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About Deschutes County, OR

Tax Credit Extension Proposed Language is Available Here

Dave Woodland - Your Bend, OR Friendly, Knowledgable Mortgage Professional: Loan Officer in Bend, OR

If you are interested in reading the actual legislative language of the Home Buying Tax Credit Extension bill, it is available by going to this link: http://bit.ly/3UustY This is an amendment (S.AMDT.2724 to H.R.3548) to the Unemployment Extension Bill as offered by Senator Schumer.

As described previously the terms of the expansion to long-time homeowners includes a requirement that they have lived in the same principal residence at least 5 of the last 8 years. The credit will be $6,500 for those individuals.

Limitations are set at income of $150,000 single and $225,000 married (previously reported at $250k)

Maximum home purchase price is set at $800,000 to qualify for the credit. This will be of more interest in California and High priced regions.

Happy reading and remember it is still in amendments to a bill that hasn't passed yet. More legislative "sausage" to be made before we have something to send to the White House for signature.

Good News for Bend Oregon Home Buyers: First Time Home Buyer and Repeat Buyer Tax Credit Close to Final Senate Vote

Kryste Adams - Central Oregon Real Estate: Real Estate Agent in Bend, OR

Good News for Bend Oregon Home Buyers: First Time Home Buyer and Repeat Buyer Tax Credit Close to Final Senate Vote

Innman News recently announced with in the article, "House leader: Tax credit a go," the following:

The Senate on Monday voted 85-2 to place limits on further debate of HR 3548, a bill extending unemployment benefits that includes an amendment that would allow homebuyers to claim the credit on sales under contract before May 1. The vote to invoke cloture moves HR 3548 closer to a final vote in the Senate as early as today.

Stay tunned for continuing updates as news is released regarding the first time home buyer tax credit and repeat home buyer tax credit.

Bend Oregon Sales Statistics For October 2009

Tarris Rogers - Bend Oregon Real Estate: Real Estate Agent in Bend, OR

Bend Oregon Real Estate closed out the month of October with some brisk home sales. A total of 211 homes were sold during October. The average sales price was $301,444. Not bad for a down market and this indicates that both home buyers and investors are seeing good values in our marketplace.

Another thing these statistics demonstrate is that the sales are not exclusive to the entry level home market. More than 50% of those sales were on properties that were priced over $200,000. The average time on market was 145 days.

Price per square foot for stick built homes (not manufactured) on less than an acre came in at $126.00 per square foot on average.

Looking forward to the next two months, November and the first half of December historically tend to have less home sales, so it will be interesting to see what this year brings. We have quite a few investors in the market which indicates once again that Bend Oregon is a desireable place to both live and invest in.

Bend Foreclosures and Short Sales remain hot properties in our marketplace.

News in Real Estate Abounds and Even Bigger Than...

Dave Woodland - Your Bend, OR Friendly, Knowledgable Mortgage Professional: Loan Officer in Bend, OR

Plenty of news from last week and I mean even bigger than the Ducks’ smothering of the overmatched Trojans.

In FHA and FNMA home financing news, the High-Balance Conforming Limits that were set to expire this year have been extended through all of 2010. This is big residential real estate news. This legislation means that Central Oregon FHA limits will remain at $417k rather than rolling back to the ~$300k level they were headed for. And for Fannie Mae loans, while the difference in OR between “standard” conforming ($417k) and “high-balance” conforming ($447k) is minimal, the difference in markets that often provide buyers into Central Oregon is very important. California’s high balance limit of $729,750 when combined with a purchase-money second of $350,000 and an approx 20% down payment means that a home with a purchase price of $1,350,000 can be purchased without jumbo financing. FNMA-backed, conforming rates are better than Jumbo residential rates which still don’t enjoy a secondary market.

In economic news, the Q3 GDP numbers were published with a surprisingly high 3.5% growth. This news has to be tempered with a few caveats as cheerleaders call for the official end of the recession. The start of a recession officially waits for 2 consecutive quarters of GDP decline. People often look back to an earlier date to peg the start but it isn’t official until we’ve experienced the 2 consecutive quarters. With this one-quarter upturn, even at the surprising, >1% growth number, we need to remember some of the temporary stimuli that are included in the 3rd quarter, especially the Clunk of a car incentive program (see here for $24,000 per car taxpayer cost analysis.) Local inquiry resulted in one car dealership indicating that they have had ZERO new car sales in the weeks since Clunker ended. So, while we are happy for some upturn in the GDP, let’s watch for more signs of broad improvement before we relax.

In banking news, the FDIC shutdown 9 more banks on Friday and this was before the CIT restructure announcement. This brings to 141 the number of FDIC takeovers since the beginning of “The Great Recession” and 115 on the year. Incidentally, the 9 banks along with CIT are heavily invested in Commercial Real Estate. Many community banks are the repositories of land, development and commercial lending and we are just still seeing the tip of the iceberg on problems there. Once again this past week Signet stepped in to help a building owner who had been turned down on a loan renewal request with their bank (of 30 years!!) unwilling or unable to extend credit in this region. Please have building owners you know step forward early and get refinanced now rather than waiting for the current note to come due. Signet is ready to take care of their refinancing needs now.

In other legislative news, the Home Buyer Tax Credit Extension gathered momentum and some clarity this past week as we reported on Thursday. However, this is not yet a done deal. The progress last week included a voice vote of confidence in the Senate and an assurance of House passage, but the actual vehicle for passage in both houses needs to be finalized. The likely scenario has the Home Buyer Credit being attached to an unemployment extension bill that has similar levels of support. While the benefits of kick starting the economic engine are likely, the results still raise questions (see Clunker discussion above.) Assuming passage here are the high points again:

  • $8,000 FTHB credit continues
  • New $6,500 for existing homebuyers
    • Same home for consecutive 5-yr period
  • Contracts signed by 4/30/10
  • Closings before 7/1/10
  • Income limits expanded
    • Old: $75,000 single, $150,000 Married
    • New: $125,000 single, $250,000 Married
  • Military personnel extension into 2011
  • New tax return filing requirements
    • Fraud prevention
    • HUD-1 attachment to returns

I appreciate all of your support ... lots of changes in the industry and many have not survived - Thanks to you keeping us top of mind - Signet has continued to thrive and celebrated its 6th year in business this summer! As I am 100% referral based - I depend on you to keep growing! We have added exceptional professionals to handle the increase – don’t hesitate to call.

Look for expanded resources on our web site coming soon - an increased emphasis on Commercial Financing, Renovation Lending and Reverse Mortgages.

Outstanding New Loan Program Available for Real Estate Investors in Bend, Oregon

Kryste Adams - Central Oregon Real Estate: Real Estate Agent in Bend, OR

Outstanding New Loan Program Available for Real Estate Investors in Bend, Oregon

Market Niches

WHO CAN BENEFIT?

  • People looking for a great deal for a primary, second home or an investment property
  • First time home buyers allowed
  • Non-Perm Resident Aliens are not allowed
  • Non-Occupant Co-Borrowers are not allowed

FHA VS. HOME PATH

  • FHA requires UFMI & an annual MI premium
  • Home Path only requires LPMI
  • FHA only allows purchases on primary residences
  • Home Path allows purchase options for primary, second & investment homes
  • FHA requires a full appraisal on purchases
  • Home Path requires no appraisal as the LTV is set by the purchase price

Underwriting Guidelines

LOAN LIMITS

  • Conforming $417,000 (One Unit)

TERMS AVAILABLE

  • 30 Year Fixed TRANSACTION PURPOSE
  • Purchase Only

CREDIT

  • 640 Minimum

PROPERTY ELIGIBILTY

  • Condos, PUDS, SFR, Multi Family Dwelling are eligible for financing
  • Maximum of 10 Property for owner occupied transactions
  • 4 properties owned restriction for non-owner occupied and second home transactions

LTV / CLTV

  • LTV is determined by sales price - no appraisal required
  • Minimal 3% Down Payment
  • No minimum from the borrower
  • Can be 100% Gifted
  • Can be a Grant
  • Can be a loan from a Nonprofit Organization, State or Local Government or Employer

Purchase Owner Occupied/ Purchase Investment Property

Appraisal Requirements

LTV DETERMINED BY SALES PRICE

  • No Appraisal Required

Email for more details. . . . .

This loan program is offered through Aaron Myra of Bridge City Lending in Bend, Oregon.