Free Money!

DOWN PAYMENT ASSISTANCE

Besides pursuing NO DOWN PAYMENT options, there are many other avenues Your Home Source can pursue for those people who do not have money for a down payment. If a down payment is needed to secure the right loan for you, Your HomeSource will work with you to navigate through the red tape and bureaucracy in order to secure the most FREE down payment money that is available to you.

Down Payment Assistance IS AVAILABLE through the following vehicles:

Bond Money

Grant Money

Can be negotiated from the builder

Non-Profit Agencies

Government Funds


Tax Benefits

Do you ever drive through a neighborhood a wonder how homeowners can afford their homes?

Did you know that if you use a mortgage to purchase a home, the GOVERNMENT, through tax benefits associated with home ownership, WILL PAY A PORTION of your monthly payments?

A TAX DEDUCTION or TAX DEDUCTIBLE EXPENSE represents an expense incurred by a taxpayer that is subtracted from gross income and results in a lower overall taxable income. Tax benefits are an ESSENTIAL PART of a homeowner’s budget. Your HomeSource can assist you in working with government agencies to determine exactly what your tax benefits will be. If you received a $200 a month raise, would owning a home seem more affordable? Literally, thousands of dollars of INCOME THAT IS YOURS will come back to you in your paycheck every month as a result of the TAX BENEFITS OF HOMEOWNERSHIP. It is almost the same as getting a raise! Cost of home ownership that can be DEDUCTED from your taxable income include: Initial costs of closing, Real Estate Taxes, Interest paid on the, mortgage, and Conservation Series Home.

Equity

Did you know that the net worth of a homeowner is 36 times that of a renter? How is this possible? As you build equity in your home, your NET WORTH WILL INCREASE! How do I build equity? Equity can be built through many facets of homeownership. Appreciation through increased demand, construction costs rising, and rise in land value. Principle payment reduction through monthly payment. Bi-monthly payments can reduce your mortgage payoff time by many years. Home improvements and a little elbow grease can significantly improve value. Simply spending several years enjoying your home or renting it to others will build equity.

MORTGAGE CREDIT CERTIFICATE OR MCC
(subject to availability)

MCC is a program offered through Ohio Housing Finance Agency (OHFA). The program is designed to provide prospective home buyers more purchasing power by reducing the amount of taxes withheld from their paycheck. The net result is that the INCREASE IN TAKE HOME MONEY can be applied toward purchasing a higher priced home.

Am I Eligible

The program is available to FIRST TIME HOMEBUYERS (persons not owning their principle residence in the last three years) or anyone purchasing a home in a targeted area. TARGETED AREAS are defined by the Department of Housing and Urban Development (HUD) as an economically distressed area, and most counties in Ohio have both targeted and non-targeted areas. A complete list of targeted areas can be found on the Ohio Finance Agency’s website:

http://www.ohiohome.org/

Calculating Your Mortgage Credit

OHFA will calculate the mortgage credit as follows:
Loan amt. x loan interest rate x % of credit allowed = amt. of credit
The percent of credit allowed for first time homebuyers is 20%
The percent of credit allowed for targeted areas is 25%

For Example: $100,000 x 6% x 20% = $1,200/year