Real Estate Blog - Is The $8,000 Tax Credit Approved Government Down Payment Assistance?

Home : Blogs : Karen Cooper-Mtg Banker|Broker Ashland|Medford : Your Southern Oregon Housing Resource For Home Loans

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

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

Karen Cooper - OR|CA Mortgage Consultant - www.Quality4Loans.com
Providing high Quality, Professional, Ethical service to Oregon and California home buyers and owners since 1983. Whether you are taking out your first home loan or your fiftieth, for your home, your second home or for investment, put my knowledge and expertise to work for you.

Posted by Karen Cooper-Mtg Banker|Broker Ashland|Medford on 03/06/2009 12:07 AM

Comments (7)

oregon bond loan, usda guaranteed rural housing, tax credit, 8000 tax credit, first time homebuyer, karen cooper, quality home loans, ashland

Post is included in group: Oregon Realtors and other Real Estate Professionals
Post is included in group: Moving to Oregon
Post is included in group: First Time Homebuyer
Post is included in group: Everything Oregon
Post is included in group: 1st Time Buyers

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

MAR

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

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

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

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

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.

Hi Zac - finally received word. Here you go! http://activerain.com/blogsview/976291/Oregon-Not-Set-Up-to-Fund-8000-Tax-Credit-Through-Closing

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.

This blog does not allow anonymous comments