchase price.  Which leads to my last point on FHA mortgage lending.

4. FHA loans are often more affordable than conventional financing. FHA loans offer very competitive interest rates when compared to other loans.  Home buyers  also benefit from a much lower down payment, as I mentioned above.  The down payment required to buy a home can be as low as 3.50%.  And also the mortgage insurance premium may be lower on the FHA financing when compared to the conventional mortgage insurance for loans with less that 20% down.

For more information on FHA financing or for a referral to a terrific mortgage loan consultant please call Eric Lowry at (513) 874-1830 or visit our website, LowryTeam.com.

Click Here To Search The Entire Cincinnati MLS Database Of Homes For Sale! Wondering what your home is worth in today’s real estate market? Request a market analysis here!

Check Out My Feature Homes For Sale In West Chester, Fairfield and Liberty Township, Ohio

 

West Chester & Liberty Township OH Real Estate: Tuesday Open House – July 07, 2010

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It’s Tuesday, so this must be the Tuesday Open House.

What is Tuesday Open House?? Well, it’s clearly not an “open house”. Open Houses don’t sell homes… good internet marketing does… but it seemed like a good title for this weekly blog post.

It is my way of throwing the doors open on the RealEstate-Ink.com blog and offering up a few quick articles and facts on real estate for the West Chester, Liberty Township, Beckett Ridge, Mason and Fairfield Township, Ohio areas. It is not intended to be all about homes for sale, but it will be about that some of the time…

Beckett Ridge Homeowners Association:  The Board for the Beckett Ridge Homeowners Association has presented to the homeowners of Beckett Ridge a revised set of Declarations and Code of Conduct for their approval.  Each parcel in the Beckett Ridge Association will have one vote in this approval process.  The interesting fact with this vote is that the board has decided based on their legal counsel’s opinion that if you do not submit a ballot, your ballot will be counted for the resolution.  What this means is the resolution is almost guaranteed to pass as a huge majority of the homeowners will not vote.  They never do.  Your ballot must be received by July 28th, 2010 for it to count.  You can find out more about this very important resolution and ballot here >>Beckett Ridge Homeowners Association

Buying a home:  If you are currently in the process of buying a home and getting a mortgage don’t buy anything.  According to the New York Times Fannie Mae has started requiring lenders to recheck a borrower’s finances shortly before closing the loan. If a broker or lender finds significant changes, the loan could be delayed, or in some cases, denied.  For years now we have cautioned borrowers against charging up their credit cards or changing jobs before the closing date on a home loan, but now this advice seems especially prudent.  You can read the entire article on homebuyer financing here>>  Buyer Mortgage Financing

Searching for Homes For Sale:  Searching for homes for sale in West Chester, Liberty Township, Beckett Ridge, Mason or Fairfield Township?  Search for homes using our MLS search feature which gives you access to the entire Cincinnati MLS and allows you to save home searches, receive notifications of new listings and also be alerted to price changes on home listings that match your search criteria.  You can search for homes for sale by clicking here to start your search now >>Search the MLS

 

Our facebook fan page of the week is: The Cincinnati Reds  You can find information on the Reds, information on events and giveaways and great player information.  As of this writing their page has 140,410 fans, so I ask that you check out their fan page, become a fan and invite your facebook friends to do the same.

While you are on facebook checking out the Cincinnati Reds fan page, please visit and become a fan of our facebook page:

   Click Here To Search The Entire Cincinnati MLS Database Of Homes For Sale! Wondering what your home is worth in today’s real estate market? Request a market analysis here!

Check Out My Feature Homes For Sale In West Chester, Fairfield and Liberty Township, Ohio

West Chester & Liberty Twp OH Real Estate: Preparing Your Home To Sell

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Are you getting your home ready to list it for sale?  Preparing to sell a home in West Chester, Liberty Township or Beckett Ridge can be an overwhelming task if you are not prepared.  The process of getting your home ready can be simplified by breaking the areas of your home up into groups. 

In my previous post, >>Preparing Your Home To Sell, we covered Curb Appeal, Front Entry / Porch & Landscaping.  Today we will cover your first impression (interior, foyer).  When selling your home in today’s real estate market it is critical that the first impression that home buyers have of your home is a welcoming one.  A welcoming space is one that invites the home buyer in and lures them into the rest of the house.

Many times homeowners don’t even come and go through their front door and thus don’t place a great enough emphasis on this area of the home.  This is the area of the home that starts off the showing for the homebuyer and this is where they begin to anticipate the rest of the house.

The home buyer needs to be able to envision themselves in your home, so this is definitely an area of a home listed for sale that should have all personal effects, photos and clutter removed.  Generally speaking, any furniture that is located in this area should be removed with the exception of a properly sized foyer table.  Be sure that there are no pieces of furniture or baby gates blocking the path or view from the foyer in the rest of your home.

Be sure to de-clutter your foyer closet.  A full and cluttered foyer closet simply tells home buyers that you are short on closet space.  The foyer closet should not be more than half full.  Store unused and seasonal coats in plastic tubs in a storage area away from the living spaces of your home.

All personal/family photos should be removed from the foyer area.  If your foyer has a space that you feel needs decorating consider a mirror instead of photos.

The foyer paint color should be neutral and an earth tone.  Under no circumstances should your foyer have wallpaper on the walls.

As buyers enter your home, the scent that they smell must be clean and very subtle.  The use of candles or spray air freshener is not recommended.  Many home buyers can have adverse reactions to these strong smells and in some cases may actually wonder what it is you are trying to cover up.

We have now created a great first impression for home buyers as you continue preparing your home for sale in today’s real estate market.  In the next post in this series of articles we’ll cover Living Room, Dining Room, Family Room & Study.

Read the first article in this series here >>  Preparing Your Home For Sale In Today’s Market Part I

Wondering what your home is worth in today’s real estate market? Request a market analysis here!

Check Out My Feature Homes For Sale In West Chester, Fairfield and Liberty Township, Ohio

West Chester & Liberty Township OH Real Estate: Look Carefully, Buying A Home is A Big Purchase

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Looking for a new home is not like shopping for a new pair of shoes, it is one of the most important purchases that a person will make in his lifetime and should be approached with an examining eye. While it is true that it is easy to search homes for sale and fall in love with it on one’s own, the benefits of using an experienced top selling Realtor are many and can save a home buyer a great deal of  unwarranted pain and money in the long run.
Buying a home is a big investment and should be approached with a plan
There are a few things to realize and remember as a both a first time home buyer and a veteran home buyer. A Realtor will not only help you negotiate a price for a home but will also help you along every step of the process which will include getting a whole house and termite inspection, radon testing, mortgage financing and the title process among other things.

While a buyer may have his heart set on a particular home for sale,  a top selling Realtor will make sure that the buyer is taking all of the most important factors into account and knows exactly what they are buying so that there are no surprises come closing day and move in day.

Thinking of buying a home in West Chester, Beckett Ridge or Liberty Township, Fairfield Township, Monroe or Mason Ohio?

Search the entire MLS database of homes for sale here!

 Wondering what your home is worth in today’s real estate market? Request a market analysis here!

Visit My YouTube channel at: www.youtube.com/LowryTeam

Check Out My Feature Homes For Sale In West Chester, Fairfield and Liberty Township, Ohio

West Chester & Liberty Township OH Real Estate: Is a short sale or foreclosure the right deal for you?

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Is a short sale or foreclosure the right deal for you?

With the first-time homebuyer tax credit deadline having come and gone, you may be asking yourself, “What now?” Fortunately, the door is now open to a new wave of savings: distressed properties.

For many buyers, the term foreclosure brings up images of run-down homes with no heat and rotting wood. While this is still the case for some homes, it’s no longer the standard. In fact, first time buyers are snatching up distressed deals in decent condition for great prices. 

According to a November 2009 Keller Williams Research Buying Distressed Properties Survey, 40 percent of all buyers for bank-owned foreclosures (REOs) were first-time buyers in 2009. 50 percent of all short sale buyers were first-time buyers.

By definition, a distressed property is one that was purchased with a loan and the homeowner is no longer able to make their mortgage payment resulting in foreclosure – or if they’re lucky a short sale – meaning they owe more on the home than it’s currently worth. With a 20 percent increase in foreclosures from 2009, distressed properties still remain a large portion of home sales and are going to continue well into 2010 as homeowners continue to feel the effects of an economy on the mend.

If you’re in the market looking for a home in West Chester or Liberty Township, Ohio and are prepared for a unique transaction, a short sale or foreclosure property for sale can be a great option. Here’s why:

Prices are low – Buying a foreclosed (bank owned) property is an excellent way to get a home for less. Research shows you can save 10-40 percent over the price of similar properties in a traditional sale.

Mortgage costs are low – With rates hovering near historic lows, financing costs to are favorable. Keep in mind, rates are always changing. It’s important to begin the pre-approval process so that you know how much you can realistically afford.

You have options – The number of homes in some stage of the foreclosure process still remains high. RealtyTrac, a site dedicated to tracking foreclosures across the country, estimates that there are approximately 2.1 million homes in some stage of foreclosure in the United States.

Sellers and lenders are motivated – According to data from RealtyTrac, in April, one in every 387 households in the country has received a foreclosure filing. The bottom line is that many sellers are still feeling the pain of a down economy and are anxious to out get from under a home that is putting stress on their current financial frustrations. While it is still an emotional transaction, these sellers are willing to come down on price or even consider concessions such as helping out on closing costs. Banks holding on to large portfolios of Real Estate Owned (REO) properties want to unload quickly – and price these home to sell.

Your best ally when purchasing a short sale or foreclosure property is an expert. Always have a professional REALTOR® by your side to help you make informative decisions.

For more information about short sales and foreclosures in the West Chester, Liberty Township, Beckett Ridge and Mason Ohio areas call me or email me.  We are happy to help!

Thinking of buying a home in West Chester, Beckett Ridge or Liberty Township, Fairfield Township, Monroe or Mason Ohio?

Search the entire MLS database of homes for sale here!

 Wondering what your home is worth in today’s real estate market? Request a market analysis here!

Visit My YouTube channel at: www.youtube.com/LowryTeam

Check Out My Feature Homes For Sale In West Chester, Fairfield and Liberty Township, Ohio

West Chester & Liberty Township OH Real Estate: Tuesday Open House

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It’s Tuesday, so this must be the Tuesday Open House.

What is Tuesday Open House?? Well, it’s clearly not an “open house”. Open Houses don’t sell homes… good internet marketing does… but it seemed like a good title for this weekly blog post.

It is my way of throwing the doors open on the RealEstate-Ink.com blog and offering up a few quick articles and facts on real estate for the West Chester, Liberty Township, Beckett Ridge, Mason and Fairfield Township, Ohio areas. It is not intended to be all about homes for sale, but it will be about that some of the time…

Keller Williams Red Day: Keller Williams Realty Red Day is this Thursday, May 13th.  Our Keller Williams Realty Associate Partners office here in West Chester will b conducting a day long food and clothing drive to benefit Reach Out Lakota.  You can get more information by visiting our facebook fan page at www.Facebook.com/LowryTeamRealEstate and find more information on Reach Out Lakota by visiting their website http://www.reachoutlakota.org

Interest Rate Update:  Interest rates on a 30 year fixed rate mortgage continue to fluctuate a little day to day, but remain very low.  The rate on a 30 year fixed rate mortgage today was 4.85% with no points according to Third Federal Savings.  With rates continuing to be this low, the opportunities to move up to a new or larger home and not greatly increase your monthly payment are terrific.  By the way, the selection of homes to pick from is very good right now.  Thinking of buying a home in West Chester, Liberty Township, Beckett Ridge, Mason or Fairfield Township?  You can search homes for sale on our website at anytime, including features like map searches, saved search, new listing notifications and more!  Just visit www.LowryTeam.com. 

Home and Property Values:  This section of the Tuesday Open House seems a little like a comedy show.  Just today I saw both of these headlines and reports:

Headline: “Cincinnati metro home prices up 14.5% in 1Q”  – The National Association of Realtors   reported Tuesday that median home prices rose in Greater Cincinnati year over year during the first quarter, although they dropped from fourth-quarter 2009.  Read more: Cincinnati metro home prices up 14.5% in 1Q – Business Courier of Cincinnati:

And then this:

Headline: “Zillow: Home prices still falling”  –  Housing values in Cincinnati and most U.S. metropolitan areas continued their decline into the first quarter, but a new report from researcher Zillow.com points to encouraging signs in some of the most battered markets, according to a report in Columbus Business First.  Read more: Business Courier of Cincinnati: Zillow: Home prices still falling

Moral of the story??  If you really want to know the value of your home…Ask a local Realtor that is an expert in your local area / neighborhood.  If you would like to monitor home and property values in your West Chester, Liberty Township, Beckett Ridge, Mason or Fairfield Township, Ohio neighborhood get your own Personal Market Update that shows both homes for sale in your neighborhood and recent sales.  You can get your own Personal Market Update delivered right to your inbox with no cost or obligation by visiting www.HomeValuesInCincy.com 

Our Facebook Fan Page of the week is: Reach Out Lakota. This community organization does a lot of good in our community.  They need more than just for us to become fans of them on facebook, they need our support and donations!  As of this writing their page has 90 fans, so I ask that you check out their fan page, become a fan and invite your facebook friends to do the same.  More importantly though, consider donating nonperishable food items and clothing to Reach Out Lakota today.  Check it out.

While you are on facebook checking out the Reach Out Lakota fan page, please visit and become a fan of our facebook page.

Thinking of buying a home in West Chester, Beckett Ridge or Liberty Township, Fairfield Township, Monroe or Mason Ohio?

Search the entire MLS here! Wondering what your home is worth in today’s real estate market? Request a market analysis here!

Visit My YouTube channel at: www.youtube.com/LowryTeam

Check Out My Feature Homes For Sale In West Chester, Fairfield and Liberty Township, Ohio