The Vaux – One Bedroom Condo $320,000

Come see the 3^rd floor Mt. St. Helens view. Kitchen with premium appliances & granite slab countertops. Hardwood floors throughout. Stone floors and tile in Bath. Wall of North-facing windows overlook neighborhood. Master bedroom walk-in closet with Portland Closet built-ins. Balcony. W/D included. Garage parking and large storage unit.

New US Program: Making Home Affordable

Freddie Mac

HUD

Call Bruce Howard, Regional Sales Manager @ Landover Mortgage

503-201-2083

Fax: 866-788-1010

brucehoward@landovermortgage.com

www.landovermortgage.com/brucehoward

2009 Economic Stimulus Package

We wanted to let you know just three ways that the 2009 economic stimulus plan will benefit those that own or are buying a home.

1. Expansion of First-time Home Buyer Tax Credit
The tax credit available to first time home buyers was increased from $7,500 to $8,000 for homes purchased between January 1, 2009, and December 1, 2009. Also, the credit no longer needs to be paid back as long as you live in the home without selling it for at least 3 years. The income limitations remain the same ($75,000 for single tax payers claiming the full credit and $150,000 for married tax payers). Also, the credit remains refundable. This means that first-time home buyers who owe less than $8,000 in taxes for the year are still eligible for the full $8,000 credit when they file their tax returns. There is one catch, however: if you bought the home in 2008, the credit remains $7,500, and it still needs to be paid back over a 15 year timeframe beginning in 2011 when you file your 2010 returns.

2. Higher Reverse Mortgage Loan Limits
The loan limits for FHA-insured reverse mortgages have been increased to $625,500 across the entire country – not just the higher cost areas. The previous limit was $417,000 across the country. This is especially important because the FHA program is virtually the only game in town as private and jumbo reverse mortgage programs have nearly all evaporated. This coincides with another little-known change in the reverse mortgage arena: the availability of reverse mortgages on home purchase transactions. This is a fantastic opportunity for senior citizens to buy a new home and live mortgage payment-free without having to wait for their old home to sell. Seniors could also use this strategy to buy a new home and turn the old home into a rental or otherwise wait for market conditions to improve before trying to sell the old home.

3. Expansion of Home Improvement Tax Credit
The tax credit for making energy efficient home improvements is now 30% of the cost of the improvements up to a maximum of $1,500. This means that if the improvements cost you $4,500, you would receive a tax refund of $1,500 when you file your tax returns. Eligible improvements include energy efficient exterior doors and windows, insulation, heat pumps, furnaces, central air conditioners and water heaters.