FREE MONEY for Defiance, Ohio Homebuyers

Have you ever put on a pair of jeans after washing them and found a dollar or two crumpled up in the pocket? Everybody loves to find money. Now, think what it would be like to find $5,000 in your pocket. That's exactly what is happening right now in the Defiance area, as several of our local banks have received grant funds called Welcome Home funds, to disperse locally in order to assist people in buying homes. That's right, right now homebuyers can get up to $5000 free to help in the purchase of their home.

According to the information given to me by Ryan Frederick at Sherwood State Bank, there are a few eligibility requirements that one must meet in order to receive the funds. First of all, the homebuyer is limited in how much income that he or she makes which is adjusted for family size. Second, the homebuyer must contribute at least $500 of their own funds towards down payment and closing costs, but allows $300 of that amount to be a gift from other sources. Third, the buyer must have reasonable credit to obtain a home mortgage. There is a fourth requirement but, that affects first-time time homebuyers only, as they must complete a homebuyer-counseling program.

Not only does the homebuyer have eligibility requirements, but also the property. There are two main requirements for the property. First, the property being purchased must be used as the buyer's primary residence and second, it must be subject to a legally enforceable restriction in the warranty deed. This second requirement means that if the property is sold or refinanced within 5 years of purchase, then a prorated amount of the grant must be returned to the fund. However, if the buyers do not sell it or refinance it within the 5-year period, they don't ever have to pay it back.

There are a few little nuances that I did not discuss here, but as you can see by the brief description of this program this is truly a great opportunity for homebuyers to take advantage of right now. Don't put the money back in your pocket and hope to find it again someday as one of the most important things to remember about these funds is that they are on a first come first serve basis and once they are gone, they're gone! Contact me if you'd like to take advantage of this great program.

Scott M. Williams is a licensed Realtor® at Butler Mohr GMAC Real Estate in Defiance, Ohio. He can be contacted at: Scott@butlermohr.com or 419-438-1165

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