The following information was obtained from a Countrywide Loan Officer. I have confirmed this with several lenders. This is One of Two New OHFA Programs that offers Columbus, Central Ohio and the rest of Ohio options for down payment assistance and incentives to help folks get excited about home ownership in 2009....
Homebuyer Tax Credit Advantage Program
Effective Date: March 30, 2009
The Homebuyer Tax Credit Advantage Program offers a second mortgage to borrowers who obtain a first mortgage through the OHFA First-Time Homebuyer Program. In order to encourage first-time homebuyers to enter the market in 2009, the program will allow OHFA first-time homebuyers to leverage the benefit of the federal first-time homebuyer tax credit for down payment and/or closing costs. The American Recovery and Reinvestment Act of 2009 amended and extended the first-time homebuyer credit to include purchases closing between January 1 through November 30, 2009. For qualified first-time homebuyers who purchase a home in 2009, the maximum credit is $8,000 and can be claimed on a buyer's 2008 or 2009 federal tax return.
The loan may be up to three percent of the purchase price. No cash back may be issued to the borrower.
Principal and interest payments are deferred until July 1, 2010 after which, loans will amortize over 15 years at an interest rate 1% above the first mortgage rate.
The OHFA application fee will be $300 and can be paid by the buyer, seller or financed in the loan.
There is an incentive for early repayment of the loan. If the loan is paid in full prior to July 1, 2010, OHFA will forgive $300 of principal.
Lenders may charge a special processing fee of $75.
All loans must be recorded as second mortgages using OHFA note and mortgage documents.
Borrowers must have a minimum 600 credit score.
Borrowers must complete homebuyer education through a HUD approved counseling agency or through OHFA's streamlined program.
Program will run until 11/2009 or until funds are exhausted.
OHFA website: http://www.ohiohome.org/
Call me for more details or if you are ready to take advantage of this exciting NEW program for Columbus and Central Ohio Buyers. (614)273-6406 or email vanessa.simmons@realliving.com
If you missed the Lady Bucks Last night you missed quite a game. It was a small crowd of only 4824 in Downtown Columbus's Nationwide Arena (Home of the Columbus Blue Jackets), the arena's capacity for basketball is 19,500.
Never the less it was a game to remember. In this round two of the NCAA Tournament the Bucks played awesome defense and was able to break away from Mississippi State, in the closing minutes to pull out a 64-58 victory. Now the Lady Buckeyes are in the Sweet 16 for the second time in the the 7 years Coach` Jim Foster has been with OSU.
California Bound..... Game day will be Saturday at either 9 or 11:30 p.m.
What an exciting time to be a 1st Time home buyer. Everything is on sale and your rich Uncle Sam is going to give you a tax credit of $8000 dollars as an incentive to stop renting and go out and buy your dream home.. However, before you rush off to take advantage of that credit take a second to review the tips and advice here.
Do Your Homework
When you are looking through homes they all look great just ask anyone who has done a home search, Often after you close and move in things still look pretty good and then you start to notice the "little" things. You start to question how you could have totally over looked this and that. There may be things that you knew to be on the lookout for but somehow were missed each time you walked through. This is why it is so important to have your Central Ohio home thoroughly inspected by a professional home inspector.
Avoid Last Minute Surprises
Issues with Title can not only cause you heartburn on closing day they can totally derail the transaction and cause you to be without a home. I was recently made aware of a situation where a couple sold their home and had to move out so that the new owners could move in. The couple had title issues with their new home and was forced to find somewhere else to live until the title issues were resolved. Title is not the sexiest part of the home buying and selling process to think or talk about but it is a vital part and by working with your agent you can find a reputable title company that can help you avoid any last minute surprise during the home closing process.
Don't be a Victim of Rookie Mistakes
Outside of the typical problems that will likely be uncovered by a good home inspection there are a few typical first time buyer mistakes that you will want to avoid, a few of which include:
•· Underestimating the cost of fixing up an older home.
•· Failing to negotiate better terms and conditions.
•· The full impact of a long commute and how to decide how far is too far.
You want your home buying experience to be exhilarating, fun and exciting and it will be providing you work with professionals that can help you avoid costly mistakes.
Whether you need a recommendation for a professional lender, home inspector or contractor for your Central Ohio property, I can help. Call me at (614)273-6406 or email me at Vanessa.simmons@realliving.com
LINKS:
$8000 Stimulus Plan: http://centralohiorealestateinformation.blogspot.com/2009/03/how-stimulus-bill-can-help-you-get-your.html
Professional home inspector: http://www.ashi.org/
Home closing process: http://homebuying.about.com/od/buyingahome/qt/101107_homclose.htm
First time buyer mistakes: http://www.realtor.org/rmosales_and_marketing/handoutsforcustomers/handouts/buyer12
Everyone knows that Foreclosures, Short Sales and HUDs hurt neighborhood property values. As a real estate professional I applaud any efforts that can help stabilize the flood of distressed properties. If you need help and would like to see if you qualify for any government housing rescue programs please check out the new site, Making Home Affordable.
Have additional questions or need other Central Ohio real estate help, please call me at 614-273-6406 or email me at Vanessa.simmons@realliving.com
Absolutely Not-providing you have realistic goals and know what you are doing flipping homes can still be a profitable endeavor in 2009. This does not mean you need to be a financial genius. The truth is that the majority of folks flipping homes are every day Joes and Janes like you and me. Being a rocket scientist, is not a requirement but you do need to be much smarter than you used to be to be able to make money flipping a Central Ohio property in 2009.
Think Conservative
Not in the political sense but as a general practice from start to finish. With Market conditions being what they are there is little room for error. Purchasing as low as you can, holding down costs of home repairs and improvements, selling at a reasonable price and keeping your focus on getting rid of the property quickly is essential in having a successful flip in 2009.
Keep Realistic Expectations
Unlike times past, in today's market it may be unrealistic to think that you will be able to move a property a few weeks after completion. Of course working with your Realtor you should be able to get comps and information that can help you gage probable selling time frame. Being able to obtain manageable financing rates will be key should you need to float payments until the property sells.
Greed is Not Good
No matter how tempting it is to price a property flip at the highest amount that the community will afford, it must be resisted. In today's slow market that would most likely be a recipe for disaster. The only thing you will succeed in is prolonging the sell of the property. In and Out as cost effectively and quickly as possible is the key. Granted this may not be as quickly as in days past but it still needs to be the motto by which you operated. Making a profit is the ultimate goal for your Central Ohio Flip, however, margins are likely to be a little tighter in today's market.
Reflections from the Past
Flipping properties 2,4, 5 even 10 years ago was not a whole lot different than it is today. Then as now property flipping was a high stakes game of reward and risk profitable only to those who understood and respected the rules and limits. A few years ago one could error and bounce back today the consequences of mistakes can be much harder to recover from.
Ready to make a profit flipping a Central Ohio Property or have other real estate needs, give me a call at 614-273-6406 or email me at vanessa.simmons@realliving.com.
For More Home Buying/Selling Tips See:
Should Your Central Ohio Investment Property be a Fixer Upper?
Drab Kitchen Make-Over...On a Budget
I am an ABR that specializes in short sales. I like working with first time buyers and first time sellers. I take great pride in providing my clients with the information to make them feel empowered..
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