first time homebuyer: New RESPA rules take effect January 1st - 12/23/09 03:40 PM
New RESPA rules take effect January 1st RESPA (Real Estate Settlement Procedures Act) is a consumer protection statute that is designed to aid homebuyers during the home buying process and help them become better shoppers while protecting them at the same time. It outlaws things like “kickbacks” that would increase the overall cost in buying a home.
The revamped act will take effect Jan 1st, 2010 and is supposed to make it easier for home buyers to understand what is going on at closing. In my opinion more regulation and paperwork is not going to fix the already overcomplicated process. What … (4 comments)
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first time homebuyer: 25 Biggest Mistakes - Mistake #11 - Not putting the mortgage and closing costs up for bid. - 04/02/09 09:07 AM
Many Real Estate Closing Costs ARE negotiable. A proper bid program can save thousands of dollars in both the long and short run.
The role of the HBE Mortgage Advisor is:
1. Has a second informational meeting to discuss your OTHER purchase. (We at HBE feel that your mortgage loan is also a purchase, and a very important one at that)
2. Review your financial situation.
3. Help you determine your ability to achieve financing.
4. Helps make clear the tax effects of your home purchase.
5. Determines the affordable home cost.
6. Helps identify your ideal home features.
7. Bids … (0 comments)
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first time homebuyer: New OHFHA program information for first time home buyers. - 03/02/09 11:34 AM
The following was taken from an email received directly from OHFA.
OHIO FIRST-TIME HOMEBUYER PROGRAMEffective 03/02/2009 @ 12:01am Mortgage Rates 5.625% for loans without 2.5% assistance grant 6.125% for loans with 2.5% assistance grant 5.375% for Ohio Heroes without 2.5% assistance grant 5.875% for Ohio Heroes with 2.5% assistance grant 30-year fixed rate FHA/VA/USDA-RD/conventional loans are eligible2-1 buy downs are permitted, please see the Underwriting Guidelines for specific product Fees 1% origination fee $150 transfer fee to Servicer (US Bank fee) $79 tax service fee (US Bank fee) (not to exceed $90) .25% Adverse market fee (conventional loans only) Qualified BorrowersNon-target areas: First-time buyer … (0 comments)
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first time homebuyer: OHFA offers 2.5% down payment assistance - 02/19/09 10:13 AM
As the economy struggles to come back into balance, potential first time homeowners sometimes need a little boost to their cash flow. The OHFA down payment assistance grant may be the answer. The grant will raise the interest rate by 1/2 of 1% so homebuyers should consider the length of time they plan on owning this home to determine if this is a good fit or not.
The following is taken directly from OHFA's web site.
In some cases, buyers need additional financial assistance to purchase a home. That is why OHFA is offering the new Down Payment Assistance Grant that … (0 comments)
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