Tuesday, June 16, 2009
Saturday, June 13, 2009
New Ways to use the $8,000 tax credit for your down payment in Ohio!!
OHFA is now changing the program to allow assistance help. How the program works is there will be 2 mortgages set up. 1 with the loan amount and the 2nd loan will be 3% of the loan amount not be due until August 2010! By August of 2010 you will have your $8,000 tax credit to pay this loan off. Now all the first time homebuyers will need is .5% of the purchase price (example: loan amount $100,000, .5% would be $500 down) $500 is typically what your earnest money deposit is! Now is the time to buy! Don’t miss your chance to own a home with this opportunity.
Here is how the program works:
Let OHFA help you with down payment and closing costs through the Homebuyer Tax Credit Advantage Program featuring no interest and no loan payments until August 2010. Eligible borrowers participating in the First-Time Homebuyer Program or Ohio Heroes Program can use the loan to greatly reduce the out-of-pocket expenses associated with buying a home.
If you qualify for one of OHFA’s home loan programs, you can choose to take advantage of the Homebuyer Tax Credit Advantage Program.
•OHFA will issue a loan, as a second mortgage, up to 3% of the purchase price of the home.
•You can use the loan to pay for the down payment, closing costs, or other prepaid expenses incurred prior to closing. Keep in mind that while the loan will greatly reduce your expenses, you may still be required to pay for some costs if they are not covered by the loan.
•If you take advantage of the loan, your second mortgage interest rate will be fixed at 1% higher than OHFA’s current mortgage rates and you will begin paying August 1, 2010.
•You may be eligible for a new federal First-Time Homebuyer Tax Credit of up to $8,000. You may claim the credit either on your 2008 federal tax return, due April 15, 2009, or on your 2009 tax return filed in 2010. More information about the First-Time Homebuyer Tax Credit is available from the IRS web site.
•Incentives are available if you choose to prepay the Homebuyer Tax Credit Advantage loan by June 30, 2010. Otherwise, your mortgage payment will increase slightly due to the added second mortgage loan payment.
Do I Qualify?
To qualify for the Homebuyer Tax Credit Advantage Program, you must meet all requirements for your OHFA homeownership loan program and close on the home by November 30, 2009. You may also want to claim the federal tax credit of up to $8,000 on either your 2008 federal tax return, due April 15, 2009, or on your 2009 tax return filed in 2010. Check requirements for the First-Time Homebuyer Program and Ohio Heroes Program.
In addition, you must either:
•Complete a free homebuyer education course offered by any HUD-approved housing counseling agency, or
•Use the streamlined OHFA homebuyer education program
Call Molly Hay for additional information: 614.581.2086
Here is how the program works:
Let OHFA help you with down payment and closing costs through the Homebuyer Tax Credit Advantage Program featuring no interest and no loan payments until August 2010. Eligible borrowers participating in the First-Time Homebuyer Program or Ohio Heroes Program can use the loan to greatly reduce the out-of-pocket expenses associated with buying a home.
If you qualify for one of OHFA’s home loan programs, you can choose to take advantage of the Homebuyer Tax Credit Advantage Program.
•OHFA will issue a loan, as a second mortgage, up to 3% of the purchase price of the home.
•You can use the loan to pay for the down payment, closing costs, or other prepaid expenses incurred prior to closing. Keep in mind that while the loan will greatly reduce your expenses, you may still be required to pay for some costs if they are not covered by the loan.
•If you take advantage of the loan, your second mortgage interest rate will be fixed at 1% higher than OHFA’s current mortgage rates and you will begin paying August 1, 2010.
•You may be eligible for a new federal First-Time Homebuyer Tax Credit of up to $8,000. You may claim the credit either on your 2008 federal tax return, due April 15, 2009, or on your 2009 tax return filed in 2010. More information about the First-Time Homebuyer Tax Credit is available from the IRS web site.
•Incentives are available if you choose to prepay the Homebuyer Tax Credit Advantage loan by June 30, 2010. Otherwise, your mortgage payment will increase slightly due to the added second mortgage loan payment.
Do I Qualify?
To qualify for the Homebuyer Tax Credit Advantage Program, you must meet all requirements for your OHFA homeownership loan program and close on the home by November 30, 2009. You may also want to claim the federal tax credit of up to $8,000 on either your 2008 federal tax return, due April 15, 2009, or on your 2009 tax return filed in 2010. Check requirements for the First-Time Homebuyer Program and Ohio Heroes Program.
In addition, you must either:
•Complete a free homebuyer education course offered by any HUD-approved housing counseling agency, or
•Use the streamlined OHFA homebuyer education program
Call Molly Hay for additional information: 614.581.2086
Understand the steps to buying a HUD home with $100 down
Things You’ll Need:
•Pre-approval
•Hud Authorized Realtor - Call Molly Hay for details. 614.581.2086
•Earnest money
1.Step 1
Find a loan officer, bank or credit union, to have them go over your credit and get a pre-approval.
2.Step 2
Have your loan officer fax a copy of your pre-approval to your Realtor. For this program you must be approved for a Fha loan. Make sure you give your Realtor your loan officer’s name and phone number.
3.Step 3
Find a Hud authorized Realtor - Call Molly Hay for details. If you have not done the previous steps, your hud authorized Realtor can help you find a loan officer.
4.Step 4
Now that your Realtor have your pre-approval, you will know exactly how much of a home you can afford. Never go out to see homes with out this pre-approval, it is nothing like falling in love with a home and to find out later that it is not in your price range.
5.Step 5
Ask your realtor to email you HUDS in the area you are interested in.
6.Step 6
When you find the home of your choice you will need to put down $500 -$1000 - $1500 for earnest money. Earnest money shows that you are serious about the purchase of this home now I know that you are asking your self where does the $100 comes in at. Read the next step. Earnest money will vary depending on the purchase price of the home.
7.Step 7
Fha loans are approved at 97%, meaning you have to pay 3% of what ever your loan will be, for example if your loan is $160,000 your down payment will be $4,800.
8.Step 8
With the Fha loan you will no longer have to pay 3% of your loan. You only pay $100! Now that is a great program and it ends September of 2008.
9.Step 9
The $1000 that you put down as earnest money will go towards your closing cost! Hud will also pay 3% of your loan amount towards your closing cost, I told you it was a great program.
•Pre-approval
•Hud Authorized Realtor - Call Molly Hay for details. 614.581.2086
•Earnest money
1.Step 1
Find a loan officer, bank or credit union, to have them go over your credit and get a pre-approval.
2.Step 2
Have your loan officer fax a copy of your pre-approval to your Realtor. For this program you must be approved for a Fha loan. Make sure you give your Realtor your loan officer’s name and phone number.
3.Step 3
Find a Hud authorized Realtor - Call Molly Hay for details. If you have not done the previous steps, your hud authorized Realtor can help you find a loan officer.
4.Step 4
Now that your Realtor have your pre-approval, you will know exactly how much of a home you can afford. Never go out to see homes with out this pre-approval, it is nothing like falling in love with a home and to find out later that it is not in your price range.
5.Step 5
Ask your realtor to email you HUDS in the area you are interested in.
6.Step 6
When you find the home of your choice you will need to put down $500 -$1000 - $1500 for earnest money. Earnest money shows that you are serious about the purchase of this home now I know that you are asking your self where does the $100 comes in at. Read the next step. Earnest money will vary depending on the purchase price of the home.
7.Step 7
Fha loans are approved at 97%, meaning you have to pay 3% of what ever your loan will be, for example if your loan is $160,000 your down payment will be $4,800.
8.Step 8
With the Fha loan you will no longer have to pay 3% of your loan. You only pay $100! Now that is a great program and it ends September of 2008.
9.Step 9
The $1000 that you put down as earnest money will go towards your closing cost! Hud will also pay 3% of your loan amount towards your closing cost, I told you it was a great program.
HUD $100 Down Payment Program
Posted by Molly Hay under For Buyers, For Sellers, General Information, Fave Neighborhood, Ask a REALTOR
$100 Down Payment on HUD Homes!
HUD has announced several new sales incentives on HUD homes that will make
these homes more affordable for homebuyers.
HUD has a special program for a limited time only which allows an owner-occupant buyer to pay only $100 down, instead of the usual required 3.5% down, and HUD will pay up to $2500 towards closing costs!!!!
In fact even some of my clients are getting any where from $500-$1500 back at closing!!!
If you ever thought about buying your own home…NOW is the time…
ONLY $100 down payment on a beautiful HUD home
* Large inventory of HUD homes available.
* Loan interest rates are low which means you can buy more home today
* Bargain prices on HUD Homes ready to move into now, Most properties are $30,000 - $100,000 below appraised market value!!!
Here are the requirements:
•It must be an owner occupied home. This is not a program for investors.
•The home must be purchased with FHA financing.
•This loan incentive is also available to owner occupant purchasers who obtain a FHA Home Repair loan. (203K Loan)
•Homes must be purchased through a HUD registered real estate agent.
•You do not need to be a first time Home Buyer
Now is a good time to consider the purchase of a HUD home in the Columbus OH area.
Please feel free to email me your contact information and the areas you are considering and I will email you HUD properties in the Columbus Ohio area.
Visit my HUD website at http://mollyhay.postlets.com
$100 Down Payment on HUD Homes!
HUD has announced several new sales incentives on HUD homes that will make
these homes more affordable for homebuyers.
HUD has a special program for a limited time only which allows an owner-occupant buyer to pay only $100 down, instead of the usual required 3.5% down, and HUD will pay up to $2500 towards closing costs!!!!
In fact even some of my clients are getting any where from $500-$1500 back at closing!!!
If you ever thought about buying your own home…NOW is the time…
ONLY $100 down payment on a beautiful HUD home
* Large inventory of HUD homes available.
* Loan interest rates are low which means you can buy more home today
* Bargain prices on HUD Homes ready to move into now, Most properties are $30,000 - $100,000 below appraised market value!!!
Here are the requirements:
•It must be an owner occupied home. This is not a program for investors.
•The home must be purchased with FHA financing.
•This loan incentive is also available to owner occupant purchasers who obtain a FHA Home Repair loan. (203K Loan)
•Homes must be purchased through a HUD registered real estate agent.
•You do not need to be a first time Home Buyer
Now is a good time to consider the purchase of a HUD home in the Columbus OH area.
Please feel free to email me your contact information and the areas you are considering and I will email you HUD properties in the Columbus Ohio area.
Visit my HUD website at http://mollyhay.postlets.com
Understanding The Foreclosure Process
What is a Foreclosure?
A foreclosure occurs when a property owner cannot make principal and/or interest payments on his/her loan, typically leading to the property being seized and sold.
How does a foreclosure occur?
The foreclosure process is not very difficult to understand. There are several stages during which the homeowner has an opportunity to bring the loan current and avoid foreclosure.
After about three to six months of missed payments, the lender orders a trustee to record a Notice of Default (NOD). At the County Recorder’s Office. This puts the borrower on notice that he or she is facing foreclosure and starts a reinstatement period that typically runs until five days before the home is auctioned off.
If the default isn’t corrected (the loan must be brought current) within three months, a foreclosure sale date is established. The homeowner will receive a Notice of Sale, and this notice will also be posted on the property. In addition, the Notice of Sale is recorded at the County Recorder’s Office in the county where the property is located. Finally, this Notice of Sale is also published in newspapers local to the county in question over a three-week period.
The foreclosure Trustee Sale typically occurs on the steps of the county courthouse in which the property is located. The time and location of this sale are designated in the Notice of Sale. At the Trustee Sale, the property is auctioned in public to the highest bidder, who must pay the high bid price in cash, typically with a deposit up front and the remainder within 24 hours. The winner of the auction will then receive the trustee’s deed to the property.
What Happens at the Foreclosure Auction?
At auction, an opening bid on the property is set by the foreclosing lender. This opening bid is usually equal to the outstanding loan balance, interest accrued, and any additional fees and attorney fees associated with the Trustee Sale. If there are no bids higher than the opening bid, the property will be purchased by the attorney conducting the sale, for the lender.
If this occurs, and the opening bid is not met, the property is deemed a REO or Real Estate Owned. This typically occurs because many of the properties up for sale at foreclosure auctions are worth less than the total amount owed to the bank or lender.
When you purchase property at a foreclosure sale, all junior liens other than property taxes are wiped out. Priority of liens is determined by the date of recording. When you purchase a REO aka. Bank REO, you will typically receive the property with a clean title.
A foreclosure occurs when a property owner cannot make principal and/or interest payments on his/her loan, typically leading to the property being seized and sold.
How does a foreclosure occur?
The foreclosure process is not very difficult to understand. There are several stages during which the homeowner has an opportunity to bring the loan current and avoid foreclosure.
After about three to six months of missed payments, the lender orders a trustee to record a Notice of Default (NOD). At the County Recorder’s Office. This puts the borrower on notice that he or she is facing foreclosure and starts a reinstatement period that typically runs until five days before the home is auctioned off.
If the default isn’t corrected (the loan must be brought current) within three months, a foreclosure sale date is established. The homeowner will receive a Notice of Sale, and this notice will also be posted on the property. In addition, the Notice of Sale is recorded at the County Recorder’s Office in the county where the property is located. Finally, this Notice of Sale is also published in newspapers local to the county in question over a three-week period.
The foreclosure Trustee Sale typically occurs on the steps of the county courthouse in which the property is located. The time and location of this sale are designated in the Notice of Sale. At the Trustee Sale, the property is auctioned in public to the highest bidder, who must pay the high bid price in cash, typically with a deposit up front and the remainder within 24 hours. The winner of the auction will then receive the trustee’s deed to the property.
What Happens at the Foreclosure Auction?
At auction, an opening bid on the property is set by the foreclosing lender. This opening bid is usually equal to the outstanding loan balance, interest accrued, and any additional fees and attorney fees associated with the Trustee Sale. If there are no bids higher than the opening bid, the property will be purchased by the attorney conducting the sale, for the lender.
If this occurs, and the opening bid is not met, the property is deemed a REO or Real Estate Owned. This typically occurs because many of the properties up for sale at foreclosure auctions are worth less than the total amount owed to the bank or lender.
When you purchase property at a foreclosure sale, all junior liens other than property taxes are wiped out. Priority of liens is determined by the date of recording. When you purchase a REO aka. Bank REO, you will typically receive the property with a clean title.
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