More Help for Ohio First-Time Home Buyers

The Ohio Housing Finance Agency (http://www.ohiohome.org) is now offering a new down payment assistance program for low to middle income buyers. Using OHFA's homeownership programs also provides access to loan money to cover closing costs.

The new Homebuyer Tax Credit Advantage Program provides a loan (as a second mortgage) for up to 3% of the home's purchase price that can defer loan and interest payments until August 2010.

This is of course in addition to the $8,000 tax credit offered on the federal level for first-time homebuyers. Income and sales price limits apply, depending upon your area .

OHFA's First-Time Homebuyer Program is limited to homes located on less than two acres, and you must have a signed purchase agreement to apply for the loans. Your real estate agent should ensure that you indicate in a purchase offer that you intend to apply for special financing. Remember too that most bank-owned or foreclosure properties require lender pre-approval letters with offers.

For a full look at OHFA's homeownership programs, options, and overall requirements, pay a visit here.

Doug and Karen Parker, Prudential Calhoon Company Realtors, http://ikarensell.com, 614-850-4909 and 740-569-3616