It's a great time to buy a home, why, rates are back down and there are alot of homes to choice from
Conventional - 30 yr fixed: 5.50% (down .125%)
Conventional - 15 yr fixed: 5.00% (down .25%)
FHA 30 yr fixed: 5.50% (+ 0% origination) (down from 0.5% origination)
VA 30 yr fixed: 5.75% (+ 0% origination) (down .125%)
OHFA 30 yr fixed: 5.50% (+ 1% origination) (3% 2nd mortgage option now available for down payment assistance). The second mortgage rate has gone down, worth considering
Call or email me for a lender that will provide you first class service and competitive rates or send an email of your home requirements I'll be happy to set-up your custom home search.
Susan Buhr
Visit PDS web site to conduct your home search with out filling out a form.
How and why? Columbus or Central Ohio housing market reflects there are 16% fewer homes on the market comparing to April 2008, home prices have moved up by 4 % and homes are not staying on the market as long. What does this mean? Our local market is becoming a more balanced market which in turn will help stabilize our local market. This is the positive news. The negative news is lower priced and foreclosed homes are still causing a downward pressure on home prices. We hope to see fewer foreclosed homes coming on the market in the future which should push us closer to a more stable and balanced housing market. Please read this link http://www.columbusrealtors.com/16618.cfm from the Columbus Board of Realtors for the detailed report.
Susan Buhr
Visit PDS web site to conduct your home search with out filling out a form
Over the past several months our Federal and State governments have been very busy working on incentives for home buyers. You may be aware of the $8,000 first time home buyer tax credit. Will our Federal government or FHA just approved one significant incentive for first time home buyers, on May 12, 2009 FHA approved that the $8,000 first time home buyer tax credit can be used as down payment, WOW. My first thought is, what's the catch? The catch is, the buyer can get a bridge loan for the tax credit, to get that bridge loan the buyer must use a lender that is on the approved list. My second question is what's a bridge loan? It's a temporary loan given to the borrower with a short time frame to pay back and most likely with a higher interest rate than their 30 year mortgage interest rate... Please read this link, it will provide you with a lot of information about; what both Federal and State governments have been approving, first time home buyer credit, FHA loans, OHFA, Ohio Mortgage Credit Certificate program, Avoiding Foreclosure and many other related links http://www.columbusrealtors.com/16569.cfm.
The is Grass is Greener- Its a great time to buy a home in the Central Ohio market area, our home prices have stabilized, there are a lot of homes to choice from, and interest rate remain historically low.
Please call or email me with questions you may have or if you want me to provide you with a contact at the approved Franklin county lender list for FHA tax credit bridge loan.
Why you should hire a Realtor that knows how to save you money on your home purchase.
Recently, I saved a client over $31,000 on their home purchase.
Here's the story - The parents where buying a home for their son as investment property which meant that the parents would have had to put 20% down under a conventional investment loan. With such a large out lay of cash, it was causing a problem in finding suitable homes within their price range for their son. However, during a phone conversation with one of the parents, they told me they plan to give (deed over) the home over to their son in two years. Once I heard that, I advised them to contact one of my lenders to determine if their son could be primary loan holder and the parent's secondary holds on a FHA loan product. They did, and the lender said yes the son could be primary and parents secondary under an FHA loan product.
Okay what's so great about switching from conventional investment loan with 20.0% down to a FHA loan product with only 3.5% down payment. I think it may be obvious why it was such a win win. The son owns the home now and gets the tax write off, on a $94,800 home the parents only had to put down $3,500 (3.5 %) under the FHA loan, but under the conventional investment loan they would have had to put down $18,800 (20.0%) and the son qualifies for the $8,000 first time home buyer tax credit,. There's more, the seller picked up $2,700 of buyers closing cost and the seller reduced the original price by $5,200 for repairs. I saved this client over $31,000 in their home purchase. This is why you should hire an experienced and knowledgeable Realtor like my self when you are buying a home.
Susan Buhr, Broker
Check out our web site- www.pds-realestate.com
The first time home buyer tax credit of $8,000 is good until 12/1/09. Also you can qualify for the tax credit if you haven't owned a home in the past three years. Interest rates moved up by 1/4 % or 4.78% conventional, FHA and VA stayed the same at 5.0%. By all indications our local market (Columbus Metro) has stabilized, eg, fewer unemployment claims, consumers are spending (cash) and savings has hit a 14 year high of 5%, we were in negative savings several years ago. Visit my web site to conduct your home search with out filling out a form. www.pds-realestate.com
As the Broker for PDS, Susan provides a high professional service level for both Sellers and Buyers. Active member of the Columbus Board of Realtors and Independent Broker Association.
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