Mobile post sent by JoetheRealtor using Utterli.  Replies.  mp3 ]]> http://columbushomesblog.com/2009/06/30/feedback-opens-doors-to-sales/feed/ http://columbushomesblog.com/2009/06/26/kiddie-condos-can-parents-still-fund-purchases-for-children-even-if-the-kid-has-no-income/ http://columbushomesblog.com/2009/06/26/kiddie-condos-can-parents-still-fund-purchases-for-children-even-if-the-kid-has-no-income/#comments Fri, 26 Jun 2009 14:03:09 +0000 Joe Peffer http://columbushomesblog.com/?p=1033

Why not start with this bank owned 1488 s.f. condo in Victorian Village w/ 2 car garage, 3 beds, 2 baths for only $210,000? Yes, it needs some updating.

I had someone ask me this question yesterday…..“Hey Joe, Can I qualify for an FHA loan if my parents co-sign since I have no income? Do I personally NEED to have income?”

The short answer is yes they can, even if the child has no income or assets to speak of.  And, the adult child should be able to receive the $8,000 tax credit for first time home owners.*

I turned to Brian Connor with Huntington Bank for the definitive answer and other issues to consider. Here is what he had to say….

“The answer is “Yes”… a child can purchase a home without any income or assets, as long as an immediate family member can qualify for the new payment… along with the son or daughter’s debts, and their own respective mortgages and debts. The transaction is referred to as a “Non-Occupant Co-Borrower” - the Non-Occupant(s) being the parent or parents, and is treated as “Owner Occupied” - with the son or daughter being the Occupant; this is a better option than a parent having to purchase the home as investment property and put 20% down and be subject to higher rates.

This situation was often referred to as a “Kiddie Condo”, where a parent bought a condo or a less expensive home for a child in college who had no current income or assets to qualify on their own. They, the parent or child, could benefit from tax write-offs and appreciation of the home rather than pay $ for campus housing or rent.“

Thanks Brian, this is great information for anyone looking to help out their kids as they look for their first place or an Ohio  State University area home for sale, or Ohio Wesleyan, or Ohio Dominican, or Capitol University, or…..

*Of course, seek the advice of a certified tax professional for verification.

You found the house, you want a deal, but what now?

It’s supposed to be a new day at FHA. Loans are supposed to be obtainable without jumping through too many hoops.

Foreclosures, in Columbus or wherever, present a problem. They need work, the bank says the work must be done before they lend on the property, they don’t belong to the buyer and yet the bank is selling them as-is.

What can be done? read more HERE….

Three out of four of the Clintonville area homes I showed last night had sign riders with fun exclamations.

Wait a minute. All I have to do is pick a house and HUD will give me an $8,000 down payment?

Although nobody called me for the panel of distinguished guests at the mid-year meeting of the National Association of Realtors today in Washington D.C., I have found out that Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, decreed today that the Federal Housing Administration is going to permit its lenders to allow homeowners to use the $8,000 tax credit as a downpayment.

Secretary Donovan went on to say, “We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a downpayment,”  According to Donovan, the FHA’s approved lenders will be permitted to “monetize” the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table.

Is this great for Columbus area first time home buyers? You bet! You can read more about it here.

On the flip side, It seems to me that this is typical of the American ‘gotta-have-it-now’ mindset and all too reminiscent of the sort of ‘lend to anyone with a home buying twinkle in their eye’ mentality that got us into this mess.  Don’t have enough money for a down payment? No problem, here’s $8,000.

And, since you’re wondering anyway, that means that you could purchase about a $228,000 Columbus area home with no out of pocket down payment if you’re going with an FHA loan product and their 3.5% minimum down.

Mobile post sent by JoetheRealtor using Utterli.  Replies.  mp3 ]]> http://columbushomesblog.com/2009/04/30/condos-and-home-inspections/feed/ http://columbushomesblog.com/2009/04/29/new-iphone-ap-for-real-estate-is-very-sweet/ http://columbushomesblog.com/2009/04/29/new-iphone-ap-for-real-estate-is-very-sweet/#comments Wed, 29 Apr 2009 19:42:33 +0000 Joe Peffer http://columbushomesblog.com/?p=1014 Today Zillow released their new iphone application. It is pretty doggone cool if nothing else. I still don’t much believe in the zestimates for most Columbus properties, but the ability to walk around a neighborhood and get a feel for which home sold for what–while you’re standing in front of them looking at them–it’s the sort of thing I used to talk about developing five years ago because it’s so unbelievably handy.

The world of real estate is becoming more and more transparent. This is a boon to sellers because now their listings will pop up on this application and you don’t have to wonder how much the house is, you can know instantly without some kind of secret access to the area MLS and you don’t have to call the listing agent’s office only to have the secretary tell you that she isn’t allowed to tell you the price by law but she can put you in the agent’s voice mail.

I don’t have an iphone because iphones don’t open lockboxes, which use infrared.  I may get one anyway.

What’s your Experience?

You’d be Suprised where you can put a 1/2 bath from joe peffer on Vimeo.