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Discover Columbus

Worthington, Ohio

Discover Columbus is a site about Columbus Ohio. Originally named "Columbus Best Blog," it was never the best blog in Columbus Ohio. It was a blog about the best in Columbus and Central Ohio! Best restaurants, best real estate company, best schools, best neighborhoods..... written by Maureen McCabe a licensed real estate agent with Columbus Ohio's best real estate company, Real Living HER. Discover Columbus is just a site about Central Ohio.

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Home Buyers Look for Deals

Mar. 18, 2008
Categorized in: Finance

The headline of WOSU article: "Potential Homeowners Look For Deals."   The article quotes the Columbus Board of Realtors about the January 2008 inventory in Central Ohio but says "buyers beware" that they may need  six months of mortgage payment up front. 

As part of the downpayment?  Reserves? 

FHA financing to the rescue. 

New FHA limits, effective March 5, 2008  Buyer Quiz... take the quiz but here's a hint on one question.  Buyers do not need two months of reserves... much less six.  

What happened in the mortgage market in the past six years? Why do we have so many foreclosures nationally?  The Movie 

I'd love to hear from you if you have a comment on the topic of financing or buying a home. All comments are moderated so you will not see your comment immediately. Thanks. Copyright 2008 Discover Columbus and Maureen McCabe

Buy a home Only $100 Down

Nov. 27, 2007
Categorized in: Finance
Tagged with: buyer, fha, finace, hud
$100 down on HUD houses when you use FHA insured financing.

HUD homes have been repossed. They often need work. HUD homes are not for everyone.

"FHA Announces Incentive Designed to Lower the Cost of Homeownership in Michigan and Ohio"

Is the headline of a letter from the Federal Housing Administration annoucing incentives
to qualified buyers on HUD owned homes (homes repossesed by HUD / FHA.)

In addition to a $100 dollar downpayment when utilizing FHA-Insured financing on HUD homes The second incentive a 2500 sales allowance can be used for:

1. Closing costs
2. Repair escrow
3. Applied to the principal balance

FHA Buyer Quiz - the quiz is not just HUD homes, all FHA financing


Thanks to Raub Warner of Union Savings (an FHA lender) for bringing this to my attention.
Raub Warner
Mortgage Consultant & Team Leader
Union Savings Bank
Office # 614-339-1208

Copyright 2007 Discover Columbus and Maureen McCabe

Home Seller FHA Finance Quiz

Oct. 17, 2007
Categorized in: Finance
Tagged with: fha, mortgage, seller

Central Ohio home sellers here's a quiz on FHA financing and what it means to you as a seller.

True or False


1. FHA requires "Electrical Ground Fault Interrupters (GFI)" circuits to be installed when a plug / outlet is within 6 feet of a water outlet.

True
False

2. FHA requires handrails where there are three steps or more.


True
False

3.
FHA requires a termite inspection on a home.

True
False

4. FHA requires an electrical certification on a home.

True
False

5
. FHA requires a roof certification on a home.

True
False

6. FHA requires a furnace certification on older homes with gravity feed or steam (registers) heat furnaces.

True
False

7. FHA requires the seller to pay for the underwriting, commitment and processing fees for the buyers loan.

True
False

8. FHA appraisal are more likely to under-appraise than a conventional mortgage loan because the appraiser has a different set of requirements.

True
False

9.
FHA loans allow for carpeting and /or decorating allowances in a purchase agreement.

True
False

10.
FHA requires chipping paint to be scraped and repainted on homes built after 1978.

True
False

Tabulate your answers...


and scroll down to see the correct answers for FHA financing today... in 2007






The answers to all the questions is "False."

The seller does not have to worry about certifying roofs, the electrical system, the structural system (except on manufactured housing) Or a heating system. There is not a requirement for GFI outlets to be installed. There is not a requirement that the house be tested for termites or other wood destroying insects (the purchase contract may require a termite exam but FHA does not. It is negotiated in the contract with the buyer.)

That is not to say that if the roof is leaking you don't have to disclose it. Or that if there are signs of a defect in the roof for example that the appraiser is not going to ask for a roof certification. If there is a stain on a ceiling the appraiser could ask for the roof to be certified but not all roofs, electrical systems, structural systems, furnaces, etc. have to be certified.

In the old days a house was considered guilty until proven innocent by FHA certifications to the contrary. Not anymore.

Homes built prior to 1978 the appraiser may require chipping paint to be scraped and repainted because of lead paint.


The seller no longer pays for any charges for the buyers loan other than the tax service fee ($80.)

The questions and answers were part of a quiz for a continuing education class taught by Susan McKnight, the branch manager for Real Living Mortgage in Columbus.

Contact me about offering your property to buyers with a free 1%, 1 year buydown. 30 year fiixed FHA financing with one year at a lower interest rate.


Home Buyer FHA Finance Quiz

Oct. 16, 2007
Categorized in: Finance
Tagged with: buyer, fha, finance

Central Ohio home buyers here's a quiz on FHA financing.

True or False


1.
FHA inspects the home for the buyer.

True
False

2. A house that has been owned by the seller less than 90 days is eligible for FHA financing.

True
False

3.
FHA financing is only for single family homes and can not be used to buy a 2, 3 or 4 unit home.


True
False

4. FHA financing can not be used to buy a HUD or bank owned property.


True
False

5.
An FHA buyer is required to have two months of payments left over in their bank account after closing (known as reserves.)


True
False

Check your answers....






Scroll down

While you are scrolling down... FHA financing is available from Real Living Mortgage. The questions and answers were part of a continuing education class taught by Susan McKnight the branch manager of Real Living Mortgage in Columbus.






The answers to all five questions is false.

For your protection get a home inspection. The appraisal on the property is to protect the lender. An appraisal is about value, not about condition. You can not use FHA financing to buy a house that was flipped (90 days.) You can use FHA financing to buy a multi-family up to 4 units as long as you live in one of the units. You can use FHA financing to buy a bank owned property (a repo, a HUD house.) FHA does not require the buyer to have reserves of cash.

Buyers:

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