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New Albany Ohio Real Estate: Update on Real Estate Market Conditions and Obama Loan Modification Plans

There certainly is a lot going on in the world of Real Estate right now. Current market conditions are always changing and in this case, changing for the good and showing that things are on the up!

The U.S. Commerce Department is reporting that housing starts gained for the first time in 8 months. The gain was 22.2 percent. This was the first increase since June.

CNNMoney reports that new construction (single family properties) were up as well in January. With new construction of buildings with 5 or more units increased surged 80% to 212,000 from 118,000. Things are definitely looking brighter for Real Estate in 2009.

However, also the details of the Obama Loan Modification eligibility criteria have been released. Here is just a few pieces of information on it:

  • Mortgage must have originated on or before January 1, 2009.
  • Home must be an owner-occupied primary residence
  • Home must be a single family 1-4 unit property
  • Home may not be vacant or condemned.
  • Borrowers in bankruptcy are not automatically excluded from consideration.
  • Borrowers in active litigation regarding the mortgage loan can qualify for a modification without waiving their legal rights.
  • First lien loans must have an unpaid principal balance (prior to capitalization of arrearages) equal to or less than:
    • 1 Unit: $729,750
    • 2 Units: $934,200
    • 3 Units: $1,129,250
    • 4 Units: $1,403,400
  • Foreclosure actions are suspended during the trial period or while borrowers are considered for alternative foreclosure prevention options. If homeowners fail to qualify, foreclosure proceedings may resume.
  • No minimum or maximum LTV ratio for eligibility purposes.
  • Loans are eligible for only one loan modification under the program.

This is exciting news on what is some of the most awaited legislation to come out of the Obama administration to date. Applicants will be accepted into the program until December 31, 2012 and we are hoping that more details will be released at a later date.

Watch this space! – Keep checking back with us for more updates on this and other real estate news. Subscribe to our blog using our RSS feed. (Click here!)

Looking to relocate? Now is definitely the time to buy!

If you are looking to purchase a property in New Albany, Gahanna, Blacklick, Westerville, or another Central Ohio community, please contact The Raines Group. We offer professional real estate advice and are happy to help you achieve your real estate goals. Please contact us today via our online contact form or by calling The Raines Group at 614-418-7417.

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