Delicious Real Estate

Where do you think rates will be by year's end?

Earlier this week, new condominium financing and insurance requirements from Fannie Mae and Freddie Mac took effect. These require lenders to inspect more than the unit itself; they're also required to take a close look at the entire building's maintenance standards and financial standing. Fannie and Freddie also retired their Limited and Streamlined condo financing reviews.

These and other changes are intended to protect condo buyers by reducing their chances of moving into a building with structural problems. It also aims to reduce rising HOA dues and unexpected special assessments.

However, some groups expect these changes to slow down the loan underwriting and approval process for many buyers, especially condominium purchases that previously qualified for Limited or Streamlined Review.

A spokesperson for the Mortgage Bankers Association commented that slower lending approvals will depend on individual projects, the availability of required documentation and how readily this documentation can be provided.

OHFA updated its mortgage rates this morning, and there are some significant opportunities available for eligible first-time homebuyers.

Highlights include:

• Traditional First-Time Homebuyer Program – 3.75% with no OHFA assistance
• Ohio Heroes – 3.50% with no OHFA assistance
• Traditional First-Time Homebuyer Program – 5.00% with down payment assistance
• Ohio Heroes – 4.75% with down payment assistance

https://ohiohome.org/residentiallending.aspx

These rates are substantially below many current market-rate mortgage options and could help buyers who have been struggling with affordability.

Residential Lending OHFA offers several affordable loan options to help you achieve your dream of homeownership. We open the doors to an affordable place to call home!

How about a cute 3 bed, 1.5 bath brick ranch in Forest Park West?
https://youtu.be/cmSqP5CZpNA

Be aware of the myths around home buying by doing your homework - and decide for yourself whether a purchase could realistically be in your future....

Credit scores. Fifty-seven percent believe you need at least a 660 to qualify for a mortgage. A third think the bar is 700 or higher. In reality, FHA loans go to 580. VA and many conventional programs qualify buyers at 620. There's no universal floor — lenders set their own thresholds and weigh your full financial picture.

Down payments. Nearly half believe a conventional loan requires more than 5% down. Fifteen percent think 20% is mandatory. Thirty-one percent believe you simply cannot buy a home without a down payment. Meanwhile, conventional loans go as low as 3% for first-time buyers, FHA requires 3.5%, and VA and USDA loans require nothing.

Mortgage rates. Sixty-three percent of respondents believe current rates are the highest in history. They are not. Rates peaked at 18.6% in October 1981 and spent most of the 1970s through early 1990s above 10%. Today's rate is around 6.4%. Sixty-six percent also believe the Federal Reserve sets mortgage rates. It doesn't. Lenders do — which means rates vary by lender, loan type, and your profile.

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Burp them if you got 'em!

What Is House Burping? Why Some Homeowners Are Letting in Air — Even in Winter The trend stems from a German practice known as lüften.

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Views on our listings were up 17% in January over December - and with fewer listings. Buyers are coming.....call us to buy or sell!