Weekly Eugene Oregon Real Estate Mortgage Rates Update
Posted by Dennis Pease on Saturday, August 30th, 2008 at 1:04am.
The GDP (Gross Domestic Product), the widest measure of our national economy has seen a revision this morning that indicates that the economy is growing faster than previously thought. However, the growth is directly tied to the stimulus package checks that hit consumers during the 2 nd quarter. So, it remains to be seen what the economy will do over this quarter and next. You know what they say about statistics.
I want to take a moment to clarify the information regarding the $7,500 tax credit for first time homebuyers that I spoke of in the last edition of my weekend report. First let me tell you that this was a bill passed in Congress, and signed into law in July, called the “Housing and Economic Recovery Act of 2008. Let me put this in bullet points to help you through it.
- First time home buyers (buyers who have not had ownership in a residential property in the last 3 years).
- Primary residence transactions that have closed between 4/9/08 and 6/30/09 inclusive.
- A tax credit of 10% of the sales price, OR, $7,500 which ever is LOWER. (Since most 1 st time homebuyers purchase a property less than $750,000 in this area, you need to figure that $7,500 will be their cap).
- This tax credit can be taken on their 2008 taxes that they file in early 2009.
- A tax credit comes right off the top of their tax bill. If they would ordinarily owe $2500 to the IRS, and they utilize this tax credit, the IRS will owe them $5,000.
- IMPORTANT, This tax credit needs to be repaid. It is required to be repaid over the next 15 years, with an annual payment of no more than $500, but no interest is charged.
- This then is NOT up front money. It must be filed for with their tax returns.
- An individual homebuyer must earn less than $75,000 annually, and couples may earn $150,000 annually.
I hope this makes it clearer for you. This is a huge incentive for FTHB's, and they can really benefit from it, if they don't have their sights set on a new 4 wheeler. Well I guess I shouldn't make that judgment, but if your clients may want to actually make something out of that $7,500, have them come see me. I can run scenarios that will make them understand what they have in their hands.
I will be out of town on this long weekend, but my cell phone will always be on. Let meknow if you or your clients have questions on this or any part of the buying process.
The following rates are based on 30 day locks with no discount points, as of this morning. They are not come ons, they are the rates your buyers will most likely get from a reputable lender, regardless of what is advertised. Certainly there are other specialized programs available, depending on the qualifications of the buyer.
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30 year fixed conforming = |
6.375% |
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15 year = |
6.000% |
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|
3/1 ARM = |
6.000% |
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|
5/1 ARM = |
6.125% |
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Jumbo fixed = |
6.625% |
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Jumbo ARM = |
6.875% |
|
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FHA/VA 30 year fixed = |
6.375% |
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Prime rate is currently = |
5.000% |
Authored by Lorin Wamsley, CMPS - Senior Mortgage Consultant, Precision Funding
Phone: 541-681-8787
Dennis Pease - Real Estate Broker invites you to see more Eugene Oregon Real Estate information and All the Area Real Estate Listings. If you are looking for a mortgage consultant, call Lorin at the number above and tell him Dennis referred you.
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Share6 Responses to "Weekly Eugene Oregon Real Estate Mortgage Rates Update"
Hears to the bottom, lets hope and pray that it has been achieved and now we can start to clime again.
p.s. love the look of your blog Dennis.
Posted on Tuesday, February 17th, 2009 at 1:35 AM.
I sure hope we've hit bottom.
Anybody with referrals in Myrtle Beach contact me via email. We pay 25% referral fees at Myrtle Beach Real Estate
Posted on Tuesday, February 17th, 2009 at 1:36 AM.
I really hope we hit the bottom.It is really to make a living from real estate in this recession period.
Posted on Tuesday, February 17th, 2009 at 1:37 AM.
Hey, the WSJ reported on that "Economists think the GDP grew at a 2.3% annualized pace, up from 1% in the first quarter." I know you mentioned that the rebate checks had an effect but it was also the increase in exports. Maybe we've finally hit bottom.
Posted on Tuesday, February 17th, 2009 at 1:38 AM.
With the Fannie & Freddie Government takeover and interest rates projected to drop considerably over the next few weeks, which started today with a nice drop I believe there will be many positive ramifications as a result.
I have been seeing many buyers moving into the Eugene Oregon real estate market recently and with the Government bailout of mortgage giants Fannie Mae and Freddie Mac the winners look to be consumers getting new loans and of course the former CEO's of the companies, but that is for another article.
World markets sighed with relief today with news of the bailout. The losers with be the American taxpayers, but there is nothing new there.
Posted on Tuesday, February 17th, 2009 at 1:39 AM.
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An individual homebuyer must earn less than $75,000 annually, and couples may earn $150,000 annually.
Now that piece of information is something that I did not know! Thanks!
Posted on Tuesday, February 17th, 2009 at 1:33 AM.