What the heck is HECM?!?!?

HECM...new word for me. Interesting word, that is also. But once you hear the meaning and what it can do for you, if you don't already know, HECM is a GREAT word and one you will remember!!! The HECM for purchase program is for individuals 62 and over who are interested in purchasing a primary residence. By paying as little as 30% (depending on age) you can purchase without ever having to make a monthly mortgage payment! What?!?! Seems too good to be true...

To start, HECM is FHA backed. So, it is a legit program. Your cash at closing, depends on your age and your purchase price. The older you are, the less out of pocket you have to pay.  The only payment you will have monthly is taxes and other fees that may be associated to owning your new home (insurance or HOA, for example).  Interest does accrue on the balance of the loan on a rate competitive for this program. This program just makes sense.  The best part is this, if property values ever go down again, FHA will forgive that portion that is owed on the mortgage.  The sellers (including heirs) will not have to pay any difference in case of a property depreciation.  When values go up and you sell, the net proceeds are yours to keep! 

So what is not to love about this program???  Contact me today to find out how you can get into your next home with minimal money out of pocket and NO monthly payment.  Visit www.HECMProgram.com for more information.

10 Things to Know About the HECM Purchase Program
1. No credit qualification
2. Minimum income requirements (to cover property taxes and insurance)
3. No employment requirements
4. No debt-to-income ratios
5. No monthly mortgage payment EVER
6. You can live in the house until the last borrower vacates
7. You are not personally liable for the debt nor are your heirs
8. Loan-to-value ratios up to 70% based on age
9. Lending limits up to $450,000 based on age
10. Closing costs may be financed into mortgage

3 Steps to Qualify
1. You must be 62 years or older
2. HECM Mortgage must be for your PRIMARY residence
3. Money brought to closing must come from asset accounts or a gift and cannot be money acquired through debt.

What are you waiting for?!?!? Get out there and buy while prices and interest rates are still low!!!

Happy house hunting,
Stephanie Clemens

www.MyAgentInDayton.com
Stephanie@MyAgentInDayton.com

Dayton Homearama

Hi All!

Attended the Dayton Homearama this past week.  Homearama is always an exciting time here in Dayton.  We get to see the latest and greatest in home decor trends and see what the builder's trends are also!  This Homearama was no exception!  The culture was different this year than what it was in the past.  Being in an older community (Oakwood) with new homes built across the street from homes that are 80-90+ years old was interesting.  I looked at it as a fresh face for Oakwood.  The development could bring a whole new demographic to the area. 

On to the homes - gorgeous, as always!  Smaller homes than Homearamas of the past, but appeal to more buyers.  Some of the homes were sold already and others awaiting their new buyer.  Builders were M/M Construction, R.A.Rhoads and South Dayton Builders.  I saw a lot of neat, new, fresh features. Lots to build on are still available at Sugar Camp Pointe Oakwood and the home design plans seem very diverse.  Check it out!  You will not be disappointed!

http://www.hbadayton.com/#bf_miniCal_209


Stephanie Clemens

StephanieClemens.KWrealty.com