30 yr Fixed

4.000%      Interest rate

4.099%APR*$ 477.42 Principal  & Interest

15 yr Fixed

3.250%      Interest rate

3.426%APR*$702.67 Principal & Interest

FHA 30 yr Fixed

3.75%      Interest rate  Zero points and Special Zero Up Front Mortgage Insurance (UFMIP)

4.657%APR*$ 558.00 Principal & Interest

*APR = Annual Percentage Rate

**** Rates are typically .125% higher for cash out transactions

Interest rates can change without notice.

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All payment estimates above do not include amounts for property taxes and homeowner’s insurance premiums, and your actual payment obligation will be greater.

Annual Percentage Rates and Payment Estimates quoted are based on a $100,000 loan amount and 25% down payment or equity with exception to the FHA and OHFA quotes which are based on a 3.5% down payment and the VA quote is based on 0% down payment.

Qualifying Assumptions (unless otherwise noted): 30-day rate lock, $100-$417k loan amount, credit scores 740+, Owner-occupied Purchase or rate/term refinance on a single-family home.  Cash-out refinances (including paying off a non-purchase 2nd mortgage) could result in a slightly higher interest rate.  The interest rates quoted are to serve as a guide only and may be different based on specific loan features.  Please call for a specific quote.

We CANNOT lock in an interest rate on a loan with a voicemail or email.  The customer MUST talk to the loan officer over the phone or in person before it can be confirmed.  The market changes too frequently.  We recommend calling during business hours to make sure we have all the markets open and available.

The Arlington Bank has $200,000 in grant funds available to low and moderate income home buyers in Central Ohio. The grants are available up to $5,000 and funds can be used for both down payment and closing costs. For the purpose of this program income limits are $53,280 for a 1-2 person family and $61,272 for a family of 3 + (Franklin & surrounding counties)
The Welcome Home program is for the purchase of an owner occupied primary residence. This program is NOT limited to 1st time homebuyers but for qualifying buyers that currently do not own a home. 1st time homebuyers are required to complete homebuyer education prior to closing on their home and home buyer’s education is recommended for all buyers under this program. Homebuyers must contribute a minimum of $500 to the transaction.
Funds for this program are available on a first come/first serve basis and you must be in contract on a property to reserve funds. FHA financing is available in conjunction with this grant program at current interest rates subject to loan qualifications. With FHA rates so low there is no better time to make application for both an FHA loan and the Welcome Home grant program. Applications can be initiated online here Online Application

Brent Diebert

Office: (614) 486-3843

Mobile (614) 571-3554

You are entitled to a FREE credit report from each of the three credit reporting agencies (Equifax, Experian, and TransUnion) once every 12 months. You can request all three reports at once, or space them out throughout the year.

 It’s important to review your credit report to ensure that your personal information and financial accounts are being accurately reported and that no fraudulent accounts have been initiated in your name. If you do find an error on your credit report, you can dispute the error in writing. Find out how to dispute an error.

…the IRS so far has uncovered a high “failure-to-report rate” in these states–with noncompliance rates reaching even 100 percent in Ohio based on case reviews .

Fannie Mae announced on Monday  that it will now offer 3.5% in closing cost assistance to owner occupied buyers of Homepath properties.  This benefit is offered for  contracts submitted on or after April 11^th 2011 with a closing date of June 30^th 2011.  The Homepath program was set up by Fannie Mae with the goal of attracting qualified homebuyers to purchase the existing inventory of vacant homes owned by Fannie Mae.  Properties that are available can be viewed by at www.homepath.com but due to the nature of foreclosed properties it is highly recommended that you start you search with a local real estate agent.

Arlington Bank also adds the added benefit of a tax credit of up to $2,000 a year to qualified homebuyers of Homepath properties in Central Ohio.  The yearly tax credit of up to $2,000 a year continues for the length of your mortgage and often adds up to $25,000 or more in tax credits.  Since conditions do apply please contact me to apply at BrentDiebert@arlingtonbank.com.  Homepath financing also offers down payment as little as 3% and mortgage insurance is not required.  With over 1,300 available properties in Ohio Fannie Mae’s Homepath program should not be overlooked.

Grants for Grads is a program with the distinct purpose of limiting “brain drain” in the state of Ohio.  The program offers college graduates the opportunity to qualify for 2.5% in down payment assistance to purchase a home within 18 months of graduation.  The program allows graduates to qualify for both down payment assistance and a below market interest rate when purchasing a home.  The program also allows for higher than typical household incomes in comparison to other available grant programs. 

Program benefits

·         Below market interest rate

·         2.5% second mortgage that can be forgiven after 5 years

·         Program can be used in conjunction with some other grant programs

·         Program funds are ongoing unlike other grants that may run out of funds

What you need to know:

• You must be a graduate of an Ohio High School and apply for the grant within 18 months of graduating from an educational institute recognized by the Ohio Board of Regents
• You will need to take a homebuyers education class

·         The grant is for a single family home owner occupied home

·         There is no repayment of the grant if you continue to live in Ohio for the next 5 years

·         You can use the grant for down payment, closing costs or other prepaid expenses incurred in the purchase of the home

As the Ohio Housing Finance Agency (OHFA) kicks off Fair Housing Month in April they wish to expand the public’s knowledge of the Grants for Grads program.   As spring and graduation season approaches there could not be a better time to look into the many affordable homebuyer programs that are currently available.  The grant programs offered in conjunction with OHFA requires the use of an approved lender such as Brent Diebert with The Arlington Bank. 

• Low down payment and flexible mortgage terms (fixed-rate, adjustable-rate, or interest-only)
• As little as 3% down payment with a 660 credit score or 620 credit score with 20% down payment
• Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer
• No mortgage insurance option
• No appraisal fees
• No prepayment penalties
• You may also qualify for a 30% tax credit (conditions apply)

Investment property purchasers can qualify for:

• Down payment as low as 10%
• As little as 10% down payment with a 660 credit score or lower with 20% down payment
  Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or
• No mortgage insurance option
• No appraisal fees
• No prepayment penalties
• Up to 10 financed properties are allowed (additional conditions apply)

As a mortgage lending professional with The Arlington Bank Brent Diebert can assist you with qualifying for the purchase of these homes. You can start the process by visiting www.BrentDiebert.com to apply online or calling Brent’s office at 614-486-3843.