Good news on getting financed!

Well, it seems that things might not be as grim after all for those of you trying to obtain financing! If you have a credit score in the upper 600's, and a minimum of 3% (going up to 3.5% in January) down, you should still be able to obtain a mortgage! Contact me if you need contact names & numbers of lenders that may be able to help!


What's your home worth?

I'm setting aside this week and next to run comps for you! If you're interested, let me know, and I'll get you my findings within 48 hours!


Alternative financing options

Have you found the perfect home but are having troubles getting financing? Check out this article for some great alternatives!


Up until a few days ago, Ohio had a great program (OHFA http://www.ohiohome.org/) that offered downpayment assistance programs, but due to the economic times, has been temporarily discontinued.


The first step is so important these days!

Before you start looking at properties, contact a lender to get an idea as to how much you'll qualify for, and how much money down you'll need. The days of 0 down are long gone, so plan on putting at least 3-5% down, if not 10-20%, depending on credit, etc. Start saving now! There are many great deals to be had, but you will need money down. There are a few special programs out there, depending on what you do for a living (see older posts below) that may save you a few $$! When you've gotten this important first step taken care of, contact me at realtor4columbus at yahoo dot com, and I'll help you find that perfect property!


Financial Crisis Survey Results

Thanks to everyone who participated! I appreciate and value your thoughts and opinions!

1. Has the condition of the current housing/financial market made you put your home buying/selling plans on hold?
Yes - 20% of you said that yes, it has made you put your home buying/selling plans on hold, temporarily.
No - 60% of you said that this current situation has not made you change home buying/selling plans (either you've just recently purchased a home, or the situation has made you start saving more rapidly for a down payment).
Maybe - 20% of you are uncertain as to whether or not you'll change your plans.

2. Do you think the government should have been responsible for bailing out large financial institutions that are in trouble?
Yes - 0%
No - 84%
Maybe - 16%

3. Do you think the situation would have corrected itself if the government hadn't stepped in?
Yes - 34% of you thought that though it would've taken some time, the situation would eventually correct itself
No - 16%
Maybe - 50% of you were unsure as to whether or not the situation would correct itself without the government stepping in, or thought that yes, it would've, but the government's measures would lessen the effects and expedite the recovery.
"I think the pain and suffering needed to resolve this financial crisis will be less with government intervention than it would have been without it. The markets would have corrected themselves, but it might have taken many years and been very painful in terms of job and home loss. Also, the bail out will not save us from any all the pain, there certainly is/will be some."

4. Who do you think is responsible for the current financial institution crisis?
Buyers & Lenders - 60% of you thought that buyers AND lenders should share the responsibility
Buyers - 20% of you thought the buyers should accept sole responsibility.
Buyers, Lenders, Appraisers, etc (anyone/everyone involved in a transaction) - 20% thought that everyone involved should accept some of the responsibility.

5. Could it have been avoided?
Yes - 100% of you thought it could've been avoided.

6. Who do you think is responsible for the decline in the housing market?
No one - 20% of you thought that the market traditionally has ups and downs.
All involved / the general public - 60%
Lenders / Buyers - 20%
Most of the replies to this question were the same as question #4.

7. When do you see it turning around?
1-2 years - 34% of you thought it would be at least a year or 2 (some thought it'll depend on who gets elected as our next president).
2+ years - 50%
Don't know - 16% of you weren't sure.

8. How has the current housing market situation directly affected you?
There were many variations of a few specific answers, so I'll just post a few:
The market hasn't affected me.
Can't sell current property.
Homes selling for less than market value.
Property values dropping.
We got a great deal on our purchase.

9. Feel free to add any other related comments/questions!
"For people who are NOT in a bad situation from bad ideas, I wonder how easy it would be to purchase homes and rent them, or is the rental market flooded too?? I wish I had a bit of expendable cash to take advantage of the low costs to buy!"

I would be that this would be a great option right now, IF you had the expendable cash! :)


Stuck in a mortgage that no longer meets your needs?

OHFA (Ohio Housing Finance Agency) now offers an "opportunity loan refinance program" to help homeowners who currently have interest-only or ARM's into a 30 year fixed rate mortgage. Click below for more details.


Home Buyer Courses

MORPC (Mid-Ohio Regional Planning Commission) offers courses covering a variety of topics for homebuyers. I've included the link to their latest schedule!




What does this bail-out that is currently being concocted mean for us? I certainly don't have the answers, and not really sure that anyone does. I think it's a wait and see situation, and everyone hanging on for dear lives in the meantime. What I do know is that even thought it's a buyer's market, with so many great deals out there, it's becoming harder and harder to get a mortgage, even with money down, good credit and a good income. If you're thinking in that direction, seek out a lender NOW and see what your options are before you start looking at homes.

New website to search for open houses....


Just found this and wanted to pass it along!