Grants for Grads

Full Article Here

I just read an interesting article (see link above) from the Columbus Dispatch talking about a grant program that helps recent college grads attain grants that help them buy a home.

• The home-buying program offers a grant worth up to 2.5 percent of the purchase price and a lower interest rate on a 30-year loan. To be eligible, applicants must have earned a college degree within the past 18 months and have graduated from an Ohio high school. The college degree can be anything from an associate to a graduate degree from a school inside or outside the state.
• Participants on average received $3,076 in down-payment assistance and paid $120,205 for their homes, she said.

• The agency currently is offering a 4.25 percent interest rate, which is up to half a percentage point lower than its other first-time home-buyers programs, he said. 

 The tools are out there, use them!

Gotta Have Options

Part of the reason for making this blog was to help first-time home buyers know "you have options". There are many paths you can take before you decide to buy that first property. I am merely posting stuff up here to show you what is out there and what is going on in the market. However, I also have friends who work in various professions that directly relate to real estate. Case in point, Mark Davis. Mark recently sent me something that I could add to the blog. 

  “Luke, more often than not people want to know what their rate is going to be and how much it’s going to cost them and believe me those are important. However, when you’re dealing with the lending environment that we all face in today’s society, there’s a lot more to it! The most important step in getting financing or even re-financing is building a strong portfolio for a bank to consider. This is where I step in with all my clients, rather than work for them, I work with them to set a financial goal. There’s so much more than just your 30 year loan, why not set yourself up for retirement with a shorter term. The point is to have options!”

So there it is, straight from the man himself. I highly suggest getting in touch with Mark with any financing questions. For example " Mark what is considered a strong portfolio and how can you help me get there". Here is his info:

Mark Davis |Mortgage Banker

American Bank

National Lending Center

150 E. Campus View Blvd  Suite 200
Columbus, OH 43235

Toll Free: 866-209-7652 | Local: 614-441-9233

Fax: 1-800-785-1583

http://www.americanfsbmortgage.com/

Better Business Bureau Rating

I'll give anyone a plug on here that asks for one. I know I have some more buddies that work in areas of business that relate to this. You tell me how it relates to a first time buyer (or young people) and I'll post it up!!

Foreclosures

Foreclosures have hit the housing market hard. However, foreclosures have also been part of many of the closings as of late. Therefore, if you have been paying attention to the news lately, foreclosures could come to a screeching halt. Essentially, there is a probe going on whether certain banks "robo-signed" (fraudulently) affidavits to help move the foreclosure process along. This could be a problem because some people may have been wrongly evicted from their properties.

This affects 1st time buyers because many of these foreclosed houses could be a house you may want to buy. However, if it is found these banks committed fraud, none of these houses can be bought for the time being. Generally speaking, foreclosed properties could be interesting to the 1st time buyer because of the prices, however, the actual process is complicated, which is why it would be wise to seek counsel of a licensed agent when dealing with these properties!

READ MORE:

Housing Probe
How do Foreclosures Affect Home Sales
PNC to Halt Foreclosures