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Call Shanna Today
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help you search for your next home, sell your existing home and learn more about buying and selling real
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I would be delighted to assist you with your next real estate transaction, feel
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questions you may have, and become your realtor for life.
Mortgage
Credit Certificate (MCC) program for first-time homebuyers
The Ohio Housing Finance Agency (OHFA) will be
making $12.5 million in Mortgage Credit Certificates available to approximately
the first 1,000 qualified homebuyers statewide.
- Must be a
first-time buyer
- Loan must have
closed on or after March 23
- Can be used
with the $8,000 first-time homebuyer tax credit
- Can be taken
every year for the life of the loan
An MCC creates an income tax deduction that reduces a household's federal income
tax liability and allows the household to have more available income to make
mortgage payments.
Homebuyers who qualify receive a Mortgage Credit Certificate from OHFA, which
can be used to reduce their household's tax burden every year for the life of
their loan. With an MCC, a percentageof what you pay in mortgage interest
(20, 25, or 30 percent) becomesa tax credit that you can deduct
dollar-for-dollar from your income tax liability.
The remaining 80, 75, or 70 percent of mortgage interest continues to qualify as
an itemized tax deduction, as long as you have sufficient tax liability.
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2009 ends with a bang for Columbus home sales
Indicators forshadow a stronger market in 2010
(Jan. 25, 2010) Home sales in the last four months of 2009 were up 24.3 percent over
the same time in 2008, according to the Columbus Board of REALTORS®. In the
month of December alone, 1,464 homes were sold, 150 more than the year before.
“This is great news for central Ohio housing,” said Sue Lusk-Gleich, President
of the Columbus Board of REALTORS®. “Sales and home prices are up while
inventory, months supply and days on market are down. After more than two years
of market challenges, we're excited to be able to be able to make this type of
positive announcement.”
The average sale price was $157,130 in December, an increase of nearly 5 percent
from the same time in 2008. Residential inventory shrunk 2.7 percent and homes
spent an average seven fewer days on the market than a year ago.
“The number of homes listed for sale continues to decline which is what the
market needs to occur in order to correct itself. Our inventory skyrocketed in
2007 and 2008, causing home sale prices to decrease. It was simply a matter of
too much supply and not enough demand. But 2009 saw a real stabilization of
those inventory levels. Accordingly, home sale prices are rising.”
The months supply, an estimation of the number of months it would
take to sell the entire current housing inventory, dropped 12.7 percent to 8.99
between December 2008 and 2009. The total dollar volume rose 16.9 percent, to
more than $230,000,000 over the same time period. |
- Columbus Board of Realtors>
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