Runway Property on 53 Acres….A Pilots Dream

This custom log home is on a 53 acre estate located outside Georgetown in Brown County Ohio (just about an hour from Cincinnati, OH. The ultra high quality home was designed by local architect Stephen P. Smith in conjunction with Neville Log Homes of Montana. Neville has the unique ability to mill logs up to 60′ in length. These logs were milled in Montana and custom fit on site. The home was completed in the late 2006 and is quality throughout.

 

Features include:

 

4 Bedrooms, 3 Full Baths

4,089 sq. ft. of living space

Great room w/ stone fireplace and loft

Full finished basement

Reinforced storm room

Wine Cellar

Screened porch w/ fireplace

Master suite includes Kohler soak tub, balcony, 10×30 walk-in closet

Three level dumb waiter

Granite/marble counters

Natural stone floors and bathrooms

Kohler fixtures

City water, trash pickup

Commercial Greenhouse

Gated entrance

Large outbuilding that may accomodate horses, airplane, or equipment

 

The property of this home is extremely private. The road frontage is almost 800′ along beautiful straight creek. a 54′x75′ Morton building will house your tractor, car collection or airplane. A fully automated 24′x36′ commercial greenhouse is also sure to please. With all of these great features and ammenities, its like being on a vacation every day!

For more info on this home visit 9231BakerHanselmanRd.com or click here to view a virtual tour!

FHA Loans Update May 2009

Below are are the new FHA Updates:

1. 1.The borrower must meet standard FHA credit qualifications (there’s no
   set credit score barometer, but a borrower’s debt-to-income ratio is
   heavily considered).
2. The borrower is able to finance the upfront mortgage insurance premium
   into the loan. The borrower will be responsible for paying an annual
   premium.
3. The FHA mortgage requires a low 3.5-percent down payment, and that
   money can come from a variety of sources, including parent gifts and
   HUD downpayment assistance grants.
4. Closing costs are also low – typically 3 percent of the total purchase
   price – and are usually covered by the seller in today’s market. They
   can also be incorporated into monthly payments.
5. Eligible properties are one-to-four unit structures, and each state
   has a purchase price limit (as high as $400,000) for FHA loans.
6. If a buyer finds a fixer-upper, the FHA 203(k) program can help the
   person purchase or refinance the property, with the cost of repairs
   and improvements included in the loan.
7. FHA home mortgages aren’t just for first-time homebuyers. FHA
   refinance loans can help people get out of toxic debt situations
   caused by subprime mortgages with high interest rates.

If you need help buying or selling a home in the Cincinnati area, call Charlene Fay at 513-602-9000 or email at CharleneFay@REMAX.net.

Attention First Time Homebuyers!

FIRST-TIME HOMEBUYER PROGRAM
Effective 04/06/2009 @ 12:01am

Mortgage Rates
     5.50% for loans without 2.5% assistance grant*
     6.00% for loans with 2.5% assistance grant
     5.25% for Ohio Heroes without 2.5% assistance grant*
     5.75% for Ohio Heroes with 2.5% assistance grant
     30-year fixed rate FHA/VA/USDA-RD/conventional loans are eligible
     2-1 buydowns are permitted-please see the Underwriting Guidelines
(UG) for specific product information
     *The second mortgage rate for borrowers who utilize OHFA’s Housing Tax Credit  Advantage (HTCA) Program will be 1% higher than their unassisted rate.

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 Borrowers
A first-time buyer is someone who has not owned or had an ownership interest in his/her principal residence in the last three years or a qualified military veteran.  Target Area Loan Applicants do not have to be first-time buyers. Everyone must meet certain household income limits.

Acreage Limitation
     Up to two acres inside a municipal corporation
     Up to five acres outside a municipal corporation
     (Unless additional acreage is required by local health or safety code)

Qualified Properties
     Existing house: one-unit single-family dwelling and duplex up to four units–see UG
     Spec/Nearly completed house: one-unit single-family dwelling
     Modular/Manufactured house: one-unit single-family dwelling–see UG
     Properties must meet certain sales price limits

Critical Dates
April 6, 2009–October 5, 2009- Origination period: Loans must close during this period. October 19, 2009- Deliver mortgage file to master servicer by this date.

Note: The recapture tax provision applies to all loans in this program. View this IRS link for an explanation on recapture of federal subsidy.

If you are a first time homebuyer and are in need of an EXPERIENCED realtor, please call Charlene Fay at

513-602-9000 or visit CincinnatiAreaListings.com and start your search today!

State of Ohio Bond Money Rates for First Time Homebuyers

STATE OF OHIO BOND MONEY
For the First Time Home Buyers

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
Good only through Aug. 3, 2009
The Tax Credit also applies for these Loans.

Call: Charlene Fay  w/ RE/MAX Elite for your First Time Buyers Packet
as well as a Mortgage Company doing these types of Loans.
513-602-9000

Tax Credit Passes

Guidelines for Home Buyer Tax Credit

Tax credit has been increased to $8,000.
Homes have to be purchased between January 1, 2009 and December 31, 2009.
No repayment/recapture clause for homes sold after 36 months of
occupancy and ownership.

1.The Tax Credit is for home buyers (either spouse if filing jointly)
who have NOT owned a principle residence during the three-year period
prior to the purchase.  Ownership of vacation property or rental
property does not disqualify home buyers from this program.

2.The maximum credit is $8,000 or 10% of the home purchase, whichever is less.

3.The credit is available for homes purchased on or after January 1,
2009 and before December 31, 2009.

4.To qualify for the full tax credit, married couples’ modified
adjusted gross income (MAGI) should be under $150,000 and single
filers’ MAGI should be less than $75,000. Partial tax credits may be
available for married couples with MAGI incomes of over $150,000 but under $170,000 and single filers with incomes over $75,000 but under $95,000.  If married couples who qualify for the first-time tax credit file separately, they would both claim 5% of the home purchase or $4,000 each (whichever is less) on their tax returns.

5.Home buyers who qualify for this program, but who do not intend to
purchase a home till the end of 2009, may elect to alter their tax
withholdings (up to the amount of the of the tax credit) in order to
save up money for a down payment.  However, if the purchase of the
home does not occur, the taxes must be repaid to the IRS.

6.There is no recapture or repayment clause IF the home is owned for
at least 36 months.
7.The effective date of purchase for new construction (even if buyer
owns title to the lot) is the date the owner first occupies the house.
 So even if construction began in 2008, as long as the home and buyers
qualify for the tax credit, they will be eligible if they take possession any time during 2009.   However, new construction bought from the builder is only eligible if the settlement date (closing) takes place between January 1, 2009 and December 31, 2009.
8.The law allows taxpayers to elect to treat qualified 2009 purchases
as a 2008 purchase so that they can receive the tax credit on their
2008 tax returns.
9.The full amount of the eligible tax credit is refunded to the buyer,
regardless of whether the buyer has paid an equivalent amount in
taxes.

Homebuyer Tax Credit

Compromise Agreement Reached on Economic Stimulus

The Senate and House Conference reached an agreement yesterday on the economic stimulus package legislation.  Congressional leaders hope to officially unveil the measure sometime today. 

Homebuyer Tax Credit

The homebuyer tax credit has been modified yet again and according to
reports is as follows:

·         $15,000 tax credit has been reduced to $7,500 (or possibly $8,000)

·         First-time homebuyers only

·         Nonrefundable – does not need to be paid back by the homebuyer

·         Covers purchases through August 31, 2009

If you are a first-time homebuyer looking to purchase a home in the Cincinnati area, call Charlene Fay at 513-602-9000.

Stimulus for the Housing Industry

Urgent Message from Dave Liniger

If you have been watching the news this week, you may have noticed that the debate in Washington has finally turned toward real stimulus for the housing industry. As a result, I believe that we could be on the brink of a substantial turn around in the real estate market. Now, it’s critical that we all join together and deliver a powerful message to our legislators that we support this stimulus.

Last night, the Lieberman/Isakson Amendment was included in the senate version of the Economic Stimulus Bill by a unanimous voice vote. This amendment would provide a Tax Credit to all home buyers at the rate of 10% of the sales price up to a limit of $15,000. The credit would be available for a one year period to all purchasers of primary residences.

Today, the senate expects to debate Amendment 353, a proposal by Senator John Ensign (R-NV) that would provide 30 year fixed financing at a rate of about 4%, for anyone purchasing a primary residence.

If these two provisions survive in the final passage of a stimulus bill they could have a tremendous impact on our industry. If they are coupled together with provisions to ease the flow of credit and reduce foreclosures, we could see an immediate and dramatic turn-around in real estate.

I feel that these provisions represent real economic stimulus. They will put money in the hands of millions of homeowners, increase sales, stabilize home values and add more revenues to local communities in the form of property taxes.

I urge each of you to contact your senators and representatives to let them know that you believe these provisions are essential components of any stimulus bill. You can go to the official Senate and House web sites to locate the email and phone number of your legislators.

This may be one of the most critical moments for the real estate industry in our time. Please pass this information on to anyone you might do business with. The outcome of this legislation will have a lasting impact on us all. I appreciate your assistance on this urgent matter.

Thank you.

 

 

Copyright 2009
RE/MAX International, Inc.
5075 S. Syracuse Street | Denver, Colorado 80237

New FHA Requirements

As volatility in the financial market continues, offering a product that meets the needs of first-time homebuyers has become increasingly difficult. The ability to obtain capital to continue our programs is severely limited. Despite recent rate increases, program volume has continued at a pace that can not be sustained. It has become evident that down payment assistance, not interest rate, is the primary reason today’s homebuyers select an Ohio Housing Finance Agency (OHFA) mortgage.
To protect and continue our core First-Time Homebuyer Program, the Agency will temporarily discontinue our down payment assistance programs, effective at 8:00am October 13, 2008. This announcement applies to both second mortgage loans and down payment assistance grants. We will honor reservations for loans with down payment assistance made prior to this announcement.
OHFA’s mission is to “open the doors to an affordable place to call home” for Ohio families and we are proud to have helped thousands of borrowers through our down payment assistance programs. It is a difficult decision to suspend these programs, but it is now imperative that we devote increasingly scarce resources effectively.
Borrowers can still purchase their home using the First-Time Homebuyer program.
We will continue to evaluate our programs and respond to the market as necessary. We appreciate your patience as we work to preserve the program that for 25 years has helped thousands of Ohio borrowers purchase their first home.

Real Estate Agent Interview Questions

I have found that more and more people are interviewing multiple agents these days, and it really takes an experienced and knowledgable agent to really sell homes in a tough market like the present. What I have compiled are a list of specific questions that you should ask every agent in order to get the best representation of your needs in selling your home. 

Note: Some agents prefer that you don’t ask these questions as it will bring the truth to the table in the experience you may receive by hiring this agent.

1. What makes you different from other agents?

Because of this tough market, it is very important to look for an agressive agent that has unique marketing plans to make your home stand out from the rest of the competition. Look for an agent who is very internet and tech savvy and is up-to-date with current marketing techniques.

2. How many homes have you Sold?

If you want your home sold in the least amount of time for the most money, then look for an agent that has sold alot of homes versus 10 homes. An agent who is a top producer can afford the marketing and advertising to sell your home, and most likely has an assistant(s) to help get the job done.

3. How are you going to market my home?

Find out where your agent advertises and the effectiveness of that advertising.

4. What has your company Sold in my area?

Agents should bring you a list of both sold and active comarable homes in your area.

5. Is advertising controlled by your Broker or you?

If your agent is not in control of their advertising, then your home will be competing for advertising with other listings in the brokerage versus an independent agent as RE/MAX.

6. On average, when your listings sell, what is the difference between the asking and selling price?

Hire an agent who is knowledgable in the market value in your area. Stay away from agents who give you false hope of a high selling price…most price high just to get the listing and end up disappointing you in the end.

7. On average, how long does it take for your listings to sell?

Look for an agent who sells homes faster than the Boards average. Homes priced right in the beginning will sell faster, so again, look for agents who are knowledgable in the market values in your area.

8. How many buyers are you working with?

The more buyers your agent is working with, the better are your chances of selling your home.

9. Do you have a list of references I may contact?

An agent should have a list of past references that they have worked with that you may call to see how their experience was working with that particular agent.

10. What happens if I’m not happy with working you as an agent?

Look for an agent who will not bind you into a lengthy listing contract. 

If you need an agent to sell your home, call Charlene Fay  at 513-602-9000 or email us at .CharleneFay@REMAX.net

We’re only a Click or a Call away!

Mortgage Pre-Approval Checklist

Before you even start looking for a home, I always advise buyers to get Pre-Approved by a loan officer. What this helps to do is not only give us a price limit as to what homes you can afford, but also helps us to better negotiate with the sellers when we do find your dream home. Sellers are more agreeable to negotiate with a Pre-Approved buyer than one that isn’t.

What is the difference in Pre-Qualified and Pre-Approval?

  Pre-Qualification is normally issued by a loan officer, who, after interviewing you, determines the dollar value of a loan you can be approved for. However, loan officers do not make the final approval, so a pre-qualification is not a commitment to lend. After the loan officer determines that you pre-qualify, he/she then issues you a pre-qualification letter which then is used when you are making an offer on a property. The pre-qualification letter indicates to the seller that you are qualified to purchase the house you are making an offer on.

Pre-Approval is a step above pre-qualification. Pre-approval involves verifying your credit, down payment, employment history, etc. Your loan application is submitted to an underwriter and a decision is made regarding your loan application. If your loan is pre-approved, you are then issued a pre-approval certificate. Getting your loan pre-approved allows you to close very quickly when you do find a house. A pre-approval can help you negotiate a better price with the seller, since being pre-approved is very close to having cash in the bank to pay for the house!

What Do I need to get Pre-Approved?

1. A copy of the Purchase Contract(if you are getting Pre-Approved before we have the contract, I will fax the necessary paperwork to the Lender)
2. Your checkbook for the application fee (contact the Lender for the amount you will need to bring.)
3. Social Security Numbers for each borrower along with your Driver’s License or Photo ID.
4. Most 3 recent pay stubs.
5. If you receive Social Security or Disability income, bring a copy of a typical monthly check.
6. Past 2 years of W-2’s with completed Federal Income Tax.
7. Any 401-K or Retirement Accounts.
8. Past 3 Months of Bank Statements.
9. Names and Addresses of ALL Employers for the past 2 years.
10. If renting, bring the Landlord’s name,address, and phone number. Include the monthly rent amount and past 3 cancelled checks paid for the rent.
11. A copy of all stocks and bonds along with 3  Savings Accounts statements.
12. A complete list of all monthly debts, their account numbers, amount owed and monthly payments of each one.
13. If divorced, provide a complete copy of your divorce decree and seperation agreement along with any documented child support.
14. If bankruptcy has been declared within the last 10 years, you will need to provide discharge documents.
15. If applying for a VA loan bring your DD-214 and Certificate of Eligibility. If you are still on active duty, bring a statement of service.
16. If you have a co-signer, they will need to come with you and bring everything stated above.

Being a Pre-Approved buyer is very important, and bringing all necessary documents helps to make the entire process go smoothly. If you need help looking for a home or need a recommended loan officer, call Charlene Fay at 513-602-9000 or email us at CharleneFay@REMAX.net.

We’re only a Click or a Call Away!