Forbes Magazine has created a visualization of Cincinnati relocation. It shows you where people are moving to from Cincinnati, and where people are moving from to Cincinnati. The tool uses 2008 IRS tax data to create a picture of the movement of people.
From the chart you can see that a lot of people are moving to Cincinnati from northern Ohio, and areas of New England. The amazing element of this interactive map is that you can see the number of people moving as well as the salaries they are making here in Cincinnati and the salaries they left town for.
The people relocating out of Cincinnati are headed to other major city centers such as New York, Washington DC, Atlanta, Miami, San Francisco, LA and Boston. The chart also shows some details about the difference in salary between the people moving out of Cincinnati and those moving in.
Cincinnati homeowners and homeowners around the U.S. need to be aware of the following information if they are looking to refinance and are having difficulty getting approved. There are options for refinance and loan modifications mandated by the federal government.
The Making Home Affordable Program was created to assist homeowners whose home values have declined to the point where they may no longer have equity in their homes. So the homeowners have not be able to refinance their homes and take advantage of lower interest rates. In addition, many of these homeowners are also locked in to 3,5 or 7 year adjustable mortgage rates which will soon reset at higher rates. To try to assist these homeowners the federal government started the Making Home Affordable Program. The purpose of the program is to stop the cycle of foreclosures and short sales and to provide homeowners who are in this position to have options to save their home and financial stability. This program has eligibility requirements that must be met. For more information please visit the Making Home Affordable Website. This site helps borrowers learn basic facts about mortgages, homeownership, and resources available, with more than 17.7 million page views in less than two months.
Fourteen servicers, including the five largest, have now signed contracts and begun modifications under MHA. Between loans covered by these servicers and loans owned or securitized by Fannie Mae or Freddie Mac, more than 75 percent of all loans in the country are now covered by the program. The 14 participating servicers have extended offers on over 55,000 trial modifications and mailed out over 300,000 letters with information about trial modifications to borrowers.
If you are a first time homebuyer, here are a few guidelines for you to start to consider if you are thinking of buying a home in the next 6 months to a year. There are several steps to the home buying process that many people aren’t aware of.
1. Tips for Obtaining Financing
Be sure you are paying all of your bills on time and if you have outstanding debts try to make a payment plan with your credit card company. Do not make any large purchases or open multiple credit cards prior to trying to qualify or while you in the approval process. Do not join clubs or test drive cars or do anything where they will need to pull your credit because too many inquiries can cause your credit score to drop.
The brokers and bankers that I have been working with have said that in order to obtain a competitive interest rate it is important to have a minimum 580-620 credit score. You will need to get pre-qualified by a loan officer so that you know what price range you can comfortably afford.
2. What should I look for in a neighborhood
This is an individual decision. Everyone has different criteria that they search for. Please remember is that you don’t want to be the most expensive house on the block. The other important principle that many first time home buyers need to know is that you never want to over improve your home. When you are house hunting, pay attention to the types of finishes that homes in your price range tend to have and be sure not to spend too much money on improvements unless you are making them for your own enjoyment.
3. Do I need a Realtor?
Property is the single largest investment most people will make in their life. I recommend that buyers especially first time home buyers always have Realtor representation. In Cincinnati real estate, when properties are listed with a real estate company the commission is already figured into the list price and the % commission does not change whether you have representation or not.
4. How long does the First Time Home buyer Tax Credit last?
Closing must be on or before November 30, 2009.
