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Buying a Home
More help for buying a home in Oregon
As the First Time Home Buyer Federal Tax Credit Program winds down, other programs are cropping up to help home buyers. Here’s one for people wanting to buy a home in Portland or any other part of Oregon. Oregonians looking to buy their first home may qualify for an assistance grant from the Home Sweet Home Program (HSHP). The Oregon Association of Realtors and the Oregon Bankers Association have partnered to create grants for buyers who earn less than or equal to the median income in their area. (The Oregon median income in 2008 was $50,165. Link to Census Bureau info.) HSHP funds will be disbursed to eligible first-time home buyers in the form of $2,000...
Read More“Instant” debt relief???
Q: Hey Tim, one of my clients asked me about using one of those debt relief companies you see on TV. What do you think? A: Anne, I’d tell your client to beware of so-called debt services as advertised on TV! Here’s why: Any promise of “Instant” debt relief is likely to be a scam, especially if the service charges an upfront fee of several hundred dollars. No one can make your debt disappear. But there are ways you can lower your monthly payments. For relief, turn to a nonprofit credit counseling agency certified by the National Foundation for credit Counseling (nfcc.org/firststep/locator.cfn). It will act on your behalf to negotiate with credit card...
Read MoreOpportunity Knocks
Right now, as the Portland real estate market continues to stabilize, there are unique opportunities for home buyers and home sellers. It you’re trying to time your purchase for the bottom of the market, now is the time. And see below why you might want to time your sale for the bottom of the market too. FOR BUYERS Low mortgage rates–Current low interest rates (around 5%) won’t last. This spring the Fed will wind down its subsidy of home loan rates. Interest rates are expected to rise. Many analysts expect to see 6% and above rates quite soon. Lower prices—Median home prices in the Portland Metro area are 14.8%...
Read MoreAct fast to get your home buyer tax credit
The federal government is giving away money to home buyers. Do your part. Stimulate the economy. Receive what may be a once in a lifetime income tax credit when you buy your first home or as an existing home owner, buy another home. If you need more info, please give me a call. I can help. Here are the details for the Home Buyer Tax Credit of 2009/2010: Who is eligible? First Time Home Buyer Maximum $8,000 tax credit Buyers who have not owned a home for the 3 years before this purchase Current Home Owner Buying New Home Maximum $6,500 tax credit Must have owned a home and used as the primary residence for 5 consecutive years within the past 8...
Read More2009 First Time Home Buyer Tax Credit Q&A
So many people have asked me how the federal $8,000 tax credit works. Basically it’s a once in a lifetime opportunity to buy your first home and get paid by the government. Here are some highlights. What is it? It’s a gift from the federal government to all you first time home buyers. It’s goal is to help stimulate home sales and make first time home buying more affordable. Who is a first time home buyer? If neither you nor your spouse have owned a residence in the last 3 years you qualify. What kinds of properties are covered? As long as you buy a primary residence it can be a condo, townhome or detached single family home. Are there time restrictions? Yes,...
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