8000 tax credit: Today’s D-Day| Did You Make The $8,000 Tax Credit Deadline?
- 04/30/10 11:26 AM
Seems to have snuck right up on us, didn’t it? Here it is D-Day – the day first time home buyers wishing to take advantage of the $8,000 first time home buyer tax credit have to have accepted offers communicated to them. At least interest rates are still really good for the buyers who didn’t make the April 30th deadline, and there are some other amazing resources still available such as first time home buyer down payment assistance programs and the Neighborhood Stabilization Program to help them even if they missed the $8,000 tax credit. Well, it isn’t midnight yet…maybe a … (1 comments)
8000 tax credit: It Ain't Over 'Til ... Tales of the $8,000 First Time Buyer Tax Credit 3
- 04/17/10 05:00 PM
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. … (6 comments)
8000 tax credit: It Ain't Over 'Til ... Tales of the $8,000 First Time Buyer Tax Credit 2
- 04/17/10 04:46 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)
Is it a good time to buy and sell real estate? The perception is that REALTORs are always trying to convince their clients to buy or sell real estate each and any time. But the reality is that when the buyers or sellers are on the verge of making a decision, they are the … (2 comments)
8000 tax credit: Here Honey, We're Leaving You $11.2 Billion+...in Debt!
- 09/17/09 08:13 AM
Don't get me wrong...I certainly see the benefits the many families I am working with are going to experience with the $8,000 first time buyer tax credit. They're purchasing homes with monthly PITI payments less than they are paying in rent, they will experience the stability of home ownership, AND those eligible buyers who the $8,000 first time buyer tax credit will go to will likely spend it on the homes they are purchasing, helping local businesses with their purchases, or have a cushion they may not otherwise have had in case of emergency. To date, 1.4 million first time tax … (6 comments)
8000 tax credit: Northern California FHA Home Buyers, Need Help With The 3.5% Down Payment?
- 08/07/09 03:30 PM
There are some fabulous buying opportunities out there for home buyers, from foreclosure homes that are priced under market to short sales and private party home sales. Add to that the range fixed interest rates have been hovering at and incentives like the first time home buyer $8,000 tax credit, and it's been a pretty busy summer selling season.
There are people who although they have good credit, stable employment and income and WANT to buy, but because of a high cost of living saving the down payment and closing costs to purchase a home have gotten in the way … (0 comments)
8000 tax credit: Oregon Neighborhood Stabilization Program Release Delayed Further
- 08/07/09 06:19 AM
Being a Sunday School Teacher, I remind myself there are better ways to vent anger than some of the words that come to mind when working through what can be a very frustrating job these days in the mortgage industry. Yesterday, I learned that Oregon has once again delayed the release of the Neighborhood Stabilization Program. This was good news and bad news, as the good news was that our NSP Coordinator, Becky Baxter, is being promoted. The bad news was that we have to wait for her replacement to get up and running before Oregon will re-release the NSP funds for … (2 comments)
8000 tax credit: First Time Homebuyers, How Would You Like To Have TWO Tax Credits To Use?
- 06/30/09 11:04 AM
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)
8000 tax credit: Ready…Set…WAIT!
- 06/01/09 09:30 AM
Have you ever played "On your mark...Get Set....Wait!" with your kids? Or, "Red Light, Green Light"? I know we've done this, and are learning as time goes by that this isn't a bad lesson for our kids to get in the world we live in today. I'm thinking I wish someone had played "ready set wait!" with me a bit more when I was a kid, so I might be a bit more tolerant of the world I live in today - especially when it comes to the real estate/mortgage industry!
Ready...Set...WAIT!
Monetizing the $8,000 tax … (3 comments)
8000 tax credit: Coming soon (or Maybe!) – Eligible FHA Buyers May Obtain the Economic Stimulus Tax Credit at Closing and Apply It to Their Down Payment?
- 05/13/09 08:17 AM
That's right, you read that correctly! Secretary Donovan of the U.S. Department of H.U.D. announced that the Federal Housing Administration is going to allow lenders to do a form of "bridge loan" for the up to $8,000 tax credit so that FHA buyers may use these funds toward their down payment instead of waiting until they file their income tax return to get a refund. The National Association of Realtors® is having their midyear legislative meetings and trade expo in Washington, D.C., "The Real Estate Summit - Advancing the U.S. Economy". Our Oregon Association of Realtors® President Elect, Krista Bolf of Coldwell … (4 comments)
8000 tax credit: Hey Oregon – Let’s Put the PAL Program to Good Use With a Front End Program For the $8,000 Tax Credit!
- 04/07/09 04:17 AM
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 … (2 comments)
8000 tax credit: Where Do We Go From Here If We Can’t Buy A Home Now?
- 03/18/09 05:00 PM
As exciting as it has been to see so many first time home buyers join the ranks of those who have come before them to fulfill their American Dream of Homeownership, sometimes buying a home is not necessarily the right move. Does this mean renters are second class citizens?...Losers vs. winners?...Less smart than homeowners are? Of course not!
When should someone consider renting instead of buying?
When job security is in question because hours are being cut back or layoffs are taking place at your company When your savings has less than 3-4 months in reserves in the … (6 comments)
8000 tax credit: Who Says The Southern Oregon Real Estate Market Is Slow?!?! Buyers are Springing Forward Here!
- 03/18/09 12:03 PM
There are many reports out there about how slow some real estate markets are, but it sure doesn't seem that way here in Southern Oregon! Some of the things I'm hearing from buyers this week are: "Darn - there ended up being 4 offers on the home I wanted. We're back to the drawing board again." "I thought this loan process was going to be so hard, but I can't believe how smooth it has gone. I didn't expect to be approved for my loan this easily, or for this much." "We're still waiting to hear back from the seller on … (0 comments)
8000 tax credit: Oregon Bond Loans Temporarily on Hold in 2009 Until Further Funding Is Acquired
- 03/18/09 06:08 AM
We've been receiving warnings that the Oregon Bond Loan funds were running out, with insufficient interest by investors to purchase the bonds that fund this program. The time has come - funds are gone! Until more bonds have been sold to re-fund the Oregon Bond Loan, first time home buyers in Oregon will not have this tool available to them. This only effects those buyers who have not already reserved their Oregon Bond Loan funds. In the meantime, there are still some great "market rate" programs available, like the USDA Guaranteed Rural Housing program for buyers with no down payment looking … (10 comments)
8000 tax credit: Spring is Here, But Is The Bottom Here For the Real Estate Market In Southern Oregon?
- 03/16/09 11:03 AM
Looking outside on this rainy, winter day here in Ashland, Oregon, you wouldn't think that spring is so close. But, one of our first signs of spring here in the Rogue Valley are the daffodils. Not only is spring right around the corner, but it seems that the buyers here in Southern Oregon are not waiting for spring to get out there a buy a home! I am working with four first time home buyers who have all been diligent about getting fully credit approved for their financing, and have hit the streets with their agents trying to find a home. … (2 comments)
8000 tax credit: Oregon Not Set Up to Fund $8000 Tax Credit Through Closing
- 03/10/09 07:26 AM
It is with regret that I report the findings of my quest to find a way for qualified Oregon home buyers to utilize the $8,000 tax credit recently approved, and apply it to their down payment on home purchases. The State of Oregon does not have the necessary revolving fund needed in order to be able to advance the $8,000 Federal Tax Creditto buyers through this state's housing programs, such as the Purchase Assistance Loan and/or Oregon Bond Loan. Oregon Bond Loan is already struggling to sell the mortgage revenue bonds that fund the RateAdvantage and CashAdvantage programs, and the RateAdvantage … (0 comments)
8000 tax credit: Is The $8,000 Tax Credit Approved Government Down Payment Assistance?
- 03/05/09 04:07 PM
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)
8000 tax credit: Want some of That $8,000 Credit On your 2008 Income Tax Refund Southern Oregon 1st Time Home Buyers?
- 02/25/09 04:05 PM
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)
8000 tax credit: One Step Forward, Two Steps Back
- 02/17/09 12:50 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)
8000 tax credit: Oregon Vets Who Want To Refinance Look To Programs Other Than Oregon Vet Loan
- 02/17/09 08:19 AM
I receive calls periodically, and was contacted again recently by an Oregon Veteranlooking to use the Oregon Veteran Home Loan program to refinance their home in Southern Oregon. There are a lot of misconceptions about this program, and these folks were recently misinformed. The Oregon Veteran Home loan, like the USDA Guaranteed Rural Housing program, requires: The purpose of the loan be to purchase a home Home must be the borrowers' primary residence When shopping for your home loan, if you come across something that doesn't sound right, trust those instincts and make sure you double check with another source!
Loving the challenge of a career in mortgage|real estate since 1983, keeping up with the progression of changes in this industry keeps one on their toes. What doesn't kill us makes us stronger, right? Here's to a few more decades of strength building!
Seems to have snuck right up on us, didn’t it? Here it is D-Day – the day first time home buyers wishing to take advantage of the $8,000 first time home buyer tax credit have to have accepted offers communicated to them. At least interest rates are still really good for the buyers who didn’t make the April 30th deadline, and there are some other amazing resources still available such as first time home buyer down payment assistance programs and the Neighborhood Stabilization Program to help them even if they missed the $8,000 tax credit. Well, it isn’t midnight yet…maybe a … (1 comments)
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