About Darke County, OH

I just listened to a presentation on the new USDA Rural Development Guaranteed Rural Housing Loan at a meeting yesterday and it looks like the ideal type of loan for first-time homebuyers in the Darke County, Ohio area.

Some of the details are:

- No down payment required
- 30 year fixed rate
- 102% LTV (loan to value) means you might be able to get some of your closing costs paid too
- No mortgage insurance
- No cash contribution required from the borrower
- Unrestricted gifts from others and no need to document the source of the gift
- No maximum loan amount
- No reserve requirement

A designated "rural area" include open country and places with a population of 10,000 or less and under certain conditions, towns and cities between 10,000 and 25,000 residents. Every town and rural area in Darke County falls within these requirements. If you need further questions answered, leave me a comment or give me a call and I can give you the names of some of the banks and mortgage companies that offer this loan program.

This loan program will also be explained at the First-time Homebuyer Class offered Mar. 25th & Mar. 30th (See previous post for more information about this class). Hope to see you there.

Todd Finch
trfinch@gmail.com
937-423-3316

Does the thought of buying you're first home leave you feeling overwhelmed or confused? Well, help is on the way. On Wednesday March 25 & Monday March 30 from 6:30 - 8:00 at the Chestnut Village Center in Greenville, Ohio, Leis Realty and National City Mortgage will be offering a free class for anyone wanting more information on the home buying process.

The timing for buying that first home could not be better with a large number of homes on the market, low interest rates, lower home prices, and of course the $8000 tax credit offered to first-time homebuyers. Home ownership offers many advantages over renting. It is a strong investment (yes, even now), and it comes with many tax advantages. You also have control over your environment, pride of ownership, and independence. Since historically, homes appreciate in value over time, every time you make a payment you get a step closer to paying off your home and you build equity, unlike rent.

The process of financing and purchasing your first home can be overwhelming, frightening, and confusing. We will attempt to provide you with some valuable information to help you on your way to probably, your biggest investment. Topics covered will include:

- Prequalifying and preapproval for a home loan

- Credit rating

- Using a realtor

- Making an offer

- Disclosures

- Equal opportunity

- The new stimulus tax credit

- The steps to closing on your first home

The class is free, but you need to pre-register because seating is limited. To reserve your place call Todd Finch at Leis Realty at 937-548-5750 ext. 245 or Diane Hill at National City Mortgage 937-548-1300. If you prefer to email, contact Todd at trfinch@gmail.com or Diane at diane.hill@ncmc.com . When registering please leave your name, address and phone number along with which class you're signing up for. If you have questions, leave those as well and we will return your call.

Have you been waiting to buy that first home? Are you ready to move up because your family is growing but don't think you can sell your current home?

Why?

Some reasons I've been hearing are:

"Interest rates aren't changing enough for us to afford a house."
"I don't have much of a down payment."
"The timing isn't right."
"Not a good time to try and sell our house to be able to move up"

Well.....

Interest rates are falling, yesterday (Jan. 13, 2008) there were rates in the Dayton area for as low as 4.50% for a 30 year fixed and even lower for 15 year loans. www.interest.com

FHA loans often require less of a down payment, as low as 3% of the loan amount. The federal government is offering first time home buyers up to a $7500 tax credit to be paid back over a period of 15 years, interest free! Sellers are sometimes willing to pay closing costs and or help with the down payment.

The time to buy a new house, first or move up, couldn't be better. There are still plenty of homes on the market and interest rates are approaching historic lows.

Yes, you might take a loss on the sale of your home but the savings you'll get on another could offset that loss. Remember, there are going to be more people looking.

Check with your local lender for more details on different types of loans and current rates. I can provide some resources and as always I'd love to assist you in finding that home of your dreams.

Give me a call (937-423-3316) or email (trfinch@gmail.com) or leave me a question or a comment. I'd love to hear what you have to say or answer your questions.