Alpine Million Dollar Stimulus Challenge

Posts Tagged ‘Million Dollar Stimulus Challenge’

The First Time Home Buyer Tax Credit deadline gets closer every day. To illustrate the limited time remaining, this recent report from myFox in Florida interviewed a First Time Home Buyer and her Mortgage Banker, Chris Brown, the author of Mortgage Chili Blog, a mortgage professional in Orlando. This is one of the best reports on the Tax Credit that we have come across. 

We know there are a lot of people that think the tax credit will be extended and, though possible, this news from the House of Representatives may make that even less likely. The House passed a bill 416 to 0 to extend the tax credit for 6 months. This is what people have been expecting and lobbying for, but there is a twist, this only applies to services members that served a minimum of 90 days overseas in 2009.

This is a great deal for our service members, but makes the probability that Congress will not extend the tax credit for other First Time Home Buyers a bit higher. This bill still needs to be passed by the Senate before it can be sent to the President, but it should sail through with very little disagreement.

If you need assistance in getting started purchasing your first or subsequent home, call one of our Mortgage Advisors  today at 541-342-7576. The time really is running out for the Tax Credit.

We continue to get reports that an extension or a re-vamping of the First Time Home Buyer Tax Credit is being considered. However, at this point in time, the credit is due to expire at midnight on November 30, 2009. Additionally mortgage interest rates have been hovering near the low points and this could be the perfect time to buy.

In recent testimony with the Congressional Small Business Committee, NAR (National Association of Realtors®) that the best thing for the housing market was to extend the tax credit. They also stated that one of the worst things for the housing market was the HVCC (Home Values Code of Conduct).

I don’t know if it will help, but they are trying to keep the housing market moving. So are we with our Stimulus Challenge. To find out more about how you can help our local housing by becoming a First Time Home Buyer, call our office and talk to one of our Mortgage Advisors at 541-342-7576. We will be happy to help you.

In a letter to a Eugene Oregon area Realtor®, Congressman Peter DeFazio had this to say about extending the First Time Home Buyer Tax Credit:

There are over a dozen bills currently proposed in Congress to extend the tax credit or expand it, including legislation to extend the credit until June of 2010. In the House of Representatives, there is a rule that requires legislation to be deficit neutral. This was waived for ARRA and thus did not apply to the current $8,000 first-time homebuyer tax credit. The popularity of the tax credit has driven the cost close to $15 billion this year, nearly three times the estimated cost when it became law. Any extension of this tax credit needs to be paid for, and thus far no acceptable offset has been identified.

It seems pretty clear to me that Congressman DeFazio is against extending the FTHB Tax credit in its current form. It has always been my opinion that the congressman was a mostly fiscal conservative and it is easy to see his reasoning in this area. The expansion of the tax credit to include more than first time home buyers was also addressed in the letter.

There is also legislation that would provide a $15,000 tax credit to all home buyers, regardless of income, which is estimated to cost $50 to $100 billion annually. This expansion of the tax credit is even more difficult to offset.

It is my opinion that the Congress will not extend the tax credit and people that are waiting to see if they will, might be waiting too long to get started on a purchase to take advantage of the current program. Right now, the FTHB tax credit will allow the home buyer to either amend their 2008 tax returns and get the rebate in about 2-3 weeks or file with their 2009 tax return and either offset taxes due or get the rebate then. I was impressed with the following information from Congressman DeFazio:

A recent treasury report, released early in September, showed that 3,500 Oregonians have amended their 2008 taxes to access this credit immediately. The combination of increased affordability of home prices, low interest rates, and the tax credit has helped housing sales

So, now you know how our local Congressman feels about the tax credit, isn’t it time you got ready to take advantage of the program? Call us today at 541-342-7576 and ask to speak with one of our Mortgage Advisors. The program is in its last two months, are you going to miss out?

Springfield Home Ownership Program added an grant program to assist First Time Home Buyers in the purchase of foreclosed properties in the City of Springfield Oregon. The program will give First Time Home Buyers purchasing a foreclosed property an additional $4,000 grant for down payment and/or closing costs as long as they qualify for the Springfield Home Ownership Program (SHOP). The SHOP program provides up to $10,000 in interest and payment free money for the purchase of a home in the City of Springfield.

The program is designed to encourage home ownership in Springfield by assisting low and moderate income residents with the purchase of their first home. For example, a family of four can have a household income of up to $45,750. Additionally, the home must be located within the Springfield City Limits and must be either owner occupied, vacant or rented by the recipient.  The program will not allow a renter to be moved out of a home to sell it. There are other requirements to qualify for the program which will be discussed at one of the upcoming seminars.

Come to Alpine Mortgage Million Dollar Stimulus Challenge First Time Home Buyer seminar Thursday or Saturday to find out more about the programs. Call Carole at 541-342-7576 for more information about the seminar or to schedule attendance. Space is limited, reservations are required.

Time is running out for Eugene, Springfield and Lane County First Time Home Buyers to take advantage of the First Time Home Buyer Tax Credit of $8,000. In a recent post, CNN Money said exactly the same thing we have been saying, maybe with a bit more urgency, in their  Special Report. The First Time Home Buyer Tax Credit is set to expire on November 30, without action by Congress and Alpine Mortgage is trying to get 125 new First Time Home Buyers to take advanage of the tax credit with their Million Dollar Stimulus Challenge with the cooperation of their Realtor® Partners.

Les Christie, CNNMoney.com staff writer had this to say:

The bad part: It ends on Dec. 1.

Because it usually takes around 90 days to close on a house after a contract is signed, buyers have very little time left to act. As of Thurs., Aug. 27, there were only 96 days left before the credit ends.

Additionally, the article pointed out that in some areas, many of the prime properties had already been snapped up. We are getting reports of increased sales in many areas around the U.S. and it appears that this is also happening in Lane County. There are a lot more pending sales from what I am seeing. Also, Alpine Mortgage Planning is sponsoring a series of First Time Home Buyer seminars, the first of which takes place Thursday. Follow this link for all of the information about the seminars. Alpine has promoted a challenge to close 125 First Time Home Buyer loans before the expiration of the program.

I would also like to point out that many people think they can take advantage of the tax credit on a short sale purchase. However, short sales require the approval of the lien holder and many times that approval does not come through for several months. Home buyers don’t have “several” months to work with now. There is also talk about the extension of this program, however, the bills that would do this are all in committee in the House and most bills die in committee.

Although the article focused on the U.S. as a whole, it is obvious that the Eugene, Springfield, and Lane County area are part of the same level of purchase activity. Also, talking to our Realtor® Partners, slow responses on Short Sales are the norm. However, when working on foreclosures, they are normally a lot swifter results. If you have any questions about how to proceed with getting “pre-approved,” please give one of the Alpine Mortgage Advisors a call at 541-342-7576 or e-mail.

Alpine Mortgage Planning’s goal of enlisting 50 Realtor® Partners in their $1,000,000 Stimulus Challenge reached the half way mark with addition of several new partners. Realtors® are responding to the call that will bring a million dollars to the Eugene/Springfield area in the form of 125 First Time Home Buyer (FTHB) Tax Credits over the next three months.

“Time is running out,” reminds Denise Cuddeback Montgomery, Alpine Eugene Manager. “We really need to have people under contract by Nov. 1 to be fairly  certain of getting the sale funded by the tax credit deadline.”  Alpine has challenged other lenders in the Lane County area to bring it on and match their commitment to the program and also donate $100 to Habitat for Humanity for every FTHB loan closed before the deadline.

Check out the Realtor® Partner page on this website to see who the latest additions to the challenge will be. If you are interested in learning more about the FTHB programs, there are three seminars scheduled to explain some of the special programs available for FTHBs. Read about them here. To reserve a spot in one of the seminars, contact Carole Sylliaason, Alpine Mortgage Planning, 541-342-7576, fill out the form at the top of the page or e-mail her.

One of the special programs being discussed at the Alpine First Time Home Buyer (FTHB) Seminars next week will be the Neighborhood Stabilization Plan (NSP). The NSP is a community loan designed to assist buyers in financing a REO (Real Estate Owned – Foreclosure) home in eligible areas that have been hard hit by foreclosures. Although not specifically a First Time Home Buyer Program, it is available for moderate income households which are often FTHBs.

The dark areas showing on the map link show the areas this program is designed for. Much of Springfield, part of Eugene and a lot of Lane County are in the dark area. 

Additional information will be covered about this program and how to qualify for it at the seminar. Please register today, either by phone or the registration form on this site.

If you want more information about this program or any other lending program, give call at 541-342-7576. This is one of the down payment assistance programs that will be covered at the Alpine First Time Home Buyers seminars scheduled next week. Get more information here.

As part of the Alpine Million Dollar Stimulus Challenge, the first three First Time Home Buyer (FTHB) seminars have been scheduled to give prospective borrowers a chance to find out the programs that are available to help them with the process of finding and closing escrow on a home prior to the November 30, 2009 cutoff for the FTHB Tax Credit. Unfortunately, the program is currently set to expire at midnight on November 30 and that means that any purchases to qualify for the program must be closed and funded prior to that time limit.

The first two seminars for FTHBs are scheduled for Thursday, Sept. 10 at 3 p.m. and 6 p.m. at the Courtyard by Marriot located at 3443 Hutton Street in Springfield. There should be ample parking here and at Springfield City Hall.

Courtyard by Marriott

The third seminar is being held at Springfield City Hall starting at 12:30 p.m. Saturday, Sept. 12.

Springfield City Hall

Call 541-342-7576 Today

First Time Home Buyer

Seminar Reservation

Space is Limited

Representatives of Alpine Mortgage Planning will be conducting the seminars with the assistance of their Realtor® partners. Special programs like the Eugene Homeowner Assistance Program and the Springfield Home Ownership Program and the Neighborhood Stabilization Program will be addressed. To schedule attendance at one of these seminars, contact Alpine Mortgage Planning, 541-342-7576 to get registered. Althought there is no cost for the seminar it may be of exceptional value.

Senior Mortgage Advisor Fred Chamberlin funded the first loan in the Alpine Million Dollar Stimulus Challenge today. Michael and Lorna are the first homebuyers making it to the tracking thermometer on the right side of the blog. This home was located in Lane County, not Eugene or Springfield but is a first time home buyers transaction. Only 124 more to go! Fred has committed $100 to Habitat for Humanity as part of the challenge.

Using an FHA Insured loan to help the clients into their first home together, Fred forecasts that he will be hitting the tracking again shortly. “I am really behind this challenge,” said Fred, “and I want every first time home buyer candidate to really explore their options before this program goes away.” The program allows up to $8,000 in tax credit for first time home buyers. This is an exceptional program that will be going away November 30 without intervention from Congress.

To get you started on the road to home ownership, please call one of the loan advisors listed on the loan advisor page, or call Alpine Mortgage Planning at 541-342-7576/866-916-7576 toll free. Our Realtor® Partners will happily show you the home of your dreams. More partners will be added daily.

Eugene and Springfield area Realtors® have thrown their names into the Alpine Million Dollar Stimulus Challenge. We don’t have 50 yet, but since we just started on Friday, this is a pretty good showing. The first Realtors® are:

Lori Palermo

Principal Broker
Fairway Real Estate
541-746-3498
loripalermo@comcast.net
Partnered with Fred Chamberlin

Mary Bennett

Principal Broker
Bennett & Dean Real Estate
541-343-0648
Bennett854@comcast.net
Partnered with Fred Chamberlin

Kelly Keller

Broker
Windermere Real Estate
541-465-8119
kellyk@windermere.com
Partnered with Denise Cuddeback Montgomery

John Coots

Broker
Prudential Real Estate Professionals
541-342-7625/541-302-4457 Cell
johncoots@prurep.com
Partnered with Fred Chamberlin

Kim Swenson

Broker
Re/Max Integrity
541-284-8026
kswenson@remax.net
Partnered with Denise Cuddeback Montgomery

Margaret Kneisler

Broker
Century 21 Action Realty
Cell: 541-337-5534
margaretc21@gmail.com
Partnered with Fred Chamberlin

David Smid

Real Estate Broker
REMAX Integrity
(541) 984-5415 Direct, (541) 868-8294 Fax
david.smid@remax.net
Partnered with Casey Lown