Home Buying in 45251>Question Details

Steven Daley, Home Buyer in Cincinnati, OH

did anyone hear anything thing about getting 5000$ down payment for first time home buyers in May?

Asked by Steven Daley, Cincinnati, OH Sun Mar 22, 2009

if so when exactly does this start? Im supposed to close on a house 4/16/09 and wondering if i can and should put that off till may?

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Answers

3
Steven,
There is also a program in Cincinnati Called ADDI which helps residents with a forgiveable down payment loan of $8500. Here are the particulars:
The Department of Community Development coordinates the City of Cincinnati’s American Dream Downpayment Initiative (ADDI) Program. The ADDI Program is designed to assist first-time homebuyers who wish to purchase a home within the limits of the City of Cincinnati. Applicants may be awarded up to $8,500 in the form of a 5-year forgivable loan that can only be used for down payment and/or closing costs.

The buyer must:

Be a first time homebuyer.
Be at or below 80% of the median area income
Complete homebuyers counseling through a HUD approved agency
Provide valid documentation of all sources of income (employment and benefits)
The residence must:

Be located within the City of Cincinnati limits
Pass a local housing code inspection (conducted by the City Building Department)
Be a single-family residence, multi-families are not eligible.
The City is currently accepting ADDI applications for 2008.

There are programs available right now, you have to find a mortgage person who is aware of what is available and is really interested in helping you find the right options.
Good Luck
Dave Harcourt
1 vote Thank Flag Link Mon Mar 23, 2009
Steven -
You may be referring to the Federal Home Loan Bank program which is usually released sometime in March with funding in May. Not every bank is a member of the Federal Home Loan Bank. Victory Community Bank lends in both Ohio and Kentucky is. My understanding, however, is that the program has been delayed this year but I've been told we could expect some announcement in the near future regarding the release of the downpayment assistance funding.
There is legislation pending right now in Kentucky to offer a $5000 credit to anyone who purchases new construction. The buyer does not have to be a first time homebuyer but it must be an owner occupied new home. We have no idea if that legislation will pass or what the bill will be in its final form.
Good luck!
Rainey DeLotell
Licensed in Ohio and Kentucky
1 vote Thank Flag Link Sun Mar 22, 2009
Nationwide there is a First Time Homebuyer stimulus money offered by the government. Persons who qualify are: First Time Homebuyers or a purchaser who has not owned a house for the past 3 years.
The amount is 10% of the sale price of house purchased w/a maximum of $8,000.

The restrictions are:
1)The home purchaser must be the occupant,.
2)Required to live in the property at least 3 years or a percentage penalty of the funds received are due back
to the government
3)Purchase a house between January l - December lst 2009.
4) Funds are received in the form of a tax credit thru your income tax return. If you already filed your 2008
taxes you can file an amendment to receive your check. OR you can apply the free money toward your
2009 tax return if you know you will be owing money. If you have any credit left over after owing, you receive
a personal check for the difference.

Visit this government website for complete details: http://www.federalhousingtaxcredit.com. In May possibly there will be another program which assists with down payment money " Welcome Home loan." Inquire with your local banker to see if they will be involved in this assistance.
Susan Hale,
ReMax Realty of Defiance
0 votes Thank Flag Link Tue Mar 24, 2009
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