Jim and Diane Jones
5182 Lewisburg Rd., Lewisburg, Oh 45338
937-478-6519
May 08
Are you aware that there is still 100% financing readily available? Most people aren’t, most Real Estate agents aren’t, and this is causing some first-time home buyers to not even try. I will tell you more about this later.
If you get into a conversation about real estate you will generally hear a lot of negatives and predictions of gloom. While things are not as great as they have been, the Dayton Metropolitan area is far better off than much of the country. By all reports 2006 was a record year for the Dayton housing market, so it stands to reason we should see some decline and the national news further frustrates the local market. There is no doubt that financing is playing a major role in the difficulties of buyers and sellers alike. Bad loans, predatory lenders and a less than flourishing job market are always a detriment, and based upon your perception or personal situation regarding these things, you may feel more impact than those around you.
When you look to sell and the market is or seems down, and then you expect to not get as high a price for your home as when the market is up. The thing to remember is that your sales price is relevant. In an up market you get top price for your home and then pay top price for your new home. If the market is down, then your sale price may be less than expected but you will find that your new home is priced as more of a bargain, or you get more house than you had expected for your budget dollar. One possible exception would be moving from one market to another. Remember a Housing Market is a local thing. Your market is normally your community and depending on the community size, as narrow as your school district, taxing authority or neighborhood.
I mentioned 100% financing earlier. It is not FHA, which requires 3% down, but a true $0 down loan or a VA restricted to qualifying veterans.Thisgovernment program actually allows for 102% LTV (Loan to Value) financing. Expanded qualifying ratios and flexible credit guidelines, No mortgage insurance, No maximum loan amount,Include closing costs/repairs/renovations in the loan, No minimum credit score,and Non-traditional credit may substitute for lack of traditional credit history are just a few of the features that make this a great opportunity.The best thing is it should be available from YOUR lender. No magic, no gimmicks. Imagine being able to advertise your for sale property with this option or a new home buyer getting into that first home with no money out-of-pocket.
Of course there is no magic bullet and some restrictions do apply, but they are few. If you know someone who could benefit from such a program, have them call and I will be happy to explain the details. Remember what Leonard Ravenhill said,“The opportunity of a lifetime, must be seized in the lifetime of the opportunity.”
Jim and Diane Jones
Advantage Real Estate
2371 Lakeview Dr., Beavercreek, OH45431 937-478-6519