Published on July 7, 2014
Get Free money-saving home tips at our web site: http://ColumbusHomeScout.com Thinking Of Selling Your Home Soon? Don’t attempt to sell your home without our Free consumer guide, “ 44 Money- making Tips For Preparing Your Home To Sell .” Our exclusive report will give you all the facts for a fast, top dollar sale. Just call 614.733.9392 anytime, 24 hours, and we ’ll rush a copy out to you. Loan Programs Conventional - 5% down - No up-front MIP fee (like the 1.75% charged by FHA) - Interest rates are credit score dependent - 5% down = .54 PMI factor (or lower) - 10% down – No PMI programs - 1.37% 1-time payment financed FHA - 3.5% down - $310,500 max loan amount - 1.75% up-front MIP (can be financed) - At 96.5% LTV = 1.35 monthly MIP factor - No credit score rate adjusters down to 660 80-10-10 - No PMI - 80% Conventional 1st mtg + HELOC Jumbo and Jumbo Splits - Jumbo - 20% down minimum - Jumbo Split = $417,000 conventional 1st, balance on a HELOC – 10% down min OHFA - 1% down - First time Homebuyer (no tax deducted interest for 3 years) - 2.5% Down payment assistance grant - Income limitations ($68,900 in Franklin County) USDA/Rural - 100% Financing – .4 PMI Factor - 2% up-front USDA fee (can be financed) - Income limitations ($78,900 max household income for Franklin Co.) - DTI max: 41% - Property must be in a rural area: http://eligibility.sc.egov.usda.gov/eligib ility/eligibilityAction.do FNMA Homepath - 5% down – No PMI – No appraisal - Fannie Mae owned properties - Eligibility: www.homepath.com - 15% down for investment properties VA - 100% Financing - No PMI Portfolio - When it does not fit the typical qualified mortgage Prevent Home Break-ins Good news: Home burglaries are down, thanks in part to the Neighborhood Watch and similar organizations. Here’s the best advice for protecting your home: Deter . Have good locks on your doors and windows. Be smart: Don’t put specifics about your upcoming vacation on Facebook or other social media. Potential burglars are on the Internet too. Detect . Buy an alarm system that includes sensors at entry points, motion detectors and a loud outdoor alarm. Put a sign on a window that says you have an alarm but don’t name the specific system (burglars may crack it by using technology). If a burglar breaks in, the alarm will change the robbery to a “smash and grab” followed by a quick exit. Delay . Delaying a burglar for 4 minutes by making it hard to enter your home is considered sufficient to prevent a break-in. Besides locking doors and windows, keep other entry points from being accessible, such as trimming tree branches to prevent a burglar from climbing upstairs. Real Estate Corner… Q. What should I do to find the right home at the right price? A. A tip that will help you get the home you want is to be financially prepared before you start house hunting. Here are two key points: Find a motivated lender. Ask your REALTOR ® (choose one who is an experienced Home Buyer Representative) to refer one or two reputable lenders to you. Study up on basic terms so you’ll be able to choose the loan that will be the best deal for your situation. Get pre-APPROVED, not just pre-QUALIFIED for a loan. You’ll have more power to negotiate because the sellers know you can close on the transaction. You can find seven more tips on saving money when buying your next home in our Free Consumer Report called “8 Secrets For Saving Thousands When Buying Your Next Home.” Call and ask for a copy. Do you have a real estate question you want answered? Feel free to call us at 614.733.9392. Perhaps we ’ll feature it in our next issue!