Agent Info
Marisa Swenson
Earth Advantage Broker
971-285-7955
Agency Info
MRealty Inc
2211 NW Front Ave Ste. 101
Portland, OR 97209
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Energy Performance Score – New Measure for a Homes Efficiency
energy efficient homes
Forget price per square foot, the new energy efficiency scoring system, the Energy Performance Score, is taking over as the way to rate new homes based on energy efficiency. Developed by the Energy Trust of Oregon, the new system assigns a number score for each home based on factors such as the homes size, level of insulation, air leakage, heating and cooling systems, major appliances, lighting, and water heating. The lower the score the better, a low score represents a home that is highly energy efficient with a low carbon footprint and low utility bills. Compared to MPG as a measure for cars, the EPS is the future measure of the efficiency of the home (more sensible than price per sq. ft.). The EPS will assist efficiency conscious home buyers in making a decision based on an easy to understand comparison. It is currently available for new homes only but the Energy Trust of Oregon is working on developing the scoring system for older homes as well.
Financing for Fannie Mae Foreclosed Properties
I have been seeing a lot of listings come up that read “approved for Homepath financing” and thought we could all use an explanation of what that means. A “Homepath” home is a property that is owned by/repossesed by Fannie Mae. “Homepath” is thier mortgage financing company/name. This mortgage allows you to buy the specific property with as little as 3% down for an owner occupied property and they are allowing investor purchases with only 10% down. The properties have to be identified as “Homepath approved” in order to get this financing. In the case that there is renovation work that needs to be done, there is also a renovation mortgage option that allows you to finance some repair into the loan. Not all lenders are able to work with this loan, check the Homepath site for elligible lenders.
Design Feature: The Atomic Ranch – Mid Century Modern
mid century modern design
I fall in and out of love with a lot of different styles of homes, my heart in this area is fickle indeed. My most recent architectural crush is the ranch style home….not just any ranch, the Atomic Ranch. Mid century modern/atomic design is a type of architectural design and furniture design that began in the 1940’s and continued into the 1960’s. The style is marked by simplicity, clean lines, organic lines and materials such as wood. The mid century/ atomic era design is gaining popularity and has quite a cult following. There are multiple Flickr photography groups dedicated to documenting the designs features and many blogs of people that are enthusiasts that renovate this type of home. There are mid century ranch homes sprinkled all over the Portland Oregon Metro area. However, there is a good concentration in Argay Terrace, Russell, Cherry Park, Glendoveer and Wilkes neighborhoods and many amazing options in the West Hills. For the past 4 years, there has been a Street of Eames tour celebrating modern style homes in Portland (tickets sell out very quickly). If you own a mid century modern and want to take it back to it’s original glam, consider furnishing it with wares from local retailers that specialize in this type of mod design such as: Janus Home, Noun, Lounge Lizard, and Shag.
P.S. the one I buy will have a daylight basement, 2 fireplaces….
First Time Home Buyer Tax Credit Update – FHA Approves Use as a Down Payment
Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development announced Tuesday May 12th, that the FHA is going to permit its lenders to allow home buyers to use the $8,000 first time home buyers tax credit as a down payment. I know a lot of states had already figured out a loan system to allow this “advance” but for those that hadn’t this seems like an even greater opportunity for first time home buyers using an FHA loan. The issues that I had heard from some people was that you have to have 3.5% down for the FHA loans, so this will definitely loosen that restriction. Shaun Donovan stated that the FHA approved lenders will be allowed to “monetize” the tax credit through short-term bridge loans. The eligible first time home buyers will be able to access the funds immediately at the closing table. If you are an eligible first time home buyer working with an FHA loan, there is great incentive to buy sooner rather than later. Remember, the $8,000 first time home buyer tax credit is good now until before December1, 2009.
Related Posts:
First Time Home Buyer Tax Credit
Energy Efficiency Tax Credits 2009 – 2010
Start your search here.
Energy Efficiency Tax Credits 2009-2010
I just learned about these tax credits for making energy efficient improvements to your home in 2009-2010. I think I will go ahead and get some new windows this year.
Tax credits are available at 30% of the cost, up to $1,500 for improvements such as:
- Windows
- Doors
- Roof (metal and asphalt)
- HVAC
- Water Heaters
There are a lot more energy efficient tax credits available here is a detailed break down.
First Time Homebuyer Tax Credit – Update
A tax credit of up to $8,000 is now available for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009. Unlike the tax credit enacted in 2008, the new credit does not have to be repaid. More info here.
But what if you bought a house in 2008?
You are still eligible for the 2008 tax credit, here is more info:
2008 First-Time Home Buyer Tax Credit at a Glance
- The tax credit is available for first-time home buyers only.
- The maximum credit amount is $7,500.
- The credit is available for homes purchased on or after April 9, 2008 and before
January 1, 2009. - Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
- The tax credit works like an interest-free loan and must be repaid over a 15-year period.
Top 10 Affordable Place to Live – Portland #4
Forbes magazines has compiled a list of cities where $500,000 will still buy an exceedingly comfortable lifestyle and Portland comes in at #4.
The top cities were:
- Irvine, Calif.
- Raleigh, N.C.
- Bellevue, Wash.
- Portland, Ore.
- Sunnyvale, Calif.
- Redmond, Wash.
- Austin, Texas
- Chandler, Ariz.
- Rochester, N.Y.
- Plano, Texas
To choose these 10 locations, Forbes examined the cost of the typical four-bedroom, two-bathroom, and 2,200-square-foot home. They also factored in the amount of patent and venture capital activity, average commute, and an average cost of living below $100,000.
Short Sale Basics
The definition of a short sale in real estate is:
A sale of real estate in which the proceeds from the sale fall short of the balance owed on a loan secured by the property sold. The bank of mortgage lender agrees to discount a loan balance due to an economic or financial hardship on the part of the mortgagor. The home owner sells the mortgaged property for less than the outstanding balance of the loan, and turns the proceeds of the sale to the lender, sometimes (but not always) in full satisfaction of the debt. In some cases, the bank will apply a deficiency balance to the property owner.
Here is an example:
A homeowner buys a house for x amount. Owner loses their job or the ARM is up on their loan and they are not able to refinance, which in turn prevents them from being able to make their mortgage payments. The bank agrees to let them sell the house for market value, but below the original loan amount.
The transaction typically goes like this for a buyer:
1. Write offer on the house
2. Seller approves, rejects or counters the offer
3. Offer goes to the bank and the bank either approves, rejects or counters (depending on the bank this could be up to a 6 week process, but it really depends on who holds the loan)
4. Proceed with inspections etc.
The transaction typically goes like this for a seller:
1. Negotiate with your bank to see if they will accept a short sale (less than you owe). You can do this yourself, some real estate agents do this, or a loss mitigation company can be hired.
2. List the house with a real estate agent at market value (what a willing buyer would pay to a willing seller, both in a free market, for an asset or any piece of property).
3. Get an offer and approve, reject or counter it.
4. Offer is sent to the bank to be approved, rejected or countered.
5. Transaction then proceeds as normal if approved i.e. inspections etc.
6. Close
7. Bank takes the payoff and either calls it good or attaches a deficiency judgment (personal debt like a credit) to you for the balance of the loan.
First Time Homebuyer Tax Credit
Here is some information about the first time home buyers tax credit. You do have to pay it back but it is interest free for 15 years.
- The tax credit is available for first time home buyers only.
- The maximum credit amount is $7,500.
- The credit is available for homes purchased on or after April 9, 2008 and before July 1, 2009.
- Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
- The tax credit works like an interest-free loan and must be re-paid over a 15 year period. (approximately $41.67 per month)
Information taken from the federal housing site.
Lents Neighborhood
Lents is currently one of the cities very active Urban Renewal areas. MAX will start running that direction sometime later this year, hopefully boosting home values along its path. The PDC has some great programs for first time home buyers in this area that are worth checking out. Lents has it’s own farmers market and Trader Joe’s just opened a new location down the street!
Lents is bordered by the Brentwood-Darlington, Mount Scott, Foster-Powell, Powellhurst-Gilbert, and Pleasant Valley neighborhoods.
