Great news for Ohio home buyers. Effective, March 23, 2009 buyers who close on their homes after that date may be able to take advantage of The Ohio Mortgage Credit Certificate (MCC) Program. It is limited to the first (approximate) 1000 first time home buyers and is on a first come, first served basis. The program could last 2-3 months, or longer or shorter.
Here's the really great news. This program can be used together with the federal stimulus for first time buyers who qualify. Under the MCC, the federal tax credit is based on the amount of home loan interest paid each year.Multiply the interest paid by 20%-30% and that's your tax credit for that year.The tax credit can remain as a tax offset "every year" you are the owner of the property. The maximum tax credit is $2000.00 and will decrease with every year as you will pay less mortgage interest annually.
It is imperative that you read about this program and its' requirements to properly take advantage of it. Here are some sites to visit.
http://www.ohiohome.org/mcc/default.aspx
Here is the link to the individual counties in Ohio:
http://www.ohiohome.org/mcc/MCCcountyinfo_locator.aspx
Don't forget that Parma grant money is also available and you can read about it here. You MUST apply with the city BEFORE you sign a purchase agreement. Signing a purchase agreement will disqualify you from the program.
Please be sure to check with a tax attorney or qualified certified public accountant to get answers to the important questions you may have.
After your questions have been answered and you are comfortable with the program requirements, call your loan officer, get your pre-approval and call me to start shopping for your home.
If you would like to buy or sell a home in Broadview Heights Ohio or in the surrounding communities, please call me at 440-263-7496, or you may want to visit my website for more specific information on the communities I service: Brecksville Ohio Real Estate, Broadview Heights Ohio Real Estate, North Royalton Ohio Real Estate Independence Ohio Real Estate, Seven Hills Ohio Real Estate, Parma Ohio Real Estate, Parma Heights Ohio Real Estate and Middleburg Heights Ohio Real Estate. Information is obtained from Neohrex and is deemed reliable but not guaranteed.
If you would like to buy or sell a home in the southern communities of Cleveland Ohio, please call me at 440-263-7496, or you may want to visit my website for more specific information on the communities I service: Brecksville Ohio Real Estate, Broadview Heights Ohio Real Estate, North Royalton Ohio Real Estate Independence Ohio Real Estate, Seven Hills Ohio Real Estate, Parma Ohio Real Estate, Parma Heights Ohio Real Estate and Middleburg Heights Ohio Real Estate. Information is obtained from Neohrex (Northeast Ohio Real Estate Exchange) and is deemed reliable but not guaranteed and should be independently verified. Properties subject to prior sale, rental, or other status changes. All properties that are advertised as being listed or sold by Barb Szabo are in conjuntion with ReMax Trinity.
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