Money For First Time Homebuyers
Up to $8,000* for Downpayment
and Closing Costs
As part of the American Recovery and Reinvestment Act of 2009, first time home buyers (including those who have not owned a home for 3 years) may be eligible for an $8,000 tax credit* and you can use this money toward up front closing costs!!
The rules for using the money up front on closing costs vary by state, so you have to check. Go to the National Council of State Housing Agencies to find out about your state.
For Ohio, just reading the rules made my head spin. If you are not from Ohio, please contact a local realtor to assist you. It is not as difficult as they make it appear on the NCSHA web site.
In Ohio you can use the money
to pay closing costs!!
How do you get the closing cost money?
In Ohio, if you want to use the money to pay closing costs, you are actually getting a short term loan. There is a small up front fee, but you can get this back if you pay off the loan by an agreed upon date, which should be after you get your $8,000* tax return money. An experienced lender will be able to assist with the short term loan process.
*Note: The amount of money avaialable through the American Recovery and Reinvestment Act of 2009 can vary. For details see, The American Recovery And Reinvestment Act Of 2009 Housing Stimulus.
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