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tax credit: It Ain't Over 'Til ... Tales of the $8,000 First Time Buyer Tax Credit 3 - 04/18/10 12:00 AM
Is the game up as far the $8,000 tax credit goes if an eligible first time home buyer isn't under contract on a home by April 30th and escrow closed by June 30th? Not if they are an eligible US servicemember like the many Southern Oregon Guardsmen and active military personnel bravely fighting for us in Iraq and Afganistan and are on active duty at least 90 days between 1/1/2009 - 4/30/2010 (or injured while on active duty). These brave souls will have an extra year to take advantage of the $8,000 first time buyer tax credit if they are eligible.
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tax credit: It Ain't Over 'Til ... Tales of the $8,000 First Time Buyer Tax Credit 2 - 04/17/10 11:46 PM
What does a home buyer do who was hoping to take the USDA Guaranteed Rural Housing loan when the USDA funding source dried up temporarily? Well, two of the Southern Oregon first time home buyers I am working with switched from the USDA program to an FHA loan. Thankfully, both were able to arrange for a gift from family members to help meet the current minimum FHA down payment requirement of 3.5%. If all goes well with their inspections, two more Rogue Valley families will be on the road to homeownership – AND have $8,000 to help them right out of … (2 comments)
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tax credit: It Ain't Over 'Til ... Tales of the $8,000 First Time Buyer Tax Credit 1 - 04/17/10 11:43 PM
Today, another first time home buyer was taking the steps to prepare to get under contract so they can open escrow on the home they want to purchase before April 30th. Why do you think they want to do make that date? For the $8,000 tax credit! This buyer is diligently moving forward with their purchase, opting to switch gears from the USDA Guaranteed Rural Housing Program originally applied for to the FHA 30 year fixed rate loan instead so that they can make their goal of going under contract by April 30th and closing on their home purchase by June … (6 comments)
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tax credit: Spring in Southern Oregon, But Not Quite Springing Forward Yet - 04/11/10 07:37 PM
Looking at the monthly statistics for the local real estate market here in Southern Oregon, it is apparent that we’re not quite springing forward out of the real estate slump here in the Rogue Valley. From personal experience, I know the low price ranges of the market have been pretty active with not nearly as much activity in the higher price ranges, so that leads me to not pay a whole lot of attention to the year-over-year prices reflected since all price ranges aren’t seeing the same levels of activity. The good news – and I will ALWAYS look for that! … (0 comments)
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tax credit: Out With The New/Old, In With The Old/New…Oh Whatever! - 11/03/09 06:31 PM
2008 and 2009 have been phenomenal funding times for FHA loan financing for buyers purchasing real estate. This is because FHA guidelines are broader, making this financing tool more suited to today’s homebuyers’ needs. FHA guidelines allow the buyer to receive gift funds for their down payment/closing costs, which is what many first time home buyers are doing these days.
Prior to FHA financing’s comeback, conventional loans were the tool of choice for first time home buyers because they could choose “piggyback financing” – two loans, holding the amount borrowed on the 1st mortgage to 80% or less, financing the … (2 comments)
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tax credit: USDA Income Limits Higher Starting April 20, 2009! - 04/17/09 01:32 PM
Here in Southern Oregon, we have a lot of rural property areas that are eligible forthe USDA Guaranteed Rural Housing program. This is a great No Down Payment required program that instead of paying expensive mortgage insurance premiums like the Conventional Fannie Mae and Freddie Mac or the FHA program has, there is a one time "guarantee fee" which may be financed. Whenever I sit down with a buyer to compare programs they are eligible for, the USDA Guaranteed Rural Housing Program wins hands down every time with lower overall cash out of pocket and annual percentage rate! The caveat is (you … (2 comments)
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tax credit: Is The $8,000 Tax Credit Approved Government Down Payment Assistance? - 03/06/09 12:07 AM
There are a TON of changes coming through the latest stimulus packages. I think eligible buyers just were given a Government Funded Down Payment Assistance Program with this $8,000 tax credit if it is funded through the Mortgage Revenue Bond programs in the individual States, like Oregon Bond Loan for us. The other Purchase Assistance Loan, Down Payment Assistance Programs, Seller Funded Down Payment Assistance programs have all gone by the wayside, now here comes Uncle Sam with their own version?
As is the case with all these other programs, the $8,000 tax credit will only be good through December 1, 2009, … (7 comments)
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tax credit: Want some of That $8,000 Credit On your 2008 Income Tax Refund Southern Oregon 1st Time Home Buyers? - 02/26/09 12:05 AM
If you qualified for the tax credit as approved in the American Recovery and Reinvestment Act of 2009 - i.e. you are a first time homebuyer (haven't owned a home in the past 3 years), your income does not exceed $75,000 for a single filer or $150,000 for a joint filer, and you purchase a home before December 1, 2009 you will be eligible to a tax credit of up to $8,000 or 10% of your purchase price, whichever is less.
So, first time home buyers who have not yet filed their 2008 federal income tax return and your escrow for … (3 comments)
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tax credit: More Great Tax Credits for Southern Oregon Homeowners Making Energy Efficient Improvements - 02/25/09 11:12 AM
The recently passed 2009 stimulus packages included some good news for homeowners who have been considering making improvements to their homes to increase their home's energy efficiency. Homeowners who are replacing their windows with those that exceed Energy Star requirements, having a U factor of .30 or better (the lower the number, the better the energy efficiency). Do you think $1,500 would help make this energy efficient improvement to your home in Southern Oregon? Check in to this, because depending on where you are located in Southern Oregon, such as in Ashland, there may be additional credits available to you to help … (0 comments)
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tax credit: Seventy-Five Hundred Reasons for First Time Home Buyers to Buy NOW! - 08/11/08 11:34 AM
So HR 3221, the Housing & Economic Recovery Act of 2008, was signed by President Bush, and as with many of today's proposed solutions it comes with good and bad news. So, first time home buyers - want the bad news first? The "bad news" is Seller Funded Down Payment Assistance programs that have been allowed on FHA programs will no longer be allowed. The "good news" is eligible first time home buyers, buyers who have not owned a home in the past 3 years, who meet the income criteria of less than $75,000 for an individual or $150,000 for joint … (7 comments)
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tax credit: 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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