Hudson, Ohio Home For Sale  -  Announcing another great purchase Option on 2851 E Streetsboro Road, a 1,490 sq. ft., 1 bath, 3 bdrm 2 story. Now MLS® $139,000 - Rent To Own.

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Chic and Neutral

• 1,592 sq. ft., 2.5 bath, 2 bdrm townhouse "No Neighbor on Right Side" - MLS® $168,900 - Desirable End Unit

New Hampton, Broadview Heights  -  Chic and Neutral Move-In Ready Townhome. Desirable End Unit with no neighbor Right. Almost 1600 sq Ft. Maple Cabinets with Brushed Nickel Hardware. Stainless Micro & Gas Range Stay, Dishwasher & Disposal too!. 9 FT Ceilings on First with Two Story Foyer & Master Volume Ceiling with Plant Ledges. Have overnight guests in 14X12 Loft & Media room! Why carry laundry? Your Laundry Utility Room is Up! Patio off back is perfect for barbeque's. 2 Car attached Garage. 1 Year Home Warranty For You! Refresh and Recharge with HOA Pool at $350 per year. Club House and Playground Too!

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Officials at the state’s second-largest homebuilders trade association say the program – the first of its kind in the nation – could jumpstart the county’s sagging new home sales by giving potential homebuyers access to money at closing instead of making them wait for their amended tax returns, which can take weeks or months to receive.

MAHBA’s program has been approved by the U.S. Department of Housing and Urban Development for buyers who qualify for Federal Housing Administration loans up to the $271,050 limit, said association president Stephen Hodgkins and executive director Don Glays.

Hodgkins and Glays said MAHBA has allocated $800,000 to its nonprofit arm, MAHBA Foundation Inc., so it will be able to handle 100 of these new loans at any one time. Once a loan is repaid with a buyer’s tax credit, the account is replenished for another applicant.

“This means Memphis Area Home Builders Association (members) can sell homes by loaning people their down payment so they can get in basically for no money down,” said Hodgkins, owner of Oaktree Homes LLC. “But that (loan) is to be repaid by the assignment of their tax credit.”

Moving money around

The American Recovery and Reinvestment Act of 2009, aka the stimulus bill, earlier this year established the first-time homebuyers tax credit of $8,000.

The program was geared for anyone who has never owned a home or who hasn’t owned one within the past three years. It provides the credit to first-time buyers who close a loan on the purchase of their principal residence between Jan. 1 and Nov. 30, 2009, and the money doesn’t have to be repaid unless the recipient moves from that home within three years.

The only problem with the program, many homebuilders have argued, is the tax credit takes awhile to arrive after a buyer files an amended tax return. Builders said not “monetizing” the tax credit at closing has made it ineffective.

“I think (buyers are) looking at the $8,000 tax credit and saying, ‘Gosh, if I could somehow use that as part of the down payment, then I could surely buy a home,’” Glays said. “Unfortunately, the way the system is, you can’t get the money until you close. All we’re doing is bumping up that by a couple of weeks so (clients) can access that tax credit for closing.”

The MAHBA program was the brainchild of Glays, who was dismayed to see the seller-assisted down payment program disappear last year. The new rules said buyers couldn’t borrow their down payments and secure them with the property they were purchasing.

But Glays began researching HUD rules and found out that an “anticipated tax credit” was exempt. “Under HUD rules, any anticipated cash coming in can be used as part of the qualifications for underwriting a mortgage,” he said.

This program doesn’t secure the down payment with the property, but rather with the assignment of the tax credit. Glays said if you know you’ve got money coming in from any source, “you can get a mortgage on the premise that you’re going to get that money and it’s going to be liquid for you to use.”

Greater liquidity

Anyone who qualifies for the first-time homebuyers tax credit and who is buying a home from an MAHBA member qualifies for the association’s down-payment loan. The tax credit does have income limits and other restrictions.

MAHBA will assess a $500 service fee for the loan, including the paperwork needed for the amended tax return and bank account setup to handle the arrival of the $8,000 tax credit.

On Friday the organization approved a change to its bylaws regarding the program and also appointed a committee of five trustees to oversee it.

The committee includes chairman Pat Mahoney of Remodeling Consultants Inc.; Clyde Patton of Patton, Taylor & Ryan; Tim Wilson of Tim Wilson Cos. LLC; Mark Miesse of Nashoba Escrow Co. Inc. and Mark B. Miesse & Associates PC; and Mike Ritz, a retired banker and current county commissioner.

The committee will review all applications and grant the down-payment assistance through the foundation’s $800,000 endowment.

MAHBA plans to spread word of this program with other homebuilding associations around the country, perhaps helping get money into the hands of buyers nationwide who might not otherwise be able to buy.

“We’re going to share this policy with our colleagues around the country and through our national office, and, hopefully at the end of the day, everybody can do this,” Glays said.

Added Hodgkins: “I think it’s going to become widespread. But we’re the first and we’re going to be the model for everyone else.”

Digging out

The program comes at a time when the industry is reeling, and the most recent numbers don’t paint a better picture. Shelby County saw just 28 new home permits last month, a 71.7 percent decline from 99 permits in April 2008, according to real estate information company Chandler Reports, www.chandlerreports.com.

The average square footage for permits in April was 2,623 and the average value for permits was $167,190.

Kevin Hyneman was the top builder in terms of number of permits with five, which averaged 1,699 square feet and $136,000. Sutton Place in Cordova and the Villages at White Oak in Arlington were the top subdivisions with five permits apiece.

Also, Arlington’s 38002 and Cordova’s 38016 ZIP codes led Shelby County with 10 permits each for the month. Arlington’s permits averaged 3,574 square feet and $218,277; Cordova’s permits averaged 1,912 and $151,056.

As for sales, builders sold only 39 homes in Shelby County last month, a 69.8 percent decline from 129 sales in April 2008 and a 53.6 percent decline from 84 sales in March.

Builders’ sales in April averaged $240,698, down 20.1 percent from $301,116 in April 2008 and down 5.8 percent from $255,486 in March. The total sales in terms of dollar amount last month was $9.4 million, a 75.8 percent decrease from $38.8 million in April 2008 and a 56.3 percent decrease from $21.5 million in March.

Chandler Reports is a division of The Daily News Publishing Co.

2851 E Streetsboro Rd Hudson, Oh 44236 -  Presented byRita Legan 440-227-4461 rlegan@kw.com  2851 E Streetsboro Rd Hudson, a 1,490 sq. ft., 1 bath, 3 bdrm Century Charmer Save $$$  $139,000 - Hudson Schools/Lower Taxes. Updates Galore and Luckey Buyer Get's 12 New Custom Energy Efficent Windows!
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Excutive Rental

• 1,800 sq. ft., 4 bath, 3 bdrm colonial "Laundry Up" - MLS® $1,350 USD Monthly

Meadow Lakes, North Ridgeville  -  Executive Rental in Younger development. Chic & Immaculate Open Floor Plan. All Appliances Stay even Washer/Dryer. Great Finished Basement with Half Bath. Quality Details & Choice of Flooring Make Entertaining a Breeze. Separate Room with French Doors is Work-Out Gym or You decide Space. Extra Deep Lot with no one behind. Lot's of Green & some Tree's Sorry No Pet's. Credit and Background Check 2 be Furnished by
Tenant.

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Things turn out best for the people

who make the best out of the way things turned out.

Art Linkletter, T.V. & Radio Personality

Things turn out best for the people

who make the best out of the way things turned out.

Art Linkletter, T.V. & Radio Personality

Born 1912 - Still kicking!

Short Sale 4 Former Model

• 2,644 sq. ft., 2 bath, 4 bdrm colonial - MLS® $214,900 - Big Bargin Short Sale

Barres Road, Meadow Lakes, North Ridgeville  -  Fabulous buy on this Ryan Model home. Short Sale Bargin! All kitchen appliances, Kitchen Island, Stunning Breakfast Room, Stereo Intercom with CD player, Security System, more upgrades/ expansions galore. 4 good sized bedrooms, 2 Full Baths  2 Half Baths. Professionaly Finished Basement with Many Can Lights. Stone Circular Patio with upscale landscaping and in ground sprinkler system. The feature sheet is TWO pages long.

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Hudson Schools, Lower Taxes!

• 1,490 sq. ft., 1 bath, 3 bdrm 2 story - MLS® $149,900 - Hudson Home on 1.45 Acres

Unnamed Area, Hudson  -  Western Reserve Mostly Remodeled Farmhouse set on 1.45 Acres of Parl Like Land.
New Septic Areation System plumbed for Addition. New Kitchen Remodel with large Eat-In Dining, Bead Board, Handcrafted Island, Cabinet's, Built-In Corner Cupboards, Wide Plank Distressed Hardwood Pine Flooring, newer Stove Stays & Window Treatments. Most Rooms Freshly Painted. 1 ST Floor Laundry on the enclosed porch/mud room. Nice Size Living Room/ Great room with perfect Den/M3 bedrooms up, second bedroom with Charming New Built-In Bed with Storage. 1 Bath is on the Main floor and is Family Sized with Double Cabinet's. 3 Bedrooms are up with a charming Built-In Bed With Reading Lamp and Storage in 2 nd bed 07. Partial Basement with crawl space has B-Dry transferable Warranty, and plenty of room for Storage. Perfect Wrap around Wood Deck is the perfect place to overlook your Park-Like 1.45 Acres and relax.

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 Let me Know What You Think.......Special tax break for new car purchases in '09
The IRS has released IR 2009-30 to remind taxpayers of a temporary tax incentive that will be available to them for the purchase of a new car, light truck, motor home or motorcycle during 2009. The deduction is available for the cost of all state and local sales and excise taxes paid on up to $49,500 of the purchase price. The amount of the deduction is phased out for taxpayers whose modified adjusted gross income is between $125,000 and $135,000 for individual filers and between $250,000 and $260,000 for joint filers. The vehicle must be purchased after Feb. 16, 2009, and before Jan. 1, 2010, to qualify for the deduction. The special deduction is available regardless of whether a taxpayer itemizes deductions on their return.

The IRS reminded taxpayers the deduction may not be taken on 2008 tax returns.

Article courtesy of OAR with permissions granted to re-blog

North Ridgeville, Ohio  -  Announcing a price reduction on 37536 Barres Rd, a 2,644 sq. ft., 2 Full Bath 2 Half Bath, 4 Bdrm Colonial With Finished Basement & Upgrades Galore. Now MLS® $214,900 - Short Sale Bargin!

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37536 North Ridgeville  -  We invite everyone to visit our open house  March 22 from 1:00 PM to 3:00 PM
Fabulous buy on this Former Ryan Model Home. Orginally Purchased For 265,000 Now 219,900 Wow. All kitchen appliances, upgrades/ expansions galore. 4 good sized bedrooms, 2.2 baths. Finished basement, patio upscale landscaping and in ground sprinkler system. The feature sheet is TWO pages long.

.

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Short Sale 4 Former Model

• 2,444 sq. ft., 2 bath, 4 bdrm colonial - MLS® $219,900 - Short Sale

North Ridgeville, North Ridgeville  -  Fabulous buy on this Ryan Model home. Short Sale is tenant occupied. All kitchen appliances, upgrades/ expansions galore. 4 good sized bedrooms, 2.2 baths. Finished basement, patio upscale landscaping and in ground sprinkler system. The feature sheet is TWO pages long.

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To Further Advance my Clients and Customers Interests, I have earned the eagent Designation. Thank You To
All My Clients and Customers For Supporting Me In This Effort! Rita Legan ASP Staging Realtor, eagent

High Point, Strongsville  - Rita List's and Leases Rental Homes Too! Do you have a home you want to Lease Out? Need to Lease a Home Call Rita Now, I can help 440-227-4461 
 a 2,866 sq. ft., 3 bath, 4 bdrm colonial "3.1 Baths". $1,600 Monthly - Rita Got It Rented!.

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