If cash for the down payment is an issue for you and you are looking for funds to make a purchase of a home for your family, you may wish to look at HUD Homes because you can purchase most of them with only $100.00 Down. Also, in most cases HUD will also pay $2,500.00 in your closing costs and you can ask for additional assistance if needed. If you are a first time buyer you will likely also qualify for the $8,000 Federal Incentive. Also, current the OHFA MCC program has funds available for Bank Owned Properties (HUD Owned Properties Qualify) for a 30% Tax Credit. On a $100,000 purchase this could amount to over $30,000 in Federal Income Tax Credits. Give me a call (or send me an eMail) if you have any questions or would like a referal to a Realtor that sells HUD Homes and is familar with these incentives.
Down Payment Assistance in Ohio, Cleveland, Columbus, Toledo and every other city
4 comments • Tim Bradford • September 14 2009 09:10PMComments
This blog does not allow anonymous comments
Post © 2009 Tim Bradford (American Midwest Mortgage). Design © 2009 ActiveRain Corp.
Logos and service marks owned by copyright holder.
Hi Tim -- This is a great opportunity for a savvy first-time home buyer to really minimize their financial risk in today's market. Given the high levels of inventory, attractive interest rates and these financial incentives, the downside is minimal but the upside is there for buyers willing to step off the curb.
Yes, Chris, Step off the curb. And remember there is not one perfect home a buyer. I might disagree about "high Levels of inventory", I believe it has decreased which is a good thing because with too many homes to look at some buyers want to see everything available. By doing that, a great home and buying opportunity might be gone while the buyer is looking. Repeating myself " There is not one Perfect home". Buyers need to find one in their price range that they can work with.
I am amazed at the number of Realtors who do not know about those incentives. Thanks for the reminder.
Akron, Ohio
Thomas, Thanks for the comment. I know a number of Realtors and Lenders that do not like the little extra paperwork. Also, some people that deal with Lenders that do not have the MCC available to them.