Benefit Program Tax Credit for Buyers Housing
Let the OHFA help with down payment and closing costs through the profit tax credit or interest-free loan payments until August 2010. Eligible borrowers who participate in the program for their first home buyers or the Ohio Heroes program can use the loan to reduce the costs that a buyer must pay from his pocket when buying a home.
If you qualify for one of the programs for housing loans of OHFA, may decide to take advantage of the benefit program tax credit.
* The OHFA will issue a loan in the form of second mortgage for up to 3% of the purchase price of the house.
* You can use the loan for the down payment for closing costs or other expenses to be paid in advance prior to closing. Note that although the loan will considerably reduce their expenses, you may still need to pay some costs of its pocket if they are not covered by the loan.
* If you take advantage of the loan, the interest rate on the second mortgage is set at 1% higher than the current mortgage rates of OHFA and you begin to pay the August 1, 2010.
* You may be eligible for a new federal tax credit for buyers of their first home of up to $ 8,000. You can claim the credit on your federal tax return for 2008 to be submitted no later than April 15, 2009, or the tax return for 2009 to present in 2010. You can find more information about the tax credit for buyers of their first home on the website of the Internal Revenue Service (IRS).
* There are incentives available if you decide to prepay the loan for the benefit of tax credit for purchasers of homes before June 30, 2010. Otherwise, your mortgage payments will increase slightly due to the additional payment of the second mortgage.
Do I qualify?
To qualify for the benefit of tax credit, you must meet the program requirements of OHFA loans for buyers of homes and closing the transaction of his house before November 30, 2009. You can also claim a federal tax credit of up to $ 8,000 in their federal tax return, 2008 to be submitted before April 15, 2009, or the tax return for 2009 to be presented in 2010. Check the requirements for the program to buyers of their first home and the heroes of Ohio.
In addition, you must:
* Take an educational course for purchasers of housing provided by a housing counseling agency approved by HUD, or
* Use the instructional program for buyers of homes in the OHFA online.
Learn more about the educational options for buyers of homes.
Download Information
You can download information about our loan programs from our download center.