Ohio Mortgage Solutions

FORECLOSURE AFFECTS ON FUTURE HOME OWNERSHIP

2012-02-23T07:00:00.000-05:00

Everywhere we turn we are inundated with news of, and statistics about foreclosures. Hardship foreclosures, strategic foreclosures, the list goes on and on.

One question frequently asked is "What is the actual date of the foreclosure?". Is it the date of sheriff's sale, the date of the confirmation of sale, the date the deed was signed by the sheriff, the date the property transferred out of the homeowners name? Simply, the answer varies based on the lender you talk to. However, the safest answer is the date the property transfers out of the homeowners name, as documented
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WHAT IS A USDA MORTGAGE?

2012-02-20T10:52:00.001-05:00

USDA, well known for grading beef, also insures home loans. The mortgage program is known as the USDA Rural Development Guaranteed Loan.

So what makes the USDA mortgage special? For starters, it is a true 100% (no down payment) mortgage. Whats the catch? No catch, but below is a list of some of the important things to note with a USDA mortgage:

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UPDATE: FHA POISED TO LOWER MIP FOR STREAMLINES

2012-02-16T09:17:00.000-05:00

Just a quick update on a post from last week.

One of the CONS I mentioned in the PROS AND CONS OF THE FHA STREAMLINE REFINANCE article was

FHA program changes. Chances are when you originally took out your FHA mortgage, you paid 0.5% mortgage insurance (equates to roughly 0.5% X loan amount / 12 months) or $41.67 per month on a $100,000 loan amount. You also paid an Up Front Mortgage Insurance Premium of 2% or possibly

New Government Mortgage Programs, Good Idea?

2012-02-13T14:39:00.000-05:00

President Obama has been making news recently in the housing industry. He has made comments on making FHA Streamline Refinances more accessible, and Wednesday morning the White House released some details on the President's latest refinance plan. Minimum credit score of 580, and loan to value ratio (loan amount compared to the homes value) of up to 140%. The catch is that the homeowner must be current on the existing loan.

Good news, right?

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PROS AND CONS OF THE FHA STREAMLINE REFINANCE

2012-01-17T14:24:00.000-05:00

FHA mortgages picked up where subprime mortgages left off after 2007 when subprime became a dirty word. FHA had limited down payment requirements, no minimum credit score requirements, and had attractive interest rates. Ohio, as well as the rest of the country saw FHA originations double from 2007 to 2008.

4 years later, Ohio residents with an FHA mortgage may be wondering what options are available. The most common option is one of the simplest loan programs, the FHA Streamline Refinance.

The FHA Streamline Refinance comes in a few different flavors, but we'll just cover the most common version, the FHA Streamline Refinance WITHOUT APPRAISAL.

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OHIO RESIDENTS, GET READY FOR MORTGAGE COSTS TO GO UP

2012-01-11T09:08:00.000-05:00

The payroll tax cut extension that Congress agreed to extend on December 23rd will have far reaching implications. One of those implications is increasing the cost of a mortgage for those of us in Ohio and across the country.

The loan guarantee fee paid by Fannie Mae and Freddie Mac will increase by 10 BPS (or 0.1%). Fannie Mae and Freddie Mac will be passing this additional cost along to the consumers.

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OHIO HOME BUYERS, SHOULD YOU GET A HOUSE INSPECTED?

2012-01-04T09:39:00.000-05:00

With home sales picking up in a majority of Ohio, prospective buyers will look for any advantage they can to edge out the competition. One of those may be waiving inspection contingencies.

Experienced homeowners and first time homebuyers alike, should make an educated decision on whether or not to get a home inspection. There are many unseen situations that could pose a hit to your wallet if not more serious complications. Here are just a few common unseen problem areas:

1. Furnace - unless you are experienced enough to determine that it is functional, you could be walking in to a nice new house that needs a new furnace.

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Can HARP help Ohio Homeowners?

2011-12-29T12:11:00.000-05:00

First off, what is HARP?

It stands for Home Affordable Refinance Program, and was designed to help homeowners who have been unable to obtain traditional refinancing because the value of their home has declined.

So who offers HARP?

The majority of lenders offer HARP loans, although each lender will differ in their guidelines.

How can a HARP loan benefit Ohio homeowners?

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PURCHASE A HOME IN OHIO - DO's and DON'Ts

2011-12-21T12:56:00.000-05:00

If you are in the market to purchase a home in Ohio, here is a few things to keep in mind before looking for a home, and during the loan process:

DO

Contact a Loan Officer - they can help you navigate the mine field of mortgages better than any article you will find on the internet.

Keep your paystubs - Generally lenders will want to see at least your last 30 days worth of paystubs.

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Is Your Mortgage Underwater in Ohio?

2011-12-20T13:43:00.000-05:00

60 Minutes aired a segment Sunday night covering Cleveland, OH and its foreclosure situation. You can see the story here THERE GOES THE NEIGHBORHOOD

Many homeowners in Ohio have seen their homes value decline by up to 50% over the last couple of years. Continuing to pay a mortgage on a home that is now worth 50% less than 3 years ago is tough for some to stomach. So what options does a homeowner have that is underwater.

REFINANCE

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