Columbus Loans & Home Mortgages

One third of Americans have a credit score of less than 620. Zillow.com studied 25,000 online home mortgage applications and found that prospective home buyers with credit scores lower than 620 could not get Columbus loans approved, even when they were able to make a down payment of 25% of the purchase price. Only 47% [...]

Fannie Mae is one of the biggest sellers of REOs (bank owned homes) in the country. In order to reduce their inventory of 283 homes for sale in Franklin County OH alone, they offer new incentives, which make Columbus loans on Fannie Mae home purchases even better than FHA loans. You can find details on [...]

At the end of last week we received an email from our favorite loan officer. She told us that FHA changed guidelines for minimum credit scores required to ensure loans. Until now it was still possible to get Columbus loans with credit scores as low as 580. Fifth Third Bank was one of the few [...]

Modifying a mortgage loan has become much easier since the implementation of the Obama administration’s loan modification plan.  This plan provides incentives to lenders to change the terms of an existing loan to make payments on Columbus houses more affordable to homeowners.  In the past, getting a mortgage modification was far more difficult, since lenders [...]

A week ago we had another “no money down” closing. The buyer was an Iraq veteran who purchased a 1700 sqft home on a lake right here in Ohio, with almost no cash out of his pockets. Many different Columbus loans are available, but VA loans are simply the best. The Veterans Administration takes care [...]

That’s correct! In today’s tough housing market, you can still buy homes with no money out of your pocket. Last week one of our customers purchased a completely new 4 bedroom, 3 bathroom home (similar like the one in this image) directly from a builder and received $500 cash back at closing.   You may [...]

Read this post before you file your 2008 tax return – it may save you thousands.  $7,500 to be exact, or twice that amount, if the proposed stimulus bill will pass next week. I am talking about a tax credit for buyers of Columbus Houses. The government offers first time home buyers a $7,500 tax credit, [...]

Mortgage interest rates are the single-most important factor determining the borrowing power of a potential house buyer. When rates are very low, a borrower can service a large amount of debt with a relatively small payment, and when interest rates are very high, a borrower can service a small amount of debt with a relatively [...]

The most egregious examples of predatory lending occurred when interest-only loan products where offered to subprime borrowers whose income only qualified them to make the initial minimum payment (assuming the borrower actually had this income). This loan program was commonly known as the two-twenty-eight (2/28). It has a low fixed payment for the first two [...]

When lenders develop new loan programs, they assume borrowers are sophisticated enough to understand the product and disciplined enough to use them properly. Both assumptions are bad, and these bad assumptions caused lenders and investors to lose a great deal of money during the Great Housing Bubble. addthis_url = ‘http%3A%2F%2Fwww.columbusloans.info%2Fcolumbus-loans%2Fhome-mortgage-borrowers-are-not-that-sophisticated’; addthis_title = ‘Home+Mortgage+Borrowers+Are+Not+That+Sophisticated’; addthis_pub = [...]