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	Tim Bradford Loan Consultant VM/Cell (216) 324-8113 FAX 440-884-5034
		MB.803389.000 LO.007173.000

Ohio Grant Programs

OHFA MCC
Tax Credit
Calculator

Ohio City Links

Ohio VA Info

Ohio FHA Info

Ohio Rural Home
Loan Information

Current OHFA
First Time Buyers
Program

AMMC_Matrix.xls

Visit www.FirstTimeBuyers-Mortgages.com for Custom Calculations
This calculator is the property of Tim Bradford, an Employee of American Midwest Mortgage.
Call him at 216-324-8113 with any questions about these calculations or qualifications requirements.
OHIO MCC and Federal Stimulus Tax Credit Calculator
The purpose of this calculator is to compute the MCC (Mortgage Credit Certificate) Tax credit on a Home Purchase. The table below shows the credit each period as well as the Cumulative Credits assuming only the standard Principle and Interest payments are being made. Any extra payments would reduce the amount of the MCC Tax Credit.
Additional Details on www.OhioHome.org website
Also presented on this page is the payment for the OHFA Rate Based Program as well as Available Tax Credit under the current Economic Stimulus Package.

Loan Amount			Effective Qualification Rate	Prepared for
Note Interest Rate
Loan Term(Months)		Payment	FHA Qualification Payment
Monthly Principle & Interest Payment
Tax Credit Rate ***
	***( 30% for REO's -- 25% Target Areas -- 20% All Other )
	MCC Credit is Limited to $2,000 per Year

Credit Under Economic Recovery Plan				Other Grant Funds
See http://www.irs.gov/pub/irs-pdf/f5405.pdf for the form that is filed to receive the Federal Tax Stimulus. In order to qualify your income has to be below the Federal Guidelines and you must close before Nov 30, 2009. Expired 4/30/2010				City DPA Grants or Other Grant Funds Use '0' if N/A or Unknown
Sales Price

Current OHFA Rate		Rate Based Payment

Year	12 Month Interest Paid (60mo / 20-30Years)	Annual Federal Tax Credit ***	Cumulative Tax Credits Includes Federal and City Grants	** Monthly P/I After Credits/Grants	Average P/I Payment


















** Monthly Principle and Interest is the Monthly Payment on the Loan Less the Tax Credits (and other Grant Funds) that would have been earned thru that time period. In addition to this payment you would still have Taxes and Insurance to be paid.
These number are believed to be correct based upon the information presented, however they are not guaranteed and you should consult your tax preparer and lender to verify your eligibility under these programs. Income limits and prior homeownership do affect your opportunities. The MCC Tax credit is limited to your tax liability. Here is a link to the IRS form that is used. http://www.irs.gov/pub/irs-pdf/f8396.pdf
Visit www.FirstTimeBuyers-Mortgages.com for Custom Calculations
This calculator is the property of Tim Bradford, an Employee of American Midwest Mortgage.
Call him at 216-324-8113 with any questions about these calculations or qualifications requirements.
This information is being presented for discussion purposes only and does not constitute an offer for extention of credit. The Annual Percentage Rate on any loan will depend upon the closing costs on your loan as well as the cost of any Mortgage Insurance Premiums.

ExcelEverywhere

Target Area Maps

Target areas are economically distressed areas designated by the U.S. Department of Housing and Urban Development (HUD). OHFA’s Target Area Loan Program helps revitalize target areas by making our affordable first-time homebuyer loan products available to ANY qualifying buyer purchasing a home in these areas.

Seventy-seven of Ohio's 88 counties have targeted areas—56 of those counties are partially targeted areas (blue shading), and 21 counties are entirely targeted areas (green shading). The remaining 11 counties are non-targeted areas (gold shading). Counties with partially targeted areas can be seen in detail by clicking on the corresponding county.

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	Tim Bradford Loan Consultant VM/Cell (216) 324-8113 FAX 440-884-5034
		MB.803389.000 LO.007173.000
Tim Bradford -- OHIO MB.803389/LO.007173 ---- NMLS CO.142066/LO.250013 Pending

Affiliated WebSites

Ohio Home Loans     All about Ohio HECM Reverse Mortgages     Rent Vs Own in Ohio
Ohio First Time Buyer Programs Grants      Cleveland and Northern Ohio Realtors
Ohio Buyers and Sellers Resources   Information - Ohio 203K Loan

Target Area Maps

Ohio Home Loans All about Ohio HECM Reverse Mortgages Rent Vs Own in Ohio Ohio First Time Buyer Programs Grants Cleveland and Northern Ohio Realtors Ohio Buyers and Sellers Resources Information - Ohio 203K Loan

Ohio Home Loans All about Ohio HECM Reverse Mortgages Rent Vs Own in Ohio
Ohio First Time Buyer Programs Grants Cleveland and Northern Ohio Realtors
Ohio Buyers and Sellers Resources Information - Ohio 203K Loan