Cincinnati MLS Real Estate Information

Home Sales Continue Upward Trend;
February Sales Highest Since 2007

Cincinnati home sales (closings) continued the upward momentum in February, a 6-year high.  Home sales last month totaled 1,335 compared to 1,163 from a year ago, up 14.8%. This represents 20 consecutive months of increased sales. Sales in February 2013 compared to January 2013 were up 2.7%, which is typical of the season.
February’s average home selling price was $143,424 vs. $130,251 a year earlier, for a 10.1% increase. The average price has increased year-over-year for 12 consecutive months. For the first 2 months of 2013, the average price of homes has increased 5.5%.

Read More Here . . .

Compliments of Cincinnati Area Board of Realtors.

Ohio Housing Finance Agency (OHFA) is still offering the MCC Tax Credit to First Time Homebuyers that qualify.  This income tax deduction can reduce a household's federal income tax liability and help some families realize the dream of homeownership by allowing the household to have more available income to make mortgage payments.  Those Cincinnati Home Buyers that qualify for the produce receive a Mortgage credit Certificate from OHFA at mortgage application that can be used to reduce their household's tax burden every year for the life of their mortgage loan. 

Certain restrictions apply:

• The MCC Product cannot be used in conjunction with OHFA's First-Time Home Buyer Program.
• Meet one of the following:
  • Must be a first-time homebuyer - someone who has not owned or had an ownership interest in his/her principal residence in the last 3 years.
  • Home must be in a target area - an economically distressed area designated by the U.S. Department of Housing and urban Development (HUD).  To see if a house qualifies click here: target area maps
  • Be a military veteran with an honorable discharge.

• Occupy the property as a primary residence for every year you claim the MCC.
• Be creditworthy.

• Property must meet the following requirements:
  • New or existing single-family units, condos, and planned unit development homes.
  • Modular or manufactured homes must be permanently affixed to the foundation and title as real estate.

Call our office today to find a participating Lender to take advantage of this tax credit.

Great news for Northern Kentucky homebuyers!  The Kentucky Housing Corporation (KHC) has $1.6 million dollars available for Down Payment Assistance.  The “DAP” program is a $10,000 loan, amortized over 30 years at a 1 percent interest rate.

 In order to qualify for the DAP Program, one of the following conditions must apply:

• The chosen property has been through, or is in the process of going through a distressed sale: foreclosure, deed-in-lieu, short sale, or HUD, REO.
• The home buyer has experienced a foreclosure in the past, but now has a credit score high enough to qualify for a home purchase.
• The newly constructed homes or existing property has been for sale for at least 6 months.

 If you are looking to purchase a home in Northern Kentucky, now is the time!  Take advantage of this amazing opportunity!  Our Team can walk you through the steps to claiming this fantastic low-interest loan! Call us today at 513-766-0647!

Up to $5,000 available for Homebuyers.  You don't have to be a "first time" home buyer to qualify.  This product can be used with FHA, Conventional, VA and of course Key Community 100% Financing.  Buyer must have a target home because the Grant is not only attached to the buyer, but the subject property address as well.  Minimum of $500.00 borrower contribution.  First come first serve basis. Funds ran out by March 26th last year so you better hurry!

Income limitations apply.  Grant money will use 80% or less of MRB limitations (adjusted for family size).

Compliments of:

Sonia Riffle
Mortgage Advisor
KeyBank
Office (513) 201-5296
eFax (216) 370-9039

First Time Buyers in Cincinnati and Northern Kentucky now have a program that can offer mortgage financing with no down payment. 100% Financing is available with 620 credit score!  This program will allow as low as a 600 credit score but must have 5% down payment.  Minimum 12 months rental history required for 100% financing.  If borrower doesn't have rental history 5% down payment is required.  If lacking rental history we can apply for Grant money to cover 2% of down payment but borrower must have 3% contribution.  No Private Mortgage Insurance required and rate is 4.50% today.  This rate is higher than FHA but without PMI and Upfront PMI it yields a lower payment.   The Rahab feature that provides funds up to $50,000 is available.  You can even use this home for duplex homes.

If you are buying your first home and want to know about all of the programs that are available to you, contact the Jason Bowman Team. Our Team can sort through the details and help you to find the best program to purchase your home. Call 513-766-0647

**Income limitations apply.   Key Community will be less than 80% of the area median income limit.    

Compliments of:

Sonia Riffle
Mortgage Advisor
KeyBank
Office (513) 201-5296
eFax (216) 370-9039

Rural Development (RD) loans are available with zero down payments for first- time home buyers! There are many out-lying areas in Greater Cincinnati that are designated RD zones which means that buyers can snap up homes with no down payment required and have fixed rate loans with low mortgage insurance rates. On a $100,000 loan the monthly mortgage insurance is only $33.33 per month and with current near all-time low fixed rates, buyers can get into a home with a payment that they can live with and in many cases is less than the rent they currently pay! There are some family income restrictions and acreage limitations but many homes for sale now can be purchased using this mortgage financing option.

Why not contact us now and let us show you how we can help you make an RD loan become the vehicle for the purchase of your first home!

US Government- insured Rural Development (RD) loans are available for first time home buyers and feature low fixed rate mortgages and low monthly mortgage insurance premiums. The program is designed to help people with satisfactory credit but perhaps short on down payment funds to purchase a home with a very low outlay of money. RD-eligible areas are located throughout the tri-state region and typically are located outside of established cities and towns. There are family income limitations and certain caps on acreage but there are many properties listed for sale now that will qualify for this special type of home loan.

We can show you how to utilize an RD loan to help you secure a home with an affordable payment and in many cases the payment may not be much more than you are now paying for rent!

Compliments of:
Dave Daniels
NMLS 259504
Dave Daniels
Mortgage Loan Originator
Hallmark Home Mortgage
8150 Corporate Park Dr. Ste.150
Cincinnati,Ohio 45241
office: 513-247-1208
ddaniels@hallmarkhomemortgage.com
cell:  513-543-3232
fax:  888-624-0115

VA loans are great vehicles for veteran first- time homebuyers in Greater Cincinnati to purchase their home! With loans offering zero down payment and market –competitive fixed rates, veteran homebuyers can actually purchase a home with much less out of pocket money than most people realize!

Sellers are allowed to pay the closing costs and even reimburse the buyer for the application fee which typically covers the VA appraisal.

Homes can be purchased in any area including rural areas but with some acreage restrictions. Any honorably –discharged veteran with a minimum amount of service can potentially obtain a VA home subject to VA underwriting guidelines.

Why not inquire now and get pre-approved for a VA home loan. Let us help you get into the home you have always wanted!

VA home loan rates are near an all-time low! Cincinnati and Northern Kentucky Veterans can seize the opportunity now to buy a home with the double whammy of low home prices and almost unbelievably low fixed rates! Veterans can take advantage of no down payment loans and structure transactions where the seller even pays the closing costs. This makes the deal really sweet with almost no outlays of money to get into a home! Homes with VA financing can be purchased almost anywhere and VA loans have the unique advantage of being assumable , which can be a big advantage in later years if you decide to sell.

Why not find out now how much home you can pre-qualify for? We can help you make a deal you will be proud of!

Compliments of:

Dave Daniels
Mortgage Loan Originator
Hallmark Home Mortgage
8150 Corporate Park Dr. Ste.150
Cincinnati, Ohio 45241
Office: 513-247-1208
Email:  ddaniels@hallmarkhomemortgage.com
Cell:  513-543-3232
Fax:  888-624-0115

Fannie Mae (FNMA) was founded in 1938 during the great depression as part of FDR’s New Deal. Today, this Government-Sponsored Enterprise (GSE) is the proud owner of thousands of homes nationwide that are the product of the foreclosure process. These homes are eventually offered to the market at below market pricing, but the offering price is only the beginning of the bargain.

In an effort to dispose of these homes and promote new home ownership, Fannie has created Home Path Financing.  Home Path provides very special financing that is only available on Fannie Mae properties.  For home buyers purchasing their primary residence, Home Path offers a low 3% down payment and no Private Mortgage Insurance (PMI).  This is a huge savings on your monthly payment and upfront cost when compared to FHA.  Folks that are purchasing a second home can purchase with a 10% down payment and no PMI.  Even investors are not left out by Home Path!  Investor Purchasers can obtain a single family Fannie Mae property with only 15% down and no PMI.  This is unheard of when most investor mortgages have gone to 25% down payments!

Our team can quickly get you in to view any Home Path eligible property in Ohio or Kentucky.  Please call us today to get approved for Home Path Financing.  Sign up for our Weekly Bank Owned Property Update to receive up-to-date Home Path Homes.

You’ve worked hard. You earned your degree. You’re set with a job. You deserve to be rewarded for your hard work.  The Physician mortgage  is tailored specifically to medical doctors with an M.D., D.O., D.D.S., D.V.M. or D.M.D. degree who are practicing or have proof of sufficient income, and want to buy or refinance a home now. Our Team has three lenders that offer Doctors Only mortgage financing. Let us help you to sort through the details and find the best program for your home purchase.

These programs offers some pretty amazing benefits, including:

• Flexible down payment options
• NO private mortgage insurance
• NO prepayment penalty
• 100% financing available
• NO PMI Required
• Available to Doctors who have a minimum of a M.D., D.O., D.D.S., or D.M.D degree and an employment contract.
• Doctors in Residency are limited to a max loan amount of $417,000
• Can only be offered in Ohio and Northern Kentucky!
• Refinances available up to 95% Loan To Value (LTV)
• No Investment Property, Second Home or Manufactured Housing
• Gift Funds can be applied to down payment, closing costs, or cash reserves
• Maximum Debt To Income is 50% (monthly outgo/monthly income)
• Minimum reserve requirements: 2 months total mortgage payment plus 1 month for each 30 days between closing & commencement of employment 2 years US credit history required

• Seller Contributions:

• LTV >90%: 3%
• LTV 75.01% to 90% 6%
• LTV <=75% 9%

• Documentation Required:

• Standard FNMA/FHLMC guidelines except as stated below
• 2 Years W2s – if previous work history exists
• 2 Months bank statements & proof of all large deposits
• Copy of Employment Contract
• Copy of transcripts or diploma

Call our team today at 513-766-0647 to get the process started.

Third Federal offers purchase loan programs with the ability to get the best rate and a 30 day rate lock at time of preapproval. Our purchase programs offer  the following features:

• Shop ‘n Lock : While shopping for a house get preapproved and lock interest rates for 30 days, eliminating the worry about rates going up.
• Drop ‘n Lock : If rates go down while you are still house hunting, you can lock into that lower rate for 30 days just for asking.
• Match ‘n Lock: If you find a rate even lower than the one we’re offering we’ll match it and lock it for 30 days (***revision fees may apply once preapproval has been converted to a full application***)

With $495.00 low cost mortgage options, No PMI with 15% down programs and noncommissioned loan officers, our primary concern is selling what is best for you, our customer.  Plus, unlike other lenders, Third Federal gives you a free 60 day rate lock after you find your new home and convert the preapproval to a full application.

Compliments of:
Sharon Mundora
NMLS #617028
Loan Officer
Third Federal Savings & Loan
(p) 513-605-5300  | (f) 513-774-9313