Down Payment Assistance will still be available in OHIO after Oct 1, 2008

Reblogger Maureen McCabe
Real Estate Agent with HER Realtors

 

Blogging about finance and mortgages has always been the most difficult thing for me in real estate blogging.  Really. Read any of my blogs.  Scour them for anything about finance that makes any sense.  OK I have one FHA post that gets a lot of traffic.

Tim is up in the Cleveland area but this ought to apply to Central Ohio... he says "Buyers in Ohio" and of course we have the OHFA program.

Without further ado Tim Bradford...

 

Original content by Tim Bradford NMLS142066/250013

This is an Important read for any Buyers, Sellers or Real Estate professionals, that have concerns about DPA programs going away effective Oct 1, 2008. as a result of the "Housing and Recovery Act of 2008" 

Buyers in Ohio have the option of using the OHFA Program to receive a 3% grant that can be used towards their down payment.   The seller can still assist them with Closing Costs, so there will not be much change except for those buyers that exceed the income limits of the OHFA program.   

Buyers should also be aware that if they use the OHFA program they will not be eligible for the $7,500 Tax Credit/Loan that was part of the "Housing and Recovery Act of 2008".  

Also, I ask all Buyers, Sellers and Real Estate professional to please take action to authorize 100% financing on FHA Loans.   I believe this is better than continuing to allow the DPA programs to use the loophole that they have been using to justify their existence. 

 Anyone wishing to recieve updates on this issue should drop me an email and I will provide updates. 

Visit All Ohio Mortgage . com

Visit Cost of Renting . com

Visit Ohio203k.com

Visit Ohio Buyers and Sellers .com

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Topic:
Lending / Financial
Location:
Ohio
Tags:
finance
mortgage
ohfa

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Rainmaker
210,457
Tim Bradford
NMLS 250013
American Midwest Mortgage

Marueen, thanks for the reblog.  If I read ActiveRain Properly, we have the option to allow it to occur or not.  I do believe in sharing provided credit is given and Active Rain has taken care of that.  

 

August 11, 2008 10:07 PM
Rainmaker
1,385,908
Maureen McCabe
Columbus Ohio Real Estate
HER Realtors

Tim did you add all the links at the bottom afterward?  I don't remember seeing that before / when I reBllogged the post. 

 

August 12, 2008 05:18 AM
Rainmaker
629,967
Don Rogers
Realtor, Broker, CDPE, GRI, OnullFallon MO & St Charles County MO homes
Keller Williams Realty Chesterfield

Maureen,

From the looks of it there are better programs out there than the $7500 Tax Credit/Loan.  We just might see more alternatives sprout up, who knows.

August 12, 2008 06:27 AM
Rainmaker
210,457
Tim Bradford
NMLS 250013
American Midwest Mortgage

Maureen, I got a note that you updated this post.   It caused me to come back and look,  Some of the information is outdated.  That is one reason, that I did add the links to the initial post.   The Federal Stimulus is now 8,000 and is good for loans closed on or before Nov 30, 2009. 

ALso the 3% program was reduced to 2.50%, too many changes to keep everything up to date. 

June 04, 2009 05:55 PM
Rainmaker
1,385,908
Maureen McCabe
Columbus Ohio Real Estate
HER Realtors

Of course it is outdated but people can certainly see the date on it.

I had  to update the categories on my outside blog.

June 04, 2009 06:05 PM
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Rainmaker
1,385,908

Maureen McCabe

Columbus Ohio Real Estate
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