This is such a great program, I just had to tell you about it. If you know anyone that has graduated or is going to graduate from college and they are considering buying a home - tell them about this program. I received this info from US Bank. Description Five-year 0% interest second mortgage with principal forgiven at 20% per year as long as borrower resides in Ohio. Eligible Borrower An Ohio resident, based on high school graduation, who has received an associate, baccalaureate, master's, doctoral or other postgraduate degree within 18 months of application to OHFA. A copy of the borrower's diploma will serve as documentation. Must be a first-time homebuyer or have had no ownership interest in a principal residence in the previous three years. Eligible Uses Down payment and closing costs related to the home purchase. Eligible Property One-family residence only. Property type and minimum acreage per OHFA First-Time Homebuyer Program. Residence may not be used as an investment property. Loan Amount Exactly 2.5% of home purchase price rounded to the nearest dollar. Income Limit 140% of area median income. Underwriting Guidelines Follow FHA, VA, USDA, Fannie Mae or Freddie Mac underwriting guidelines for first mortgage. Homebuyer Education All borrowers must complete a homebuyer education course through a HUD certified counseling agency or complete OHFA's streamlined homebuyer education. Loan Term Five years, after which the entire principal balance is forgiven, unless the homebuyer moves out of the State of Ohio during those five years. Interest Rate First mortgage at OHFA First-Time Homebuyer unassisted rate. Exclusions May not be used in combination with other OHFA down payment assistance programs. May not be combined with Ohio Heroes. Re-subordination If borrower pays off or refinances the OHFA mortgage but remains an owner occupant, OHFA will re-subordinate. Residency Requirement Borrower must agree to reside in Ohio for at least five years, but if the borrower moves to another residence within the state, the lien is extinguished. OHFA Fee $75 OHFA administrative fee charged at closing to cover homebuyer education.( Shown on either HUD 1) Other Allowable Fees 2nd mortgage special processing fee, limited to $75. (Shown on Second Mortgage HUD 1) 2nd mortgage loan document preparation fee. (Shown on Second Mortgage HUD 1) 2nd mortgage loan recording fee. (Shown on Second Mortgage HUD 1) Closing Documents 2nd mortgage Note and Mortgage in the name of "Ohio Housing Finance Agency." Separate HUD 1 Settlement Statement. No Truth-In-Lending (TIL) required. Second Loan Funding Participating lender advances the loan proceeds at closing. US Bank reimburses the lender at loan purchase. Effective Dates Available for loans reserved on or after October 19, 2009. This information is not intended to extend consumer credit as defined by section 226.2 of Regulation "Z". Interest rate, program terms and conditions are subject to change without notice. Not all products are available in all states and for all loan amounts. Other restrictions and limitations may apply. Granting of loan is subject to program. 2/2008 ...read more
By Norma Crouse, Realtor for Century 21 Excellence Realty January 07, 2010
Save Article What to Expect from a Full-service Agent What can you expect from your agent? Plenty! (Or at least you should.) No doubt about it. Buying or selling a home is right at the top of the list of major (and exciting) life changes. It's also one of the most important financial transactions of your life. From making initial buying or selling decisions to closing (and everything in between), you should definitely know how an agent will turn your dream into a reality. That's where full-service agents come in. You don't want to trust one of the most important decisions of your lifetime to an agent who's more focused on cutting corners than on making sure needs are being met – and exceeded. Here's a list of what you should expect from a full-service agent. This is just a general list – you should review it and determine what other important needs you have. Make sure that your prospective agent is willing to provide you with the full suite of services you deserve. Buyers We work to make the home buying process easier for you by providing the ultimate convenience with these services: Assistance with loan pre-approval Needs assessment Fast home-buying assistance Online tools to make the process easier and more convenient Expert negotiation Mortgage Title Warranty Relocation services Connect with a buyer's agent Sellers We've perfected the home-selling process, too, by providing full-fledged service including: Pricing your home to sell Innovative marketing Home preparation advice Showing your home Expert negotiation Real communication – on your terms Finding your next home fast With the best Web site in the real estate industry, and the best marketing tools in the business, our agents reach a wider audience of potential buyers, making it easier for them to find your home once it's been listed. And, when the time comes, we can help you find your next home, too. Connect with a listing agent ...read more
By Norma Crouse, Realtor for Century 21 Excellence Realty September 30, 2008
Moving can be a stressful time. You have to worry about loading and unloading everything and a host of other duties. The most important part of moving is loading the moving truck. Planning ahead when loading the vehicle will make the mover go much smoother. ...read more