$5000 Grants to Home Buyers - Welcome Home - 02/17/11 11:13 AM
WELCOME HOME GRANT
Up to $5000 Grants to Home Buyers for Down Payment & Closing Costs
Dear Ohio Realtors and Home Buyers,
We are ready to begin our annual down payment assistance program from the Federal Home Loan Bank of Cincinnati ("FHLB").
Funds will be available for reservation beginning March 1, 2011.
Q. What is it?The $200,000 in funds from the Welcome Home Program are utilized to assist low to moderate income home buyers (see chart below for limitations) for the acquisition of their primary residence.
The $5,000 down payment grant may be used in conjunction with a Conforming Fannie … (0 comments)
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Rules for Dropping Mortgage Insurance (MI, PMI) - 02/11/11 09:04 AM
Dropping Conventional Mortgage Insurance Rules Getting rid of the MI expense is not as easy as you would think. Here are the basics.
Automatic Termination
Fixed Rate & Adjustable - Removed when reduced to 78% LTV LTV based upon ORIGINAL VALUE Based SOLEY on regular amortization (not prepayment of principal) Additional Requirement: Mortgage payment must be current Borrower Requests Termination Fixed & Adjustable - Removed when reduced to 78% LTV Additional Requirements: Submit cancellation request in writing Good payment history Current on mortgage payments Appraisal or Certification that property value has not decreased BELOW the original value No 2nd liens or … (1 comments)
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