Posts (RSS)Ohio Foreclosure Listings – Awaited Help Finally Arriving
The housing bill passed by President Bush is viewed in different light by different sets of people. Critics say that with the number of loans that were passed by either negligent or greedy lenders in the past, the reversal of the foreclosure crisis will need more than what the bill has to offer. Supporters of the bill though view it as a blessing, considering the disbursement of funds and new programs that the bill encompasses. With the bill in place, Ohio foreclosure listings could very well see a decrease.
Ohio is set to receive a considerable part of the $180 million that has been ear-marked for providing counseling for distressed pre-foreclosures. In order to try and nip the problem in the bud, the bill is to help people in refinancing their loans along with information on how foreclosures could be avoided.
Close to 400,000 people facing repo homes will receive aid in the form of a $300 billion FHA program. Home owners facing problems with their sub-prime loans having high interest rates could refinance their homes though this program. The income of households though will come into play, because the mortgage payments would need to be less than or equal to 31% of the income, in order for the borrower to qualify.
For someone looking at buying their first home an interest free tax credit of up to $7,500 (considering the home’s cost) has also been provided as part of the bill. This would apply to homes that are bought in between 04/09/2007 and 07/01/2009, and would have a repayment time period of fifteen years.
Ohio, thanks to the bill, can now increase issuing tax free bonds in the next two years by $376 million. The Ohio Housing Financing Agency which helps borrowers with low incomes to buy their first home by providing them with loans with low interests will also benefit from the money.
Of the money put aside for local communities to fight foreclosures, close to $150 million is likely to reach Ohio, with help to be provided to people who are part of the Ohio foreclosure auction listings.