The State offers a special financing program for first time home buyers.  This program has income and purchase price limitations per county.  It is too cumbersome to list all counties here so you will need to contact me for details, especially since it includes the income of EVERYONE who will live in the home.

The Bond Program, as it is called, offers some very nice resources to help a first time home buyer (defined as someone who has not owned a home in the last three years, unless you are buying in a Targeted Area-call me for more details on that).  Here is a short list of some of those benefits:

• For a .50% increase in the interest rate, the state will give you 2.50% of the 3.50% minimum down payment.  If you qualify as a first time buyer and you have no other resources to use for down payment money, then this is an awesome resource for you.
• As long as the Federal Tax Credit program is still available, they also offer a Tax Credit Loan Advantage Program.  With this program, they will lend you 3% of the purchase price to help with your down payment and closing costs.  The 1st payment does not start until 07/2010 so, if you pay it back before then (presumably from your tax credit money), then you won't have any payments.  If you decide to keep all of the tax credit money, then you simply make the monthly payment when they kick in.
• Ohio Heroes Program.  This offers a .25% reduction in your interest rate, if you are employed full time in one of the special fields, like law enforcement, health care, military, and others.  Call me for information on exactly what professions and other criteria there are for this program.
• Mortgage Credit Certificate.  This allows a qualified buyer the opportunity get an annual tax credit of 20-30% of the interest you pay on your Mortgage.  Again, there are several details to go with this program, so call me for more details.

If you have any questions about any of these, or other, Programs, just call me at (216) 401-1717.