Do You Qualify for the First-Time Homebuyer’s Credit?

As most of you know, the first-time homebuyer’s credit has been extended to the end of April 2010. This is great news for Portland home buyers. But the question is: who can get the credit?

The good news is that more buyers are eligible now than before. Even better news is that if you buy a home in 2010, you can claim the credit in your 2009 return. That means up to an $8,000 credit on last year’s tax return. Very cool.

Here is a summary of who can take the credit:

• Purchase must be your principal residence and you must live in the home for at least three years. If you sell or move before that, you must pay back the money to Uncle Sam. If you live in the home for over three years, the money is yours to keep.

Read more

The New Short Sale Rules – It’s About Freakin’ Time!

If you have ever been a party in a short sale transaction, or even know someone that has, you know what kind of nightmare it can be. For the last few years, the banks have been doing everything they can to make a short sale as difficult as humanly possible. They just don’t want to do them, it’s that simple. I have heard that only one in ten short sales are actually completed. Those are bad odds in any casino you go to.

But there is help on the way. The Home Affordable Alternatives Program (HAFA) has just released some new guidelines that are set to take effect in April of 2010. The new rules are designed to help homeowners get out of their property if they are underwater (they owe more on the mortgage than the house it worth). This is great news for all.

Here is summary of some of the points that will have the greatest impact.

• A homeowner will be able to get a short sale approval in advance. This is huge! In the past, the banks wouldn’t even look at a short sale unless there was a buyer with a signed contract. The homeowner, real estate agent and the buyer never even knew if the bank would consider the short sale. The new guideline allows the owner to receive a pre-approval from the bank that includes the minimum net amount it will accept.

Read more

First-Time Home Buyer’s Credit – It’s Not Too Late

If you haven’t taken advantage of the first-time home buyer’s credit to buy your Portland home, don’t fret, you still have some time.  To get the credit, you have to be in a binding contract by May 1st, 2010 and close before July 1st, 2010. So what are you waiting for?

If you are a first-time home buyer you can get a credit of $8000, and you can even take the credit on your 2009 taxes! And this is credit, not a deduction, which means that if you owe no taxes for the year in which you claim, Uncle Sam will write you a check for $8000.

So get yourself in gear. It’s a buyer’s market in Portland which means that you can get a great deal as well as a little cash in your pocket. If you don’t act now you will be kicking yourself later.