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OHFA Increases Income and Sales Price Limits & MCC Update

By
Mortgage and Lending NMLS142066/250013

 OHFA (Ohio Housing Finance Agency) has increased the Income Limits and Sales Price Limits.   These new limilts should remain in effect for the rest of this year.   Below are the limits for the Cleveland MSA.   Other limits can be found on the OHFA Site.   http://www.ohiohome.org/homebuyer/countyinfo_locator.aspx

Also, So far approx 2/3 of the funds allocated to the OHFA MCC program have been used.   If you are a buyer or a Realtor that uses this program, you will want to make sure funds are available when you write a contract.  

Cuyahoga, Lorain, Medina, Geauga and Lake Counties

NONTARGET AREAS

TARGET AREAS

Income Limits
1 or 2 person family: $64,800
3 or more person family: $74,520

Income Limits
1 or 2 person family: $77,760
3 or more person family: $90,720

Sales Price Limits
New Construction or Existing
New Limit: $294,903

Sales Price Limits
New Construction or Existing
New Limit: $360,437

Comments(2)

Svetlana Stolyarova
Local-n-Global Realty, Cleveland and International Real Estate Solution - Mayfield Heights, OH
Local-n-Global Realty, Broker 216-548-4663

Tim - very useful information! I am wondering how can I make sure that there are still funds available? Any hints?

May 31, 2009 11:01 AM
Tim Bradford
Cleveland, OH
NMLS 250013

Svetlana, 

The state does not provide updates on the consumer side.  Here, I am trying to post current dollars on my calculator.  I update that every couple of days.   The Non targetted funds are going very quickly.   The Target funds are going much more slowly, again buyers should speak with someone that participates in the program.  If you know any buyers that wish to use the MCC program, encourage them to get serious, 

May 31, 2009 01:12 PM