Contact Team Annett: (p) 513-527-3060 (e) teamannett@gmail.com
More than ever, you should make sure you know what is on your credit report – and the steps that should be taken if improvement is needed. One thing that many people do not know is that The Home Equity Line of Credit (HELOC) can impact your credit score quite significantly and sometimes unfairly.
There are several reason’s why a closing may not occur on time, or even at all. Here are some of the main obstacles that may delay your deal:
Did you know that most lenders pull your credit report a couple of times during the loan process? Keep in mind that they typically pull a new credit report prior to closing the loan, and if your credit scores have dropped, you may no longer qualify for the rate or program that you are attempting to get. Credit scores are very important as all lenders qualify you by your credit score as to which criteria you fit and every loan has different criteria attached. The loan to value, the debt to ratio and so on, etc.
It’s back! The Welcome Home Grant was such a great program last year for many of my buyers. Especially those buying their first home (however, it does not have to be your first home). The program starts today (March 1st, 2011) and usually runs through mid May or whenever funds run out. In short, any buyer meeting specific income guidelines is eligible to be given up to $5,000 in grant money for a down-payment. This money comes from the government, is given to specific banks – and only lasts until each bank runs out of funds. The best part of this program is that the money will never need to be paid back and you are not punished for taking the money by submitting to a higher interest rate. For a list of local lenders in the Cincinnati area who are offering this program, please contact me, Lindsay Annett Shapiro at lindsay.shapiro@cbws.com . For now, here is a short list of the details: read more »
Two years in the making — the federal government will be reducing their involvement in the mortgage market. Both Fannie Mae and Freddie Mac will wind down within as little as five years.
Although the Homebuyer Tax Credit expired for most customers this past summer, it is still available for members of the military who have served outside the U.S. for at least 90 days between January 1, 2009 and May 1, 2010. Details are as follows:
Is 2011 your year to become a homeowner? Most people who choose a New Year’s resolution typically pick a goal to achieve or habit to break, but 2011 may be the year that they resolve to buy their first home.
Locally, the public has 49% more home buying power than the nation, when you factor in (1) the median home price, (2) monthly mortgage payment, and (3) median annual income. Cincinnati wins in all three categories from a nationwide third quarter 2010 study shown below.
I learned about a new product recently that makes so much sense yet it is only offered by one bank in Cincinnati. It is called Pre-Purchase Rate Protection, by Coldwell Banker Home Loans. What is does:
To encourage the purchase of REO properties, Fannie Mae will begin offering a new incentive on September 23 that will be available through December 31, 2010.
