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National Real Estate Statistics – Portland, Oregon Real Estate Information
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Category National Real Estate Statistics

Mortgage Rates Hit All Time Low!

The first week of 2013 proved to be a good one for mortgage rates! With 3.34% for a 30 year fixed conventional loan. Analysts expect that 2013 will be the year for the housing and mortgage industry to gain momentum.


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Need Help Understanding Mortgage Rates?

In this article, you will learn the reasons why mortgage rates rise and fall. Click on the link to read the full article.

Understanding Mortgages


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Frequently Asked Questions for First Time Homebuyer Tax Credits

The National Association of Builders has provided the following information for people on their website regarding the FAQs of First Time Homebuyers.

Who is eligible to claim the $8,000 tax credit?         First-time home buyers purchasing any kind of home—new or resale—are eligible for the tax credit. To qualify for the tax credit, a home purchase must occur on or after January 1, 2009 and on or before April 30, 2010. For the purposes of the tax credit, the purchase date is the date when closing occurs and the title to the property transfers to the home owner. A limited exception exists for certain contract for deed purchases and installment sale purchases. See the IRS website for more detail.

However, the law also allows home sales occurring by June 30, 2010 to qualify, provided they are due to a binding sales contract in force on or before April 30, 2010.

Persons who are claimed as dependents by other taxpayers or who are under age 18 are not qualified for the tax credit program.

Read Full Article Here


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The Worker, Homeownership, and Business Assistance Act of 2009 Facts

On November 6, 2009 President Obama signed legislation to help create jobs by providing tax cuts for homebuyers and businesses.

Here are the specifics on the Tax Credits.

First Time Homebuyers Tax Credit Qualifications: up to $8000

1. The $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.

2. The tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase.

3. The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.

4. The tax credit applies only to homes priced at $800,000 or less.

5. The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.

6. For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.

7. For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

Repeat Home Buyer Tax Credit Qualifications: up to $6500

1. To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.

2. The tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase.

3. The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500.

4. The tax credit applies only to homes priced at $800,000 or less.

5. The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010.

6. Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

Article


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Hot Off The Press: Obama Administration Announces Plan for State and Local Governments Finance Agencies

This program was created to increase the finances of working families and allow them to have more access to affordable rental housing as well as home ownership. Washington says it will have great long term effect and have little to no cost to the taxpayer.

Furthermore this program stimulates low mortgage rates and helps low and middle income borrowers to purchase or rent affordable homes for the long haul. This initiative is divided into two separate parts, the bond purchase program and the program to facilitate liquidity. The bond purchase supports new lending. The temporary credit improves access of the Housing Finance Agency (HFA) to liquidity for HFA bonds.

The Department of the Treasury and HUD, together with the Federal Housing Finance Agency (FHFA), Fannie Mae, and Freddie Mac, have developed this initiative to maintain the viability of HFA lending programs and their infrastructure. The two main aspects of this initiative are:

1. New Issue Bond Program. This program will provide temporary financing for HFAs to issue new mortgage revenue bonds. Using authority under the Housing and Economic Recovery Act of 2008 (HERA), Treasury will purchase securities of Fannie Mae and Freddie Mac backed by these new mortgage revenue bonds. The program can support several hundred thousand new mortgages to first-time homebuyers this coming year, as well as refinancing opportunities to put at-risk but responsible and performing borrowers into more sustainable mortgages. The new bond issuance will also support development of tens of thousands of new rental housing units for working families.

2. Temporary Credit and Liquidity Program (TCLP). Fannie Mae and Freddie Mac will provide replacement credit and liquidity facilities available to HFAs that will help reduce the costs of maintaining existing financing for the HFAs. The agreements will serve to help relieve financial strains experienced by HFAs and enable them to continue their important work. Treasury will backstop the GSE replacement credit and liquidity facilities for the HFAs by purchasing an interest in them using HERA authority.

In regards to the tax payer having little effect here is what the white house press release said in their statement. “Pricing under the program will reflect both the cost of any financing required by Treasury as well as a fee designed to cover any risk posed by the HFA. While there is risk that losses could exceed estimates, the fee schedule Treasury has adopted is designed to cover net losses under most stressed conditions and thus would minimize risk to the taxpayer.”

Article


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