West Carrollton Real Estate; Down Payment Assistance 2014
West Carrollton, a suburb of Dayton Ohio offers some exciting news by expanding its program and opportunities for home buyers to receive grants towards the purchase of a primary residence. Budgeting an additional $10,000 more for its home buyers incentive program, this further increase the incentive for would be home buyers, given successful applicants up to $1,250 in the form of down payment assistance.
Now, when you're talking an FHA loan with 3.5% down, adding these monies in creates a more "possible" for would be home buyers that feel a home purchase is just out of reach. These funds can also be used instead for closing costs or be put towards any renovations the house may need. That being said, West Carrollton is only one of many of Dayton's suburbs offering down payment assistance, and funds can be had through city and also county programs, and also through programs like OHFA (The Ohio Housing Finance Authority).
"The program is designed to promote ownership of single-family homes, which helps encourage a safer community", said West Carrollton Planning Director Greg Gaines. The city of West Carrollton has around 13,000 residents has 3,620 single-family houses but 2,736 multi-family properties with anything from a duplex to apartment buildings according to the 2010 census.
"When you get a lot of apartments, you may have people who don't put down roots," Police Chief Doug Woodard said. "Then you may not have that connection ... You don't get as much community involvement."
West Carrollton's down payment assistance program (one of many offered throughout the Dayton Ohio real estate regional market) began in 2010 has had 37 applicants. It has distributed $83,328 since the program started, according to the city. The program originally allowed up to $2,500 per home buyer but was restricted to West Carrollton's Olde Downtown Neighborhood. Now, the program covers eligible applicants with assistance to purchase a single-family home anywhere within the city.
For 2014, West Carrollton had budgeted the home buyer program at $20,000 but in three short months the funding was depleted. "People are taking advantage of it," Gaines said. "Realtors are taking advantage of it as a selling point."
First priority is given towards purchasing homes that are vacant, and grants are made available on a first-come, first-served basis, to eligible home buyers until the funds run out. Again, West Carrollton's incentive program is just one of many down payment assistance programs that area home buyers can use. Down payment assistance 2014 is in full swing now, especially with OHFA and our Ohio Realtors are in touch with what cities and counties are offering financial assistance and what lenders to use to gain this help. Simply go to our Home Loan Services page and request down payment assistance in the comments.
Kettering Ohio real estate is also more within reach of first-time buyers with down payment assistance and grant monies, as does CityWide Development and County Corp. The Community Action Partnership offers packages for those seeking to buy homes in Montgomery County Ohio real estate as well.
The Ohio Housing Finance Agency's first-time homebuyers program also provides assistance to those seeking to purchase a house within the Dayton Ohio real estate market.
Sources - Dayton Daily News
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