Target Area Program with OHFA

Target Area Loan Program

OHFA’s Target Area Loan Program helps revitalize federally-designated target areas by making our affordable first-time homebuyer loan products and competitive interest rates available to ANY qualifying buyer purchasing a home in these areas.
What is a Target Area?
A target area is an economically distressed area designated by the U.S. Department of Housing and Urban Development (HUD). Most Ohio counties contain both target and non-target areas. For more information, download a list of target areas from our download center.

Do I Qualify?

Target Area Loan applicants do not have to be first-time buyers. However, the following program requirements apply.
To qualify for an OHFA Target Area Loan, you must:
Meet OHFA’s income and sales price limits. Please note that income and sales price limits may be higher for Target Area Loans.
Be creditworthy. Minimum credit scores may apply.
Have a signed Purchase and Sales Agreement.
Qualify for the loan being requested. Lenders will assess your ability to afford a home by considering income, assets, job stability, liabilities, and other criteria.
Additional information on the program.

First Time Home Buyer Credit and OHFA

First-Time HomeBuyer Tax Credit as amended by the American Recovery and Reinvestment Act of 2009 (February 2009)
The American Recovery and Reinvestment Act of 2009 amended the First-Time Homebuyer Tax Credit for homes purchased between January 1, 2009 and November 30, 2009. The credit is 10% of the value of a home, up to $8,000 ($4,000 for a married individual filing separately). Qualified households with incomes up to $75,000 ($150,000 for a joint return) who have not had an ownership interest in a home for the previous three years may take advantage of this credit. In addition, the amended credit may be used by homebuyers who qualify for a Mortgage Credit Certificate or use OHFA’s First-Time Homebuyer Program. The credit is for the homebuyer’s 2009 tax year only, and does not have to be repaid unless the homebuyer ceases to use the home as a principal residence within 36 months of the date of purchase.
For questions concerning the First-Time Homebuyer Tax Credit, contact OHFA's Office of Homeownership at 888.362.6432, or consult a tax professional to determine your eligibility.

Unraveling the Stimulus Package

President O'Bamma will sign the Recovery and Reinvestment Act into law this week. The bill spends $787 billion dollars. There will be as many opinions on this bill as there are dollars spent. Here's a little insight into how it will impact the housing market.

Realtors(R) Advocate Quick Implementation of Stimulus Packageupdated 7:09 a.m. ET, Sat., Feb. 14, 2009

WASHINGTON, DC - Now that the American Recovery and Reinvestment Act has been sent to President Obama for his signature, the National Association of Realtors® is looking forward to swift implementation.

"We are pleased that Congress and the administration have taken prompt action to address the current economic crisis," said NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage Dallas-Fort Worth. "Job creation and tax cuts are going to help families recover and prosper, and these initiatives will help more people keep their homes and help others become homeowners."

An economic recovery is not possible without a housing recovery, and the legislation contains two important housing provisions championed by NAR. The final stimulus bill increases the first-time home buyer tax credit to $8,000 and eliminates the repayment requirement of earlier legislation. In addition, the credit availability has been extended until December 1. Details here as available.

Story continued here. It will take time to understand how this bill impacts our lives, but it will keep us busy trying to unravel the information.

Valentine's Day for the Romantics ...

Valentine's Day, Katie Style!

My daughter greated us this morning with home made Valentine's Day cards that she had obviously spent a lot of time on. Then we had to make heart shaped pancakes with strawberry perserves or fresh raspberries. Juice was cranberry and the table setting was put together with much care. The boys had red placemats while the girls had pink and then of course Katie dug around until she found contrasting plates for each. I just don't know where she gets these ideas!! I ditched my fondue plan when the kids decided to go to the movies :) Oh, well, sounded like a lot of work anyway.

Valentine Traditions

Hundreds of years ago in England, many children dressed up as adults on Valentine's Day. They went singing from home to home. One verse they sang was:

Good morning to you, valentine;

Curl your locks as I do mine ---

Two before and three behind.

Good morning to you, valentine.

In Wales wooden love spoons were carved and given as gifts on February 14th. Hearts, keys and keyholes were favourite decorations on the spoons. The decoration meant, "You unlock my heart!"

In the Middle Ages, young men and women drew names from a bowl to see who their valentines would be. They would wear these names on their sleeves for one week. To wear your heart on your sleeve now means that it is easy for other people to know how you are feeling.
In some countries, a young woman may receive a gift of clothing from a young man. If she keeps the gift, it means she will marry him.

Some people used to believe that if a woman saw a robin flying overhead on Valentine's Day, it meant she would marry a sailor. If she saw a sparrow, she would marry a poor man and be very happy. If she saw a goldfinch, she would marry a millionaire. Click for more ....

So much more fun than the stories of St. Valentine's Day Massacre. I'm thinking I must have seen a sparrow on Valentine's Day long ago! That's OK, though, because we're very, very happy!