Michael Reeve's (mreeve) Blog

WELCOME HOME GRANT Up to $5000 Grants to Home Buyers for Down Payment & Closing Costs Dear Ohio Realtors and Home Buyers, We are ready to begin our annual down payment assistance program from the Federal Home Loan Bank of Cincinnati ("FHLB").  Funds will be available for reservation beginning Mar...

Dropping Conventional Mortgage Insurance Rules Getting rid of the MI expense is not as easy as you would think.  Here are the basics.  Automatic Termination Fixed Rate & Adjustable - Removed when reduced to 78% LTV LTV based upon ORIGINAL VALUE Based SOLEY on regular amortization (not prepayment ...

A new rule (Fannie) called Loan Quality Initiative went into effect on July 1, 2010 that requires lenders, BEFORE CLOSING, to check credit to make sure borrowers have not incurred any new debts. If borrowers incur MORE debt, and it affects the underwriting ratios by more than 2%, the loan will ha...

I know you may be a little bit overwhelmed and frustrated right now with all the NOISE and confusion about all the new government interventions in the mortgage and housing markets.  As a Certified Mortgage Planning SpecialistTM, I make it a priority to stay updated on developments in the mortgage...

FHA Mortgage Limits List - FHA Forward Message:   MORTGAGE LIMITS SUCCESSFULLY COMPLETED Mortgage maximums as of Wednesday February 25, 2009(1 records were selected, 1 records displayed.) MSA Name MSA Code Division County Name CountyCode State One-Family Two-Family Three-Family Four-Family Last ...

Four Ways the 2009 Economic Stimulus Plan Benefits Home Owners and Buyers There are four primary sections of the 2009 economic stimulus plan that could be very beneficial if you own or are buying a home. Benefit #1 - Expansion of Home Improvement Tax Credit The tax credit for making energy effic...

Buying a home is a major achievement in most everyone's life. Pride of ownership, tax breaks, equity and the ability to increase your wealth and net worth are just a few of the many benefits you'll enjoy with your new home. Your home purchase may also be one of the largest you will ever make.Dur...

One of the most exciting new provisions of the Housing and Economic Recovery Act of 2008 is the First-Time Homebuyer Tax Credit. The credit is designed to encourage first-time homebuyers to go ahead and make the leap to purchase their first homes. Combine this tax credit with the fact that home ...

Washington has been busy lately.  In one of the most rapidly approved bills in memory, the Housing and Economic Recovery Act was passed into law, and could have significant implications on the housing and mortgage industry.  While there is a lot to share with you, I wanted to reach out to let you...

Here's breaking news you need to know ... and you need to let all your family and friends know right away as well. Your information ... a hot commodity Having credit checked is an important and necessary step in the home buying process. But very few people realize that each time their credit is ...