New Down Payment Assistance money should be available at the end of this month. It seems that there are two components of the new issue. One will be the normal issue which gives first time home buyers the down payment needed with an FHA Loan. The other will be for first time home buyers too, but will be an advance of the Tax Credit.
Much like the Cash for Clunkers program this money will go fast. Once the money is gone this program will no longer be available until the next issue which will probably be next year. First time home buyers that qualify may receive both the Down Payment Assistance and the $8,000.00 Tax Credit.
If you are looking for the deal of the century then the time to buy would be between 8/25/2009 and the time the bond money runs out which will be about 30 days later(based on the time it took the last issue to be used up). In order to reserve this money you must be in a contract to purchase on a specific property, which means if you are looking to take advantage of the double benefit then you should contact a Realtor and begin looking at houses immediately.
According to OHFA:
Projected opening of 08/25/09 at 10:00 am. $32.8 million bond
issue with 6.10% interest rate. 1st Gold and OHFA Shield/4Teachers funds with
3.5% DPA or Oklahoma Tax Advance Credit funds will be available.
Joel Garcia
Recent Comments