It's been a long and challenging series of events for many in these times we live in. It's rare to find legitimate and credible sources of information for consumers that can be relied upon.

Today, Fannie Mae has launched a website called "Know Your Options.com" that aims to be a source of quality information. Please feel free to explore, take advantage of, and pass along to your friends and associates the following link that should be a good source of information for those that most require it. Per Fannie, their goal is:

"Identifying accurate sources of information and finding the right answers can be a difficult challenge for homeowners facing hardship. That's why our goal in creating KnowYourOptions.com was to provide distressed homeowners with a one-stop shop for easy to understand, consumer-friendly information on the range of options for avoiding foreclosures, from refinancing to repayment plans, forbearance, short sales, and deeds-in-lieu of foreclosure".

As always, I am happy to assist you and your friends in need; please feel free to contact me any time. Here's the link:

http://www.knowyouroptions.com

Thank you.

Mark Rieger, Duke Warner Reaty

LOCAL & OREGON NEWS
Bend Makes Another Top 10 List    

‎KBND - 4 hours ago
Terry Denoux, host of Central Oregon Realty Today here on KBND says there are many reasons why Bend is so attractive, but our outdoor lifestyle and great...

Airport Hotel Taking Off At Roberts Field  

‎Alana Audette of the Central Oregon Visitors Association said Monday she ... And for those visiting Central Oregon to attend events like last week's ... 

Oregon wind developers work with environmentalists

PORTLAND — When Pacific Wind Power, a Central Oregon company, decided to build a wind farm 30 miles east of Bend, the father-daughter team developing the ...


Home water system challenges | July 26, 2010

Housing fees to be allocated | July 26, 2010

Powell Butte charter school opening soon

City of Prineville considers utility assistance program

Similar programs exist in Bend and Redmond, but have yet to distribute any funds

Wood stove law to impact home sellers

SB102 will require the removal of uncertified wood stoves before homes can be put on the market

Prineville to gain new broadband hub  

Part of a $16 million federal grant will fund a new fiber optic ring linking Prineville with other Central Oregon communities


Head Start offering application stations in Prineville and La Pine Saturday, July 31

NeighborImpact Head Start is now enrolling children ages 3 and 4 on September 1 in Head Start in Crook and Deschutes Counties. Head Start is a FREE preschool and family support program offered to eligible families. From 11:00 AM to 7:00 PM Saturday, July 31, NeighborImpact Head Start staff will be offering application stations at Pioneer Park next to the courthouse in Prineville - and - LaPine Community Campus Playground at 51605 Coach Road in LaPine to get children registered for 2010-2011 Head Start school year. At these locations, families can fill out applications and have documentation for eligibility verified. NeighborImpact and the USDA and the State of Oregon are equal opportunity providers and employers.                            
 ***Click here to download the official press release**

Chamber votes to buy locally

Crooked River Ranch Roundup

Judge decides water co. remains corporation

Metolius Protection Act Gets Tested

‎Erik is the executive director of Central Oregon LandWatch. ... The proposal is for a 15-unit subdivision of privately-owned single family detached homes up ...

Congress extends unemployment payments

Federal emergency unemployment compensation will be available until Nov. 30

Central Oregon Unemployment Rates Dip Slightly

‎BEND, OR -- Despite fewer jobs added than a typical June, all three Central Oregon counties reported lower unemployment rates last month. ...

NSP Update, OHCS Comments on Federal Housing Finance System
A new Director's Message is available here

More: Homebuyer Tax Credit Extension

 
National Flood Insurance Extended

Also at the last minute, on June 30th the Senate passed the National Flood Insurance Program Extension Act of 2010, which extends flood insurance until September 30, 2010, and will allow transactions to move forward. The bill is retroactive and covers the lapse period from June 1, 2010, to the date the extension is enacted.

More: National Flood Insurance

As always, if you have any questions, or if you or anyone you know needs some professional real estate assistance, please give me a call. I'm here to help.

Very clean and well maintained one level home in quiet Sunpointe Community.  Close to shopping and St. Charles Medical Center.  Nice kitchen with gas cooking, spacious master bedroom, sprinkler system and fenced on 3 sides.  This is a great home for a great price!

One of Forest Green's finest townhomes backing on to hole #1 of the Challenge Course on the Ridge at Eagle Crest.  Move right in or use as an investment property.  Comes fully furnished!  New slate flooring in the entry, kitchen, dining  and powder rooms.  Great deck for the barbeque's after a long day of golfing, biking or just lounging around on the pools!

Home Sweet Home Program For First-Time Homebuyers

Press Release Source: National Association of Realtors On Monday April 5, 2010, 10:00 am EDT

WASHINGTON, DC--(Marketwire - 04/05/10) - Pending home sales rose in February, potentially signaling a second surge of home sales in response to the home buyer tax credit, according to the National Association of Realtors®.

The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in February, rose 8.2 percent to 97.6 from a downwardly revised 90.2 in January, and remains 17.3 percent above February 2009 when it was 83.2. The data reflects contracts and not closings, which usually occur with a lag time of one or two months.

Lawrence Yun, NAR chief economist, said the improvement is another hopeful sign. "The rise in buyer contact activity may signal the early stages of a second surge of home sales this spring. The healthy gain hints home prices are continuing to flatten," he said. "We need a second surge to meaningfully draw down inventory and definitively stabilize home values."

The PHSI in the Northeast rose 9.0 percent to 77.7 in February and is 18.9 percent higher than February 2009. In the Midwest the index jumped 21.8 percent to 97.9 and is 18.7 percent above a year ago. Pending home sales in the South increased 9.2 percent to an index of 107.0, and the index is 17.5 percent higher than February 2009. In the West the index fell 4.8 percent to 98.0 but is 14.6 percent above a year ago.

"Anecdotally, we're hearing about a rise of activity in recent weeks with ongoing reports of multiple offers in more markets, so the March data could demonstrate additional improvement from buyers responding to the tax credit," Yun said.

The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.

*The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.

The index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity parallels the level of closed existing-home sales in the following two months. There is a closer relationship between annual index changes (from the same month a year earlier) and year-ago changes in sales performance than with month-to-month comparisons.

An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined as well as the first of five consecutive record years for existing-home sales.

Existing-home sales for March will be reported April 22 and the next Pending Home Sales Index will be on May 4; release times are 10 a.m. EDT.

Information about NAR is available at www.realtor.org. This and other news releases are posted in the News Media section. Statistical data, tables and surveys also may be found by clicking on Research.

REALTOR® is a registered collective membership mark which may be used only by real estate professionals who are members of the NATIONAL ASSOCIATION OF REALTORS® and subscribe to its strict Code of Ethics. Not all real estate agents are REALTORS®. All REALTORS® are members of NAR.

Don't forget to contact me if you or anyone you know is looking to buy or sell real estate in Central Oregon. I am here to help!

Thanks. Enjoy the article below.

5 credit score killers

By Blake Ellis, staff reporter March 23, 2010: 8:17 AM ET

NEW YORK (CNNMoney.com) -- As banks shy away from making risky consumer loans, a mediocre credit history just won't cut it anymore. To get the best rates on mortgages, credit cards and auto loans, you need a killer score.

Your FICO score is a numerical measure of your creditworthiness that ranges from 300 to 850. While there are a few different credit scoring systems available, it's the FICO score, created by the Fair Isaac Corporation, that most lenders look at when they check your credit.

Lenders have already raised their standards by about 20 to 40 points this year, according to Barry Paperno, consumer operations manager at FICO. So while a score in the 720 to 740 range would have gotten you the best rates on a mortgage in the past, you now need a score of at least 760 to snag the best loans.

"Requirements are higher than in the past so you're going to have to be more diligent this year," said Paperno.

FICO focuses on five categories when calculating your score: How much debt you have, your payment history, your debt utilization ratio (how much you owe in relation to your credit limits), how far back your credit history goes and your mix of various types of credit.

Here are a few things that can wreak havoc on your score and wreck your chances of getting an affordable loan:

1. Making late payments

A single late payment on a credit card or other loan could ding your score by as much as 110 points if you already had a great score and 80 points for someone with an average score. So the best thing you can do to improve your score is make payments on time.

"This continues to be the number one reason scores are lower," said Paperno. "In addition to being a heavily weighted part of your score, if you're late on a payment, it's going to continue to appear on your credit report for about seven years."

If you've made mistakes in the past, you can't change them, but you can outlive them. The longer it's been since you were late on a payment, the less of an impact it will have on your score, but "your history does follow you," said Paperno.

Since payment history accounts for about 35% of your total score, it's really important to start paying on time.

2. Carrying a big balance

Your debt utilization ratio accounts for almost 30% of your score. So carrying too much debt will not only cost you a fortune in interest, it can also destroy your credit rating.

"The best thing to do is pay your bills on time and pay as much of the balance as possible to try to keep your debt utilization ratio down and raise your credit score," said Bill Hardekopf of Lowcards.com.

As part of the CARD Act that went into effect last month, credit card issuers must now include a chart with your bills that shows how long it will take to pay off your balance if you only make the minimum payments. The chart will also display how much you need to pay each billing cycle in order to completely pay off your balance in three years.

Hardekopf thinks the new information will be a huge wake-up call for most consumers, and even he was alarmed by the calculations on his own statement.

"It was shocking," he said. "This is going to have a dramatic effect on how much people are paying when they see it in black and white, and will be a positive move for their credit score."

3. Closing a credit line

As credit card companies jack up interest rates and add inactivity fees to compensate for lost revenues, it's tempting to just close your accounts.

But closing a line of credit could impact your debt to utilization ratio, said Hardekopf.

For example, if you have two credit cards with a limit of $1,000 each and a $400 balance on one card, closing the other account will immediately double your debt to utilization ratio from 20% to 40%.

But the negative effect varies greatly. Closing one card could have a very small impact if you have lots of other high-limit cards.

You can also counteract some of the impact by opening up a new line of credit. But beware: that can also impact your score.

4. Opening a credit line

"When you open a new account, you'll knock some points off your score," said Paperno. "The reason why is that the people who open new accounts tend to be of a higher risk level immediately after opening a new account."

In order to open a new account, a credit card company will need to check your credit, and a typical "hard" inquiry like this will lower your score by about five points, plus the cost of opening a new line of credit typically ranges from five to 15 points.

But the temporary ding only lasts about six months, so if you're in a stable financial situation, the score reduction could be worth it, said Paperno.

"You can look at it as a long-term strategy and go in with the idea that you might lose a few points now but in the long run you might be better off because you'll have more credit available," he said.

5. Defaulting

Defaulting on a loan is the single worst thing you can do for your credit, said Rex Johnson, founder of credit union consulting firm Lending Solutions Consulting. And given the down economy, more people are damaging their credit scores through foreclosures, credit card charge offs and bankruptcies.

A home foreclosure, for example, might dock about 200 points off your score and a short sale could cost you around 80 to 90 points, said Johnson. Declaring bankruptcy could lower a good score of 750 by up to about 250 points, Johnson said.

While most negative information stays on your report for seven years (bankruptcies can stay on for 10 years), it's never too late to start rebuilding your credit.

"People have been hit hard by the economy and those who had really good scores now have scores in the 500s and want to just give up," Johnson said.

But certain good behaviors like making on-time payments, taking out a small loan and paying it off and keeping a low balance, can get your score back up in the mid-600s or low 700s in a little over 2 years, said Johnson.

As Pressure Mounts, Bank of America Plans Principal Reductions for Underwater Homeowners

This morning, Reuters has reported that Bank of America has announced a program that will offer what the bank is calling an “earned principal forgiveness” of up to 30 percent for homeowners owing more than 120 percent of the value of their homes.

Bank of America says the plan will be available to homeowners nationwide beginning in May of this year.  It is certainly the first program of its kind to be announced by such a large financial institution in the sense that it takes a “systematic approach to reducing mortgage principal in an effort to tackle the thorny issue of preventing foreclosures when home values drop well below the amount owed”.

Here’s how the program will work, according to the bank:

• Forgiveness of principal will be offered in two stages for the riskiest loans, including sub-prime loans and loans which offered borrowers multiple options for how much to pay each month. 30-year fixed rate loans will NOT be eligible for the program.
• Bank of America will offer qualified homeowners an interest-free forbearance of principal that the homeowner can turn into forgiven principal annually over five years, provided they stay current on their mortgage payments.  Over the five-year period, homeowner can bring their loan values back down to 100 percent of the home’s market value.

According to Barbara Desoer, who is the president of Bank of America Home Loans, said the following:

“At the same time earned principal forgiveness helps homeowners, it also recognizes and addresses the interests of mortgage investors by ensuring that forgiveness is tied to the homeowner’s performance, reducing the probability of a future default under the modified terms, and adjusting the total amount to be forgiven in light of any gains in property values that might occur in an economic recovery.”

I think what that means in reality is that the bank is finally admitting that property values have fallen, well… for good.  No, not forever… but for a long, long time.  Sure, they’re still allowing for the possibility of home price appreciation in the next five years, but they’re hedging their bets just in case that doesn’t happen.

You see, that’s what the phrase “re-default risk,” when used in conjunction with a loan modification, is all about.  Re-default risk isn’t about a homeowner not being able to pay the modified payment in future years, it’s about the homeowner coming to their senses in future years and walking away from an underwater mortgage.

Of course, it’s worth mentioning that Bank of America’s new principal reduction program has not come as a result of the bank simply seeing the light on its own.  The pressure has been mounting and undoubtedly will continue to increase.  U.S. lawmakers and housing advocates continue to be increasingly vocal about the need for principal write-downs in order to stop the housing carnage on a national scale.

According to Reuters:

“Amid stubbornly high unemployment, homeowners are seen as more likely to simply abandon an unaffordable mortgage when they have no equity or are deep ‘underwater’ on the loan.”

Two days ago, Washington state residents filed a lawsuit against Bank of America for reneging on a promise the mega-bank made to modify mortgages when it took $25 billion in taxpayer bailout money.  According to Reuters, the lawsuit alleges that Bank of America has “seriously strung out, delayed and otherwise hindered” loan modifications because it had financial incentives to do so.

And today, Massachusetts Attorney General Martha Coakley obtained a $3 billion settlement from Countrywide/Bank of America that is to provide loan forgiveness to approximately 45,000 Massachusetts homeowners.  And that, is they say, is only the tip of the iceberg, in terms of pressures being brought to bear on Bank of America in addition to numerous other financial institutions.

Will it work?  Will Bank of America’s best laid plans turn out as planned?

I have no idea, and certainly this is not a bank in which my personal confidence in their competence, shall we say, overflows.  In fact, as a good friend of mine said on his first day at work, after accepting a fairly senior level position with Bank of America this past year… in response to my asking how he liked his new job: “There’s no adult supervision and the left hand doesn’t know what the right hand is doing.”

Reuters closed its story announcing the new Bank of America program with the following:

“A $75 billion Obama administration program aimed at helping struggling homeowners avoid foreclosure was sharply criticized on Tuesday by a watchdog, which said the program has been oversold and is likely to be a failure when it wraps up in 2012.”

Likely to be a failure in 2012?  Ya’ think?  These guys should write for Leno.

http://www.nahb.org/generic.aspx?genericContentID=113316

As always if you or anyone you know is looking to buy or sell real estate in the Central Oregon area, please let me know.

 http://www.cnbc.com/id/35762827

November 6, 2009, Congress voted to extend and expand the First-Time Home Buyer Tax Credit program.  There’s 63 days left to claim it.

The expiration date of the up-to-$8,000 tax credit has been pushed forward to spring, requiring homebuyers to be under contract for a home no later than April 30, 2010, and to be closed no later than June 30, 2010.

In addition, “move-up” buyers were also added to the program’s eligibility list meaning you don’t have to be a first-time home buyer to be eligible for the tax credit.  If you’ve lived in your home for 5 of the last 8 years, you meet the IRS requirements.

Move-up buyers are capped at a total tax credit of $6,500.

The tax credit’s basic eligibility requirements remain the same:

• You can’t purchase the home from a parent, spouse, or child
• You can’t purchase the home from an entity in which they’re a majority owner
• You can’t acquire the home by gift or inheritance
• All parties to the purchase must meet eligibility requirements

The new law includes some notable updates, however.

First, the subject property’s sales price may not exceed $800,000. Homes sold for more than $800,000 are ineligible.  And, also, household income thresholds have been raised to $125,000 for single-filers and $225,500 for joint-filers.

And lastly, don’t forget that the program is a true tax credit — not a deduction.  This means that a tax filer who’s eligible for the full $8,000 credit and whose “normal” tax liability totals $5,000 would receive a $3,000 refund from the U.S. Treasury at tax time.

The complete list of qualifying criteria is posted on the IRS website.  Review it with a tax professional to determine your eligibility.  Then mark your calendar for April 30, 2010.

There’s just 63 days to go!

E-mail 

IRS clarifies the tax-credit paper chase

Despite back-to-back snowstorms that shut federal offices for days, the Internal Revenue Service issued new guidance last week on the two tax-credit programs that are powering the country's real estate markets -- the $6,500 credit for repeat buyers and the $8,000 first-time-buyer credit.

Filing Requirements - http://www.irs.gov/newsroom/article/0,,id=204671,00.html

2009 Tax Return

Because of the documentation requirements for claiming the credit, taxpayers who claim the credit on their 2009 tax return must file a paper — not electronic — return and attach Form 5405, First-Time Homebuyer Credit and Repayment of the Credit (see the instructions for help with the form), and a properly executed copy of a settlement statement used to complete the purchase.

• Purchasers of conventional homes should include a copy of Form HUD-1, Settlement Statement, or other settlement statement, showing all parties' names, property address, sales price and date of purchase.
• Purchasers of mobile homes who are unable to get a settlement statement should include a copy of the executed retail sales contract showing all parties' names, property address, purchase price and date of purchase.
• Purchasers of newly constructed homes where a settlement statement is not available should include a copy of the certificate of occupancy showing the owner’s name, property address and date of the certificate.

Note Regarding Signatures: While the Form 5405 instructions indicate that a properly executed settlement statement should show the signatures of all parties, the IRS recognizes that the elements of the settlement document, often a Form HUD-1, may vary from jurisdiction to jurisdiction and may not reflect the signatures of the buyer and seller. The settlement statement that must be attached to the return is considered to be properly executed if it is complete and valid according to local law. In locations where signatures are not required the IRS encourages the buyer to sign the settlement statement prior to attaching it to the tax return even in cases where the settlement form does not include a signature line.

Long-Time Residents: The November 2009 legislation extends the credit to long-time residents of the same main home if they purchase a new main home. To qualify, eligible taxpayers must show that they lived in their old homes for a five-consecutive-year period during the eight-year period ending on the purchase date of the new home. For long-time residents claiming the credit, the IRS recommends attaching, in addition to the documents described above, any of the following documentation of the five-consecutive-year period:

• Form 1098, Mortgage Interest Statement, or substitute mortgage interest statements,
• Property tax records or 
• Homeowner’s insurance records.

check it out: http://www.fanniemae.com/newsreleases/2010/4923.jhtml?p=Media&s=News%20Releases

Let me know if you have any questions. More to follow...

* If you have a pending transaction and are planning to obtain this tax credit – please notify your Escrow Officer right away. This will help aid in getting the escrow authorization forms signed through closing (while we transition with this requirement).

IRS Releases New Forms, Instructions

The IRS has released IR-2010-006 providing a revised Form 5405 to reflect the changes to the tax credit made in the extension and expansion legislation enacted in November 2009. The release reminds taxpayers that all tax returns claiming the tax credit must be filed manually (i.e., they cannot utilize the IRS E-File automatic system). The revised form includes a section for those repeat buyers who are eligible to claim the $6500 tax credit. The HUD-1 or evidence of the transaction must be filed with all returns claiming the credit (both the $8000 and $6500 credits). Individuals who claim the repeat buyer credit must also provide evidence that they have owned and used the prior residence for five consecutive years. The instructions indicate that property tax or homeowners insurance records are sufficient for this purpose.

Click here for:

IRS release, instructions, and forms

The Home Buyer Tax Credit

Can a Buyer Still Qualify If He/She Closes After April 30, 2010?
Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.

As always, if you or anyone you know is looking to either buy or sell real estate anywhere in Central Oregon, please let me know.

WASHINGTON - The Federal Housing Administration (FHA) is raising fees and tightening lending standards to shore up its strapped finances and avoid a taxpayer bailout. The government agency has seen its losses rise with the foreclosure rate. Its reserves have sunk below the minimum level required by Congress. A healthy FHA is vital for the housing market because it insures roughly 30 percent of new loans, and is the largest backer of mortgages to first-time buyers.

The changes, which will go into effect in the first half of the year, "are among the most significant steps to address risk in the agency's history," FHA Commissioner David Stevens said in a prepared statement.

The FHA does not make loans, but rather offers insurance against default. Borrowers are willing to pay for the insurance because FHA loans only require down payments of 3.5 percent of the purchase price — and that didn't change.

The new policies, to be announced Wednesday, are designed to bring more revenue into the agency, while at the same time keeping loans available.

Under the changes, homebuyers will:

• Pay an upfront mortgage insurance premium of 2.25 percent of the total loan amount, up from the current level of 1.75 percent. A borrower taking out a $200,000 mortgage would pay a $4,500 fee, for example, rather than the current fee of $3,500. Borrowers will still be able to wrap these fees into the total amount borrowed. FHA officials also plan to ask Congress to increase the maximum annual premium that FHA can charge.
• Need a credit score of at least 580 to qualify. Many FHA lenders already require a higher score, but there had been no standard requirement across the program. Borrowers with a score lower than 580 will need a down payment of at least 10 percent.

The changes come as borrowers with loans backed by the agency have increasingly been falling into default. More than 18 percent of FHA borrowers are at least one payment behind or in foreclosure, compared with 14 percent for all loans, according to the Mortgage Bankers Association.

If you have any questions, or if you or anyone you know is looking to buy or sell real estate in Central Oregon, please let me know. I'm here to help.

So what will 2010 bring you ask? It remains to be seen what long term effect current policies will have on mortgage interest rates; it is very dependent on how well those policies work, how quickly we can burn through distressed inventory, and what happens if/when inflation kicks in. For certain we are in unprecedented times, so what we see today could be different tomorrow as World events (economies, terrorism, etc) now affect our markets more than ever before, and will continue to do so.

My predictions? Interest rates will likely remain low for the immediate future, especially since Fannie & Freddie have essentially been Nationalized; you & I are subsidizing low interest rates in hopes of stimulating the housing markets. Beyond about 6 months from now much could change. The short term trend over the past 30 days has been upward however, but overall, still very low.

There has been an amazing recovery of the U.S. dollar’s exchange rate against the currencies of most other major economic powers. According to information I received from B of A, as of last week, the dollar had regained all losses against those currencies since September of this year. What has fueled this resilient strength? The primary force is a belief that the economy is moving toward an increasingly sustainable recovery. This belief has had its ups and downs in recent months, of course, creating something of a roller coaster ride for interest rates (within a relatively narrow channel) and for commodity prices.

But there is more at work here. The unavoidable issue, even for those who have been certain that the dollar would continue to lose its exchange value, is that many foreign currencies look far worse than does the dollar and their countries’ economies appear to be far more tentative than ours. By contrast, the U.S. economy looks relatively strong.

Housing values, and an overall rebound in the housing market will occur…but when? Again, distressed inventories are affecting this big time, so much will depend on that. One thing is certain; every down-turn in the US economy has been followed by an up-turn; often the actual up-turn is in proportion to how bad the down-turn was. If that holds true we should see a better 2010 than 2009 in housing, followed by another increase in 2011, and again in 2012. I personally believe we will not return to boom times anytime soon, and hope for a slow and steady, sustainable, long-term recovery.

I hope this provides some assistance to you as we go forward into another year of a market that promises to be interesting and challenging! As always, if you or anyone you know is looking to Buy or Sell a home in Central Oregon, please feel free to give me a call at 541-923-3853.

Here’s to a better year for us all, and please enjoy a Happy & Safe New Year!

I’m here to help you with your Real Estate needs. If you have any questions, or if you want to look further into how easy it may be for you to buy or sell a home in Central Oregon, please let me know.

The Worker, Home Ownership, and Business Assistance Act of 2009 has extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. It also authorized a tax credit of up to $6,500 for qualified repeat home buyers. Get all the answers you need about the tax credit and the new addition to the tax credit by clicking on the appropriate link below. This has opened up the door for more and more people to take advantage of this possibly one time opportunity to get paid to buy a house. Please let me know if I can help you or anyone you know who may be looking to buy or sell a home in Central Oregon.

• Frequently asked questions about the $8,000 first-time home buyer tax credit.
• Frequently asked questions about the $6,500 tax credit for repeat home buyers.