The federal home buyer tax credit has now expired…now what?

Posted on | May 8, 2010 | No Comments

The federal home buyer tax credit has now expired…now what?

Cincinnati First Time Home Buyer Tax Credit has expired

You may or may not have realized, but the $8,000 tax credit for first time home buyers and the $6,500 tax credit for repeat home buyers expired after April 30, 2010. If you got into an accepted contract before that date, you still have until the end of June 2010 to close the sale to claim the credit.
Has it been extended? NO. The tax credit is over and there isn’t any substantial talk about bringing it back for another go around. Economic data pointing to an improving economy and decent home sales data can be blamed for that. If it is extended again, or if any new incentive programs are introduced, I will let you know right away! Want to be sure not to miss a beat? Subscribe to my RSS feed, or sign up for email blog alerts.

Now what? No more free money?
Well..yes, and no.
The federal tax credit is over, but there are plenty of great incentives being offered by other sources. These can vary state by state or city by city, so we’ll just focus on incentives being offered by the Ohio Housing Finance Agency (or OHFA for short).

Grants for Grads

Are you a recent college grad? (within 18 months)
Went to highschool & college in Ohio?
Are you a first time home buyer?
You may qualify for the OHFA Grants for Grads Program which will give you a grant good for 2.5% of the home’s purchase price to be used for downpayment, closing costs, and other prepaid expenses.
Get more details on the Ohio housing Finance Agency Grants for Grads Program

Ohio Heros

Are you an Active Military, Active Reserve, Veteran, Firefighter, Emergency Medical Technician, Paramedic, Health Care Worker, Teacher, or Police Officer? Well if you are, you should already know that you’re a HERO, but there is also a home ownership program just for you!
Are you first time home buyer?
You could qualify for an interest rate that is 1/4% lower than the going rate
Get more details on the Ohio housing Finance Agency Ohio Heros program

First time homebuyer

Are you a first time home buyer?
That’s it! OHFA might have a program that you’ll qualify for! There is a first time home buyer program that will get you competitive interest rate, currently 5% (on May 5,2010). This may be lower than banks are currently quoting you!
Get more details on the Ohio housing Finance Agency First time homebuyer program

Still haven’t seen enough free money out there for you? Here is a really relevant one..

Down Payment Assistance Grant

Are you eligible for one of the above programs?
You may be eligible for down payment assistance for 2.5% of the purchase price of the home!
You can use this money to pay for your down payment, closing costs, and other prepaid expenses
The interest rate on your loan will be 1/2% higher than the current rate but rates are still at historical lows!
Get more details on the Ohio housing Finance Agency Down Payment Assistance Grant

As always, if you have any questions about any of these programs, I’d be happy to speak with you! Just give me a call, or send me an email!

Visit the Ohio Housing Finance Agency website for more details on these great programs:
Grants for Grads
Ohio Heros
First time homebuyer
Down Payment Assistance Grant

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The federal home buyer tax credit has now expired…now what?