Using Tax Credit to Buy From Ohio Foreclosure Property Listings

Eligible first-time homebuyers have until November 30 to use their $8,000 federal tax credit to purchase from Ohio foreclosure property listings. Industry experts said that first-time homebuyers still have two months to complete a home purchase. However, they advise homeowners to exercise caution when signing any documents. They said that purchasing a wrong house at an unreasonable price using a bad loan is worst than missing the federal credit deadline. Industry experts and officials from various state agencies recommend that first-time homebuyers seek guidance during the purchasing process. They said that many nonprofit agencies in the state are providing free assistance for first-time homebuyers in the form of counseling, classes and tips. Some of these counseling agencies approved by the U.S. Housing and Urban Development (HUD) are Columbus Urban League, Columbus Housing Partnership, Mid-Ohio Regional Planning Commission, Homes on the Hill and Ohio Housing Finance Agency. Another thing that first-time homebuyers who are interested in buying from foreclosure property listings should do is to prepare their monthly budget of income and expenses. It would be a big help for them if they could monitor their expenses and income for several weeks to allow them to get a clear picture of where their money goes and how to get more. When planning their budget, homebuyers should spend not over 28 percent of their total monthly income on mortgage and not over 36 percent on other financial obligations such as child support, credit card debt and car payments. Talk to lenders. According to industry experts, potential homebuyers should start communicating with their lenders before shopping for properties. This is to ensure that they can close a sale before the deadline for availing of tax credit. Homebuyers also should pre-qualify for a home loan and the amount still needed to complete the sale. Negotiate with at least two lenders and get their estimates to compare costs. Experts said that homebuyers should always bear in mind that just because they qualify for a $200,000 house does not mean that can easily afford it. There are some programs in Ohio that provide assistance to first-time homebuyers who are interested of making a purchase on foreclosure property listings. Some of these programs are down payment assistance and grant to pay for about 2.5 percent of the total purchase price. Start your Search for:

• Dayton foreclosure listings
• Toledo foreclosure listings
• Cincinnati foreclosure listings
• Columbus foreclosure listings
• Cleveland foreclosure listings

Or search foreclosure listings by state.