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