Homebuyer Tax Credit Advantage Program - 3/27/09

Kim: The Ohio Housing Finance Agency announced a new program called the “Homebuyer Tax Credit Advantage Program” to help qualified  home owners receive help in buying a home. Here to explain this new program is attorney Michael Solomon.

Kim: It seems every week there is a new program to help home buyers. What makes this one different?

Mike: this program allows qualified home buyers to receive an interest free loan up to 3% of the purchase price of their home. The loan is interest free until July 2010 and is payable over 15 years. The idea is that a first time home buyer can use the 3% for the down payment and then qualify for the first time home buyers credit of up to $8000. By the time they get their refund for their 2009 tax year in 2010, they can use the refund  to pay back the loan or keep the money and pay the loan back over  15 years.  

Kim : Who qualifies for this program?

Mike: The Ohio Housing finance agency has many programs. One of the programs is called the First Time Homebuyer Program. The qualifications are:

1. FIRST TIME HOME BUYER- you either have not owed a home in the last three years or are veteran  of the US armed forces.
2. INCOME LIMITS- The home buyer has to be below certain income limits. It is different for each county. In Cuyahoga county  for a one or two person household the income limit  it $ 62,100 and for more than two people in a family the income limit is $71,415
3. HOUSE PRICE -  In Cuyahoga county   the house purchase price cannot exceed $267,795

There are higher income and price limits for homes in target areas, that means areas that are economically distressed. Cleveland qualifies under that program. 

Kim: Are there other programs available from the Agency ?

Mike: There are several different programs supported by Ohio Housing Finance Agency. One program provides a ¼%  lower mortgage interest for people who qualify under the  Ohio Heroes Program. That includes the military, veterans, police officers, firefighters, teachers and others.

You should visit the Ohio Housing Finance Agency web site or call 1-888-362-6432 for more information on all of the agency programs.

Kim: Thanks for trying to simplify a complicated program.  If you have any questions for Michael, e-mail us at weekendmorningshow@wkyc.com, and he will try to answer your questions next week.