More Newberg Homebuyers Qualify for Homebuyer Tax Credit
President Obama has just signed an expanded version of the $8,000 first time home buyer tax credit that was set to expire on November 30. This will allow more Newberghomebuyers, both first time homebuyers and move up homebuyers, to qualify for the tax credit.
The new version of the tax credit has the potential to stimulate the housing market even more than the old version due to the fact that more Oregonians will qualify under the new rules. Although the tax credit remains at $8,000 for home buyers that have not owned a primary residence in the last three years, it has been expanded to include a $6,500 tax credit for home buyers that have lived in their current primary residence for at least five consecutive years out of the past eight years. Under the old rules, move-up home buyers did not qualify.
Consider these three examples:
Example 1:
Jane purchased a home in 2002, lived there for 5 years as her primary home, moved
out in 2007, and turned that home into a rental property. If Jane decides to buy a
new primary residence today, she would qualify for the $6,500 tax credit based on
the fact that she lived in the same residence as her primary home for at least five
consecutive years out of the past eight.
Example 2:
Harry purchased a home in 2004, and lived there for the past 5 years as his primary
home. If Harry decides to buy a new primary residence today, he would qualify for
the $6,500 tax credit based on the fact that he lived in the same residence as his
primary home for at least five consecutive years out of the past eight.
Example 3:
Nicole purchased a home in 2006, and lived there for the past 3 years as her primary
home. If Nicole decides to buy a new primary residence today, she would not qualify
for the $6,500 tax credit based on the fact that she did not live in the same residence
as her primary home for at least five consecutive years out of the past eight.
The tax credit applies to Newberg, Oregon homes purchased for less than $800,000 before May 1,
2010. If you sign a binding contract to purchase a home before May 1st, you would
need to close on the transaction before July 1, 2010. It works kind of like a gift certificate that can be redeemed for cash. You simply file a form with the IRS right after you buy your home, and the IRS will send you a check for the full amount of your credit.
The income limitation for single tax payers in Newberg went up from $75,000 under the old rules to $125,000 under the new rules. For married tax payers, the income limitation went up from $150,000 to $225,000. This means that more people will qualify for the credit - especially in parts of Oregon with higher costs of living. This should help stimulate parts of the housing market that may not have been impacted by the old version of the credit. As an example, earlier this year I helped a single Fire Fighter get into a townhome. He works a lot of overtime and makes around $90,000 per year. This disqualified him for the tax credit under the old rules, but he would qualify under the new rules.
There are many creative ways of structuring your home purchase transaction in ways
that maximize the benefits of the credit. Here are a few examples:
Combined with the USDA Guaranteed Rural Home Loan or an FHA Loan, lower property values, many great homes on the market and today's great rates, there has never been a better time to buy a home in Oregon.
Home buyers who work with a Certified Mortgage Planning Specialist are much better equipped to save money and navigate the complexities of the tax credit.
More Sherwood Homebuyers Qualify for Homebuyer Tax Credit
President Obama has just signed an expanded version of the $8,000 first time home buyer tax credit that was set to expire on November 30. This will allow more Sherwood, Oregon homebuyers, both first time homebuyers and move up homebuyers, to qualify for the tax credit.
The new version of the tax credit has the potential to stimulate the housing market even more than the old version due to the fact that more Oregonians will qualify under the new rules. Although the tax credit remains at $8,000 for home buyers that have not owned a primary residence in the last three years, it has been expanded to include a $6,500 tax credit for home buyers that have lived in their current primary residence for at least five consecutive years out of the past eight years. Under the old rules, move-up home buyers did not qualify.
Consider these three examples:
Example 1:
Jane purchased a home in 2002, lived there for 5 years as her primary home, moved
out in 2007, and turned that home into a rental property. If Jane decides to buy a
new primary residence today, she would qualify for the $6,500 tax credit based on
the fact that she lived in the same residence as her primary home for at least five
consecutive years out of the past eight.
Example 2:
Harry purchased a home in 2004, and lived there for the past 5 years as his primary
home. If Harry decides to buy a new primary residence today, he would qualify for
the $6,500 tax credit based on the fact that he lived in the same residence as his
primary home for at least five consecutive years out of the past eight.
Example 3:
Nicole purchased a home in 2006, and lived there for the past 3 years as her primary
home. If Nicole decides to buy a new primary residence today, she would not qualify
for the $6,500 tax credit based on the fact that she did not live in the same residence
as her primary home for at least five consecutive years out of the past eight.
The tax credit applies to Sherwood homes purchased for less than $800,000 before May 1,
2010. If you sign a binding contract to purchase a home before May 1st, you would
need to close on the transaction before July 1, 2010. It works kind of like a gift certificate that can be redeemed for cash. You simply file a form with the IRS right after you buy your home, and the IRS will send you a check for the full amount of your credit.
The income limitation for single tax payers in Sherwood went up from $75,000 under the old rules to $125,000 under the new rules. For married tax payers, the income limitation went up from $150,000 to $225,000. This means that more people will qualify for the credit - especially in parts of Oregon with higher costs of living. This should help stimulate parts of the housing market that may not have been impacted by the old version of the credit. As an example, earlier this year I helped a single Fire Fighter get into a townhome. He works a lot of overtime and makes around $90,000 per year. This disqualified him for the tax credit under the old rules, but he would qualify under the new rules.
There are many creative ways of structuring your home purchase transaction in ways
that maximize the benefits of the credit. Here are a few examples:
Combined with the USDA Guaranteed Rural Home Loan or an FHA Loan, lower property values, many great homes on the market and today's great rates, there has never been a better time to buy a home in Sherwood.
Home buyers who work with a Certified Mortgage Planning Specialist are much better equipped to save money and navigate the complexities of the tax credit.
More Portland Oregon Homebuyers Qualify for Homebuyer Tax Credit
President Obama has just signed an expanded version of the $8,000 first time home buyer tax credit that was set to expire on November 30. This will allow more Oregon homebuyers, both first time homebuyers and move up homebuyers, to qualify for the tax credit.
The new version of the tax credit has the potential to stimulate the housing market even more than the old version due to the fact that more Oregonians will qualify under the new rules. Although the tax credit remains at $8,000 for home buyers that have not owned a primary residence in the last three years, it has been expanded to include a $6,500 tax credit for home buyers that have lived in their current primary residence for at least five consecutive years out of the past eight years. Under the old rules, move-up home buyers did not qualify.
Consider these three examples:
Example 1:
Jane purchased a home in 2002, lived there for 5 years as her primary home, moved
out in 2007, and turned that home into a rental property. If Jane decides to buy a
new primary residence today, she would qualify for the $6,500 tax credit based on
the fact that she lived in the same residence as her primary home for at least five
consecutive years out of the past eight.
Example 2:
Harry purchased a home in 2004, and lived there for the past 5 years as his primary
home. If Harry decides to buy a new primary residence today, he would qualify for
the $6,500 tax credit based on the fact that he lived in the same residence as his
primary home for at least five consecutive years out of the past eight.
Example 3:
Nicole purchased a home in 2006, and lived there for the past 3 years as her primary
home. If Nicole decides to buy a new primary residence today, she would not qualify
for the $6,500 tax credit based on the fact that she did not live in the same residence
as her primary home for at least five consecutive years out of the past eight.
The tax credit applies to Oregon homes purchased for less than $800,000 before May 1,
2010. If you sign a binding contract to purchase a home before May 1st, you would
need to close on the transaction before July 1, 2010. It works kind of like a gift certificate that can be redeemed for cash. You simply file a form with the IRS right after you buy your home, and the IRS will send you a check for the full amount of your credit.
The income limitation for single tax payers in Oregon went up from $75,000 under the old rules to $125,000 under the new rules. For married tax payers, the income limitation went up from $150,000 to $225,000. This means that more people will qualify for the credit - especially in parts of Oregon with higher costs of living. This should help stimulate parts of the housing market that may not have been impacted by the old version of the credit. As an example, earlier this year I helped a single Fire Fighter get into a townhome. He works a lot of overtime and makes around $90,000 per year. This disqualified him for the tax credit under the old rules, but he would qualify under the new rules.
There are many creative ways of structuring your home purchase transaction in ways
that maximize the benefits of the credit. Here are a few examples:
Combined with the USDA Guaranteed Rural Home Loan or an FHA Loan, lower property values, many great homes on the market and today's great rates, there has never been a better time to buy a home in Oregon.
Home buyers who work with a Certified Mortgage Planning Specialist are much better equipped to save money and navigate the complexities of the tax credit.
More Oregon Homebuyers Qualify for Homebuyer Tax Credit
President Obama has just signed an expanded version of the $8,000 first time home buyer tax credit that was set to expire on November 30. This will allow more Oregon homebuyers, both first time homebuyers and move up homebuyers, to qualify for the tax credit.
The new version of the tax credit has the potential to stimulate the housing market even more than the old version due to the fact that more Oregonians will qualify under the new rules. Although the tax credit remains at $8,000 for home buyers that have not owned a primary residence in the last three years, it has been expanded to include a $6,500 tax credit for home buyers that have lived in their current primary residence for at least five consecutive years out of the past eight years. Under the old rules, move-up home buyers did not qualify.
Consider these three examples:
Example 1:
Jane purchased a home in 2002, lived there for 5 years as her primary home, moved
out in 2007, and turned that home into a rental property. If Jane decides to buy a
new primary residence today, she would qualify for the $6,500 tax credit based on
the fact that she lived in the same residence as her primary home for at least five
consecutive years out of the past eight.
Example 2:
Harry purchased a home in 2004, and lived there for the past 5 years as his primary
home. If Harry decides to buy a new primary residence today, he would qualify for
the $6,500 tax credit based on the fact that he lived in the same residence as his
primary home for at least five consecutive years out of the past eight.
Example 3:
Nicole purchased a home in 2006, and lived there for the past 3 years as her primary
home. If Nicole decides to buy a new primary residence today, she would not qualify
for the $6,500 tax credit based on the fact that she did not live in the same residence
as her primary home for at least five consecutive years out of the past eight.
The tax credit applies to Oregon homes purchased for less than $800,000 before May 1,
2010. If you sign a binding contract to purchase a home before May 1st, you would
need to close on the transaction before July 1, 2010. It works kind of like a gift certificate that can be redeemed for cash. You simply file a form with the IRS right after you buy your home, and the IRS will send you a check for the full amount of your credit.
The income limitation for single tax payers in Oregon went up from $75,000 under the old rules to $125,000 under the new rules. For married tax payers, the income limitation went up from $150,000 to $225,000. This means that more people will qualify for the credit - especially in parts of Oregon with higher costs of living. This should help stimulate parts of the housing market that may not have been impacted by the old version of the credit. As an example, earlier this year I helped a single Fire Fighter get into a townhome. He works a lot of overtime and makes around $90,000 per year. This disqualified him for the tax credit under the old rules, but he would qualify under the new rules.
There are many creative ways of structuring your home purchase transaction in ways
that maximize the benefits of the credit. Here are a few examples:
Combined with the USDA Guaranteed Rural Home Loan or an FHA Loan, lower property values, many great homes on the market and today's great rates, there has never been a better time to buy a home in Oregon.
Home buyers who work with a Certified Mortgage Planning Specialist are much better equipped to save money and navigate the complexities of the tax credit.
The minutes from the September Fed Meeting have been released and needless to say, it was a heated meeting. However, most of the Fed members agreed that we are not yet in a position to increase the rate of short term funds and that the purchase of Mortgage Backed Securities should be extended.
According to Greg Robb's article in MarketWatch FOMC minutes reveal depth of disagreement over outlook
"But the minutes of the Federal Open Market Committee meeting of Sept. 22-23 reveal that below the veneer, officials have a wide range of views about where the economy is headed and therefore where Fed policy needs to be. The wide range of opinions about the economic outlook and the Fed's unprecedented policies had been expected by Fed watchers given the "cacophony" heard from officials in their public remarks.
Some officials believe that the Fed will need to tighten policy sooner rather than later. Others are worried that a weak recovery might cause a dangerous downturn in prices. Most Fed officials agreed that a recovery has started. But there was little agreement about the strength of the expected upturn.
There was a "range of views" expressed about the Fed's unprecedented credit-easing policies. Some Fed officials wanted to boost the size of the Fed's purchase of mortgage securities, while one wanted to end the program early.
There was no appetite for hiking rates at this meeting because "the cost of the economy turning out to be weaker than anticipated could be relatively high," the minutes said. The Fed decided to extend its purchase of MBS and asset-backed securities into the first quarter to smooth them out and avoid any sudden end that might jolt markets"
So what does this mean to Oregon Homeowners?
If this is correct, we should continue to see 30 year fixed rates below 5% into the 1st quarter of 2010. this bodes well for those who have yet to refinance and for those looking for a home. Fall and winter are usually poor times to sell a home in Oregon as the weather is generally bad. This should mean sellers are more willing to accept a reasonable offer, then wait for a higher one.
Time will tell.
Feel free to call me to get yourself or your clients qualified for an Oregon Home Loan today. 503-421-0096.
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My mission is to give you a mortgage experience where you are at ease, can trust that your best interests are being looked out for and feel comfortable referring friends, family and clients to me.
The loan process can be intimidating. For most of us it's the largest financial transaction that we will face. While rates and fees are important, knowing that you can trust your loan officer is invaluable.
For all of your Oregon Mortgage needs, whether for an Oregon home purchase, refiance, home rennovation or Reverse Mortgage, call me, your Oregon Loan Officer.
My goal is to take the fear out of the transaction. I do this with open communication, a fair rate/fee structure and the committment to you to look out for your best interests. I don't like surprises and you shouldn't have to put up with them.
When integrity matters most, call me.
While I utilize the internet and am able to lend in many states, my focus is on the Oregon Real Estate market. My specialties are Senior Financing, USDA, FHA and Rural properties. I am also a real person with an open door that you can walk through any time. I live and play in Sherwood, Oregon and my office is located in Newberg, Oregon. Most of my Oregon home loan business comes from the greater Portland, Oregon area, but I have helped clients like you from all over Oregon including Sherwood, Newberg, McMinnville, Albany, Beaverton, Corvallis, Tigard, Happy Valley, West Linn, Lake Oswego, Tualatin, Bend, Salem, Eugene, Prineville, the Dalles and Southern Oregon. Many of my home loan and refinance clients have been "rescued" from other lenders that you see online, on tv, or hear on the radio. What makes me different is that I am local, and I truly care about you and your goals. Most of my business comes from referrals from past clients or from business partners who know that I will look out for their clients best interest. I make the same commitment to you, my future client, to treat you with honesty, integrity and complete professionalism. After all , my next Oregon home loan or refinance referral could come from you. Please take an opportunity to browse our site American Nationwide Mortgage. If you are a senior, you can start at American Nationwide Reverse Mortgage. I guarantee that you will find lots of helpful home loan and mortgage related information. An educated home buyer will make a wise decision, and that isn't always based on the cheapest rate. The rate is only one part of your decision; the other aspects of your home loan decision often will save you much more money in the long run. If you have any questions, or are ready to move forward with your Oregon home loan, let me know. I look forward to helping you make your home purchase or refinance loan an excellent experience! Larry Morris CMPS Your friend in the mortgage business.
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Oregon License # ML-3259 | WA License # 510-LO-51175
Sarah and Tom McNicholas "Larry, ...We want you to know how much we appreciate all you did to help with the purchase. Thanks for helping everything go smoothly. We'll definately pass on a good recommendation to anyone we know who is house hunting...."
Kameron Manyrath
"As someone who looks to purchase a home, I have the fortune to come across Larry Morris, a Senior Mortgage Consultant, at Integrity Lending during the time when I was sending out requests for Good Faith Estimates from the various loan brokers.
...I was very happy because not only did Larry deliver what he promised, but he also helped me lock in a 45-day 5.625 rate at little or no cost. ...he was the only broker proactive enough to e-mail me and suggest that we lock the rate before it climbs up any more. ...I would highly recommend Larry to those who consider purchasing or refinancing a home. I have the utmost confidence that he will do his best to deliver a rate and to ensure a smooth transaction as he did with my first home purchase."
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