I wanted to share that I’ve discovered in addition to being able to refinance utilizing FHA financing to 97.75% of current appraisal value- clients with very good credit scores can refinance without any cash out to 97% of current appraisal value. This is great for clients that don’t qualify for refinancing under the Home Affordable program.
Call or email for application or details- 440.452.3894 or lschneider@fpfc.net
Here’s to a great 2012!
Happy New Year to all!
The OHio Housing Finance AGency lowered their mortgage rates effective today, 11/10/2011
They are as follows:
First Time buyer without downpayment assistance 3.75% with 1 point of origination
First time buyer with downpayment assistance 4.25% with 1 point of origination
Ohio Heroes without downpayment assistance 3.5% with 1 point of origination
Ohio Heroes with downpayment assistance 4% with 1 point of origination
Grants for Grads with downpayment assistance 3.75% with 1 point of origination
Minimum FICO score 640 required for loans with assistance and 620 without assistance
Ditch your big bank and switch to small local community bank like First Place Bank! We have all the products that the big banks have, but we’re your neighbor! and we take care of our neighbors!
www.firstplacebank.com
The Ohio Housing Finance Agency has updated it’s credit score requirements with all loans reserved beginning November 1, 2011:
All unassisted loans require a 620 score
All assisted loans including Grants for Grads with the forgiveable 2nd mortgage require a 640 credit score
The Federal Housing Finance Agency has announced the following changes to the Home Affordable Refinance Program (HARP).
The press release states the program will include:
Eliminating certain risk based fees for borrower who refinance into a shorter term mortgage and lower fees for other borrowers
Removing the current 125% LTV ceiling for fixed rate mortgage backed by Fannie Mae and Freddie Mac
Waiving certain representations and warranties that lenders commit to in making loans owned or guaranteed by Fannie or Freddie
Eliminating the need for a new property appraisal where there is a reliable AVM estimate provided by Fannie or Freddie
Extending the end date for HARP until 12/31/13 for loans originally sold to Fannie or Freddie on or before 5/31/2009
Desktop UW changes won’t occur until first quarter of the year. Until that time the LTV restriction is still in place only under 125% LTV is available right now.
Mortgage payment history of 0×30 in the last 6 months and no more than 1×30 in the last 12 months
No re-harping (once you have refinanced under HARP you cannot refinance again as a HARP)
Any subordinate lien must be re-subordinated
Any lender is allowed to offer HARP – the borrower does not have to go back through original lender
There will truly be no ceiling for the LTV or CLT for fixed rate loans. ARM loans will remain at 105%
If your current loan was originated prior to May 31, 2009- call your lender or any lender to see if your loan qualifies for this special refiance program.
First Place Bank is participating in this special refinance program.
Apply www.firstplacebank.com/lizschneider
So you’ve decided to build your dream home- congratulations!!
First Place bank does construction lending with as little as 5% downpayment of the total project (land cost+cost of construction) for borrowers with good credit scores. You’ll have up to 12 months to build your new home. The mortgage rate can be a fixed rate with terms of 30, 20, 15 or 10 years or adjustable rate.
As a member of the NorthCoast Building Industry Association and building my own home several years ago, I can advise anyone looking to build their dream home. The Northcoast Building Industry Association website has a listing of builders in the Lorain, Erie and Huron County areas- www.northcoastbia.com.
I look forward to helping you build the home of your dreams!
Apply 24/7 www.firstplacebank.com/lizschneider or call anytime 440.452.3894.
Fall is a time of change- change in color of trees, temperatures, weather and October 1 is going to be a date for many government loan changes.
Changes to FHA Maximum loan amounts have been announced (see my previous blog post) lowering many county maximum loan amounts.
VA has just announced changes to the Funding Fee (similar to the FHA Upfront mortgage insurance premium) based on the amount of downpayment. The funding fee is being lowered which will reduce the amount the Veteran has to pay since the Funding Fee is usually financed.
The changes are as follows:
Veteran putting down less than 5% pays 2.15% now – the fee will be reduced to 1.4% for application on or after October 1, 2011.
Veteran putting down at least 5% but less than 10%- the fee will be reduced from 1.5% to .75%.
Veteran putting 10% or more downpayment the fee will be reduced from 1.25% to .5%
These fees apply for all first time users of this benefit. Funding fees will also change for subsequent benefit users.
Feel free to call 440.452.3894 with questions or apply 24/7 at www.firstplacebank.com/lizschneider.
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Effective October 1, 2011 FHA loan limits will be lowered.
In Cuyahoga, Geauga, Lake, Medina &Lorain counties for instance, for a borrower can borrow up to $298750 single family home today. Effective October 1- the maximum loan amount will be $271050.
Erie, Huron, Sandusky, Ottawa and Wayne counties will remain a maximum loan amount of $271050
Summit and Portage counties will go from a maximum $330,000 loan amount to $271050
This is going to drastically reduce the amount borrowers can borrow on FHA loans. The Conventional 3% down loan will be a good alternative for borrowers with good credit wishing to put the minimum downpayment since the maximum loan amount is $417000 (the conforming loan limit).
To see your county’s maximum FHA loan limit effective October 1, 2011- check out the following link:
the Ohio Housing Finance Agency has lowered their interest rates to the following effective September 8, 2011:
4.25% with 0 points 30 year fixed without downpayment assistance
4.75% with 0 points 30 year fixed with 2.5% of sale price downpayment assistance grant
4% with 0 points 30 year fixed for OHIO Heroes (medical, police, fire, teachers)
4.5% with 0 points 30 year fixed for OHIO Heroes with downpayment assistance grant
this program is good for the purchase of single family owner occupied properties purchased by first time buyers or a borrower who has NOT owned a property in the last 3 years, that meet the income and sales price guidelines
a downpayment assistance grant equal to 2.5% of the sale price is available to borrowers who meet the guidelines and participate in homebuyers counseling prior loan closing
This is good for FHA, VA or USDA Rural housing loans
for more information call 440.452.3894 or go to http://www.ohiohome.org/programs.aspx
