Beginning this morning, the State of Ohio is offering the MCC program. It is for first time homebuyers who have not owned a primary residence in three years, makes under $65,000 a year and the property is under $247,000. The borrower gets back in the form a less tax owed the Federal Government by 20% if it is a non-targeted area, 25% if it is a targeted area and 30% if the property is bank owned, $2,000 max. This lasts as long as they own the property. The cost is $300 up front, one time fee to the borrower. The customer can literally save thousands of dollars through the years. We are one of 16 lenders in the state offering this program.

Yesterday afternoon the market dropped in our favor but this morning we lost everything we gained and we are back to where we were at noon yesterday. Lots of things happening in the country that will effect our rates. The problem is, how will it effect us.

Today’s Rates: 5.000% 30 year fixed (same) purchase or rate and term refinance
5.125% 30 year fixed (same) cash out refinance***
4.750% 15 year fixed (same) purchase or refinance
4.875%% 15 year fixed (same) cash out refinance***
5.625% + 1% Origination fee, First Time Homebuyer Bond Money (same)
5.000% FHA (same)
5.375% VA (same)
7.500% Jumbo 30 year fixed (same)
***Cash out refinance means pulling out at least $2,000 or more or paying off a non-purchase second mortgage.

30 days, escrow, $110K thru $417K loan amount, owner occupied, non condo, 740+ credit score (FHA, VA and Bond Money totally different parameters), 0% points, 0% origination fee.

We CANNOT lock in an interest rate on a loan with a voicemail or email. The customer MUST talk to the loan officer over the phone or in person before it can be confirmed. The market changes too frequently. We recommend calling during business hours to make sure we have all the markets open and available.

Mortgage Tip of the Day:
Beginning immediately, a new first time homebuyer stimulus program has come out. It’s called MCC or Mortgage Credit Certificate. See above for more details.

Thought of the Day:
You cannot step twice into the same river, for other waters are continually flowing on.

Today’s Fun Fact:
In the wintertime squirrels lose about half of their nuts because they forget where they stored them.

Fact or Crap?:
The computer term “bit” is short for binary digit.

Legal Stuff
These rates are effective as of Tues. March 24, 2009 at 11:30am. These rates can change without notice.
This is an Advertisement.

Fixed Rates and 10/1, 7/1 ARM rates @80% LTV, $100,000 loan amount
Bond Money Rates @ 97% LTV, $100,000 loan amount
FHA Rates @ 96.5% LTV, $100,000 loan amount
VA Rates @ 100% LTV, $100,000 loan amount
Jumbo Rates @ 80% LTV, $418,000 loan amount

30 Year Fixed APR 5.079% $536.82 Interest and Principal
30 Year Fixed Cash Out APR 5.204% $544.49 Interest and Principal
15 Year Fixed APR 4.885% $777.83 Interest and Principal
15 Year Fixed Cash Out APR 5.010% $784.30 Interest and Principal
Bond Money APR 6.279% $624.33 Interest, Principal, and Mortgage insurance
FHA APR 5.949% $592.05 Interest, Principal, Mortgage insurance
VA APR 5.675% $573.41 Interest and Principal
Jumbo 30 Year APR 7.591% $2,921.82 Interest and Principal

Answer:
FACT…It is also spelled byte.
Thanks for reading!!!!

Stephen Wagner
Mortgage Lender since 1974
The Arlington Bank
4621 Reed Road
Columbus, OH 43220
Office: 614-486-9104
Cell: 614-271-0888
Fax: 614-486-4078

How do you qualify?

1.  Properties must meet sales price limits which can vary by county.

2.  Applicants must meet OHFA income limits.

3.  Ask your local lender!

Note there are Targeted Areas and Nontargeted Areas that affect the credit value in addition to the status of the property.

Here is an example of the MCC in action, compliments of Gary Erler of Priority Mortgage: 

“Imagine a loan amount of $155,000 on your home purchase at an interest rate of 5.5%, your interest the first year will be $8,525. If that home is in a non-targeted area, you can claim 20% of the interest. You now have $1705 as a tax credit thanks to the MCC to help make your loan payment.”

 If you’re a first time buyer, this is your year! The Columbus Team is ready to help you traverse the rocky terrain of home ownership. Do you qualify for the Mortgage Credit Certificate Program?