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News
Welcome Home Loan Program
2012 Program Info
2011 WELCOME HOME
Program - SORRY - $ GONE - Click 2012 Program Info above! - $5000 Grant for homebuyers for Closing Costs & Part of the Down Payment (need $500 of own money*). Don't need to be a 1st time buyer*. No payback of the grant if home is not sold within 5 years. 2 person family income limits for Butler, Clermont, Hamilton & Warren counties: $55.600 (3+ persons - $63,940). *See
link for all of the details - or contact your lender.
Purpose
The Federal Home Loan Bank
of Cincinnati (the FHLBank) has established a set-aside of Affordable
Housing Program (AHP) funds to help create homeownership. These funds are
available to members as grants to assist homebuyers under the Welcome Home
Program. This is a general description of the program. Complete information
and documents are available at
www.fhlbcin.com.
Uses of Funds
Welcome Home
grants are used to fund reasonable down payments and closing costs incurred
in conjunction with the acquisition or construction of owner-occupied
housing by low- and moderate-income homebuyers. The grants are limited to
$5,000 per homebuyer and members are subject to an aggregate limit of
$200,000 per offering. All funds are reserved for specific homebuyers
purchasing specific homes and cannot be transferred to other homebuyers or
to other homes.
USDA Rural Development Loan -
Link
Single Family Housing Loans and Grants
Single Family Housing Programs provide homeownership opportunities to low- and moderate-income rural Americans through several loan, grant, and loan guarantee programs. The programs also make funding available to individuals to finance vital improvements necessary to make their homes decent, safe, and sanitary. Visit the following sites for information and/or assistance...
• Rural Housing Guaranteed Loan
Applicants for loans may have an income of up to 115% of the median income for the area. Area income limits for this program are here. Families must be without adequate housing, but be able to afford the mortgage payments, including taxes and insurance. In addition, applicants must have reasonable credit histories.
• Rural Housing Direct Loan
Section 502 loans are primarily used to help low-income individuals or households purchase homes in rural areas. Funds can be used to acquire, build (including funds to purchase and prepare sites and to provide water and sewage facilities), repair, renovate or relocate a home.
February Pending Home Sales Rise in US
Courtesy of Realtor.org
Washington, March 28, 2011
Pending home sales increased in February but with notable regional variations, according to the National Association of Realtors®.
The Pending Home Sales Index,* a forward-looking indicator, rose 2.1 percent to 90.8, based on contracts signed in February, from 88.9 in January. The index is 8.2 percent below 98.9 recorded in February 2010. The data reflects contracts and not closings, which normally occur with a lag time of one or two months.
Lawrence Yun, NAR chief economist, says it’s important to look at the broader trend. “Month-to-month movements can be instructive, but in this uneven recovery it’s important to look at the longer term performance,” he said. “Pending home sales have trended up very nicely since bottoming out last June, even with periodic monthly declines. Contract activity is now 20 percent above the low point immediately following expiration of the home buyer tax credit.”
Yun notes there could have been some weather impact in the February data. “All of the regions saw gains except for the Northeast, where unusually bad winter weather may have curtailed some shopping and contract activity.”
Cincinnati Area Board of Realtors
Press Release
Cincinnati Area Board of Realtors®
The following
press release was sent to the local media today at 10:15 a.m.
December
21, 2011
Contact: Pete Kopf, CABR President, 513-871-4040 [office],
513-235-3867 [cell]
Gene Snavley, CABR Exec.Vice President, 513-543-2211
[cell]
Home Sales Continue Positive Trend in November
Local home sales in November, for the fifth month in a row, continued a
positive trend with 1,235
units -- up 11.8% over November 2010.
Last month’s average price was $146,905, compared to a year ago of $147,890.
The average price
for the first 11 months of 2011 was $151,764 compared
to $158,426 the same 11 months in 2010.
“Five months in a row of
increased sales, on a year-over-year basis, is a definite indicator that
buyers -- first-time, move-up or even investors -- are finding great value
in our market,” said Pete Kopf,
president of the Cincinnati Area Board of
Realtors. “But, to generate and sustain a healthy housing
market, we need
to create and maintain more jobs.”
Just last week, it was reported by
Governor Kasich that the Ohio unemployment rate dropped to
8.5% in
November. “This is a step in the right direction for our economy and the
jobs outlook,” said
Kopf. “So, for those who have jobs and who can afford
to take advantage of our extremely affordable
market, now is the time to
buy.”
Today, the average interest rate in Cincinnati is 3.93% for a
30-year fixed rate mortgage.
Nationally, the average interest rate is
4.19%.
Today, there are variety home loans available to buyers which
may provide substantial savings
and tax benefits. Besides the normal
fixed rate, FHA, VA and adjustable rate mortgages, some buyers
may want
to consider a home improvement loan such as a 203k, USDA Rural Development,
Home Path
Renovation Mortgage or construction loans.
The
Cincinnati area housing market has almost 10 months of available inventory
compared to
nearly 13 months a year ago. The inventory contains a wide
variety of homes in a price range for anyone
interested in buying a home.
The current inventory contains the following: 34% are under $100,000;
46%
from $100,000 - $249,999; 14% from $250,000 - $499,999; and 6% are over
$500,000.
November Home Sales
Summary of Single Family and Condominium Sales
Multiple Listing
Service of Greater Cincinnati
Cincinnati Area Board of Realtors®
Closings Gross Volume Average Price
November 2011 1,235 $191,427,170 $146,905
November 2010 1,105
$163,418,293 $147,890
Variance + 11.76% + 17.14% - 0.67%
Year-to-Date Home Sales
Closings Gross Volume Average Price
Jan-Nov 2011 15,524 $2,355,986,983
$151,764
Jan-Nov 2010 15,736 $2,492,984,576 $158,426
Variance - 1.35%
- 5.50% - 4.21%
Nationwide, November home sales were up 4.0% from October
on a seasonally
adjusted basis and up 12.2% from November 2010.
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