The Columbus Board of Realtors (CBR) has been promoting the "Grass Is Greener Here" for over two years. The purpose of this campaign is to get information out to the public about our local market, Columbus Ohio. They publish information about buying a home, maintaining a home, home loan programs, market conditions, and selling a home. The link below focus on "buying a home" when you are considering buying a home there is so much involved. So, hopefully these 10 tips will help you. Also in this link are questions to ask yourself when you are going through the home buying process.
http://www.columbushousingfacts.com/help-for-homebuyers/more-tips-for-buyers
Susan Buhr
Owner and Broker
PDS Real Estate
Visit our web site to conduct your home search without filling out a form
www.pds-realestate.com
The Federal government is giving a income tax credit of $8,000 to the first time home buyer for 2009. Now, the Ohio State government is giving to the first 1,000 qualified home buyers a income tax credit of 20% non target areas, 25% for target areas and 30% for foreclosed homes. This Ohio tax credit is generally based on total annual interest paid on a mortgage, so let's say you pay $5,000 for the total year interest on your home mortgage, using the 20% non target you would get a Federal income tax credit of $1,000. The definition of a first time home buyer for both Federal and State governments tax credit programs is- if you have not owned a home in the past three years or never owned you are consider a first time buyer. Link into the Ohio tax credit site for details. http://www.ohiohome.org/homebuyer/first_time.aspx
Susan Buhr
PDS Real Estate
Visit our web site www.pds-realestate.com to conduct your home search
Update, this first time home buyer program was approved the first of February, however, it took the banks/lenders some time to publish the interest rate for this mortgage product which is about 6.375 % for a 30 year loan fixed. This interest rate is just under a percent higher than FHA 30 year loan which is about 5.50%. Note, all interest rates quoted are subject to change without notice.
The Ohio Financial Agency (OHFA) program just had approved the funding of down payment assistance for first time home buyer's (or if you have not owned a home in the past three years). This down payment assistance dollar amount is based on 2.5 percent of purchase price and is consider a grant to the home buyer, which means you don't have to pay it back. This down payment can be used with a FHA loan which currently requires 3.5 percent down payment from the home buyer. So by using this OHFA 2.5 percent down payment assistance money the home buyer only needs to put 1 percent down of their money, with $7,500 income tax credit and home prices stabilizing in the Columbus market, it's a great time to buy a home.
Just to state a few of the loan requirements, the home buyer must have a minimum credit score of 600, must complete Homebuyer Counseling prior to issue of a bank/mortgage commitment letter approval and must meet all the other loan requirements. Please read this link which will provide you with additional information about this program and other programs supported and funded by OHFA. http://www.ohiohome.org/newsreleases/rlsdownpaymentassistance.aspx
PDS is a home buyer's agent specialist which means we represent your interest, as a home buyer, not the seller's interest. Please feel free to contact us if you have any questions about the housing market, loan process, home buying process or you just want to start looking at homes.
Susan Buhr, Broker,PDS Real Estate,www.pds-realestate.com conduct your home search with no registration required!
Update, read the Ohio Association of Realtor blog http://oarbuzz.blogspot.com/ about the President rolling out a stimulus program to buy up distressed or imminent default home mortgages by renegotiating current mortgage to current market value and provided the home owner with lower interest rate.
Susan Buhr
PDS Real Estate
Visit our web site, to conduct your home search, (no forms required to fill out) www.pds-realestate.com
The first time home buyer, if they buy a home during January 1, 2009 to September 1, 2009, can use the $7,500 credit. Also, OHFA State loan programs grant and bond money can be used along with this credit. Please open up this blog link from Ohio Association of Realtors it address the this first time home credit along with FHA ,Fannie and Freddie Mac guidelines, Foreclosure Mitigation and Neighborhood Stabilization and much more.http://oarbuzz.blogspot.com/
Susan Buhr
PDS Real Estate
Visit our web site www.pds-realestate.com to conduct your home search
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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