Waiting for the right moment to buy your first home? Consumer confidence is building again, partly in response to the favorable considerations of the stimulus act. The Ohio Housing Finance Agency offers incentives such as the Federal Tax Credit, First-Time Homebuyers Program and the OHFA's Homebuyers Tax Credit Advantage Program to lend a hand to today’s first-time homebuyer. All play an important roll in boosting the housing market.
The Federal Tax Credit, up to $8000, is available to firsttime homebuyers who close on their home between January 1 and November 30, 2009. And the good news is that you do not need to repay this credit.
There is also the First-Time Homebuyer Program, offering competitive mortgage rates on a 30 year fixed rate loan, available to those who qualify within the income and sale price limits.
The Homebuyers Tax Credit Advantage Program can help new homebuyers with down payments and/or closing costs with no payments due until August 2010.
These programs are helping to draw consumers back into the housing market. Incentives such as these, the near 40 year low interest rates, and increased housing affordability point to a rise in sales. The National Association of REALTORS (NAR) reported that existing home sales increased 5.1 percent in February. At the same time, mortgage purchase applications have risen, so we expect to see sales picking up around late spring.
With so much information about the Housing Stimulus package - we strive to be updated daily on the new programs that best fit our clients. Please ask us about the best and right program for you! Our team is ready to help when buying a first, second, move up or move down home! We have the facts (and if we don't... we’ll find them) on the daily and weekly changes in the mortgage and housing arena.
For more information – you can check out www.ohiohome.org.
