Toledo Real Estate Recovery Underway!Zero Down Home Loans Approved for Ohio!
Whether or not the First Time Home Buyer Tax Credit can be used as part of the 3.5% Down Payment required in FHA loans has been a topic of much discussion and debate lately. Now we have an answer! And the answer is “YES” according to Charles McMillan, President of the National Association of Realtors.
According to the National Association of Realtors (NAR), Ohio home buyers CAN use the $8000 First time home buyer tax credit as their down payment on FHA loans (3.5% Down Payment Requirement)
NAR President Charles McMillan reports on the topic, in his weekly podcast of June 2, 2009, titled “Monetizing the Tax Credit”. Here he discusses the new HUD guidelines that allow consumers to use the $8,000 first-time homebuyer tax credit for home down payments.
“Currently, 10 state housing finance agencies offer programs that would qualify for the monetized credit option. They are Colorado, Delaware, Idaho, Kentucky, Missouri, New Jersey, New Mexico, Ohio, Pennsylvania, and Tennessee. In these states first-time homebuyers may monetize the tax credit and apply it to the 3.5 percent down payment requirement.”
OHIO appears to be “GO” for ZERO DOWN HOME LOANS AGAIN !
Links and Sources:
Transcript of NAR President Podcast:
http://www.realtor.org/wps/wcm/connect/c4f42a804e5484e2beb5bfd4f1772a7a/CM_Presidents+Podcast_060209+v2.pdf?MOD=AJPERES&CACHEID=c4f42a804e5484e2beb5bfd4f1772a7a
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