Special offer

Is The $8,000 Tax Credit Approved Government Down Payment Assistance?

By
Mortgage and Lending with Karen Cooper | Sr Mortgage Loan Originator ! NMLS # 223305 | First Federal Bank of Florida, Ocala, FL NMLS 223305

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, and buyers are facing some fierce competition in the lower price ranges here in Southern Oregon, as well as the depletion of funds in the USDA Guaranteed Rural Housing program and Oregon Bond Loan program.

So, the message to first time home buyers might be, if you are ready willing and able to buy now, you might want to hurry!

See you at the closing table!

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

Posted by

Karen Cooper Southern Oregon|California Mortgage ConsultantKaren Cooper - Home Lending Advisor Nationwide

               NMLS #223305

 

Comments (7)

Trevor Elliott
RE/MAX Integrity - Salem, OR

I wish that the deadline was August 1. That would get people motivated. Then extend it to December 1.

Mar 06, 2009 04:47 AM
Karen Cooper
Karen Cooper | Sr Mortgage Loan Originator ! NMLS # 223305 | First Federal Bank of Florida, Ocala, FL - The Villages, FL
Helping Homeowners w/Home Loans in 27 US States

Hi Trevor - Making the date Aug 1st would force the Spring/Summer buyers to get out there earlier, wouldn't it? We're seeing an increase in buyer traffic on the low price ranges here in Southern Oregon. There are first time home buyers who can now own for as much as they pay in rent, which has prompted them to take the plunge even if there might be some further price depreciation. And investors can finance 8-10 properties again, so we're seeing them out there, too, because they know interest rates will likely increase with all these stimulus packages to pay for. Thanks for stopping by.

Mar 06, 2009 04:53 AM
Krista L. Walker
RE/MAX Platinum Medford - Medford, OR
Oregon- Homes & Real Estate for Sale

seems like some of the public understands the tax credit and it's benefits.  Lets hope more do too.

Mar 09, 2009 11:01 AM
Karen Cooper
Karen Cooper | Sr Mortgage Loan Originator ! NMLS # 223305 | First Federal Bank of Florida, Ocala, FL - The Villages, FL
Helping Homeowners w/Home Loans in 27 US States

Hi Krista - As more buyers get out there to take advantage of their $8000 tax credit, others here about it. Maybe the snowball affect will have Southern Oregon home inventory back down to more sustainable levels by Summer's end. Wouldn't that be nice?

Mar 09, 2009 02:26 PM
Zac Hill
Resident Lending Group, Salem, OR - Salem, OR

Have you had a chance to get any more information on whether or not the credit can be used in this way with an Oregon Bond loan?  Thanks.

Mar 10, 2009 06:12 AM
Karen Cooper
Karen Cooper | Sr Mortgage Loan Originator ! NMLS # 223305 | First Federal Bank of Florida, Ocala, FL - The Villages, FL
Helping Homeowners w/Home Loans in 27 US States
Mar 10, 2009 07:28 AM
Zac Hill
Resident Lending Group, Salem, OR - Salem, OR

Thanks for looking into it.  I sent off an email after my post out of curiosity and found the same info unfortunately.  I still hope the $8k has a significant impact on the housing market.

Mar 10, 2009 08:53 AM