Dayton Ohio Real Estate, New Law Update
What does it all mean???
For those that don't know there was a new law passed on July 30th that will impact homes for sale in Dayton Ohio and how home buyers shop for and purchase Dayton Ohio Real Estate for sale.
Summary of provisions for Dayton OH Real Estate:
- Reform of GSE's
- That's Freddie Mac and Fannie Mae that you may have heard of...
- FHA Reform
- Home buyer Tax Credit
- FHA Foreclosure Rescue (Dayton Ohio real estate can sure use this) more Foreclosure help
- Seller funded down payment assistance programs
- Hint... they are taking these away and Dayton OH real estate did not need that...
- VA loan limits
- Risk based pricing for mortgage loans
- GSE Stabilization
- Mortgage revenue bond authority
- to help refinance subprime mortgages
- This is again something that Dayton OH real estate can use.
- National affordable housing trust fund
- CDBG Funding
- Funding to help revitalize communities by purchasing foreclosed homes
- LIHTC (low income housing tax credit)
- Loan originator requirements
- Dayton Ohio and Ohio in general already had strong licensing requirements for loan officers
KEY points for Dayton Ohio Real Estate:
- FHA reform...
- Looking for Dayton homes for sale and want to know how much you can get a mortgage loan for? Well it depends on which greater Dayton Ohio Real Estate area you are looking to buy a home in.
- Montgomery county - $271,050 max mortgage loan amt.
- Warren county - $270,000 max mortgage loan amt.
- Greene county - $271,050 max mortgage loan amt.
- Miami county - $271,050 max mortgage loan amt.
- Want to know limits for areas other then Dayton Ohio real estate? Click Here Mortgage loan limits
- Home buyer tax credit...
- This can be a huge benefit to Dayton Ohio real estate buyers.
- As long as you are a Dayton OH real estate buyer you qualify (there are income restrictions...)
- When you buy, on your next tax return you will GET up to a $7500 credit... that means even if you would not pay taxes or would be getting a refund... you still can get $7500 just for buying a Dayton Ohio homes for sale...
- There are more details but this gives you the idea...
- Seller funded down payment assistance programs
- This one really hurts Dayton OH real estate.
- If you have Dayton Ohio homes for sale this is going to take Dayton home buyers out of the market as they will not have the downpayment needed to buy your home.
- If you are looking for Dayton OH homes for sale you have until October 1st to find the right Dayton OH homes for sale and buy it...
- Risk based pricing
- This will put a delay on FHA using risk based pricing from Oct. 2008 to Sept. 2009
- This could be good for Dayton OH home buyers with bad or not so great credit
- This really makes no since as this whole law is to help dig us out of the sub prime mortgage troubles and the days of too easy credit... so now the government is just making the same bad decisions???
There is just a lot to learn about this and I would suggest you discuss all the many points and how they impact Dayton Ohio real estate and your ability to sell or buy Dayton Ohio homes for sale. If you would like to search Dayton Homes for sale you can click the link at the top of the page... or if you want to get an idea what you Dayton OH real estate may sell for then click What is my Dayton OH home worth here or at the top of the page.
Overall I think you will find that this new law is good for Dayton OH real estate and the ability to sell Dayton Ohio homes for sale.
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Mark: What an excellent post. Although I have always prided myself about the degree of my mortgage knowledge... I found this post very informative. And, it was interesting... that it started with your number one point... reform of GSE's. I am quite familiar with the workings of Fannie Mae and Freddie Mac... but did not know about GSE's... government-sponsored enterprises. And that was just the start. Thanks again for a well-written post... and thanks so much for sharing it.