Now is the time to make the leap to homeownership

Unique Opportunity to Claim $8,000 Tax Credit Ends Soon

COLUMBUS, OH - August 31, 2009 - (RealEstateRama) — As a potential homebuyer, you have an incredible opportunity to qualify for the federal first-time homebuyer tax credit of up to $8,000. However, you must close on the home by November 30, 2009 to qualify. Since it can take between 30-45 days to close on a home after an offer is accepted, you should plan to have an offer in place by the beginning of October.

Realize your homeownership dream by taking advantage of down payment and closing cost assistance from the Ohio Housing Finance Agency (OHFA). By using our Homebuyer Tax Credit Advantage Program, you can get a loan of up to 3 percent of a home’s purchase price and claim the tax credit on your 2009 Income Tax Return when you file in 2010. Payments on this loan are deferred and no interest is charged until July 1, 2010. You can use your tax credit to repay the loan or use that money for other items you need for your new home. If you decide not to repay early, the loan automatically becomes a 15-year, fixed-rate second mortgage.

“First-time homebuyers are in a great position to benefit from the many resources now available to help them become homeowners,” said Doug Garver, Executive Director of the Agency. “More than 650 Ohio families have already obtained the financial support they need to get in the door of their new home by participating in our program.”

In addition, we offer a Down Payment Assistance Grant that can provide up to 2.5 percent of the purchase price for down payment and closing costs. You must participate in our First-Time Homebuyer Program (including Ohio Heroes) and complete Homebuyer Education in order to use either the Homebuyer Tax Credit Advantage Program or the Down Payment Assistance Grant.

To learn more about these programs or to find an OHFA participating lender, visit www.ohiohome.org.

OHFA utilizes federal and state resources to provide housing opportunities for families and individuals through programs designed to create, preserve, and manage affordable housing throughout the State of Ohio. The Agency is a self-supporting quasi-public agency governed by an eleven-member board, nine of whom are appointed by the Governor and confirmed by the Senate. Two additional seats on the board, by statute, are reserved for the Director of Development and the Director of Commerce, or their designees, and both serve as ex officio voting members.

Media Contact:  Erin Biehl, ebiehl (at) ohiohome (dot) org
Phone: 614.387.2863