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

Request Prequalification or Realtor Referral

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Re-Blogged By Re-Blogged At
Topic:
Lending / Financial
Location:
Ohio
Tags:
finance
mortgage
ohfa

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Rainer
85,506
Karen Moorhead
Keller Williams Realty - Ann Arbor, MI
Ann Arbor Area Real Estate

Am I to understand this is you reBlogging Tim?  Is there a find line between this, which is totally accpectable and someone who steals a blog without mention of who wrote the original?  Can you tell I don't quite get this...or I'm a bit concerned but maybe its because I just don't get it as yet.  You can clue me in Mo.  TIA, karen

Aug 11, 2008 08:56 PM #1
Rainmaker
1,395,011
Maureen McCabe
HER Realtors - Columbus, OH
Columbus Ohio Real Estate

I don't think there is a fine line personally.

This is a 100% legal reBlog.  Read Bob's post... watch Jonathan's video... read Brad Blogs.  Between consenting bloggers reBlogging is a good thing.

I searched for Ohio home inspectors, lenders, stagers to reBlog...

Aug 11, 2008 09:01 PM #2
Ambassador
387,232
Tracy Santrock
Fonville Morisey/Santrock Realty Group, Inc. - Cary, NC
Raleigh - Cary Realtor

I agree Maureen.  Although I keep close tabs on what is going on in the mortgage industry - and the new changes have effected several of my clients - I have difficulty blogging about the effects.  I'd rather write about the local area I know, market conditions, etc, and leave the "tax credits" etc to the mortgage pros.  I feel you did a great job here of depicting how the tax credit will effect your market.

Aug 11, 2008 09:41 PM #3
Rainmaker
212,057
Tim Bradford
American Midwest Mortgage - Cleveland, OH
NMLS 250013

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.  

 

Aug 11, 2008 10:07 PM #4
Rainmaker
1,395,011
Maureen McCabe
HER Realtors - Columbus, OH
Columbus Ohio Real Estate

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

 

Aug 12, 2008 05:18 AM #5
Rainmaker
630,071
Don Rogers
Keller Williams Realty Chesterfield - O'Fallon, MO
Realtor, Broker, CDPE, GRI, OnullFallon MO & St Charles County MO homes

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.

Aug 12, 2008 06:27 AM #6
Rainmaker
212,057
Tim Bradford
American Midwest Mortgage - Cleveland, OH
NMLS 250013

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. 

Jun 04, 2009 05:55 PM #7
Rainmaker
1,395,011
Maureen McCabe
HER Realtors - Columbus, OH
Columbus Ohio Real Estate

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

I had  to update the categories on my outside blog.

Jun 04, 2009 06:05 PM #8
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Rainmaker
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Maureen McCabe

Columbus Ohio Real Estate
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