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mortgage credit certificate: First Time Homebuyers, How Would You Like To Have TWO Tax Credits To Use? - 06/30/09 06:04 PM
Many of you have heard about the $8,000 First Time Homebuyer Federal tax credit that is scheduled to sunset December 1, 2009. But, have you heard of the Mortgage Credit Certificate?
Nationwide, many Cities and Counties have made this "dollar-for-dollar" federal tax credit program, the Mortgage Credit Certificate, available to their area home buyers who meet the program's income requirements and/or are purchasing in a target census tract. There is an MCC program being administered through the Portland Development Commission that many first time home buyers are taking advantage of.
I received a great question this week through Active Rain. This … (5 comments)
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mortgage credit certificate: One Step Forward, Two Steps Back - 02/17/09 08:50 PM
Having been in the real estate/finance industry since 1983, I've ridden many waves over the years in the mortgage industry. With interest rates on fixed rate loans in the high teens when I entered the lending world, adjustable rate mortgages were becoming the "new thing", from the Graduated Payment Mortgage loan not so fondly dubbed the "Fungus Loan" due to its ever expanding loan balance in spite of the monthly payments being made to the early versions of the "Option ARM" loans offered by Home Savings of America, Great Western Bank and World Savings & Loan.
One of the things I've … (8 comments)
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mortgage credit certificate: Now Is The Time For Us To Swing This Pendulum Back To The Middle! (Part 2 of 3 – Low-to-Moderate Income, Workforce Buyers) - 04/03/08 05:06 PM
In the almost 25 years I've been in the real estate and finance world, I've come across many programs that effectively contribute to sustainable homeownership for owner occupants. These programs may work for buyers qualifying for Conventional, FHA, VA, even Jumbo loan programs, but most require buyers take fixed rate loans, not adjustable or interest only loans. Most require the buyer not to have owned a home in the past three years, have low-to-moderate income for their area, and attend an approved Homeownership Education Program. I think it is time the lending institutions and housing agencies take another look at a few … (0 comments)
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mortgage credit certificate: Oregon Bond Loan Rate Volatility - 03/06/08 07:11 PM
We just received notification from the State that they reserve the right to adjust the interest rate on the Oregon Bond Loan programs, RateAdvantage and CashAdvantage, just as any market interest rate published by the banks and lending companies. Lending professionals will need to check the Oregon Bond Loan's Reservations website for the most up-to-date interest rates when quoting these programs to qualified buyers.
In the past, Oregon Bond Loan interest rates have not fluctuated very often. Nor, have they fluctuated very much when interest rates are raised or lowered. This past increase effective March 3, 2008 was the largest one time … (2 comments)
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mortgage credit certificate: MCC A Better Alternative Than Oregon Bond? Maybe, With The Newest Interest Rates - 02/29/08 02:24 PM
The State of Oregon's Bond Loan Program for first time homebuyers will have higher interest rates on Monday. Effective March 3, 2008, the RateAdvantage interest rate will go up to 5.40% and the CashAdvantage interest rate will go up to 5.90%.
I recently did an article comparing the Oregon Bond loans to the Mortgage Credit Certificate. With market interest rates headed downward and the Oregon Bond Loan interest rates headed upward, the scales just tipped in favor of the Mortgage Credit Certificate.
Unfortunately, Southern Oregon Counties and Cities are not participating in the Mortgage Credit Certificate. Maybe it is time for that to change! … (4 comments)
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mortgage credit certificate: Shakespearian View of Oregon Bond versus Mortgage Credit Certificate - 02/27/08 12:06 AM
O Affordability, Affordability, wherefore art thou affordability?
Undeniably, first time home buyers in Ashland Oregon have a tough time of it when it comes to entering the Ashland Oregon real estate market for the first time. Other areas of Oregon are struggling with the same challenge of housing affordability versus the area median incomes.
(enter Oregon Bond stage left)
The Oregon Bond Loan was designed to assist first time home buyers earning 80-120% of median income. There are two programs under Oregon Bond Loan. RateAdvantage, currently at 4.95%, assists qualifying buyers by giving them an interest rate ¾ to 1% lower … (4 comments)
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mortgage credit certificate: First Time Home Buyer Resources (Part 1 – the MCC) - 01/07/08 01:09 PM
A Mortgage Credit Certificate (MCC) is a federal dollar for dollar tax credit that program participants may take advantage of. This program was authorized in the 1984 Tax Reform Act, and is a tool to help homebuyers that usually fall in the category of needing "workforce housing".
Several Cities and Counties offer the Mortgage Credit Certificate program to first time homebuyers - those who have never owned a home, or have not owned a home for the previous three years - who either meet the income criteria set for their local program, or are purchasing their home in a Federal designated … (3 comments)
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Karen Pierce Cooper
Medford,
OR
More about me…
Karen Pierce Cooper| Housing Counselor |Oregon
Address: PO Box 4126, NMLS#223305 , Medford, OR, 97501
Office Phone: (541) 779-6691
Email Me
Bringing 28 years of experience providing Southern Oregon and California Home Buyers and Homeowners | Serving all of Jackson County Oregon including Ashland- Talent- Phoenix- Medford-Jacksonville- Ruch- Central Point- White City- Eagle Point- Shady Cove- Gold Hill, as well as Josephine County including Grants Pass- Merlin- Wilderville | Helping Southern Oregonians on the road to fulfilling the American Dream of Homeownership - and staying there! ,
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