OHFA Launches New Product to Reduce Out-of-Pocket Expenses for Homebuyers..

posted Sep 24, 2015, 6:51 PM by Brian G. Walsh   [ updated Sep 24, 2015, 6:51 PM ]

On September 1, OHFA rolled out a new product, Your Choice! Down Payment Assistance, which provides down payment assistance equal to 2.5% or 5% of the purchase price and can be used to pay for the down payment, closing costs or other prepaid expenses incurred prior to closing. Your Choice! Down Payment Assistance will help reduce out-of-pocket expenses for homebuyers and help increase homeownership within Ohio.  While we will continue to price this product daily, the new mortgage rates are expected to be more competitive in the future. 
Program Highlights
  • The borrower will have the option to choose down payment assistance equal to 2.5% or 5% in the form of a 0 % second mortgage. Down payment assistance is forgiven after seven years. If the homebuyer sells or refinances within seven years, they must repay all of the assistance provided.
  • The lender and borrower can decide the best use of the funds such as 3.5% toward down payment and 1.5% towards closing costs or 5% toward down payment 0% toward closing costs. (Homebuyer can apply funds in any combination.)
  • Your Choice! Down Payment Assistance (2.5% or 5%) will be included in Grants for Grads, however, the forgiveness for Grants for Grads will remain the same. The second mortgage will be forgiven at 20% per year over five years.  If the borrower sells the home prior to the end of fifth year and provides evidence of continued residency in Ohio, the remaining balance will be forgiven. If a homebuyer refinances their first mortgage, OHFA will continue to re-subordinate their second mortgage. Borrowers can apply for Grants for Grads within 48 months of graduating from an accredited educational institute with an associate's, bachelor's, master's or doctoral degree.
To learn more about OHFA Programs, please register for free online training sessions here

Important.. Back to back transactions..

posted Sep 10, 2015, 8:02 AM by Brian G. Walsh   [ updated Sep 10, 2015, 8:02 AM ]

Please keep in mind that the up and coming changes will affect back to back closings.  It is not impossible to close next day but much more complicated so best to allow days in between so as not to cause last minute confusion, delays and frustration for our clients.  We are less than a month away from enactment of law.  Thank you.

TILA-RESPA to be enacted on October 3rd, 2015

posted Aug 20, 2015, 3:05 PM by Brian G. Walsh   [ updated Aug 20, 2015, 3:05 PM ]

The delay is soon coming to an end so please be aware of the impending date for the new changes.  The long and short..  Allow a minimum of 10, preferably up to 14 more days for your closings as it will definitely be an adjustment all the way around for all parties involved.  I have created an additional page on this website called TILA-RESPA.  You can see it to your right above.  It has links to information on all of the upcoming changes.  Cheryl Repko shared the information from CFPB.  Thank you.

Docusign Envelope ID's have been removed..

posted Aug 17, 2015, 8:55 PM by Brian G. Walsh   [ updated Aug 17, 2015, 10:33 PM ]

Rachelle of our office was having deals rejected because of the Envelope ID embedded at the top of documents when sending via Docusign.  I was able to get a feature turned on for our account that allows us to remove the ID so they are now gone.  If you have created your own templates in Docusign you will need to go in to them and uncheck the box that says Stamp documents with envelope ID and then save them to remove.  Thank you.

Points to ponder when writing listings descriptions..

posted Jul 28, 2015, 12:20 PM by Brian G. Walsh   [ updated Aug 4, 2015, 6:24 PM ]

When writing the description we used to appeal to the sales agent (pre-internet), fortunately we now appeal to the buyer

Don't underestimate the value of the description.  Imagery is huge but the description ties it all together

Test, different approaches (change description with the passage of time), small tweaks are fine

Say the most you can with the least amount of words

Avoid being too flowery

Talk about the features while slanting toward potential target

Use headline analyzer for lead sentence

Use pictures to help with description

Ask current owner what caused them to purchase

Think of those things that may cause the next buyer to act

I believe description changes may cause some status changes with different search engines stirring activity

When working with two or more buyer clients on same house..

posted Jun 19, 2015, 7:20 PM by Brian G. Walsh   [ updated Jun 19, 2015, 7:21 PM ]

and preparing offers for two or more buyer clients (to be presented at same time) the rules have changed.  You will now be required to inform all buyers that you are preparing offers for (at the same time) that you are representing more than one buyer on the sale of the property.  This is a somewhat complex topic and it gets a little deeper when it is your listing so I will discuss at next office meeting and happy to speak with any of you who want more information or since it is fairly uncommon you can touch base with me if the situation arises.  I wanted to bring this up since in the past the instructions were different.  Thank you.

MLS now provides for 1,500 characters in description..

posted May 8, 2015, 12:12 PM by Brian G. Walsh   [ updated May 8, 2015, 12:12 PM ]

It seems after some additional taunting the MLS went live with 1,500 characters yesterday.  I am happy they opened their minds to doing this.  It will not always be needed but will be nice having the ability when it is.  Hoping they will be able to workout the issues surrounding degradation of our photos next.  Onward & upward..

Neat article about listing description..

posted May 4, 2015, 1:29 PM by Brian G. Walsh   [ updated May 4, 2015, 1:29 PM ]

Rarely do I read our industry publications but I found this article in Rismedia about listing descriptions.  It speaks of what I preach about the importance of a well written description.  Please click HERE  Thanks!

The up and coming Truth in Lending 3 day rule..

posted May 2, 2015, 4:56 PM by Brian G. Walsh   [ updated May 2, 2015, 4:56 PM ]

I have met with Bill Craighead of Cleveland Home Title and Chris Hartzell of Union Capital Mortgage about above.  It seems to me that your middle to large local mortgage cos. with their own in house escrow will be the ones (at least initially) to handle the ripples of the new 3 day rules.  I only mention this as they will have the least links in the chain and therefore the least resistance when navigating these new waters.  Again, the advice I continue to receive and pass along to you is leave more time in transaction.  A minimum of an extra 10 days is suggested.  Thank you.

Document requests..

posted May 2, 2015, 4:49 PM by Brian G. Walsh   [ updated May 2, 2015, 4:50 PM ]

On Wednesdays Barb will be requesting documents missing from our files.  We now have updated checklists and I have taken time with Barb & Linda to explain some of the ins and outs so that we don't burden you with unnecessary requests.  There may be a bump or bruise so please hang in there while we get this part sorted out.  We want to try our best to have complete files by the time we file or a listing go lives.  The biggest challenges are with warranty waivers and consumer guides on sale side transactions.  In August we will be renewing our E & O so I am hopeful we can get all on board with getting the waivers in when a warranty is not provided.  Your cooperation is sincerely appreciated.  Thank you.

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