Tim Bradford - AMMCorp.net

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100% Financing and Avoid Conv PMI, Avoid VA Funding Fee or FHA Mortgage Insurance Premium

If you are looking to buy a home in Rural Ohio, you may want to check out the USDA Rural Home Loan Program. 

 If you are below these income limits, you may qualify.
New Income Limits Effective 4/20/2009
  1 Person-4 Person 5 Person-8 Person
Cleveland MSA 74,550 98,400
Akron, OH MSA 74,750 98,650
Putnam County, OH 75,200 99,250
Columbus, OH HUD Metro FMR Area 78,900 104,150
Cincinnati-Middleton, OH-KY-IN HUD Metro FMR Area 79,550 105,000
Union County, OH HUD Metro FMR Area 88,350 116,600
All Other - Areas in Ohio 73,600 97,150
 

Other rules do apply and the best way to find out is to give me a call or send me an email. 

0 comments • Tim Bradford • October 27 2009 08:06PM

A completely new proposal to save the real estate market. It's not as crazy as you might think!

I am rebloging this to hear from people that disagree with this proposal.  I did post this on the blog itself because out of 173 posts I counted only 8 that disagreed. 

Here are my comments, let me know if I am off base. 

Because this post was featured in the daily email and I thought the Title was interesting, I stopped by to read the post.   As I read thru 173 posts I was surprised to only find 8 posts that I felt disagree with the proposal.  Make this #9 that disagree.  I support the elimination of the 8,000 credit.  While at the same time agreeing with some of the posters that if renewed it should be the greater of the downpayment or a fixed maximum amount.  With the tightening loan criteria I see the current stimulus as PAYING PEOPLE TO (that can afford to buy) BUY HOMES.  Your proposal continues to do just that and in larger amounts.  

Here is my list of people that disagreed with the principle.  #25  #56 #63 #107 #108 #116(Possibly the best) #118 152 

I ask everyone that supports this proposal if they support higher taxes and if they support this proposal because they would benefit with more income from sales.  People need to ask what is the best for everyone not just themselves.  

Via Richard Weisser Coweta Fayette Real Estate ERA United Realty:

Taking a new path in the A lot of real estate agents are speaking as if the door on real estate sales will be slammed shut if the federal tax credit for first-time homebuyers is not extended. And while this opportunity to collect cash has had a very positive effect on sales in the lower price ranges, it really hasn't meant much to sellers with homes valued in excess of $200,000.

My preference is to let this credit just go away. The expiration of the credit could actually lead us back to a true fair market, where buyers buy because they need a house rather than just trying snag a great deal with future profit potential.

I would like to propose an alternative remedy to help sale in all price ranges. My proposal would really create interest in buyers that could really stimulate the market, and it is the only remedy that I have even seen proposed that would actually correct the mistakes of the past.

The solution I am proposing is to make all down payment monies for a personal residence up to and including a cash sale an income tax deduction. Not a refundable credit, just a deduction against income.

This also would encourage buyers with both cash and significant incomes to get back into the market. It would lead us back to the days when more down payment was better, and smaller mortgages would prevent the short position debacle that we are experiencing today.

The higher end market would see an extensive boost in sales, and prices would stabilize. And once again, homeowners will be encouraged to have equity in their homes to cushion them against negative market forces.

So what do you think? A dollar for dollar tax deduction for down payments on a house sounds like a good idea to me!

All content, including text, original art, photographs and images, is the exclusive property of Coweta Fayette Real Estate, Inc., and may not be used without the expressed written permission of Coweta Fayette Real Estate of ERA United Realty Newnan Georgia. All information is believed to be accurate but is not warranted, Copyright 2003-2009. Richard Weisser REOS, E-Pro. licensed Auctioneer. 770-827-6225.
Learn more about Coweta County and Fayette County Georgia Real Estate, and to search the entire Georgia MLS for free with no registration required visit CowetaFayetteRealEstate.com! Photos of the Great Smoky Mountains National Park.

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0 comments • Tim Bradford • October 24 2009 05:41PM

FHA notice on delay in FHA condominium changes: Now set for Dec 7, 2009

Just recieved this notification that the new Condo Guidelines are being delayed again.   One issue that was of interest to me was how Lenders were suppose to evaluate the Reserve Requirements.   On another post here on Active Rain it was said for existing Condominums the guideline would be reserves needed to be funded at 60%.   I have seen nothing to confirm that number, hopefully the updates promised by HUD will give the guidance for Lenders.  

 
Implementation of FHA's new policy guidance for condominium project approval and condo unit financing will be delayed until December 7th  2009.  The new guidance, to be issued within the next two weeks, will:  1) offer additional leniencies to address the difficult market conditions and
2) augment some portions of FHA Mortgagee Letter 2009-19, providing additional information and clarification. 
 
Until the new guidance takes effect on December 7th, 2009 lenders may continue to use the Spot Loan Approval guidance issued in Mortgagee Letter 1996-41.  Further, the site condo and manufactured housing condo project changes that have already been implemented are not affected by this delay.

1 comment • Tim Bradford • October 21 2009 03:52PM

After a Short Sale, Will I Ever Be Able to Buy a Home Again?

Dawn,   As others have said your post it timely and excellently written.  As you said the guidelines presently call for 2 years after Completion date. (no exception per present FNMA guidelines)  If a seller is in the position where a mortgage modification that is acceptable to the lender and affordable to the seller it should be considered.  This can be a good option for the Lender, the owner and the real estate market if the modification works.  However, I hear modifications generally just forestall the inevitable.  The owners/sellers have very difficult decisions to make, but they need to understand it is better for them to make the decisions than to make the lender make the decisions. 

Hopefully your post will seller facing a difficult decision will contact a professional that understands the options and is willing to work with them. 

It should also be noted that I have seen some sellers, realtors and lenders try to coordinate a short sale closing with the purchase of a new property.  Unless full and complete disclosure is made to the old lender, new lender, realtors and underwriters, this can create legal problems. 

Via Dawn Maloney, CDRS Elite (RE/MAX Commitment):

1850 Mara Circle Streetsboro

"Will I ever be able to buy a home again?"

Today I received another call from another homeowner in foreclosure. Burning questions that no one could (or would) answer were pouring out like lava, pent up emotions were finally being released in a meltdown of fear, frustration, sorrow, confusion, anger.

I just listened, acknowledged, and took notes, listening to learn if I would be able to help.

Eventually, in sharing with me, there was some relief from the pressure, and the courage to ask a question about the future arose: "Will I ever be able to buy a home again?"

Yes! As long as you can financially afford it with a steady source of income and a downpayment, YES. You will be able to buy another house in the future. Usually in about two years after a short sale, you will be eligible to purchase a home and get a loan.

If you opt for foreclosure, it will be seven years, but you will still be able to buy another home in the future, based on standards of the lending community as we know it.

A short sale will give the fastest return to loan eligibility. But even a foreclosure does not mean you will never be able to buy a home again.

The future looks better in time. Here's to your future homeownership and to your financial rescue today.

If you feel you have nowhere to turn for answers to your questions about short sales, loan modification and foreclosure, please call. I can point you in the right direction.

RE/MAX and Dawn Maloney = Success For YOU!

  • $8,000 First Time Home Buyers Tax Credit, ends Dec. 1, 2009.
  • Up to $14,999  3 to 1 MATCHING GRANT for First Time Home Buyers in Summit County (Not including Akron, Barberton & Cuyahoga Falls).
  • Call today to learn if you qualify for many other financial programs!

Dawn's cell: 330-990-4236
Email: dawn@dawnsold.com

 

http://www.DawnSold.com

0 comments • Tim Bradford • October 10 2009 06:35PM

Attention Cleveland Area Home Buyers - Time is Running Out on the 8K Tax Credit

Chirs, Thanks for the mention in your post.    I do agree that anyone looking to purchase and take advantage of the $8,000 should step up their house hunting.  

On an added note there are additional tax credits from the Ohio Housing Finance Agency.  Information and a calculator can be found here.  Funds are limited and only available on a first come first serve basis.   The OHFA Tax credit ranges from 20-30% of the interest paid on each year on the loan.  Borrowers recieve this credit each and every year they owner occupy the home.   On a $100,000 purchase the OHFA credits could exceed $30,000. 

Via Chris Olsen Broker Owner Cleveland Ohio Real Estate (Olsen Ziegler Realty):

Any first-time home buyer in the Greater Cleveland and Akron Ohio marketplace is hopefully well aware of that time is running out on the 8K federal tax credit -- you must close on a home by November 30th, 2009.

For those buyers who are either on the fence or are in the middle of trying to negotiate a short sale, time is running out and you need to act now if you wish to take advantage of it.

I am closing a home purchase this coming week for a buyer (not a first time buyer) and this loan/purchase is closing in under 30 days, so when the right folks (agents, lender, title, escrow, inspectors) are involved, it can happen.

If you are still negotiating with a seller of a short sale property, chances are, it's not going to happen.  The bank will still have to approve it, as well as the underlying investor.

If you feel you have waited to long, you haven't.  If you start the process now, provided you can get pre-approved for a loan, it's not too late and you can still start and complete the process.

The right agent with the right resources will make or break your home purchase so choose your buyer's agent wisely.

If you need an exceptional lender, Tim Bradford with American Midwest Mortgage has more experience and options than any other lender I know for first time home buyers in the Greater Cleveland and Akron Ohio real estate market.

0 comments • Tim Bradford • October 05 2009 10:31AM