To date, Oregon is not making the $8,000 tax credit available to eligible first time homebuyers. I called to inquire how Oregon would help get the Housing Stimulus program approved in February 2009 in to the hands of the people since there was a provision in this bill that allowed States with Mortgage Revenue Bond programs to provide a "front-end" funding of the $8,000 tax credit. I was told "Oregon does not have money like these other states do". It's too bad, because with Oregon's Purchase Assistance Loan program already in place, it seems a very natural way to help get the $8,000 credit in to the hands of buyers so they may use it at closing to meet FHA/OR Vet down payment requirements, and REALLY use this tax credit in a way that would help eligible first time home buyers and the sellers of the properties they are wanting to buy.

Many Oregon people ARE benefiting from the credit using the USDA Guaranteed Rural Housing program or other programs if they have been able to save a down payment or get a gift. Many more would benefit if Oregon followed the "front end" programs CO, ID, MO, NJ, OH and TN are offering to their eligible first time home buyers. These states have managed to fund their programs, and I would think that the revenue bonds sold to fund these programs would be of great interest to investors if the program is designed like these others to have a repayment provision in only a year, or an interest rate kicks in. What investor doesn't want a secure investment vehicle in today's market?

As much as I love the efforts made to bring the Oregon Bond Loan, Oregon Purchase Assistance Loan, and Down Payment Assistance Programs to help give eligible low-to-moderate income first time home buyers, consistent funding providing below market pricing is a problem! If the investors who purchase the bonds that fund these programs are not interested in purchasing them any longer, maybe it is time Oregon looks at other beneficial/successful programs like the front end funding of the $8,000 tax credit or the Mortgage Credit Certificate program.

Just my two cents on this glorious Spring Day in Southern Oregon! Who WOULDN'T want to live here and own their own home?

See you at the closing table! 

Karen Cooper - OR/CA Mortgage Consultant - www.Quality4Loans.com