Blogging about finance and mortgages has always been the most difficult thing for me in real estate blogging. Really. Read any of my blogs. Scour them for anything about finance that makes any sense. OK I have one FHA post that gets a lot of traffic.
Tim is up in the Cleveland area but this ought to apply to Central Ohio... he says "Buyers in Ohio" and of course we have the OHFA program.
Without further ado Tim Bradford...
This is an Important read for any Buyers, Sellers or Real Estate professionals, that have concerns about DPA programs going away effective Oct 1, 2008. as a result of the "Housing and Recovery Act of 2008"
Buyers in Ohio have the option of using the OHFA Program to receive a 3% grant that can be used towards their down payment. The seller can still assist them with Closing Costs, so there will not be much change except for those buyers that exceed the income limits of the OHFA program.
Buyers should also be aware that if they use the OHFA program they will not be eligible for the $7,500 Tax Credit/Loan that was part of the "Housing and Recovery Act of 2008".
Also, I ask all Buyers, Sellers and Real Estate professional to please take action to authorize 100% financing on FHA Loans. I believe this is better than continuing to allow the DPA programs to use the loophole that they have been using to justify their existence.
Anyone wishing to recieve updates on this issue should drop me an email and I will provide updates.
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