FHA Financing – Perfect For 1st Time Homebuyers

by

FHA Financing is back!

Actually, it really never went away, but was certainly overtaken by the many loan programs that became such hot commodities the last few years.  Many of these loan programs were the subprime mortgages that we now hear so much about in the media.  And while most of these programs are now long gone, as are the lenders that made them, the FHA loan is now back in fashion.

Why is it such a good loan program for the first time homebuyer.  Among the many reasons are it’s low down payment requirement, it’s more lenient qualification guidelines and… the rates are so low right now that it is an incredible deal.

Here is a scenario that I created today as an example:

Buyer buys a home for a purchase price of $150,000. 

Using the FHA loan, the rate as of today is 5.75% with just a 3.00% down payment. 

By the way, that 5.75% interest rate today was for 30 years, fixed rate.  (No adjustable rates with skyrocketing payments in a year or two). 

In this scenario, the buyer’s monthly payment for principal and interest would be only $849.10!

This payment does not include property taxes and homeowners insurance, but what an opportunity to buy a home and stop paying rent with a truly low monthly payment.

And by the way, FHA loans are not just for 1st time homebuyers! 

If you would like more information on FHA loans or for that matter any other mortgage financing let me know and I will get you in touch with a top mortgage consultant.

More detailed information on FHA loans by clicking here

New Listing In Fairfield Township, Ohio

by

My New Listing In Fairfield Township …

6203 Lakewood Drive

Fairfield Township, Ohio 45011

Fairfield Schools

$237,000  – Four Bedrooms – Two Full and Two Half Baths

Terrific Two Story Home Features A Finished Lower Level w/ Half Bath, Large Island Kitchen w/ Planning Desk, Smooth Top Range, Built-In Microwave, Refrigerator And Breakfast Bay, Two Story Foyer w/ Hardwood Floors, Cathedral Master w/ Luxury Bath, Dining Room w/ Recessed Ceiling And Much More.  All Of This Is Located On A Tree Lined Lot In A Pool Community! One Year Home Warranty.

West Chester & Liberty Township Ohio Real Estate Update

by

January 2008 – Where we stand…

 
 
My most recent research and observations of real estate in West Chester and Liberty Township, Ohio.
In terms of homes available for sale (inventory),  the numbers continue to reflect a large oversupply of homes for sale.  Compared to January 2007, the number of homes available for sale in West Chester and Liberty Township, Ohio has risen from 683 to 761 as we begin the new year, an increase of 11.42%.  This is definitely not the direction/trend that we need to see as we watch for the market to show signs of improvement.
 
As far as sales go, September – November 2007 sales were down 11.88% compared to the same three months of 2006.  These numbers represent unit sales (the number of homes sold) in West Chester and Liberty Township, Ohio.
The median sale price in West Chester and Liberty Township, Ohio was down 2.01% in this same three month time frame compared to 2006.  The median sale price in September – November 2007 was $219,000.
 
Days on market continues to climb.  The average days on market for the homes that sold and closed in September – November 2007 was 82 days vs. 72 days in 2006 ( a nearly 14% increase). Clearly homes are taking much longer to sell.  Keep in mind that these numbers do not take into account homes that have not yet sold.
 
As I have said before, there is much to watch and many questions to be answered in the coming months! 
 
One thing that I am certain of, it is a great time buy a home with phenomenally good prices and low interest rates. There are plenty of very nice homes for sale and many sellers are very motivated!   Also, contrary to what you might hear and/or believe there is not a problem with getting mortgages. The mortgage “mess” that you read about and hear about in the news should have no effect on your ability to get a mortgage.
 
Tell me what you think!