Living on Cincinnati's Eastside

Cincinnati Home Sales Update - February 2013

Sat, 23 Mar 2013 11:53:00 GMT

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%.

First Time Home Buyer's Can Still Take Advantage of the MCC Tax Credit

Sun, 17 Mar 2013 13:40:00 GMT

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.

Free Money For Northern Kentucky Distressed Home Buyers!!

Sun, 17 Mar 2013 12:48:00 GMT

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!

Free Money for Cincinnati and NKY Home Buyers

Sun, 17 Mar 2013 11:58:00 GMT

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

Key Community offers 100% Financing for First Time Buyers

Sun, 17 Mar 2013 11:41:00 GMT

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

Greater Cincinnati Buyer get 100% Financing in “Rural” areas through the USDA

Sun, 17 Mar 2013 11:37:00 GMT

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

Helping Cincy Homebuyers That Served In Our Military

Sun, 17 Mar 2013 11:21:00 GMT

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

Cincinnati Lender Helps Buyers To Take Advantage Of Today’s Low Rates

Sun, 17 Mar 2013 03:00:00 GMT

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

Premier Mortgage Programs to Physicians and Residents Looking to Buy a Home

Sun, 17 Mar 2013 03:00:00 GMT

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.

Special Financing for Fannie Mae Home Path Homes

Sun, 17 Mar 2013 03:00:00 GMT

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.

January 2013 Homes Sales Update - Highest in 6 Years!

Thu, 21 Feb 2013 03:00:00 GMT

Home Sales Jump 30%;
January Sales Highest in 6 Years

Cincinnati home sales (closings) were significant last month; reaching a 6-year high. January home sales totaled 1,294 compared to 999 from a year ago, up 29.5%. This represents 19 consecutive months of increased sales. Sales in January 2013 compared to December 2012 were down 6.8%, which is typical of the season.

January’s average home selling price was $139,213 vs. $137,916 a year earlier, for a 0.9% increase. The average price has increased year-over-year for 11 consecutive months.

Local home mortgage rates in January averaged 3.60% for a 30-year fixed rate loan. That is down from 3.92% a year ago. The difference represents a $218 yearly savings on a $100,000 home loan, which enhances home affordability.

Inventory of homes for sale continued its declining trend to 9,451 from 11,003 a year ago, down 14.1%. This means that homes for sale -- newly added to the current inventory -- if priced properly and in good condition, are in a position to sell faster. It is common for inventory to start low and build as the year goes on.

“January home sales came in like a lion to begin 2013,” said Kevin Kelly, president of the Cincinnati Area Board of Realtors. “This is the best January in number of sales in 6 years. The continued, upward momentum of Cincinnati home sales is a strong indicator that our local economy is recovering.”

Kelly said that interest rates are maintaining their historic lows, the inventory of homes remains low, and the number of buyers looking for their desired home is increasing. “These are factors that help the housing market continue its positive momentum,” Kelly concluded.

Nationwide, January home sales were up 0.4% from December on a seasonally adjusted basis and were up 9.1 % from January 2012. January home sales marked the 19th consecutive month where home sales – nationwide and statewide – also improved over a year ago.

Summary of Single Family and Condominium Sales
Multiple Listing Service of Greater Cincinnati
Cincinnati Area Board of Realtors®

                              January Home Sales

                             Closings    Gross Volume   Average Price
   January 2013       1,294       $180,141,640   $139,213
   January 2012          999         $137,778,504   $137,916
       Variance +29.53%    +30.75%       +0.94%

Compliments of the Cincinnati Area Board of Realtors®

Greater Cincinnati FHA Buyers Should Be Buying NOW!

Wed, 06 Feb 2013 14:20:00 GMT

IMPORTANT New changes in FHA will soon be here:

In FHA Mortgagee Letter 2013-04 HUD announced the following changes:

Increased Monthly Cost – The annual charge for MIP (Mortgage Insurance Premium) is 1.25%, this will change to 1.35%. This is the annual charge divided by 12 for the monthly premium. On a $100,000 loan this would increase the monthly premium from $104.16 to $112.50.
No removal of mortgage insurance. Before these changes, an FHA borrower could remove the monthly MIP Insurance after they had reached a 22% equity position (78% of original value). Effective with this change that will no longer be avaliable. They will have the monthly MI for the life of the loan.

These changes take effect with case numbers assigned on 4/1/13. It is important to know this is not the contract date. The lender assigns the case number usually about 3 -5 days into the loan process. Which means if you are a Greater Cincinnati Home Buyer, you will want be in contract by mid-March to avoid these changes.

Article Compliments of Dave Daniels, Senior Loan Officer with Hallmark Home Mortgage. For Additional information on these upcoming changes, contact Dave at 513-543-3232 or our office at 513-766-0647.

Cincinnati Home Sales Update - December 2012

Thu, 24 Jan 2013 13:54:00 GMT

Year End Home Sales Up 12%;
December Sales Highest in 6 Years

Cincinnati home sales (closings) ended the year on a 5-year high. 2012 year-end home sales totaled 18,988 compared to 16,854 from a year ago; up over 12%.

Local home sales in December, the highest in 6 years, totaled 1,378 units compared to 1,308 a year ago; a 5.3% increase. It represents 18 consecutive months of increased sales. . .Click here to read more.

Jason Bowman Wins Angie's List Super Service Award 3 Years Running

Mon, 07 Jan 2013 03:00:00 GMT

The Jason Bowman Team Wins the Esteemed 2012 Angie’s List “Super Service Award” For the Third Consecutive Year!

Award reflects consistently high level of customer service

We are pleased to announce that The Jason Bowman Team has been awarded the prestigious Angie’s List Super Service Award for the 3rd consecutive year! Angie’s list is the leading provider of consumer reviews for local service providers. Only 5% of all rated companies receive this prestigious award!

Super Service Award recipients are required to meet strict eligibility requirements, including earning a minimum number of reports and having an exemplary rating from their customers. In recent years while many Real Estate Agents have pursued other employment, we have continued to grow through dedication to our clients and unparalleled service.

We are also thrilled to be included in the January issue of the Angie’s Lists Magazine as one of the "2012 Best Contractors" in the Cincinnati market. This distinction is reserved for the top 1% of listed businesses. These designations prove that we continually strive to provide the best service possible to our valued customers.

Listings Needed in 2013

Sat, 05 Jan 2013 03:00:00 GMT

Those of us in the Greater Cincinnati Real Estate Market have a lot to be optimistic about at the close of 2012. Not only were sales volumes up every month last year compared to the previous year, but foreclosure rates continued in their steady decline. This gives us hope that 2013 will proceed in the same spirit.

Another sign of the rebounding market is the problem of shrinking inventory. While every neighborhood is different, the lack of quality homes within certain areas is making it challenging for our buyer agents to find the right home for our clients. These lower inventory levels, coupled with amazing historically low interest rates, will undoubtedly make the market more favorable for sellers in 2013.

Similarly to last year, 2013 should also see the market heat up earlier than the seasonal norm. The seller that gets their home prepared sooner will beat the flood of inventory that traditionally comes out in March. A seller who is prepared to list early may be rewarded with a quick sale. If your family has been considering a move, you may consider meeting with our Listing Team to take a look at the market in your area. There is never a cost or obligation to you for this informative consultation. You may be pleasantly surprised to find out that you can finally move to that fabulous new home of your dreams!

We want to wish you the very best in 2013 from our family to yours.

The Cincinnati Homeowner and the Fiscal Cliff Bill

Fri, 04 Jan 2013 13:14:00 GMT

The Debate will continue long after the congressional vote on January 1st regarding Congress’ response to the Fiscal Cliff crisis. While many argue that the bill accomplished very little, two major items were upheld that greatly affect Greater Cincinnati homeowners: Mortgage Interest Deductions and Mortgage Debt Forgiveness.

The primary concern to most every homeowner is Congress’ decision to uphold the Mortgage Interest Deduction. Most of us have anxiously watched to see if this key deduction would be continued. It is extremely beneficial that homeowners will continue to enjoy this tremendous tax savings as they have in years past.

Congress also extended the Mortgage Debt Forgiveness Act through 2013. This Act, signed in 2007, directly impacts debt relief for folks who may be struggling to meet their mortgage payments. Had it not been extended, Short sales, Loan modifications, and Foreclosures would have been greatly affected.

In a Short Sale scenario, wherein a home is sold for less than the mortgage owed, a homeowner would have been subject to a significant tax bill, and as a result, would be much less likely to submit to this process. Likewise those going through the Loan Modification process, where the principal balance of a mortgage is reduced, would have faced similar tax consequences. Because Short Sales and Loan Modifications have less affect on Real Estate property values, they are a preferable alternative to a foreclosure.

Congress may not have managed to accomplish all of the tasks it was appointed, but all Homeowners will be relieved that the Mortgage Interest Deduction and Mortgage Debt Forgiveness are left to us.

Cincinnati Home Sales Update - November, 2012

Thu, 20 Dec 2012 13:14:00 GMT

Home Sales Up 24% in November;
Home Prices Up 9 Months in Row

Cincinnati home sales (closings) have witnessed double-digit increases the past five months; November being the highest, up 24% over last year.

Local home sales in November totaled 1,546 units compared to 1,244 a year ago. It represents 17 consecutive months of increased sales.

Last month’s average home selling price was $153,994 vs. $147,207 a year earlier, for a 4.6% increase. Year-to-date, the average sale price is up 3%. The average price has increased year-over-year for nine consecutive months. Click Here to Read More.

Compliments of the Cincinnati Area Board of Realtors.

Cincinnati Home Sales Update - October, 2012

Wed, 21 Nov 2012 12:36:00 GMT

Cincinnati Home Sales Up 19% in October
Double-digit increases in home sales (closings) last month occurred in a number of markets nationwide, including Cincinnati, which was up nearly 19%.

Local home sales in October totaled 1,646 units compared to 1,388 a year ago. It represents 16 consecutive months of increased sales.

In addition, October’s 1,905 pending home sales – contracts written but not yet closed – are up 24% over a year ago at 1,538. Pending sales are an indicator of closing volume over the next 30 to 60 days.

Last month’s average home selling price was $151,768 vs. $143,123 a year earlier, for a 6% increase. Year-to-date, average sale price is up 2.8%. The average price has increased year-over-year for eight consecutive months. Click Here to Read More. . .

Compliments of the Cincinnati Area Board of Realtors.

Cincinnati Home Sales Update - September, 2012

Mon, 22 Oct 2012 03:00:00 GMT

September Home Sales Climb
Marking 15 Positive Months in Row

September home sales in Greater Cincinnati achieved 15 consecutive months of increased sales compared to the same month a year ago. At the same time, homes available for sale (inventory) in September declined 11.19% compared to a year ago. Lower inventories could lead to higher home prices.

Sales in September totaled 1,588 units vs. 1,430 a year ago, for an 11% gain. Homes available for sale totaled 11,558 compared to 13,014 a year earlier. The supply of homes for sale in September (homes available for sale divided by current month’s sales) is at 7 months compared to 9 months a year ago, which means that at the current sales pace, it would take 7 months to sell all the available homes.

Click here to read more . . .

Cincinnati Home Sales Update - August 2012

Thu, 20 Sep 2012 15:14:00 GMT

Robust August Home Sales
Mark 14 Positive Months in a Row

August home sales in Greater Cincinnati posted its highest number of sales in five years (see chart attached) and made it the 14th consecutive month where sales increased compated to the same month a year ago (see attached chart).

Sales in August totaled 1,940 units vs. 1,661 a year aho, for a 16.8% gain.

Click Here to Read More.