Darke County Real Estate

Class Canceled

2010-02-10T11:24:00.003-05:00

Thursday's first time homebuyer class has been canceled. There are two more still available: on Feb. 22nd from 6:30 - 8:00 and another Mar. 3rd from 4:00 - 5:30.

Don't wait too long to start looking for that first home, you must have a house under contract by April 30th to qualify for either the $8000 first time homebuyer tax credit or the $6500 tax credit for people looking to buy another house.

If you can't make any of the class dates give me a call (937-423-3316) or email me (trfinch@gmail.com) and we can work out a time to get together.

Class Dates

2010-02-04T06:14:00.002-05:00

Here are the dates for the first time homebuyer classes:

Thurs. Feb. 11th 6:30 - 8:00
Mon. Feb. 22nd 6:30 - 8:00
&
Wed. Mar. 3rd 4:00 - 5:30

See previous post for registration info.

Great Tax Credit Q & A Site

2010-01-21T06:07:00.006-05:00

If you're looking for some answers right away to the tax credit question you may have and don't want to wait till the first time homebuyer classes mentioned in the previous post check out this site:

www.homebuyertaxcredit.com

Give me a call or email me if you have any other questions. If you want to sign up for the class you can do the same just remember to leave your name, phone number, the class you're attending, and the number of people attending.

phone: 937-423-3316
email: trfinch@gmail.com

More First Time Homebuyer Classes Offered

2010-01-13T19:45:00.002-05:00

HURRY!! Tax credit ends April 30th

· Tired of throwing money away on rent?

· Confused about the government $8000 tax credit?

· Hunting for a home loan?

These questions and more will be answered at this class. Registering is necessary because seating is limited.

HURRY!! Tax credit ends April 30th

· Looking into buying your firsthome

· Tired of throwing money away on rent?

· Confused about the government $8000 tax credit?

· Hunting for a home loan?

These questions and more will be answered at this class. Registering is necessary because seating is limited.

Registration is now open for three first time homebuyer classes at the Chestnut Village Center in Greenville, Ohio. These classes are free and open to anyone who has been considering purchasing their first home and want to know more about the homebuying process and of course the expanded first time homebuyer tax credit, which ends April 30th of this year. To register you can call Todd Finch of Leis Realty at 937-548-5750 ext. 245 or 937-423-3316 or better yet email him at trfinch@gmail.com. You may also contact Diane Hill of PNC Mortgage by calling at 937-548-1300 or email her at dianehill@pncmortgage.com. When registering please include the date you wish to attend, your name(s), and the number of people attending.

808 Harrison Ave., Greenville

2010-01-08T22:36:00.002-05:00

Great home for a first time home buyer or a move down buyer. Located in a great neighborhood in Greenville on the south end. Many updates in the last eight years including vinyl windows, newer kitchen, dining room, roof, and new driveway in 2009. This three bedroom house sits on a full dry basement with room for many activities. Check out more at www.darkecountyproperties.com

Just Listed - Gettysburg, OH

2010-01-02T05:21:00.003-05:00

This place would make a great first-time homebuyer place or income producer. Four bedrooms and almost 1200 square feet of living space. Updates include: vinyl windows, newer central heat and air, and village sewer hookup. Priced at $61,000 this place is ready to sell and you can move in at closing.

Auction Property

2009-09-09T17:10:00.003-04:00

6112 White Oak Dr. in Greenville, Ohio will go up for auction Thurs. Oct. 8th at 6:00. There will be two open houses one Wed. Sept. 16th and another Thurs. Sept. 17th both from 6 - 8 pm. If you need more information on this house you can contact me (Todd Finch) at 937-423-3316 or email: trfinch@gmail.com.

September First Time Homebuyer Classes Forming

2009-08-31T20:52:00.003-04:00

With the tax credit scheduled to end Nov. 30th, two more free classes will be offered to first time homebuyers. Once again they will be located at the Chestnut Village Center in Greenville, Ohio and will take place Wed. Sept. 9th and Thurs. Sept. 24th from 6:30 - 8:00. Many items will be discussed but the two most important ones are the government tax credit and the USDA no money down loan that is still available. The home search and the loan process can take as long as 60 days so the time to start looking for that first home is now.

To register you can contact me via email at trfinch@gmail.com or by phone 937-423-3316. Just let me know which night you would like to attend.

The Great Darke County Fair

2009-08-18T11:23:00.002-04:00

It's that time of year when most everything that breathes in Darke County, Ohio is gearing up for The Great Darke County Fair. It all kicks off this Friday Aug. 21st and runs till Aug. 30th. As always, the Leis Realty tent will be in its familiar location across from the Gazebo with all of the listings prominently displayed. I'll be there on Mon. Aug. 24th from 4:30 - 10:00, so stop by and say hi and pick up a very nice shopping bag to carry all of your fair goods in. Also, if you're a first time homebuyer we still have a few spots open for tomorrow night's class at the Chestnut Village Center from 6:30 - 8:00. To register give me a call (937-423-3316) or email me trfinch@gmail.com. See you at the fair.

Last First Time Homebuyer Class For August

2009-08-13T09:42:00.002-04:00

The last first time homebuyer class scheduled for August will be next Wed. the 19th at the Chestnut Village Center from 6:30 - 8:00. Two more have been scheduled for Sept. 9th & 24th but if you're planning on taking advantage of the government tax credit and you haven't started looking for that first home you need to get started because it ends Nov. 30th. Today a loan process from start to closing can take as long as 60 days depending on which loan program you're using. Let me know if you have any questions.

Most Asked Tax Credit Questions Answered

2009-08-13T09:18:00.003-04:00

1. How can I know if I'm eligible?

-must be a first time homebuyer, which by government definition means can't have
owned a home in the last three years.

2. I know there are restrictions or fine print, what are they?

-the home you purchase must be your primary residence.
-cannot buy your home from a close relative.
-cannot be a nonresident alien.
-must maintain this as your main home for three years.
-income limits for full credit are $75,000 for individuals and $150,000 for couples.

3. How long do I have to take the credit?

-it expires on Nov. 30, 2009 which means you must close on the home by this date.

4. What if I sell this home before the three year time period?

-it must be repaid in full.

5. Do I have to wait till I file my 2009 taxes in order to get the money?

-no you can file a 2008 amended return.

More questions and answers can be found at www.federalhousingtaxcredit.com or feel free to give me a call 937-423-3316 , email me trfinch@gmail.com, or register to take one of the free first time homebuyer classes I offer (see previous posts). Information about the classes can also be found at www.darkecountyproperties.com or www.leisrealty.com.

Tax Credit Extension????

2009-08-10T05:49:00.002-04:00

There's been a lot of rumors out about the possibility of the government extending the first time homebuyer tax credit past the Nov. 30th deadline or that they could upgrade it to a $15,000 credit to all home buyers (not just 1st timers). The latter is getting the most support from the National Association of Realtors (NAR) because they feel this will stimulate the housing market more than anything else. The date that keeps surfacing in articles that I've read is to extend it to July 1, 2010. I'll keep you posted on any updates, but just remember if you're a first time homebuyer waiting past the Nov. 30th date could be a gamble because there is still a lot of debate plus the fact that it could cost the government (or should I say the taxpayers) another $32 billion. Any questions or comments leave them below or you can give me a call (937-423-3316), email (trfinch@gmail.com), visit my website www.darkecountyproperties.com, or better yet attend one of the first time homebuyer classes coming up (see previous posts for more).

Still Taking Registrations For Free Classes

2009-08-06T12:33:00.002-04:00

There are still openings for the Free First Time Homebuyer classes Aug. 12th & 19th at the Chestnut Village Center within the Brethren's Retirement Community in Greenville, Ohio. If you're a first time homebuyer (haven't owned a home for 3 yrs.) you qualify for the government tax credit of up to $8000 but you'll need to take advantage of this soon because it expires Nov. 30th of this year. If you've thought that owning a home was out of reach in the past then now is the time to check in to the possibility again. Along with the tax credit there are still some great loans out there which you may qualify for if your credit score is above 620. Another big plus is the many homes available today. Call today (937-423-3316) or email (trfinch@gmail.com) to register. All we'll need is your name, how many to expect, and the date you're planning to attend. You can see more information on this class by checking out one of my previous posts on this blog or by viewing www.darkecountyproperties.com.

2009-08-02T06:33:00.001-04:00

ate at BTO yogurt ...nice change of pace in Greenville. Help support the new business.

2009-08-01T14:58:00.001-04:00

Check out the next dates for the next first time homebuyer classes in Greenville. www.darkecountyproperties.com

More Fall Classes Added

2009-07-28T10:43:00.002-04:00

Two more first time homebuyer classes have been added for the Fall. The dates are, Wed. Sept. 9th and Thurs. Sept. 24th from 6:30 - 8:00. Check out www.darkecountyproperties.com for more details or check out one of the previous posts. Give me a call (937-423-3316) or email (trfinch@gmail.com) to register.

Free First Time Homebuyer Classes Offered Again

2009-07-21T10:41:00.001-04:00

Does the thought of buying your first home leave you feeling overwhelmed or confused? Well, help is on the way. On Thursday July 30th, Wednesday August 12th, and Wednesday August 19th from 6:30 – 8:00 at Chestnut Village Center in Greenville, Leis Realty and National City Mortgage will be offering a free class for anyone wanting more information on the home buying process.

The timing for buying that first home could not be better with a large number of homes on the market, low interest rates, lower home prices, and of course the $8000 tax credit (which will end Nov. 30, 2009) offered to first-time homebuyers. Home ownership offers many advantages over renting. It is a strong investment (yes, even now), and it comes with many tax advantages. You also have control over your environment, pride of ownership, and independence. Since historically, homes appreciate in value over time, every time you make a payment you get a step closer to paying off your home and you build equity, unlike rent.

The process of financing and purchasing your first home can be overwhelming, frightening, and confusing. We will attempt to provide you with some valuable information to help you on your way to probably, your biggest investment. Topics covered will include:

 Prequalifying and preapproval for a home loan
 Credit rating
 Using a realtor
 Making an offer
 Disclosures
 Equal opportunity
 The new stimulus tax credit
 The steps to closing on your first home

The class is free, but you need to pre-register because seating is limited. To reserve your place call Todd Finch at Leis Realty at 937-548-5750 ext. 245 or Diane Hill at National City Mortgage 937-548-1300. If you prefer to email, contact Todd at trfinch@gmail.com or Diane at diane.hill@ncmc.com . When registering please leave your name, address and phone number along with which class you’re signing up for. If you have questions, leave those as well and we will return your call.

New Listing in a Perfect Setting

2009-04-10T05:57:00.003-04:00

You will be hard pressed to find a place that has a more picturesque setting with a house that fits just right on the property.

Quality built home on two lots in a very quiet country location just minutes from Greenville and Pitsburg. This cedar sided house features large bedrooms with an abundance of storage, split design bathrooms, oversize laundry, attached two-car garage with extra room for a large shop and a very roomy open kitchen design with huge island. The basement has poured concrete walls with one room finished and the rest has many possibilities.

The setting for this family home is absolutely gorgeous, with many mature trees and the extra lot is a mostly wooded area. This all electric house is priced to sell quickly so don't miss out. You can see more of this place at www.darkecountyproperties.com

Check it out then give me a call to set up a showing.

Todd Finch

937-423-3316

trfinch@gmail.com

Is Real Estate Picking Up?

2009-04-10T05:41:00.004-04:00

In the last few weeks I've noticed that for me I've been searching for a lot more people, showing more homes, answering a lot more questions and emails, and listing more homes but not writing new blog posts. I guess when the market is picking up the last thing on my mind is writing. What I've noticed is more people taking advantage of the $8000 first-time homebuyer tax credit and the Rural Development loan available here in Darke Co. for first-time homebuyers.

If you are a first-time homebuyer and have even considered the possibility of owning your first home or it's been at least three years since you've owned one, please take advantage of this credit, historic low interest rates, and this loan. If you are working with a realtor give him or her a call today to get started, if not call or email me and I can give you all the information you need. You can also check some of my past posts for more general information.

Todd Finch
937-423-3316
trfinch@gmail.com

Successful Classes

2009-03-31T20:33:00.001-04:00

Well my first ever first-time homebuyer classes are finished (for now) and I feel that they were successful at getting some valuable information out there for first-timers. This is such a great time to buy your first home. I've asked a number of Realtors who have been in the business for over 30 years and they believe this is the best opportunity since they've been in real estate. This is a time when I wish I could be buying my first home. I mean look at all the bonuses:

- $8000 tax credit (see previous post)
- Rural development loan (see previous post)
- A large inventory of houses on the market
- Nearing historic low interest rates

If you missed the class but would still like more information on any of the above I'd love to sit down and discuss these with you. You can contact me at trfinch@gmail.com or give me a call at 937-423-3316.

Homebuyers Class Sign-up Reminder

2009-03-15T19:12:00.004-04:00

Remember to sign-up for the free first-time homebuyer class offered by Leis Realty and National City Mortgage in Greenville, Ohio. The dates are Wed. Mar. 25th and Mon. Mar. 30th from 6:30 - 8:00 at the Chestnut Village Center in the Brethren Home Retirement Community. This is free but you need to sign up because of limited seating. You can email me at trfinch@gmail.com or Diane Hill at diane.hill@ncmc.com or you may call Leis Realty at 937-538-5750 ext. 245. Make sure, if leaving a message, that you include your name, phone # or email and the date you wish to attend. More information can be seen in one of my earlier posts. See you there.

New First-Time Homebuyer Loan

2009-03-07T15:46:00.003-05:00

I just listened to a presentation on the new USDA Rural Development Guaranteed Rural Housing Loan at a meeting yesterday and it looks like the ideal type of loan for first-time homebuyers in the Darke County, Ohio area.

Some of the details are:

- No down payment required
- 30 year fixed rate
- 102% LTV (loan to value) means you might be able to get some of your closing costs paid too
- No mortgage insurance
- No cash contribution required from the borrower
- Unrestricted gifts from others and no need to document the source of the gift
- No maximum loan amount
- No reserve requirement

A designated "rural area" include open country and places with a population of 10,000 or less and under certain conditions, towns and cities between 10,000 and 25,000 residents. Every town and rural area in Darke County falls within these requirements. If you need further questions answered, leave me a comment or give me a call and I can give you the names of some of the banks and mortgage companies that offer this loan program.

This loan program will also be explained at the First-time Homebuyer Class offered Mar. 25th & Mar. 30th (See previous post for more information about this class). Hope to see you there.

Todd Finch
trfinch@gmail.com
937-423-3316

Free First-Time Homebuyer Class Offered

2009-02-28T21:09:00.002-05:00

Does the thought of buying your first home leave you feeling overwhelmed or confused? Well, help is on the way. On Wednesday March 25 & Monday March 30 from 6:30 – 8:00 at Chestnut Village Center in Greenville, Leis Realty and National City Mortgage will be offering a free class for anyone wanting more information on the home buying process.

The timing for buying that first home could not be better with a large number of homes on the market, low interest rates, lower home prices, and of course the $8000 tax credit offered to first-time homebuyers. Home ownership offers many advantages over renting. It is a strong investment (yes, even now), and it comes with many tax advantages. You also have control over your environment, pride of ownership, and independence. Since historically, homes appreciate in value over time, every time you make a payment you get a step closer to paying off your home and you build equity, unlike rent.

The process of financing and purchasing your first home can be overwhelming, frightening, and confusing. We will attempt to provide you with some valuable information to help you on your way to probably, your biggest investment. Topics covered will include:

- Prequalifying and preapproval for a home loan

- Credit rating

- Using a realtor

- Making an offer

- Disclosures

- Equal opportunity

- The new stimulus tax credit

- The steps to closing on your first home

The class is free, but you need to pre-register because seating is limited. To reserve your place call Todd Finch at Leis Realty at 937-548-5750 ext. 245 or Diane Hill at National City Mortgage 937-548-1300. If you prefer to email, contact Todd at trfinch@gmail.com or Diane at diane.hill@ncmc.com . When registering please leave your name, address and phone number along with which class you’re signing up for. If you have questions, leave those as well and we will return your call.

Looking For That Move-up Home?

2009-02-25T20:54:00.004-05:00

1245 Holly Hilly Drive, Greenville, OH

Absolutely gorgeous open floor plan. When you walk into the tiled floor foyer you'll find the bright living room with a beautiful, large circle top window to your right and an incredible dining room to your left. Straight ahead you'll be drawn to the fireplace in the large family room with cathedral ceiling and skylights. To the left of the family room you enter the extra large kitchen flooded in morning light from the large bow window in the eat-in area. Adjacent to the kitchen is the bedroom/den with an attached half bath plus the laundry room. When you get to the master suite you can't help but notice the beautiful tray ceiling above the bed and the large open bathroom with separate tub and shower. Ample storage for clothes in the master bedroom can be found in the walk-in closet. The basement includes two separate entrances and is where you'll find two bedrooms and a full bath plus lots of extra square footage for anything your heart desires. Other features of this house include: 9' high x 9" thick poured concrete basement walls, surround sound system in the family room, all appliances stay in the kitchen, 20 x 24 deck and 10 x 12 utility barn. You won't want to miss seeing this incredible home before it's too late.

For more information on this great home visit www.darkecountyproperties.com then give me a call (937-423-3316) or email (trfinch@gmail.com) me with any questions or to set up a showing.

$8000 Tax Credit Simplified

2009-02-22T09:36:00.004-05:00

If you were or are confused about the $8000 tax credit you're not alone. Hopefully I can clear some things up for those of you who are looking at the possibility of choosing this as an option.

First, the original tax credit was $7500 for first time homebuyers but it was more like an interest free loan. The government basically was loaning this money but it would have to be paid back over the next 15 years every time you filed your taxes ($500 a year). The House and Senate differed over what this tax credit would be, the House said $7500 and the Senate wanted $15,000 (there were more details than that). The final plan signed by President Obama would in effect give a first time homebuyer a $8000 true tax credit that would not have to be repaid. Here are the simplified details:

- $8000 tax credit for first time homebuyers
- A first time homebuyer is anyone that has not owned a home for the last three years
- This credit would be 10% of the purchase price of the house up to a maximum of $8000
- Only available to individuals with incomes up to $75,000 or married couples with incomes up
to $150,000.
- Only for the purchase of a home from Jan. 1, 2009 to Nov. 30, 2009
- It is based on your tax liability * See examples below
- Cannot be used as a downpayment because you have to purchase the home then file your
taxes to get it
- You can file an amended return to get this credit if you've already filed your taxes for 2008
- You must live in the house for three years or you'll have to pay back the credit

Tax Scenario #1: Your federal withhold is $4500 and at the end of the year when you file your taxes you owe nothing and are not getting a refund. You will then be able to claim the entire $8000.

Tax Scenario #2: After filing your taxes you've discovered that you would be getting a $2000 refund. Your final credit would then be $10,000.

Tax Scenario #3: You've finished figuring your taxes and you discover that you owe $1500 to the federal government. Your credit would then be reduced by what you owe and you then would get a $6500 credit.

Now the question might be how can I claim this? My suggestion as always, when dealing with taxes and the federal government, would be to consult your tax professional. You can find more information using the following link

http://www.federalhousingtaxcredit.com/2009/home2.html

If I can be of any help finding that first home for you so you can take advantage of this credit please give me a call (937) 423-3316 or email me at trfinch@gmail.com and I will do my best. Any questions or comments I'd love to hear them, just comment below.

Just Listed - Great Family Home in Greenville

2009-02-14T10:30:00.005-05:00

Perfect setting for a family with children in Greenville, Ohio. This home has plenty of room plus a private location on a dead end street right behind the YMCA. Large addition in 2003 included a new master bedroom, full bath, and laundry room. A fenced-in back yard for young children or pets completes this great family home. Almost 1500 sq. ft. of living space plus a partial finished basement with lots of storage. You won't want to miss the opportunity to see this place. You check out all the pictures and more details at www.darkecountyproperties.com

OPEN HOUSE SUNDAY MARCH 1st from 2:00 - 3:30

You can always email me(trfinch@gmail.com), call me (937-423-3316) or better yet leave me a comment. I'd love to hear from you.

Small Size, Big Possibilities

2009-02-08T07:51:00.002-05:00

237 Ft. Jefferson Ave.

If you're looking for that first home in Greenville, Ohio or want to downsize, then look no further you're found it. This place is right across from the Brethren's Retirement Home in Greenville and would make a great location if you have a family member that resides there. Even though there is only two bedrooms the full basement could be finished for a large recreation room or any extra space you need. The backyard is the showcase which includes a beautiful brick paver patio, newer vinyl fencing, a fish pond, and a nice storage shed. For the do-it-yourselfer, there is a detached garage with concrete floor and again more room in the basement for a shop. Don't hesitate to take a look at this place soon. Give me a call, email, or check out this place online at www.darkecountyproperties.com

Todd Finch

trfinch@gmail.com

www.darkecountyproperties.com

937-423-3316

So You're Ready To Make An Offer

2009-01-30T08:32:00.005-05:00

You've found "The House" and you're ready to take the leap and make an "offer to purchase". How do I and what is an offer to purchase?

First, an Offer to Purchase is just that, an "offer" it is not a contract (I'll explain in another blog or call/email/comment and I'll help).

There are many parts of an offer, here are the most important:

1. Description and address of the property you wish to buy.
2. The price you which you are prepared to pay (called the consideration by many).
3. Contingencies (See explanation below).
4. Earnest money (money which shows that the buyer, you, are serious about the purchase of
this property).
5. Acceptance/counteroffer signatures.

Here are a list of possible contingencies (things that must occur in order for this to become a contract).

- Financing
- Inspections
- Appraisal
- Sale of prior residence
- Approval by any clubs (condo or co-ops)

The more contingencies you add the greater possibility the seller will reject or counter your offer but, any of these could get you out of your signed contract if they are not met to your satisfaction. I've had a number of clients forgo inspections, but I highly recommend them because this enables you to get out of a money pit of a house or it gives the seller the chance to fix/repair any conditions that are not favorable to you. The cost of these inspections usually rest on your shoulders though, so be prepared.

If you would like me to explain anything above in greater detail call, email, or comment below and I'll get back with you soon.

Don't you just love the Darke County, Ohio weather?

Todd Finch
trfinch@gmail.com
937-423-3316

Home Search- Where Do I Start?

2009-01-29T16:40:00.004-05:00

Many of you are thinking of buying that first home or moving up because of a growing family. The newspaper used to be the first place to look or finding a trusted Realtor and looking through the books that he/she had. I did my first home search the second way but it was frustrating when a lot of those "new" listings were already a month old by the time I saw the book and either had sold or were under contract.

Now the Internet is the place to be when doing that home search. But, you may ask, where do I begin. Well here are some of the best places I've found when looking in the Darke County, Ohio area.

Here are a few of my favorites:

www.realtor.com
www.trulia.com
www.zillow.com
www.point2homes.com
www.homes.com

And my all-time favorites:

www.darkecountyproperties.com (yes, this is my personal one which is being updated)

www.leisrealty.com (my brokerage's site)

Today though, to catch the latest listings you should find an agent with a lot of online presence who will search for properties that fit what you are looking for. These listings can then be emailed directly to you with all the details and pictures. Once you have a number of ones that sound interesting, drive by a take a look. This will give you an idea of the neighborhood and actually see the house (pictures can be deceiving). Then give your agent a call or email and let him/her know which ones you'd like to see and some good times for you. Your agent will then make all the arrangements and you'll be on your way to that ideal place.

Hope this helps. Let me know if I can be of any assistance.

Todd Finch
trfinch@gmail.com
937-423-3316

Here's a Great First-Time Homebuyer Place

2009-01-20T07:56:00.002-05:00

If you're looking for a great starter home or to downsize in Greenville, Ohio then look no further.

221 Green St.
The list price on this move-in ready home is only $82,900 and the owner is willing to look at all offers. The highlights on this home is the owner's suite on the main level along with a generous size living room, kitchen, full bath, and dining area. Upstairs you'll find two bedrooms with storage. You'll even get a newer detached two-car garage with alley access. The front porch is large enough for a table and chairs or a nice swing to relax in. If you have school age children they can walk to school from this fantastic home.

If you'd like more information check it out @ www.darkecountyproperties.com , email me (trfinch@gmail.com), or give me a call 937-423-3316

If you want to do some searching on your own in the darke county, ohio area check out www.leisrealty.com then give me a call with what you want to see.

I'd love to find you that home your looking for.

Keep That Credit Score Above 700!

2009-01-20T05:27:00.005-05:00

Want to know how to save as much as 1% on a home mortgage?

I thought you might. Read on.

A lot of people today do not realize how much a good credit rating relates to buying a home in this day and age. With a credit rating of 700 or above you can save as much as 1% on a home mortgage. Doesn't sound like a lot? Well......

Let's do some math. You find a place that fits your needs and after putting some money down you'll need to get a loan for $100,000.

You have a credit score above 700 and you get an interest rate of 5%. Here's what your payments will look like:

30 year mortgage @5%

P&I (Principal & interest) = $536.82

Interest over the life of the loan = $93,256.49

If your credit score is lower than 700 and you get an interest rate of 6%.

30 year mortgage @6%

P&I = $599.55

Interest = $115,838.42

So over a 30 year time period you would have saved $22,581.93

Your FICO (credit) score is of great importance in saving you money and a low one can even keep you from getting a loan. Check one of my previous posts for more information on credit scores. If you have more questions let me know. You can leave a comment here, email me (trfinch@gmail.com) or give me a call 937-423-3316.

First -Time Homebuyer Tax Credit

2009-01-15T08:20:00.006-05:00

What an opportunity for a first-time homebuyer or someone who has not owned a principal residence for the past three years.

Tax Form 1040 Line 69 First-time homebuyer credit.
Must fill out form 5405 as well (can be downloaded from www.irs.gov)

The highlights:

- Claim 10% of the home cost or $7500 maximum credit
- Must start repaying the credit two years after it has been claimed
- Repayment time = 15 years
- Home must be purchased before July 1, 2009
- Must be single family, principal residence (no investment properties)
- There are income restrictions
- Home must be located in the U.S.

For more information regarding this tax credit check with your tax professional or you can get the irs.gov site for more info.

Here's another site you can go to for more information
http://www.federalhousingtaxcredit.com/

You can always email (trfinch@gmail.com), call me (937-423-3316) or better yet leave me a comment. I'd love to hear from you.

Home Buying On Your Mind?

2009-01-14T08:51:00.008-05:00

Have you been waiting to buy that first home? Are you ready to move up because your family is growing but don't think you can sell your current home?

Why?

Some reasons I've been hearing are:

"Interest rates aren't changing enough for us to afford a house."
"I don't have much of a down payment."
"The timing isn't right."
"Not a good time to try and sell our house to be able to move up"

Well.....

Interest rates are falling, yesterday (Jan. 13, 2008) there were rates in the Dayton area for as low as 4.50% for a 30 year fixed and even lower for 15 year loans. www.interest.com

FHA loans often require less of a down payment, as low as 3% of the loan amount. The federal government is offering first time home buyers up to a $7500 tax credit to be paid back over a period of 15 years, interest free! Sellers are sometimes willing to pay closing costs and or help with the down payment.

The time to buy a new house, first or move up, couldn't be better. There are still plenty of homes on the market and interest rates are approaching historic lows.

Yes, you might take a loss on the sale of your home but the savings you'll get on another could offset that loss. Remember, there are going to be more people looking.

Check with your local lender for more details on different types of loans and current rates. I can provide some resources and as always I'd love to assist you in finding that home of your dreams.

Give me a call (937-423-3316) or email (trfinch@gmail.com) or leave me a question or a comment. I'd love to hear what you have to say or answer your questions.

How Much Home Can You Afford?

2008-07-02T09:16:00.004-04:00

One of the first thing most people should ask themselves when searching for a home is, "what can we afford?" There are many methods and calculations to determine this but the one that follows is the standard that is used. Try it out.

Step One: Determine your gross monthly income from all your sources (spouses, other income,
etc. )

Step Two: Multiply the amount above by .28 (28%),
Or
Multiply the amount above by .36 (36%) if you have no regular debt.

Step Three: Subtract your current monthly debt you pay out.

Step Four: Subtract any other monthly expenses you have now.

Step Five: This should give you your maximum monthly mortgage payment (Principle &
Interest)

Step Six: Subtract real estate property taxes and homeowner's insurance (make sure you
change these to monthly and not quarterly or six month payments)

Step Seven: This should give you your net monthly mortgage payment.

Another place to go to do this online is http://finance.move.com/

There are many other sites to check this online, just search for "How much home can I afford?"

Hope this helps. Give me a call (937-423-3316) or email (trfinch@gmail.com) or leave me a question or a comment.

First-Time Homebuyer - Part Three

2008-06-22T13:24:00.004-04:00

Once you've selected an agent who you're comfortable with and talked to a loan officer to determine what you can afford it's time to sit down and get together a list of what you want in a first home.

What Are Your Basic Needs?

1. How many bedrooms are essential?
2. One, One and a half, or two bathrooms?
3. Living room, family room, or both?
4. Eat in kitchen or separate dining room?
5. Office space?
6. Storage space?
7. Garage - attached or detached? Size one, two, or more cars?
8. School district?
9. Close to town or outside and how far?

What Additional Items Would You Like?

1. Laundry room?
2. Built on a slab, crawl space, or basement?
3. Outside entertainment area? Deck, patio, backyard?
4. Type of heating?
5. Overall condition of the house - appliances, roof, mechanicals, foundation,
etc.
6. Attached master bathroom?
7. First floor master bedroom?

Add others to match your desires.

Make sure your basic needs list are met first for each place before going on to the additional items. By answering these basic questions and any others you choose to add you will be able to start assembling a list that will greatly aid your agent in finding homes for you on the MLS (multiple listing service) and then setting up showings.

Any questions or comments? I'd love to hear them.

First-Time Homebuyer - Part Two

2008-05-08T19:28:00.004-04:00

There are two people you want to get working for you right away as a first-time homebuyer: first, a qualified licensed Realtor and second, a loan officer.

It is very important when choosing a Realtor that you ask a number of questions including:

Are they a buyer's agent, a seller's agent, or a dual agent? (See below for an explanation.)
How well do they know the area where you are looking?
Do they work on weekends?
Will they work with your schedule?
How long have they been a Realtor?
Do they specialize in a certain type of property (e.g, farms, first-time homebuyers, downsizers, commercial, growing families)?

You should communicate to your Realtor what is the best way to contact you, whether by email, cell phone, work phone, or home phone. It is also very important to meet with the agent in person to make sure that you are comfortable with him/her, that you think alike, and that he/she is approachable. Remember you may be working with this person for a long time and you want to be able to trust that he/she is working for you at all times.

Now an explanation of the types of agents:

Buyer's Agent - This agent is working for you and you alone. They will generally be paid only after the closing and will split the commision with the seller's agent. Also, in most cases the seller pays the commision. The agent should not disclose any information about you to the seller or to the seller's agent.

Seller's Agent - This is the listing agent and has been contracted by the sellers to list their property for sale. This agent should likewise not disclose any information to the buyer or to the buyer's agent.

Dual Agent - This is an agent that will be working for both the buyer and the seller. This often happens when the agent has shown a house to a buyer that he has also listed for the seller. The critical point here is that this agent cannot disclose information to either party about the other.

A Realtor is a real estate professional who is a member of the NAR (National Association of Realtors) and has adopted the NAR code of ethics and practice standards. He/she has taken the required hours of classes to qualify to take the state and federal tests and then pass them.

For more information on why it is important to work with a Realtor, check one of my earlier posts in this blog or leave me a comment or question.

First-Time Homebuyer - Part One

2008-04-17T19:53:00.002-04:00

You're ready to buy a house!

A home can be one of your best investments if you do your research and don't rush into it. In the next series of posts I will try to answer a lot of questions a first-time home buyer might have and prepare you for that most important step. If you have any questions, feel free to leave them in the comments section and I'll respond as quickly as possible.

What are the advantages of owning your own home?

It's yours and you can do what you want with it (in most cases)
When filing taxes, you can deduct your mortgage interest (if you itemize)

You can deduct the points paid for your loan (with some exceptions)

You can deduct your property taxes
There are other closing costs that may be deducted

It will increase in value (appreciate)
You gain equity with every payment you make (you can't do that with rent $)
You may eventually borrow against your equity

The process of buying a home can and should be a long one. Make sure you ask many questions of your real estate agent and your loan officer. The reward for your diligence and patience will be a higher degree of satisfaction and confidence in your decision.

Free Credit Report

2008-03-29T20:58:00.005-04:00

Is it important to know your credit score? Do lenders really pay attention to your credit score? The higher the better? The answers are yes, yes, and yes.

FICO (Fair Isaac COrporation) is most commonly used scoring for your credit. If you break the scoring down, 35% relates to paying your bills on time, 30% to the amount of debt you owe, 15% to the length of your credit history, 10% to credit accounts that you've recently opened, and 10%to the various types of credit used. (You can learn more about FICO by going to www.myfico.com. ) Technically you have three different FICO scores from the three major credit reporting groups: Experian, Equifax, and Transunion.

The higher your score, the better the interest rate you may get or bargain for, which could save you thousands of dollars over the life of a loan. You can check your own credit reports by using the free credit report available to all at "annualcreditreport.com". Checking these reports will show you your credit information but in most cases you'll have to enroll to get your credit score number. You may get a report from each of the three credit reporting agencies mentioned above each year for free. It is simple to do and well worth your time.

There are other credit reports online, but most require a fee and some are just scams, so stick with the above mentioned reporting groups.

By All Means Choose a Realtor

2008-03-26T15:55:00.002-04:00

So you’ve decided that the time is right to become a new homeowner. You know that the first step is to decide how much you can afford and then search the Internet. That's a good start, but do you really know how much you can afford and how to search for that perfect home?

By connecting with a Realtor you will have taken a step that will save you a lot of headaches in your home search, and he or she will be your guide throughout the entire process.

A Realtor can:

Help you determine what you can afford
Connect you with a home mortgage expert
Provide more home search possibilities
Narrow your search to help you find what you really want
Save you time by not looking at houses that don’t meet your requirements
Help determine home values
Set up showings
Provide you with valuable information before making an offer
Guide you through the offer procedures
Help in the negotiating process
Connect you with people to help with inspections
Guide you through the closing process

A Realtor should:

Communicate with you by the means that fits you best, whether it's by email, phone, or fax
Pay attention to your needs and desires when performing home searches
Provide data for you when determining what to offer
Not disclose your private information

By all means use a Realtor.

Todd Finch

Leis Realty Co.

Greenville, OH 45331

email: trfinch@gmail.com website: www.darkecountyproperties.com cell: 937-423-3316

2008-03-22T21:01:00.005-04:00

Whether you are thinking of buying or selling, let me help you make the most of every opportunity.