This is not an advertisement for a particular home. The $100.00 per month is the net monthly payment that is possible for a buyer that purchases a home for $105,000 at a 30 year fixed rate of 5.00% after taking into account the Tax Credits available to a buyer today in Ohio. The actual Principle and Interest Payment is $563.66 for 30 years. If the buyer qualifies and uses the OHFA Mortgage Credit Certificate Program and the $8,000 Stimulus Tax Credit the home could cost them on $100.00 as a net Principle and Interest payment. Here is a calculator that does the actual math.
http://www.firsttimebuyers-mortgages.com/OHFAMCCTaxCalculator.php
The City of Parma has participated in a Down Payment Assistance Program for a Number of years and is coming out with their 2009 program effective March 2, 2009.
The Citiy of Parma's program allows for 10% of the Sales price up to $10,000 as a grant that can be used as the down payment on the purchase of a home in Parma, Ohio. The grant/Loan is forgivable over a Five year period. There are a number of different rules that must me followed to qualify for the Grant/Loan, so please call me or Parma's Community Development department prior to submitting any offer for the purchase of a home. Below you will find the income limitation for this program.
| 2008 Income Guidelines | |
| Members of Household | Maximum Household Income |
| 1 | $34,800 |
| 2 |
$39,750 |
| 3 | $44,750 |
| 4 | $49,700 |
| 5 | $53,700 |
| 6 | $57,650 |
| 7 | $61,650 |
| 8 | $65,600 |
Programs similar to this are available in almost every community in Cuyahoga County. Give me a call if you want to know the specifics of this program or any of the other Programs that are available.
I am checking with the City of Parma, to see if there are any restrictions when it comes to combining this program with the $8,000 Federal Stimulus or the OHFA Mortgage Credit Certificates program.
UPDATE 3/2/2009 I did recieve a note from the city that said borrowers can recieve these funds as well as the Federal Stimulus.
Anyone that is interested in trying a different Resturant may want to check out www.Resturant.com because they are again offering 80% off the gift cards that they sell. Normally Resturant.com sells a $25.00 gift card for $10.00. If you key the code "DINE" you will save 80% off the $10,00 price so it will only cost you $2.00. Last year I took advantage of a special like this and the deals are real.
The only thing you want to be aware of is that some of the Certificates have Min Purchase requirements. Make sure you read the rules.
Lowest price of the year!!!
Save 80% on Restaurant.com Certificates with code DINE
Pay only $2 for a $25 gift certificate.
I have believed for a while that Cleveland, Ohio has been better off than most others areas of the Country. Here is some data that appears to support that belief. Also, shown is information for the Columbus market. Click on the image of the Link to see the full data.
Any renters that could be qualified to purchase now may want to consider looking today versus waiting. Besides the $8,000 Stimulus Tax Credit, First time buyers in Ohio can get an additional Federal Income Tax Creit. Click here to see a what your Tax Credits could be.
http://www.housingtracker.net/asking-prices/cleveland-ohio
http://www.housingtracker.net/asking-prices/Columbus-ohio
First time buyers that take advantage of the $8,000 Stimulas Program and also the OHFA Mortgage Credit Certificates program could revieve over $40,000 in Federal Tax Credits on a $110,000. Home Purchase.
IF you are a First Time Buyer (or plan on buying in a OHFA Targeted Area) you want to find out about this opportunity.
Here is a calculator that will do the math for you. http://www.firsttimebuyers-mortgages.com/OHFAMCCTaxCalculator.php?Linked=TBradford
The only catch is that OHFA has only authorized 12.5Million to this program and they estimate only the first 1,000 applications can be accepted. If you have any questions, please give me a call.
Licensed Mortgage Professional with 20+ years of experience in residential mortgages. Specializing in first time homebuyers, refinances, low/no money down payment purchases and Reverse Mortgages
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