Has your lender offered you a yearly tax credit up to $2,000

With the expiration of the $8000 First Time Home Buyer Tax Credit and the depletion of the funds from Welcome Home Grant of $5,000 you may feel that you have missed all of the free money. There’s still free money and it can add up to tens of thousands of dollars. The program is called the Mortgage Credit Certificate program and it allows for a yearly tax credit of up to $2,000 for as long as you have a mortgage. With a 30 yr FHA loan at today’s rate of 4.5% the credit over the 30 yr term would be just over $32,900. So you can not only get an unbelievable low rate but get tax credit of over 10% of the original purchase price of the property.

This program is available to:

· 1^st time home buyers

· Home buyers who have not had ownership in a primary residence over the last 3 years

· All home buyers in a “Target Area”

· Veterans

There are income and property limitations for this program (please contact me for full details)

Currently there are 3 credit options

· For a single family home the credit is 20% of the yearly mortgage interest paid

· For a single family home in a target area the credit is 25% of the yearly mortgage interest paid

· For a single family REO/bank owned property the credit is 30% of the yearly mortgage interest paid

The program is available to a wide audience of home buyers in Ohio so let’s talk to see if you qualify.

Funds were just allocated to all 3 credit options so don’t delay in getting your cash reserved.

Brent Diebert

BrentDiebert@ArlingtonBank.com

Office 614-486-3843

Mobile 614-571-3554 Apply Now

Portfolio loan of the week for 6-1-2010

Client was purchasing a bank owned property in Pickerington.  The  kitchen and bathroom cabinets had been removed from the home as well as other  missing and damaged items.   We were able to offer construction/renovation financing for the purchase and repair of the property.  File was closed within 24 hours of the seller providing clear title to the property.  The loan structure required a 20% down payment of the purchase price plus renovation costs with a 3/1 ARM  at a rate under 4.25%. 

 

With our portfolio lending it’s sometimes hard to describe but easy to demonstrate.  I can be reached anytime on my mobile # 614-571-3554 to discuss a loan or answer questions.

 

 

UP TO $5,000 IN DOWN PAYMENT ASSISTANCE AVAILABLE

 

 

 

Up to $5,000 Grant Money to buyers purchasing a home to live in

Grant money is available at closing to help with down payment and closing costs!!!

Columbus Income Limits for 1-2 persons $54,880  3+ people $63,112

Can combine with other grant programs such as OHFA

 

 

Brent Diebert                                                   

BrentDiebert@ArlingtonBank.com                                       

Office    614-486-3843                                                      

Mobile   614-571-3554                        Apply Now       

Team Fax 614-430-8116                       

Member of Arlington Bank’s “Lean on Me Team” located at 4621 Reed Rd Columbus OH 43220.

 

Financing investment properties

When purchasing investment property there are different lending criteria based on your history as a landlord, number of mortgage properties, and amount of savings and reserves.  At the Arlington Bank We offer conventional financing to investors with between 4 and 10 financed properties.  If this fits your needs lets go over the guidelines and see where your property acquisition plans fit.

 

Brent Diebert                                                   

BrentDiebert@ArlingtonBank.com                                       

Office    614-486-3843                                                      

Mobile   614-571-3554                       

Team Fax 614-430-8116                        

 

HUD BUYER AND BROKER INCENTIVES DISCONTINUED

Effective February 12,2010, any properties listed and/or sold with FHA financing as of this date are no longer eligible for the $100 down payment incentive. Only contracts executed by 02/12/2010 are eligible.   The Sales Allowance of $2500 for owner occupant purchasers will also be discontinued as of February 12, 2010 for all new contracts accepted on or after this date.  The $500 broker bonus for owner occupant purchasers who took advantage of the $2500 sales allowance is also discontinued as of February 12, 2010.

 

Brent Diebert                                                   

BrentDiebert@ArlingtonBank.com                                       

Office    614-486-3843                                                      

Mobile   614-571-3554                        Apply Now       

Team Fax 614-430-8116                        

 

 

Central Ohio's Jumbo Summary Report

Listings between $500,000 - $1,400,000 in Franklin Delaware, and Fairfield Counties.

In Calendar year 2009 there were 1,185 jumbo properties listed in the statistical area.

There were 407 sold jumbo properties listed in the statistical area.

This is a 2.912 ratio of listings to sales or approximately 3 listed properties for every sold property.

In 4th Quarter of 2009 there were 184 jumbo properties listed in the statistical area.

There were 97 sold jumbo properties listed in the statistical area.

This is a 1.897 ratio of listings to sales or approximately 2 listed properties for every sold property.

In January of 2010 there were 90 jumbo properties listed in the statistical area.

There were 23 sold jumbo properties listed in the statistical area.

This is a 3.913 ratio of listings to sales or approximately 4 listed properties for every sold property.

As of 2-11-2010 there are 527 jumbo listing.

Brent Diebert Brian Hitchcock

BrentDiebert@ArlingtonBank.com BrianHitchcock@ArlingtonBank.com

Office 614-486-3843 Office 614-486-9174

Mobile 614-571-3554 Apply Now Mobile 614-260-5537

Team Fax 614-430-8116

The Arlington Bank’s “Lean on Me Team” located at 4621 Reed Rd Columbus OH 43220.

Defaults on FHA Loans Surpass 9%

Even with improvements beginning to peek through the debris of the housing crisis, mortgage defaults continue to rise at an incredible rate, and the story is no different for the federal government’s mortgage insurance agency.

 

The latest numbers from the Federal Housing Administration (FHA) show that the percentage of loans it backs that are at least 90 days past due hit 9.12 percent at the end of 2009. That figure is up from 6.82 percent one year earlier – a 34 percent increase.

 

FHA officials have repeatedly cited a rise in loan defaults as inevitable given the agency’s exponential growth in market share. The FHA currently backs about 30 percent of all new loans for home purchases and 20 percent of refinanced loans. Those figures represent an increase of nearly 1,000 percent since 2006, when private lenders began to pull back and the credit crunch set in.

 

According to the agency, the bulk of its problem loans stem from originations made in 2007 and 2008. Officials say tighter underwriting standards make more recent and new loans less likely to default. In fact, HUD said in its fiscal year 2011 budget that it expects new business from FHA to generate a $6 billion overall profit, although that number will be eclipsed by projected losses of $19 billion from insuring soured loans.

 

In the fourth quarter of 2009, lenders originated $86.1 billion in FHA single-family loans, up 21 percent compared to the same period in 2008. Sixty percent, or $51.8 billion, of the fourth-quarter financing was used to fund home purchases.

For the full 2009 year, FHA insured 5.8 million loans, with an aggregate balance of $752.6 billion – a 24 percent increase compared to 2008’s business.

 

Foreclosures on loans guaranteed through FHA soared 41 percent in the fourth quarter from year-ago levels, to 20,650. The agency also reported that 2,925 short sale transactions were completed during the three-month period – that’s a 140 percent increase compared to one year earlier.

 

FHA announced extensive policy changes last month to get a better handle on default risk and minimize problem loans. The agency has raised homebuyers’ up-front costs for mortgage insurance, tripled downpayment requirements for borrowers with low credit scores, and cut seller concessions in half. Officials say they will also be keeping a close eye on FHA lenders to ensure the agency’s standards are being followed and plan to institute new rules that force mortgagees to assume liability

 

 

Brent Diebert    Apply Now

Mortgage Lending Professional   

 

The Arlington Bank