The Federal Housing Administration (FHA) has a great new loan program which will allow many potential homebuyers to get into a home with little or nothing down. 

Here’s a snapshot of the program:

Your downpayment is a minimum of 3.5% of the purchase price.  However, a family member may GIFT

you the entire downpayment;

• Your seller may pay your closing costs (up to 6% of the sales price); 
• A family member may co-sign if your income is inadequate for the purchase;
• You must have a minimum credit score of 620;
• The FHA loan will be at a fixed 5% interest rate
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  payable over 30 years  At this rate, your monthly principal and interest payment on a $200,000 loan would be only $1,074;

• There is no prepayment penalty if you sell or refinance;
• The loan is assumable;
• The maximum loan limit in Multnomah County is $417,000;

 With FHA financing, you pay a one-time mortgage insurance premium equal to 1.75% of the loan amount.  As of March 23, 2009, there is also a loan origination fee of .125%.  On a $200,000 loan, this equals $3,800.  On a conventional loan, you would pay a 1% origination fee.  So, the upfront loan and origination fee are about 1% more than with conventional financing.  But, this upfront cost may be paid by the seller at closing. 

You will also have to pay a monthly mortgage insurance premium equal to .55% of the loan amount divided by 12.  On a $200,000 loan, this comes out to $92 per month.  You may be able remove the mortgage insurance requirement once you have 20% equity in the home. 

 There is currently 16.6 months of inventory in the metro area market.  But, this is good news for buyers because it is truly a BUYER’S MARKET

.  With the emerging green economy and the great standard of living, Portland remains an awesome place in which to invest.  Even with slower sales, the average Portland metro sales price went up .4% last month and the median sales price rose by 3.6%. 

 Right now, there are 214 close-in NE, SE and North Portland homes at $200,000 or less.  There are 120 homes in Portland’s west-side at $200,000 or less.  There are DEALS, DEALS, DEALS out there and I’d love to help you take advantage of them.  So, please call or email me if you would like to chat or if I can provide you any information.  The best number to reach me is 503-232-4450

. 

 I hope to hear from you soon.

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• $8,000 Tax Credit in 2009 Recovery Act
• Holly

          Congress just passed the American Recovery & Reinvestment Act of 2009. 

That Act gives taxpayers who have not owned a principal residence within the last 3 years a tax CREDIT of $8,000.  This is not a tax deduction but a dollar for dollar reduction of your tax bill in the sum of $8,000. 

          There are certain limitations.  The purchase must occur within the 2009 calendar year.  The purchase must be of an owner-occupied single family residence.  This includes houses, condos & town homes.  The full $8,000 credit is available to taxpayers with adjusted gross incomes of no more than $75,000 for individual filers or $150,000 for joint filers.  The credit phases out for those with adjusted gross incomes up to $20,000 above those caps.  If the home is sold within 3 years, the entire tax credit must be repaid.   If the home is owned more than 3 years, there is no repayment obligation. 

Why It Makes Sense to Purchase Now

          Current interest rates are being quoted at 4.75% for borrowers with good credit. 

This puts interest rates at their absolute historic low.  The table below shows the average annual interest rates since 1990, which at their lowest averaged 5.97%. 

So you can see that if history is any guide, interest rates are bound to go up to 6% and beyond, once we are out of this recession. 

This data was obtained from national monthly mortgage averages published by HSH Associates, Financial Publishers.  www.HSHAssociates.com.

The table below gives you an idea of the impact a 4.75% interest rate has on principal and interest payments. 

You may be worried about declining home values.  You can see from the above chart if you borrowed $250,000

at 4.75% interest today, your principal & interest payment would be $1,304.  If interest rates went up to 6%, that same payment would get you a $217,500 loan.  If rates went up to 6.5%, that same $1,304 would get you a financing of only $206,250.   So, today’s cheap interest gives you a lot more borrowing power.

          Please check out my other blog posts to learn more about 100% financing and other financing incentives currently available in Portland.  You can chat with me on my blog, email or call me at any time if you have any questions about any facet of the home buying process.  Thanks for visiting my blog!

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Global Insight was commissioned by Greenlight Greater Portland to forecast greater Portland’s (this includes Portland and Vancouver) growth in population and jobs within the next one to five years.  These figures are hot off the press as of December 2008.   For more information, click on this link:   www.greenlightgreaterportland.com.

          In 2009, greater Portland is expected to grow by 1.7%, adding 37,400 additional residents, making it the fastest growing metro area on the West Coast.  We are expected to reach 2.25 million residents by the end of 2009.  From 2009-2013, greater Portland’s population is expected to increase by 6%, adding more than 136,600 residents. 

Our region’s growth is expected to outpace that of Seattle (4.6%), San Francisco (3.5%), San Diego (3.2%) and LA (2.2%). 

          Within the past four years, greater Portland added 87,000 jobs and had the fastest growing employment of West Coast metro areas.  In 2009, greater Portland is anticipated to lose 10,900 jobs (a -1% growth rate).   This leaves greater Portland faring better than San Diego (-1.4%), Denver (-1.5%), San Francisco (-1.7%), Sacramento (-2%), San Jose (-2.1%) and LA (-2.1%). 

However, in the next five years, greater Portland is expected add another 76,000 jobs.  So, even though Portland’s employment is expected to dip in 2009, it is anticipated to rebound nicely after that.  

          What does this mean?  Increased population and job growth means higher demand for housing.

  The Urban Growth Boundary limits the amount of urban sprawl.  Many people are migrating to Portland looking for alternatives to long commutes and wanting to take advantage of Portland’s excellent mass transit system.  With increased demand and limited housing supply, the Portland housing market will continue to provide good investment opportunities. 

          Please give me a call at 503-232-4450 if you would like any information about the Portland home buying process or feel free to chat with me on my blog. 

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• Get $6,000 in Downpayment Assistance!

        This article will give you some general information about Portland Development Commission’s (PDC) Down Payment Assistance Loan Program (DALP).  If you are a qualified homebuyer, PDC will loan you a 20% down payment with no repayment obligation until you rent, sell or refinance your home.  Here’s the deal:

1)                 You must be considered a “first time” homebuyer, which means that you cannot have owned a home in the past three years;

2)                  You must occupy the home;

3)                 Your annual household income must fall within the following guidelines:

Household Size    2 or Less Bedrooms

3 or More Bedrooms

1                

$38,000                         $47,250

                   2                 $43,450                         $54,000

3                 $48,900                         $60,750

                   4                 $54,300                         $67,500

Higher household income limits apply for households of five or more people;

          5)      

You must meet standard first mortgage financing criteria and work with either PDC or a participating lender for financing;

          6)       Your assets can’t exceed 6 months of your principal, interest, taxes and insurance;

7)      

You must be a US citizen or legal resident;

                 You must purchase a single family residence in any of the five following PDC Urban Renewal Areas:  

Downtown Waterfront

Interstate Corridor

Lents Town Center

River District

9)                 Your purchase price can’t exceed $418,750 (this cap may change after 12/31/08); and

10)            You must renovate the home in a minimum amount of 5% of the purchase price within a six month to two year period, depending on which Renovation Option you choose. But, PDC will also loan you that 5% amount at the time of your purchase.  So, the maximum amount PDC will loan you is 25% of your purchase price.

          This loan acts as a silent second mortgage, except you have no obligation to pay a dime of it back until you rent, sell or refinance your home.  At that time, you must repay the loan with 4% simple interest.  If you live in the home for 30 years, the loan is forgiven!

          Because there is no immediate repayment obligation, you now qualify for 20% more home than you would without this Down Payment Assistance Loan.  Right now, interest rates are hovering around 5.5% to 5.75%, assuming good credit scores.  For example, let’s say you can afford a payment of $1,200 per month (excluding taxes and insurance), this would ordinarily get you a home in the $205,000 price range.  With the DPAL program, you can now purchase a home for $246,000, because you have no immediate payment obligation on the first $49,200 of your purchase!   Without this program, your principal and interest payment on a $246,000 home at 5.75% interest would be $1,436, but now is only the $1,200. 

The other benefit of this program is that because PDC is providing your 20% down payment, you are NOT required to have mortgage insurance.   On a FHA loan for example, mortgage insurance premiums typically equal 1.5% of your loan amount up front and then .5% annually. 

So, not paying mortgage insurance premiums will save you a significant amount of money.

       Although this blog attempts to give you an overview of PDC’s Down Payment Assistance Loan program, PDC or one of its participating lenders will be able to provide you more detailed information on this exciting program.  For more information on the DPAL program, you can click on this link:  http://www.pdc.us/housing_services/programs/financial/down_payment_assistance_loan.asp or you can call PDC directly at 503-823-3400. 

Here is a link of PDC’s participating lenders:  http://www.pdc.us/pdf/housing_services/financial/mcc/ParticipatingMortgageCreditCertificateLenders%20English.pdf

The economy is bleak and the news report depressing, but Portland provides a quality of life that attracts huge in-migration.  The statistics say it all: 

Portland is anticipated to grow to 2.5 million people by the year 2040 and Portland’s current growth rate is twice the national average.  This can mean only good things for our housing market. 

At this writing there are over 200 homes currently on the market in the eligible urban renewal districts for less than $250,000.   You can chat with me on my blog or call me at any time if you have any questions about any facet of the home buying process. 

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          The Portland Housing Center is a nonprofit organization aimed at promoting home ownership in Portland.  To learn more about the PHC and its resources for first-time homebuyers, go to www.portlandhousingcenter.org.  The PHC has a FREE home buying orientation the first three Wednesdays of each month, from 6pm to 7pm at 3233 NE Sandy Blvd.   There is no need to preregister, just show up.  For more information, you can also call the Portland Housing Center at 503-282-7744 x 101.

 Amazingly enough, the PHC has a program in which it will match every dollar a

first-time home buyer

saves towards his/her down payment or closing costs with three dollars of its own.  A first-time home buyer is generally defined as

.  Please feel free to chat with me on my blog or call me at any time if you have any questions about the home buying process.

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