Deadline for OHFA down payment assistance second mortgage set now set to expire 12/31/2009

The down payment assistance second mortgage program in Ohio has been extended through December 31^st 2009.  The original deadline was set to expire the end of November.  The basic idea of this program is to allow homebuyers to get an advance on the tax credit for the purpose of down payment on a first home.  If this idea sounds appealing you are not alone.  The program has been very successful over the past several months.

 

This also means that at the current time although the first time homebuyers tax credit is available for home purchase closing for another 7 months this program is only available through the end of the year.  If you have any interest in using this program I suggest you act quickly and give me a call.

 

Brent Diebert

Mortgage Lending Professional

 

The Arlington Bank

4621 Reed Rd

Columbus, OH 43220

Office:       614-486-3843

 

 

 

Did your last lender offer you a $2000 yearly tax credit?

Most 1^st time homebuyers (Realtors for that matter) have no idea that there is a yearly tax credit of up to $2,000 every year you have your mortgage available in the state of Ohio.  For a first time homebuyer you can receive a tax credit in the amount of 20% of the mortgage interest paid on your loan for every year you have it with a cap of $2000.  For anyone buying a bank owned home to live in you can receive a 30% of the mortgage interest paid on your loan for every year you have it with a cap of $2000.  This program is called the Mortgage Credit Certificate program MCC and may be available in may other states as well.  To apply for the credit you must use a approved lender for your mortgage loan.  The loan must be a fixed rate but can be a conventional or FHA loan.  Funds are limited but available at the current time. 

 

Please contact me for more information

 

Brent Diebert        The Arlington Bank         614-486-3843             BrentDiebert@Arlingtonbank.com

 

 

 

Congress Passes Homebuyer Tax Credit Extention

The first-time home buyer tax credit extension and expansion has won Congressional approval and is on its way to President Barack Obama.

He's expected to sign the measure as early as tomorrow.

The U.S. House of Representatives, this morning, voted 403 to 12 to pass the measure, following Senate  approval yesterday.

The extension and expansion of the popular first-time home buyers tax credit gives both new and move-up buyers a tax incentive to buy a home until at least April 30, 2010.

The new tax credit extends the existing credit for first-time homebuyers, worth up to $8,000, and offers a new credit of up to $6,500 for some existing homeowners.

The reduced credit for existing homeowners is available to those who have been in their current residence for a consecutive five-year period.

The new rule also raises the qualifying income limits to $125,000 for single taxpayers and $225,000 for joint taxpayers, from the current $75,000 and $150,000.

A home buyer must have a sale agreement in hand by April 30 and close escrow by June 30, 2010.

 

Brent Diebert

The Arlington Bank

BrentDiebert@ArlingtonBank.com

614-571-3554

 

 

 

Hud fumbles the deal for 1st Time Homebuyers

Homebuyers using FHA-approved lenders can apply the tax credit to their down payment in excess of 3.5 percent of appraised value or their closing costs, which can help achieve a lower interest rate. To read the FHA's new mortgagee letter, visit HUD's website.This means that 1st time homebuyers still need 3.5% for down payment. If you’re in Central Ohio I can help. I have programs available to monotize the Stimulus from the State of Ohio.


Contact me Now!!

Office 614-486-3843

Updates from HUD on the Monetization of the stimulus for homebuyers

HUD Secretary Donovan’s statement was a “preview” ahead of the formal announcement, which is expected next week along with information about how to apply for the $8,000 bridge loan.

 

I will keep you up to date as the news rolls in

FHA to help with down payment

Yesterday (May 12^th 2009) Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, said that the Federal Housing Administration is going to permit its lenders to allow homeowners to use the $8,000 tax credit as a down payment.  According to Donovan, the FHA's approved lenders will be permitted to "monetize" the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table. 

Clipped from www.hud.gov

We all want to enable FHA consumers to access the tax credit funds when they close on their home loans so that the cash can be used as a down payment. So FHA will permit trusted FHA-approved lenders and HUD-approved nonprofits, as well as state and local governmental entities to "monetize" the tax credit through short-term bridge loans. We think the policy is a real win for everyone, ensuring that borrowers can tap into the numerous organizations that are already part of the FHA network to receive this additional benefit. FHA will be publishing the details shortly.

Read more at www.hud.gov

 

Tax credit saves tens of thousands for Central Ohio 1st time buyers

As if it wasn’t great enough having the feds giving 1st time buyers $8,000, now I have a program available that give buyers a yearly tax credit of up to $2,000 every year they have a home loan. The tax credit is 20%-30% of your yearly mortgage interest.
Rates today are currently 4.875 – 5.00% with No points for conventional and FHA financing.
A recent example:
· $150,000 loan amount
· 5% rate for 30 yr fixed rate FHA purchase
· Total credit over the life of the loan was $27,983

This was over and above the $8,000 federal stimulus check they received.

There are income and property limitations but every 1st time buyer should apply (at no cost of course).

Brent Diebert
The Arlington Bank
Office 614-486-3843
Mobile 614-571-3554