Joe Jackson

Recent college graduates, including those earning postgraduate degrees, can now receive down payment and closing cost assistance and a favorable mortgage interest rate through OHFA's Grants for Grads Program. Eligible borrowers can use the grant to reduce the out-of-pocket expenses associated with buying a home.

If you are an income-eligible first-time homebuyer, graduated from an Ohio high school and have earned an associate, bachelor's, master's, doctorate or other postgraduate degree within the last 18 months, you can take advantage of the Grants for Grads Program.

• OHFA will issue a grant in an amount for 2.5% of your home's purchase price.
• You can use the grant to pay for the down payment, closing costs, or other prepaid expenses incurred prior to closing. Keep in mind that while the grant will help cover some of your up-front costs, you may still be required to contribute some money as well.
• The grant will be issued as a second mortgage with a 0% interest rate with no payment due. The loan is forgivable after five years. However, if you move out of Ohio prior to the five-year mark, you are responsible for paying a portion of the grant back to OHFA as indicated below:

Do I Qualify?

To qualify for the Grants for Grads Program, you must:

• Be a first-time homebuyer
• Meet Specific Guide Lines
• Graduated from an Ohio high school
• Apply for the grant within 18 months of graduating from an educational institute recognized by the Ohio Board of Regents

In addition, you must either:

• Complete a free homebuyer education course offered by any housing counseling agency approved by the U.S. Department of Housing and Urban Development, or
• Use the streamlined OHFA homebuyer education program.

Your lender can help you choose the OHFA program that is right for you.

I just visited www.ePropertyWatch.com to check out this service. It will alert you if any liens are filed against your property at the courthouse.

What interested me was it states Real Estate professionals can create their own free ePropertyWatch accounts AND enroll their clients in the service at NO charge. Creating an account allows Real Estate professionals to put their own branding- including name, company logo and contact information- on all of the wPropertyWatch e-mails their clients receive.

I did not see this on the web site, so I emailed them a question abut this service. I'll post the answer when I receive it!

White house spokesman Robert Gibbs Monday ( October 5) confirmed that the President supports an extension of the first-time home buyer tax credit as well as prolonging jobless benefits and health care subsides for unemployed workers.

Earlier this year, former real estate broker Sen Johnny Isakson R-Ga, introduced S 1230 which would had nearly doubled the tax credit ceiling to $15,000 and expanded the pool of eligible buyers by lifting the first tiem home buyer restriction. Isakson has since endorsed a compromised bill S 1678 that simply extends the existing tax credit to June 1, 2010.

Whats your opinion on the extension of the tax credit?

I have been asked this many times. The web sites I have looked at simply say principle residence. But is your buy a 2 unit and live in one side, do you still get $8,000 or only $4,000?

What is the situation if one buys a 4 unit? $8,000 or $2,000? If any one has the answer to this, I'd appreciate your response!