Did you know you can get a conventional loan for as little as 5% down?

I’ve talked before about how FHA loans are kinder and gentler in regard to updates that need to be done on the home before a buyer is allowed to purchase it with an FHA loan.  For the  most part, gone are the days when peeling paint and missing hand rails would waylay a pending mortgage.

But it’s not all lollipops and candy canes in the FHA loan business.  While there was once talk of a 1.5% down-payment option, FHA loans now require 3.5% down. (I think that’s a good thing) But today my gripe is about the flawed process of buying foreclosures. Columbus foreclosures are all around, in most every neighborhood and rumor has it that soon many more Columbus homes that have been foreclosed on will hit the market that have been held back.

With this lengthy supply of foreclosed Columbus homes out on the market and the instances of buyers Nationally using FHA up from 3% a short time ago to 25% or more, FHA, lenders, appraisers and HUD have got to come up with a better way. The streamlined 203k FHA product  is good but not everyone is eligible.

Nearly every foreclosed  Columbus Home that is for sale needs some kind of work done to it.  Nearly the entire population of would-be buyers for foreclosures are those first time buyers who don’t have extra cash laying around or lots of room to spare in their credit and debt ratios.  They can’t afford to fix up these houses up front—not to mention how uncomfortable I am about fixing up a home that doesn’t even belong to you yet.

If a home in Columbus has been through a foreclosure, chances are very good it’s been vacant for a year or more, that some of the plumbing or the air conditioning compressor may be missing, that the roof and gutters may need work, that Read the rest of this entry »

First time home buyers who fall in to the right income limits will be thrilled to hear about a new program from OHFA that could allow them to receive an interest free loan to use for down payment monies on their purchase.

Here you can find the press release from today: OHFA Annnounces they will launch their new Homebuyer Tax Credit Advantage Program on Monday, March 30.

Brian Brady has become one of the leading voices on all things mortgage related over the last couple years, lending his voice online to those who will listen.  And Listen they do. When Brian talks, I listen because he always has something intelligent to say. I have always specifically listened for his advice on investment buying.

Based in San Diego, Brian understands Morgage Markets better than I do and can explain what happens behind the scenes way better than I can. Last night he posted this revealing insight into why rates may soon get down to what everyone seems to think is the magic number, 4.5%.

Listen here:  http://recordings.talkshoe.com/TC-81328/TS-181353.mp3.