Cleveland Real Estate News

So you saved up money, have decent credit scores, and are now ready to buy your first home.  We are reaching the end (unless they extend it) of the Federal Tax Credit perks, but Ohio has a new program that just might fit the bill. It’s called the Grant For Grads program. Bob Wilson, of Howard Hanna Mortgage Services gave me a peek at the new program and I want to share it with you here.

Why is it something to get excited about?

1. This OFHA loan gives down payment assistance in form of about 2.5% of your purchase price. 

2.  It has ZERO PERCENT interest and is totally forgivable in five years. 

3.  Your mortgage loan will be 5.5% !

What are the requirements?

1. You have to have graduated from an accredited Ohio high school, college or technical school.

2. You must be a first time home buyer

3. You have to buy a single family home, not a multi-family dwelling

We all know the state of the market, which means home prices are good for buyers anyway.  It’s always been true that staying in your home for five years helps you get a better return on your investment when you sell.  In this market it’s particularly true.  I would say, decide to find a home you love and want to live in for at least five years and then participate in this program and get 2.5% of your down payment costs for free. No interest, no payback.  Not too shabby?

There are more details (and you can call Bob Wilson at 216-373-7450 if you need a mortgage loan pre-approval (first step in the buying process) and he can go over this new Grants for Grads Program in more detail.

Peace out – 3C