Team Annett

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.

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Article below is from 2010 – for a more updated approach to the 2011 Welcome Home Grant, click here to see updated details.

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Beginning April 4, 2010, FHA will raise its upfront Mortgage Insurance from 1.75% to 2.25%.  Other discussions taking place – decrease seller concessions from 6% to 3%.  If you need an FHA loan, start looking in earnest for a home before the increase takes place.  FHA is looking for ways to increase their income, and have a congressional mandate to have a certain percentage of funds in reserves. We will likely see them make more changes that will toughen the requirements and make their loans more expensive this year.  Stay tuned!

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Interest rates are likely to rise to 6% by the end of 2010,predicted Amy Crews Cutts, deputy chief economist at Freddie Mac.

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The Federal Housing Administration has announced a set of policy changes on Wednesday that will effect purchasers.

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An update from FHA was released on Friday January 15th, 2010, regarding the 90 day regulation on the resale of a purchase property. Effective February 1st 2010, FHA/ HUD will not require that a seller of a property be on title for 90 days or more in order to sell the property to a borrower acquiring FHA financing. This is an incredible opportunity for many buyers in today’s market who require a loan with a 3.5% down payment - especailly first time home buyers. The change will take effect for a period of one year.

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There are a wide variety of home loan products out there, including one that’s right for you. Here’s an informative look at general mortgage categories, including the advantages of each program and things to consider when choosing a loan. Featured programs include fixed rate and adjustable rate mortgages, interest-only loans, jumbo loans, and FHA and VA mortgages.

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