Sibcy Cline Mortgage Services has a New, Mobile-Friendly Web Site!

SCMortgageWebsite.pngSibcy Cline Mortgage Services has transformed its website with a new look that is also mobile optimized. The site looks very fresh and current. Here is what you will find:

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Mortgage Calculators
Five easy-to-use calculators are featured on the site: How Much Can I Afford; Monthly Payment; FHA Monthly Payment; Refinance; and Rent vs. Own.

Built especially for Sibcy Cline, these calculators are some of the most comprehensive tools on the market providing not only just a principal and interest payment, but a full PITI (principal, interest, taxes and insurance) including mortgage insurance if the down payment is less than 20%.

The Rent vs. Own calculator includes average rate of return, inflation, opportunity costs and closing fees into its design and is updated to stay current. This is a great tool for current renters.

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Shop Local
Sibcy Cline is all about being local and 100% of Sibcy Cline Mortgage Services’ loan process is local. The interactive regional map allows potential home buyers to easily find a loan officer in their own neighborhood who in turn will refer those buyer leads to our local Sibcy Cline agents.

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Loan Product
Browsers on the site can learn all about the various loan products available from Sibcy Cline Mortgage Services. They can “like” the products of interest and opt to have more information emailed to them.

 

Sibcy Cline Mortgage Services Ranked Number Seven of Cincinnati’s Largest Residential Mortgage Lenders

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Sibcy Cline Mortgage Services has been ranked by the Business Courier as the 7th largest residential mortgage lender in the Greater Cincinnati region. Sibcy Cline Mortgage Services had 1,232 loans valued at $172.96 million from September 1, 2014 through August 31, 2015.

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The ranking appeared in the November 13, 2015 issue of the Business Courier.

 

Overlooked Sources of Down Payment Assistance

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With interest rates hovering around historic lows, the main barrier to entry into the homeownership market is the cost of making a down payment. While saving for a down payment is still important, there are many sources of assistance that otherwise qualified homebuyers often do not consider. Knowing about these sources may help some buyers to enter the market earlier than they expected or purchase a home that they wouldn’t otherwise be able to afford.

Government Programs & Grants
Many prospective homeowners know that government programs exist, but either do not know about specific programs or grants that apply to them or assume that they are too affluent to qualify. In reality, applicants making as much as 140 percent of the median area income may qualify for government assistance. Additionally, there are specific programs that buyers may qualify for regardless of income.

Buyers who are new to the market or who have not owned a home in the previous three years often qualify for down payment assistance as a result of programs that are designed to encourage homeownership. Military veterans, service members on active duty, reserve personnel and their widows or widowers qualify for VA loans, which come with favorable terms including the possibility of a low down payment. Police, first responders and teachers may also qualify for government assistance through their work.

Interest-Free Loans
Another option may be to take out an interest-free loan to cover the down payment. These loans may come in the form of a secondary mortgage that only requires repayment after the original is paid off or the house is sold or some other, similar structure. Because homeowners who take out these loans will have no initial equity in their homes, this option is generally best for buyers who plan to own the property for many years.

There are a number of potential sources of interest-free loans, but a good place to start is your local government. Many cities offer interest-free loans to help area residents defray the cost of purchasing their first home.

Independent Options
If you have good credit, but you don’t have access to government programs, grants or interest-free loans, you may qualify for a down payment loan through a traditional lender. These loans are for well-qualified borrowers who do not have the money to make a down payment but who still represent attractive customers. Generally, these loans will have interest rates, meaning that they are not as attractive as other options. However, if these options aren’t available, traditional lenders may be happy to fill the gap.

Generous family members or foundations may also help buyers to clear the down payment hurdle. Many FHA programs allow up to 2 percent of a down payment to come from external funds. Properties that have been previously foreclosed upon by Fannie Mae may allow the entire down payment to be funded by a gift, grant or loan.

Making that first down payment is a major step in most Americans’ lives. It may be difficult, but most homeowners would agree that it is well worth it.

Need help with your mortgage? Contact Sibcy Cline Mortgage Services!

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Brought to you by our preferred Partner, HMS Home Warranty.  HMS is an industry leader with over 30 years of creating success for clients and providing peace of mind for customers.  To learn more click www.hmsnational.com.

 

Common FHA Appraisal Repair Items

Here are some common appraisal repair items to note when a home is sold via a FHA mortgage loan:

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Chipped/Peeling Paint
Any chipped or peeling paint inside or out of homes built prior to 1978 must be corrected (including scraping and repainting.) All paint chips must be removed from the home.

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Roof Condition
The roof must not leak or allow any moisture in to the home. The roof must be able to function well for two years.

Electrical Wiring
No frayed or exposed electrical wiring is permitted and must be corrected. Missing light switches or outlet covers must be replaced. Outdoor electrical boxes require weatherproof covers.

Utilities
All utilities must be turned on for the house inspection and appraiser.

Dry Basement
Older homes, by nature, may have moisture from time to time, and this is acceptable as long as the appraiser says it is typical. Newer homes with water in the basement on any regularity will require an inspection by a professional to determine the source of the water and any corrective measures.

Whenever possible, it is best to prepare in advance and correct the above issues prior to the appraiser performing an FHA inspection.

Need help with your home mortgage loan? Contact Sibcy Cline Mortgage Services.

Need help with home repair? Contact Sibcy Cline Home Services.

 

Why Home Loan Pre-Approval Is Important

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If you are planning on purchasing a home, pre-approval for a home mortgage loan can make a difference when making an offer. Here is why:

You Are Serious
With pre-qualification, you are showing a seller you are a serious buyer and this may work in your favor. Your offer to purchase may look attractive since the seller will not need to wait days to see if you are approved for a mortgage. (In competitive selling markets, non-approved buyers risk getting offers accepted.) If there are multiple offers on the home, a pre-qualified buyer may be the most attractive one.

You Know What You Can Afford
Without pre-qualification you do not know how much home-buying power you have. Why waste time looking at homes you cannot afford?

Need To Be Pre-approved?
Contact Sibcy Cline Mortgage Services.

 

All-Cash Purchases of Homes

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Did you know all-cash sales make up a large part of home sales? For the first quarter 2014 43% of home sales were all-cash nationally. (Prior to the housing crisis, all-cash sales made up 25% of sales.)

February 2014 All-Cash Home Sales By State

  • Ohio = 44%
  • Kentucky = 39%
  • Indiana = 44%

Why All Cash?
The demand for homes is high and the supply is low. Cash is a way to be competitive when making an offer on a home.

Cash Deals are Not Just Investors
Institutional investors purchased many distressed properties in the last few years with all-cash deals, but these type of purchases have slowed to just 5.6% of all US residential sales for the first quarter of 2014 (as compared to 7% one year ago.)

Want to read more about all-cash sales? Go here.

Don’t Have Cash for Your Home Purchase?
Do not worry – this blogger would not have the cash, either!

If you are looking to purchase a home and will need a mortgage, getting pre-approved will work in your favor when making an offer on a home. Contact Sibcy Cline Mortgage Services to become pre-approved.

Statistics source.

 

 

Sibcy Cline Mortgage Services – Ranked Among The Largest Area Mortgage Lenders by the Business Courier

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The Business Courier’s annual ranking of mortgage lenders has been published and Sibcy Cline Mortgage Services made this list among great Cincinnati’s top 25 largest mortgage lenders.

Sibcy Cline Mortgage ranked #14 on the list with over 1,000 local loans closed for $158.2 in loan dollar volume. The company was the only real estate broker-affiliated mortgage company to make the list.

FHA’s Back To Work Program

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The Federal Housing Administration (FHA) has a program called Back To Work – Extenuating Circumstances which helps borrowers obtain a FHA mortgage who would otherwise not qualify due to scenarios that may not truly reflect their ability to repay a mortgage such as:

  • Foreclosure
  • Bankruptcy
  • Short sales
  • Deed-in-lieu
  • Delinquencies, judgments or other indications of derogatory credit

Qualifications for Back To Work

  • Borrower must show how certain credit impairments were the result of a loss of employment or significant loss of household income beyond the borrower’s control
  • Borrower has to demonstrate full recovery from the event
  • Borrower must complete housing counseling

Housing Counseling

  • Counseling must be completed within a minimum of 30 days (but no more than 6 months) prior to submitting a loan application to a lender
  • A minimum of one hour of one-on-one housing counseling and/or homeowner education counseling from a HUD-approved housing counseling agency
  • Counseling must address the cause the borrower’s economic event and reduce the likelihood of it reoccurring
  • Housing education can be accomplished through a HUD-approved housing counseling agency, state housing finance agency, or an online course

Learn more about this program here.

Contact your Sibcy Cline Mortgage Loan Officer here.

Easier Credit for Mortgage Loans? Yes!

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With the rise of mortgage rates (and refinancing applications falling), the mortgage loan industry is easing up on lending qualifications for borrowers. Per CNBC, credit availability rose 2% in July (and 3% in May when mortgage rates started to rise.) See the CNBC news article here.

The Good News?
Home buyers with lower credit scores and higher loan-to-value ratios will have an easier time obtaining a home mortgage loan.

New Pre-Qualification for a Mortgage Loan?
Sibcy Cline Mortgage Services has worked with home buyers and owners for over 30 years. Their team of mortgage loan officers work diligently to find the best mortgage loan product to meet the needs of the home buyer or refinancing home owner. Sibcy Cline Mortgage Services is a licensed Mortgage Banker and represents many national and local lenders.