John’s Tip of the Week:

"New" OHFA Program!

(Ohio Housing Finance Agency)

 

"More" great news - first time homebuyers (haven't owned a home in 3 years)!!!

 

As of March 30, 2009 OHFA will allow qualifying first time home buyers to use part of their $8000 Federal Stimulus tax credit as a down payment.

 

Here are the details of the OHFA Homebuyer Tax Credit Advantage Program:

 

1. Buyers may borrow up to 3% of the purchase price as down payment

 

2. Payments  (on the down payment loan) are deferred until July 1, 2010 after which loans will amortize  over 15 years at an interest rate of 1% above their first mortgage rate

 

3. OHFA application fee of $300 can be paid by the buyer, seller or financed.

 

4. If the loan (not the mortgage) is paid in full prior to July 1, 2010, OHFA will forgive $300 of principal.

 

5. Borrowers must have a minimum 600 credit score.

 

6. Borrowers must complete approved homebuyer education. 

 

Call me to cash in on this pot of gold! 

 

Is this a great country or what!