Amanda Howard NorthernKentuckyHomes.com 859-363-9900

NKY Specifics: Special Incentives for Living in Certain Areas?

Yesterday, I asked some of my Facebook friends if they had any real estate questions that I could answer on my blog, and this is one of the questions asked. My answer: yes, yes, a thousand times YES!

First of all, there are FHA loans for first-time homebuyers, which most people know. Technically, if you are buying your primary residence home and you haven't bought in three years (among other requirements), you are eligible. But that's just the tip of the iceberg.

If you are interested in living in Covington or Latonia, there are several programs available, including homes that are being completely rehabbed by the city and offered at affordable price or any home with up to $10,000 down payment and closing cost assistance ($6000 for Latonia) which is forgiven after 15 years of living at the property. If the property has exterior code violations, they'll also give you between $1000 and $2500 to fix the façade, also forgiveable after 15 years. There are some amazing properties that are priced extremely affordably. Did I mention that if you don't a low enough income ratio, they'll also take the purchase price down on their rehabbed properties? Amazing, and worth a look if you ask me!

The second major incentive for living in certain areas is the USDA Rural Housing Loan. This comes in two types - guaranteed (from a choice of lenders) and direct (for very low to low incomes, straight from the government), and is subject to income restrictions as well as location restrictions. They can be used with any home in the correct area that means condition standards up to $165,000 (which is a fairly large budget in today's market) and can be used towards new construction, if that interests you. They cannot, however, be used on existing manufactured homes. USDA Rural Housing Loans offer 0% down and the ability to ask for closing costs from other sources, so there is a potential for no money out of pocket. And check out the coverage map:

All of the orange areas are excluded, but that still leave most of Hebron, Burlington, Richwood/Union, Independence, Taylor Mill, Walton, Wilder, Highland Heights, and Alexandria, which is still a HUGE portion of NKY!

There are a few other programs out there that can help, but these are the biggest and most all-encompassing programs available. Of course, a quick call to your Realtor will let you know what programs you could possibly qualify for.

Now for the new FTC-required disclosure:

This communication is provided to you for informational purposes only and should not be relied upon by you. Century 21 Garner Properties is not a mortgage lender and so you should contact the entity providing mortgage product(s) identified directly to learn more about its mortgage products and your eligibility for such products.

If you are moving to Northern Kentucky from outside this area, it appears that we are a geographically large area with many different cities. It's confusing, especially if you are relocating for work purposes, and it's difficult to choose a place to live without knowing the layout. One of my most recent clients told me that he had to explain over and over to friends and family in Las Vegas that NKY is boroughed like a bigger city, with each city taking the shape of a neighborhood more than anything else.

Northern Kentucky wasn't heavily "colonized" until the 1950's and 60's, when Cincinnati began to outgrow its boundaries and people started to realize that just beyond the bridge in Kentucky, they could build communities and have a much, much shorter commute to downtown. In the mid 90's, many farms were sold and the Florence area exploded - along with several other NKY cities, so that they all ran together like a large extension of Cincinnati. If you lived in Boston or New York or Chicago or Los Angeles, this would make perfect sense as a neighborhood map, even if everyone still had a Cincinnati, Ohio address. In fact, when you travel from city to city, oftentimes you won't find a city limits sign and have no way of knowing, unless you are from the area.

When choosing a place to call home, keep in mind several factors instead of city limits:

• How close am I to the amenities that I want nearby?
• How long will it take me to commute to work?
• What are the property taxes in each city?
• How much land do I want (and how much am I willing to pay for land)?

If you work in downtown Cincinnati, your commute will most likely be much quicker from NKY than from the rest of the greater Cincinnati area. For example, from our office in Independence, I can be downtown in a matter of 10-20 minutes, depending on traffic, and in the morning rush hour no more than 30 minutes. From the other newly "colonised" areas such as Mason, Sharonville, Hamilton, Fairfield, and Loveland, I can expect at least a 45 minute commute daily, with an increase in time with accidents and rush hour traffic.

When it comes to choosing between Northern Kentucky and Greater Cincinnati, it's an easy answer. We've got it all, from urban to suburban to rural, from townhomes to subdivisions to farms, and usually, it's cheaper, too. Come see why Northern Kentucky is your best bet for buying in Cincinnati.

Looking for a local treasure to discover this weekend but don't know where to start? Check out the NKY Friday Find!

This week's find is It's Just Crèpes in Crescent Springs.

(Logo courtesy of It's Just Crepes)

Maybe you haven't ever had a crèpe and have no idea what it is. Maybe your teacher told you once that it's a pancake. Or maybe, like me, your a Francophone and have been dying for a great crèpe since returning stateside. However you spin it (haha, spin, get it??? That's a knee-slapper if you know what I mean!), IJC is a great restaurant that is well-priced and offer huge, fresh portions. It began as a downtown lunch hotspot and quickly grew to two more locations, including one in good old NKY. You can find IJC on Buttermilk Crossing in the first section of the stores on the left.

(Pic taken by me at original Downtown Cincy location)

The always-friendly staff lets you pick your fillings (choose from a robust and varied set of standards or whatever combination your heart desires) and spins out the batter, flipping and filling your crèpes just like a European street vendor would. Think putting savory items in a "pancake" is gross? Crèpe batter isn't naturally sweet like some pancake batters; try to see it as more like a softer tortilla shell for a wrap.

You can find a menu and directions at IJC's website, here. My favorite is the Club, with smoked Gouda cheese, sliced turkey, diced bacon, tomatoes, and ranch dressing. YUM!

Try something a little different - I'm sure it will quickly become your new favorite place!

It's a phrase that most people dreaded speaking just a few years ago.

"Can you help me buy a foreclosure?"

No one wanted the few foreclosures on the market, and everyone was sure that they were more trouble than they were worth. But is that really true?

Yes and no. In the Northern Kentucky market, there are several foreclosures available and working with them, especially when working with an agent who represents you as the buyer and protects your interests, isn't that difficult - but there are several key questions to ask.

#1 - Can I afford to make a down payment? If so, how much? If you can afford the full 20% required for a conventional loan, then property condition is really about what you are willing to do to make the property your own. If not, property condition is extremely important and is considered in FHA, VA, and Rural Housing financing. Now, we aren't talking about ugly wall paper or needing to paint some walls. We're talking about safety and value issues such as leaking basements, missing handrails, water damage, non-functioning heating systems, etc. There are foreclosures out there in good structural condition but you need to be patient and willing to see a broader range of styles of homes.

#2 - Can I look past the ugly? Foreclosures most often haven't been maintained or updated in quite awhile, so you most likely aren't going to find a move-in ready home that doesn't need things like paint, carpet, or minor cosmetic repairs (think damaged trim or small holes in walls). If you are willing to look past these things and instead examine the structure of the home and the space of each room, there's a good chance you'll get an incredible deal.

#3 - Am I willing to trust my Realtor in all parts of the transaction? Having someone you know works for you and your best interests is important, but it's even more important to know that you can trust your Realtor to do what is right, regardless of commission. Not all foreclosures are deals. Sometimes the banks price distressed homes the same as their active, immaculate competitors. It's important that you be able to rely on your Realtor to provide comparative properties in the area to help determine appropriate market value.

#4 - Am I willing to stick it out through several negotiations? Unless you are offering full listing prices, banks hardly ever take an offer without countering at least once. Having a good Realtor can help with negotiations, but don't be surprised if you have to issue two, three, even four counter offers to get the price you want. My most recent transaction went through several counters, but ultimately, the bank came down to our price. There is also the chance that the bank prices the property extremely well and you will be in multiple offers, even paying higher than the list price. You need to know that your Realtor can support that price with comparable sales and negotiate in a multiple-offer situation.

So my answer to the question: Yes, I can absolutely help you buy a foreclosure. All you have to do is ask!