Monday, March 16, 2009

Oregon Not Set Up to Fund $8000 Tax Credit Through Closing

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 Credit to 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 program is about to do the way of the CashAdvantage, Down Payment Assistance and Purchase Assistance Loan programs which all ran out of funds in 2008, and still remain unavailable to qualified Oregon home buyers. The State of Oregon's focus is to fund the Oregon Bond Loan and other existing programs, so starting a new program like establishing a Revolving Fund to help pass through these $8,000 tax credits to qualified Oregon first time home buyers is out of the question.

But, all is not lost, Oregon home buyers! Even though funding has not been released for the USDA Guaranteed Rural Housing program by some lenders, if you buy a qualified property under this fantastic No Money Down program that is a government backed 30 year fixed rate loan, there are still lenders that WILL close on this program right now, letting you get the jump on what just might be a very busy Spring/Summer buying season here in the Rogue Valley in Southern Oregon.

If you have discovered like many first time home buyers that prices have come to levels that make the monthly costs of owning a home almost equivalent to renting one, and want to take the plunge while interest rates are low and before the $8,000 tax creditis no longer available to you (sunsets after December 1, 2009), call me. I'd love to sit down and run through the numbers of the various programs that might be available to you, and tell you about the many wonderful tools available to help you enjoy the many benefits of homeownership. Schedule your free consultation today!

See you at the closing table!

Karen Cooper - OR/CA Mortgage Consultant -

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