Exciting News for First Time Home Buyers! Oregon just passed House Bill 4007! What does this mean for you?
April 1st, 2018, House Bill 4007 was passed by the Oregon House of Representatives, to help First-Time Home buyers with a down payment assistance program. This allows first-time home buyers in Oregon to start a savings account for the purchase of their home, which can be deducted from state income taxes. This can really help those who need some assistance making their dollars stretch and work for them by offsetting taxes. Some basic perimeters to this bill goes like this;
- Save up to $5,000 each year individually
- Save up to $10,000 each year as a couple
- Add to their account for up to 10 years
Planning and prep work are your best defense as a First Time Home Buyer!
Saving up for your first home can be difficult. First-time home buyers face many obstacles in today’s market. The competitiveness in pricing, speed of the market, cost of student loans, and credit card debts can make it very difficult to save for the down payment, and other out-of-pocket expenses, that you can count on needing when buying your first home. Understanding your credit, loan options, home buying process, the local market, and all of your out-of-pocket expenses is crucial to prepping and planning for your future venture. Making contact now, and building a relationship with a Realtor that is knowledgable, and has the connections and resources you’ll need to keep you on the right track, will give a leg up for when you are ready to jump in!
Click here to set up an appointment with me for your “First Home Success Plan” consultation! We will discuss your needs, wants, goals, compose a plan that makes sense for you, and get you the referrals you need to make this dream a reality.
When you buy Real Estate, you become rooted in that community. Your property taxes helps with the services provided within it. You become part of the economy and the fabric of what is community. The pride of ownership within one’s community is what built this nation and what continues to make this nation thrive.
My mission as a Realtor, is to help build better communities and economies through home ownership and community outreach. I would love to help you get started on your plan to Home Ownership.