6888 Wayne Trace Road Wayne Twp Ohio 45064

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   Wayne Township OH – Homes For Sale:

   6888 Wayne Trace Road Wayne Twp Ohio 45064

6888 Wayne Trace Road Wayne Twp Ohio 45064Terrific Brick Ranch On 5 Acres Of Land. Large Family Room w/Woodburning Fireplace, Bright And Open Kitchen, Formal Dining Room. Terrific Rear Patio Perfect For Entertaining. Peaceful Setting. One Year Home Warranty. Don’t Wait!!

6888 Wayne Trace Road Wayne Township Ohio 45064

Property Details – 6888 Wayne Trace Road Wayne Twp Ohio 45064

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Property Photos – 6888 Wayne Trace Road Wayne Twp Ohio 45064

Click Here For Current Pricing –  6888 Wayne Trace Road Wayne Twp Ohio Home For Sale

For more information about this home or to schedule a time to see it, please Contact The Lowry Team and we will get back to you as quickly as we can. You may also reach us by phone at 513-874-1830.

View Single Family Homes For Sale In Wayne Twp Ohio here

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FHA Approved Condos In West Chester Ohio

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FHA Approved Condos In West Chester Ohio

Condos For Sale In West Chester Ohio

What is an FHA approved condo?  Being FHA approved for a condo community means simply that the condos available for sale in the particular community can be financed using FHA insured mortgage loans.

How do I know if a particular condo community is approved for FHA mortgage 

What happens if a condo community is not FHA approved?  Mortgage financing can still be obtained for almost any condo regardless of whether or not it is FHA approved.  If a community is not approved it simply means that FHA financing cannot be used.  Conventional mortgage financing is still possible and obviously cash purchases are not affected.

Can a condo community be approved for FHA financing if it is not currently?  Condo communities and their homeowner association boards can always attempt to get FHA approved, although recent history shows that this is difficult to obtain.

Searching for condos for sale in West Chester Ohio?  You can start your search right here >>Condos for Sale In West Chester Ohio

Other recent articles you may be interested in:

This Month In Real Estate – January 2013

West Chester Ohio Home Values

West Chester & Mason Ohio Homebuyers To Face Higher FHA Mortgage Insurance Costs

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West Chester & Mason Ohio Homebuyers To Face Higher FHA Mortgage Insurance Costs

Mortgages & Interest Rates In West Chester & Mason OhioHomebuying is about to get quite a bit more expensive for many home buyers in West Chester & Mason Ohio, not just first time homebuyers.  No, interest rates are not on the rise (yet).  It’s the cost of mortgage insurance that is going up.  The Federal Housing Administration (FHA) which backs mortgages that allow for smaller down payments has announced that it is increasing the cost on two types of fees that homebuyers must pay.

The increase in the mortgage insurance costs is two fold for FHA backed mortgages.  (1)  the FHA has announced that it will increase it’s annual mortgage insurance premium by .10 of a percentage point for loans under $625,000, which will now cost 1.25% of the loan amount.  This increase takes effect on April 1st.  (2) the second fee being raised is the upfront mortgage premium.  It is being raised by .75 of a percentage point, making the premium 1.75% of the loan amount.  This fee is often rolled into the mortgage.

Moral of the story… you may want to get a home under contract to purchase and a mortgage loan application submitted before April 1st if you would like to avoid these higher costs of obtaining a mortgage.  All of this assumes of course that you are obtaining an FHA backed mortgage.  If you are using a conventional mortgage to buy a home this increase does not effect you.

What’s The Best Mortgage When Buying A Home?

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What’s The Best Mortgage When Buying A Home?

Mortgage Financing - Mortgage Preapprovals West Chester & Mason OH Real EstateAre you planning to buy a home in West Chester, Liberty Township, Beckett Ridge or Mason Ohio in the near future?  If so, then you will likely need to get a mortgage.  There are a number of options available in the home mortgage market today and some of these options may be better for you than others.  The following is a brief summary of many of the options for home loans in the West Chester, Liberty Twp,. Mason and Cincinnati Ohio areas:

30 Year Fixed Rate Mortgage:  This one is the “old stand by”.  The rate is currently very low (approx. 4.25%) right now, although it is higher than some of the other options.  The best part of this mortgage loan is that the interest rate doesn’t change for the life of the loan.

15 Year Fixed Rate Mortgage:  Same basic premise as the 30 year fixed rate mortgage loan except the payback is calculated on 15 years so the interest rate is lower (around 3.50% today).  This mortgage loan is great for building equity quickly, but does come with a higher monthly payment.

Adjustable Rate Mortages:  These mortgage loans are mostly based on a 30 year re-payment schedule, but the interest rate may be fixed for just the first 3 or 5 years of the loan and then adjust from there based on market conditions.  These mortgage loans will get you the lowest possible rates (2.45% – 2.65% today) and will work especially well if you only plan to be in your home for 3-5 years.

FHA Loans:  An FHA mortgage loan  is a loan that is made by a bank or mortgage lender that is insured by the Federal Housing Authority (FHA) .  This insurance of the loan provides for lower down payments, lower closing costs as well as less restrictive qualification criteria.  FHA home loans are very commonly used by first time homebuyers.   In the last couple of years many other homebuyers have also turned to the FHA home mortgage loan as a very good option.

Special note:  The FHA Loan Limits were recently increased back up to the previous levels prior to the FHA changes made on October 1st, 2011.  Congress raised the FHA loan limits in a bill passed on November 17, 2011.  The current FHA Loan Limit in Butler County Ohio is $337,500.

VA Loans:  A VA Loan is a loan  that is made by a bank or mortgage lender that is insured by the U.S. Department of Veterans Affairs (VA).  This insurance of the loan by the VA provides for loans with no down payments, provided the homebuyer is eligible for the VA Loan program.

Other articles that my interest you:

FHA Mortgage Loan Limits Changing – Does It Matter?

Planning To Buy A Home Next Year?

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    FHA Mortgage Loan Limits Changing – Does It Matter?

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    FHA Loan Limits Maybe Changing In West Chester, Liberty  Township & Mason Ohio

    FHA Mortage Financing - Get Preapproved HereFHA loan limits may be changing this fall in Butler & Warren Counties, including places like West Chester, Liberty Township & Mason Ohio.  The question is, does it really matter to the housing market?  On the face of it, it would seem to be a big deal.  Having the FHA mortgage loan limit changing from a current level of $337,500 to a smaller loan limit of $271,050 in Butler & Warren County is a big change, actually almost a 20% drop in the loan limit.  So that is big.

    But,  as I said before, does it really matter?  A look inside the housing numbers for areas in Butler County like West Chester, Liberty Township and Mason OH indicates it may not be that big of a deal.  So far in 2011, there have been 50 closed sales in the $280,000 – $350,000 price range (the range that would be eliminated by the loan limit reduction) in West Chester & Liberty Township.  Of those 50 closed sales, 8 of the buyers used FHA financing which is 16%  of the sales.  In Mason, there were also 50 closed sales in that range in 2011 and just 6 of those buyers used FHA financing which is of course 12% of the sales.  (Disclaimer: the sales data referenced here came from the Greater Cincinnati Multiple Listing Service).

    So, will the housing market be negatively impacted by the change that is set to occur.  The housing sale numbers in West Chester, Liberty Township & Mason would seem to indicate that they would not be.  The fact is some of the homebuyers that did use FHA financing in this price range, may have done so because they could use this lower down payment mortgage program (3.5% down payment) not because they needed to.  It is very likely that at least some of these homebuyers could have made a larger downpayment if they would have needed to.

    Why is this change in the FHA loan limits set to take place at the end of September?  To get the federal government out of the mortgage business is the answer.  They want the mortgage market to move back towards private investors buying mortgages and reduce the overly large percentage that are now being bought by the federal government.  The long term impact of this policy change may very well be higher interest rates, but then, those are inevitable anyway!

    This isn’t to say that other areas of Ohio and our country may be more directly impacted by this change, but the impact in West Chester, Liberty Township and Mason, Ohio should be very small.

    You comments and questions are always welcome!

    Is it time for you to buy a home?  Start your search for a new home in West Chester, Liberty Township or Mason Ohio Here!

    West Chester & Liberty Township OH Real Estate: Big Changes Coming to FHA Loans

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    Today marks the return of guest blogger Dave Scully with Evolve Bank & Trust. Dave has over 20 years as a mortgage professional in the West Chester, Liberty Township, Mason and Greater Cincinnati marketplace.

    Big Changes Coming to FHA Loans Effective April 4th! by Dave Scully, Guest Blogger on RealEstate-Ink.com

    All FHA 30 year loans that are assigned case numbers on or after April 11, 2011 will have an increase in the Monthly Mortgage Insurance Premium (MIP) from .90bps to 1.15bps for loans with less than 5% down.  For FHA 30 Year loans with greater than 5% down the Monthly Mortgage Insurance Premium will increase from .95 to 1.10BPS.  (BPS=Basis Points) What is a basis point?

    On a loan sales price of $163,000 this will increase the Monthly Mortgage Insurance Premium by $33.  The net effect will be as if the rate is .375%-to a .50% higher in payment.

    As if this wasn’t enough, effective on all FHA loans assigned case numbers after April 18th, 2001 the Up Front Mortgage Insurance Premium (MIP) on ALL FHA loans will increase from 1% to 1.25%.  This amount is always financed.

    The best way to avoid the higher Mortgage Insurance Premium rates is to get out there and buy your home now!  Rates are still at near historical all time lows!  There are many great deals on homes out there! 

    SEARCH WEST CHESTER & LIBERTY TOWNSHIP OHIO HOMES FOR SALE HERE!

    Go out and take advantage of all 3:  (1) LOW RATES, (2) LOW HOUSING PRICES, (3) LOWER MORTGAGE INSURANCE PREMIUMS!