…have truly become the mortgage of choice in the Toledo real estate market.
When I was a kid Realtor, we had a terrible time getting sellers to consider offers that called for FHA of VA mortgages. And I have to admit, there were valid reasons from the seller’s viewpoint. FHA appraisers would come back with lengthy lists of repairs that the seller was required to complete prior to closing, and even the ones that went smoothly seemed to take twice as long to close as conventional transactions. Even points often needed to be paid.
Fast forward to today’s market. The times, they have changed, as FHA mortgages have become the mortgage of choice. The primary attraction is the low down payment requirement (3.5%), which puts this financing within the reach of most buyers. And what makes sense for buyers has become the best action in town for most sellers.
So, how much do you know about FHA financing? Here’s a quick way to find out. Take this QUIZ from the National Association of Realtors, click the “submit” button, and you will instantly be shown the correct answers.
How can we help you? Danberry Co. professionals are ready to take your calls and answer your questions, as are the Home Mortgage Consultants from First Mortgage who can be found under the “Financing” button above. We’d love to hear from you!
Any prospective homebuyers who backed off from their Toledo, Ohio, and metropolitan area house-hunting because they feel they missed out on the tax credits should consider this. Maybe a check won’t arrive from Uncle Sam, but you might get a mortgage today at a rate considerably below the one you would have gotten during the program. The net impact could be that you will actually realize a greater savings over the time you own your home than if you had gotten the tax credit!
Many “experts” nationwide speculated that the expiration of the tax credit program would take the wind out of the sails (sales?) of a rapidly improving real estate market, but the mortgage market is definitely propping up activity.
If you made it this far reading the blog, chances are good you might be among those searching for Toledo real estate who could benefit. What are you waiting for? “Historically low rates” will not last forever! Contact The Danberry Co., Realtors or a First Mortgage Home Mortgage Consultant today!
You’ve probably heard the analogy comparing real estate markets to weather reports. Real estate markets, like weather reports, are local. What we really want to know is what’s going on in our neighborhood-with Toledo homes for sale-not half way across the country. The media constantly reports what is going on in Florida, California, New York and Las Vegas, but to make good buying and selling decisions here, you want to know about the Toledo real estate market, which brings us back to the title of this article.
We are facing a window of opportunity, but remember, open windows do close. We know that mortgage interest rates right now are at bargain levels – essentially mortgage money is “on sale”. With soaring federal debt and deficits, however, does anyone believe these historically low rates are sustainable? I don’t. Those low rates are also coupled with a high inventory of listings (great choices) and low prices. I’ll bet a year from now buyers will look back at June of 2010 and say “THAT was our window of opportunity. What were we waiting for?”
How can we help you? You can find a Danberry professional by clicking on “Agents & Offices” above. If you have mortgage questions, click on “Financing” to find a Home Mortgage Consultant at First Mortgage Consultants, an affiliate of Wells Fargo Home Mortgage.
Hopefully even Danberry Realtors who never seem to get a weekend off will find time this Memorial Day weekend to spend with their families. The economy of recent years has taught us a new word, “staycations”, and guess what – they can be great fun!
But if you will be among the millions of road warriors (estimated to be around 27 million of us), make it a safe one. You don’t need a checklist, just remember the basics. Stay alert behind the wheel, or take turns driving with someone who is. Buckle up, especially the little ones. And give yourself plenty of time to reach your destination. We’re all better drivers when we’re not rushed trying to make up time.
Most importantly, let’s remember what Memorial Day is all about, honoring those who laid down their lives for us and made our incredible lifestyle possible.
Danberry recently sponsored a High School Community Video Contest. Entries were submitted by several Toledo area high schools, and the contest was judged on three main criteria:
Danberry recently sponsored a High School Community Video Contest. Entries were submitted by several Toledo area high schools, and the contest was judged on three main criteria:
If so, first of all congratulations! Secondly, IRS has a new form for reporting the transaction, Form 5405, which can be found under “Forms and Publications” at www.IRS.gov. Avoid extra hassle by using the right form.
If you qualify as a first-time buyer but haven’t taken the plunge yet, remember time is running out and we’re not going to see many $8,000 gifts coming from a federal government that is burdened by so much debt. Contracts need to be fully executed by the end of April in order to get the credit. If your tax liability is less than $8,000, you will get a check for the difference.
For those on the fence post about whether or not to buy, perhaps talking to a mortgage loan professional will help you with your decision. By clicking on “Financing” at the top of this page, then on “Contact our Home Mortgage Consultants”, you can get a great deal of help determining your financial qualifications at no cost to you. Let us know if we can help with the process!
Unless you have bought a home in the last year or so, you may not be familiar with the Good Faith Estimates (GFE) issued by mortgage lenders or the universal closing statement, the HUD-1. Effective on the first day of this year, the federal government (HUD) requires lenders to give consumers a very different Good Faith Estimate at the time of mortgage applications. Why? Because consumers often complained that the terms and costs they experienced at closings were very different (higher) than they anticipated. If increases in costs were discovered for the first time at the closing table, some buyers felt like they were being held hostage – either pay them or start the entire home buying process over again. The new form is intended to fix that, requiring the use of a consistent form issued within 72 hours of application. If some closing costs appearing on the HUD-1 closing document are 10% or more above the GFE, the closing will be delayed. It’s impossible to explain all the changes in a brief paragraph, but additional information is available at www.hud.gov.
This remains one of the best times to buy a home that we have seen in many decades. We suggest you begin the process by seeking professional counsel. Full-time Realtors at The Danberry Co. are prepared to help you, as are the Home Mortgage Consultants at First Mortgage Consultants, LLC, an affiliate of Wells Fargo Home Mortgage.
Have you experienced problems with Good Faith Estimates or at a home closing? Please share the good and bad experiences with us.
