News

$7,500 Tax Credit

Congress just Sweetened the POT!

To add to the this Buyer's market that we are in, congress will now be giving first-time home buyers a $7,500 tax credit if they purchase a home.  And to clarify, a tax credit is much more powerful than a tax writeoff. It is a dollar for dollar amount giving back upon filing taxes.
 
Here are some quick guidelines as to who qualifies:
 
First-first time home buyer (or someone who has not owned a home in the prior 3 years), and purchase the home as their primary residence.
 
Buyer's whose individual income does not exceed $75,000  or married couples whose income does not exceed $150,000 (depending on how you file your taxes).
 
Buyer's who purchase a home between April 9th, 2008  and June 30, 2009 (so if you meet the above criteria and have already purchased a home after 4/9/2008- you just got a bonus!).
 
If you have any questions, or IF YOU KNOW OF FAMILY and/or FRIENDS WHO CAN BENEFIT, please call me for complete details.
 
 
Is there a catch?  Yes...  What congress is calling a 'Tax Credit' is more easily understood as an Interest Free loan.  You will be required to pay back the $7,500 during the next 15 years through your taxes.  To learn more, please read the article.
 
John D. Romito, CMPS
Certified Mortgage Planner
(541) 485-8964
 
Below is a link to an article on the current home economy and forecasts of a recovery:

Sister Fannie & Brother Freddie

Here's an interesting fact:  The United States is the only country in the world that can offer a 30 Year, Fixed Mortgage.  Every other country offers some kind of ARM or Balloon loan.  How did we mastermind such an art to be able to offer homeowners 30 year mortgages?  The answer lies with our two friends making all kinds of headline news these days:  Fannie and Freddie.
 
Fannie and Freddie buy mortgages from banks and issue bonds on the bond market using large bundles of mortgages as collateral for these bonds.  Who buys these bonds?  You might want to check your 401(k) or mutual fund accounts.  There's a good chance Fannie and Freddie bonds live there.
 
And isn't that the ironic thing? You can own your own mortgage....
 
This article helps to give a great understanding & make sense of all that you are hearing in the news these days in regards to Fannie & Freddie.

Market Graphs June 2008

Well priced homes are selling. Here are the current stats for our area:

Ignore the Headlines!

Here's a fantastic article challenging the day-to-day fear we constantly get bombarded with from the media.