Vanessa V. Simmons~Realtor

Ohio is one of the states where HUD is still offering consumers their $100 dollar down program but many folks are confused as to exactly how it works.

First it is important to know that the program is for owner/occupants only.

Next it is important to note that the program only applies to FHA Loans.

The components are as follows:

•1. $100.00 dollars down applies to the down payment only. ***Key point to keep in mind...-even with this program the $1000.00 earnest money deposit is still due within 48 hours of winning a HUD bid. The $100 down payment replaces FHA's required 3.5% down payment.

•2. As of Cot. 1st 2008 until further notice the buyer will receive a $2500.00 Sales Incentive which can be used for:

•a. Closing Costs

•b. Tax-Probations

•c. Repairs to the home

•d. Replace items in the home

•e. Additional Down payment

•3. $500.00 Real Estate Broker Bonus. This is in addition to the commission the selling agent receives for the transaction.

For more information about purchasing HUD homes see: How To Purchase A HUD Home... AND Hey Good Neighbor...

Looking to buy a HUD home or need other assistance with Central Ohio Real Estate call me at 614-273-6406 or email Vanessa.simmons@realliving.com

I have had quite a few calls asking how to buy a HUD home, so in an effort to address those questions I have do decided to do a series on HUD homes. ...

The best place to start the series is at the beginning with: How To Purchase A HUD Home.

Step 1. Work with your lender to find out how much house you can afford.

Step 2. Find an agent approved to place bids on HUD properties.

Step 3. Shop for your Home: Ohio, FL, NJ and NY CLICK HERE....All Others States Click HERE

Step 4. Work with your agent to submit your offer

Step 5. Get An Inspection

Step 6. Shop For Home Owner Insurance

Step 7. Close on Your New Home

With so many homes going into foreclosure HUD offers tremendous variety for first time buyers and move up buyers alike.

Please check back for the next installment offering a detailed explanation of how HUD's $100 dollar down program works.

I am experienced in successfully selling HUD properties so if you need assistance to purchase or have additional questions about HUD or other real estate concerns, please give me a call at 614-273-6406 or email me at Vanessa.simmons@realliving.com

So you have an old house but you still want to think and live green. Here are a few tips that can help you retrofit and teach your old Central Ohio home a new "Green " trick.

•1. Replace old windows with energy efficient windows. If replacing windows is not in the budget prevent drafts with caulk or seal the window off with plastic.

•2. By using recycled flooring products we can reduce our dependency on fossil fuel and. Using natural fiber rugs and flooring is also effective in reducing oil requirements.

•3. When you think paint ...think "Green". Not only does it helps shrink our carbon footprint it is a wonderful way to improve indoor air quality in your Central Ohio home.

•4. Replace old fashioned light bulbs with LED lights which are more reliant and energy efficient. Studies show that by replacing your 5 most used light you will save $100 per year.

•5. When looking to replace appliances look for energy star products. These products save 10-30% on the operating costs.

•6. Add a programmable thermostat. This can save you about 10% on your heating and cooling bill every year.

•7. Plug leaks around doors and plumbing and electrical outlets. These are areas that often go forgotten in our quest to make homes more energy efficient.

•8. Installing a water heater jacket around your water heater and wrapping your pipes is another cost effective way to green up your home and save money.

•9. By spending $100 dollars every two years to have a professional check out your HVAC you can save you 10-15% on your heating and cooling bill each year.

•10. $285 dollars per year can be saved by installing low-flow faucet and shower systems. These systems do not affect water pressure.

Even if you do just one or two of these suggestions they will help your save money and help the environment too.

For More Green Ideas See: Thinking Spring....Think Green for your Landscape

If you are looking for more cost effective tips to help your home sell call me at 614-273-6406 or email me at Vanessa.simmons@realliving.com

The information below was obtained by a loan officer with Countrywide Bank FSB. It is a list of the major changes that they are making on Conventional Loans both conforming and non-conforming in the Central Ohio Area. The source was unable to say whether or not Countrywide will be implementing these new guidelines throughout all their service areas but since our market has been tagged as "restricted" and or "soft" these changes will go into effect for all loans locked after March 19^th, 2009

1) Minimum credit scores now with loans over 80% loan to value will be 700 and no longer 620

2) 2nd homes will now require 20% down on conforming loans

3) Debt Ratio's - MAXIMUM is 41% for loans over 80%, regardless of Automated Underwriting system and MI companies will NOT insure them so they have to be at 41% even or below

4) Reserves - minimum 2 months of reserves are now required and can be more based on the Automated Underwriting System

5) Cash out refinances - MAXIMUM is 80% cash out and loans that were done originally as 80-15-5 or 80-10-10 where the borrower wants to refinance both loans into 1, that is considered 'CASH OUT' and maximum is 80% loan to value

6) CONDO'S - MINIMUM 15% DOWN WITH SCORES OVER 700 & CONDO HAS TO BE FNMA ELIGIBLE

7) Interest Only Loans- Maximum financing is 80%

For awhile treated like the ugly duckling this is going to make FHA EVEN MORE ATTRACTIVE AND ELIGIBLE FOR BORROWERS OVER 80% LTV WITH SCORES UNDER 700..

It will be interesting to keep watch to see if others follow suit with Countrywide..

For more information on Central Ohio Market Conditions see: Should I Stay or Should I GO?

If you are looking to purchase or sell a home in the Central Ohio Area please give me a call at 614-273-6406 or email me at Vanessa.simmons@realliving.com

One of the biggest questions potential sellers seem to be asking lately is, "Should I Stay or Should I go?"

With the Central Ohio Real Estate Market, like most other markets, still recovering from foreclosures, short sales and bank owned properties, which continue to drag down property values, many sellers are wondering if now is the right time to sell their home to purchase a new one.

There are a few things to keep in mind. Here in Central Ohio, year end 2008 saw a 13.5% drop in inventory levels over year end 2007. Time on market showed a decrease from 108 days to 100 days.

The absorption inventory rate is another indicator of market conditions. At the end of 2008 we had 7.67 months of inventory where as at the end of 2007 we were at 8 months. Market watchers consider Central Ohio to be in balance when the inventory absorption rate is at a 6 months' supply, over 6 months is a buyer's market and under is a seller's market. As it stands, we are still in a buyer's market but it is showing improvement.

Central Ohio is teetering at an interesting point with great inventory levels, low interest rates and incredibly low home prices. Houses here offer enough variety to satisfy first time buyers and seasoned move up purchasers. We are still seeing that even if sellers lose a bit on the sell side they are more than making it up on the buy side.

So when I am asked the question....Should I stay or should I go?

I say..... Definitely GO!!!

To view the complete 2008 Columbus Ohio Residential Metro Area Analysis CLICK HERE

Thinking of buying or selling your Central Ohio Home please give me a call at 614-273-6406 or email me at Vanessa.simmons@realliving.com