Columbus Loans & Home Mortgages

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 [...]

Yesterday was a great day on Wall Street. The Dow gained almost 500 points. Earlier in the day the government announced its plan to deal with so called toxic assets. These are basically home loans on homes in default, which banks can’t sell on the secondary market, i.e. to other banks or investors. We all know [...]

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. Technorati Tags: Columbus House, columbus houses, Columbus Housing, [...]

When a borrower takes out a home loan, the interest is tax deductible up to a certain amount. For borrowers in the highest marginal tax bracket, the savings can be significant, and this can make a dramatic difference in the true cost of ownership. However, this benefit diminishes over time as the loan is paid [...]

Did you think it was impossible to renegotiate your mortgage rates to more favorable terms? Think again. Technorati Tags: Columbus House, columbus houses, Columbus Housing, columbus loans, columbus realtors, columbus realty

Just got this in from one of our loan officers. It’s not impossible to get financing for investment properties these days. It’s just much harder than it used to be. Fannie Mae will now finance the purchases of one-unit homes for investors with an interest in between 5-10 properties, provided that all of the following [...]