EFFECTIVE IMMEDIATELY … First-Time-Buyers who purchase within Portland city limits may be eligible for a tax credit in ADDITION to the federal $8000 credit.

The PDC (Portland Development Commission) is offering a “Mortgage Credit Certificate”, which is a dollar-for-dollar tax CREDIT off the borrowers Federal Income Tax.  The credit amount is 20% of the amount the borrower pays annually in mortgage-interest.  For example, if the interest portion of their payments totals $10k for the year, then they would get a $2000 credit.  The remaining 80% would still be a write-off as normal.

Best part … this is an ANNUAL CREDIT … which means the borrower can potentially saves thousands off their taxes for every year they continue to have the loan and live in the home.  Subject to income limitations, but those are quite generous, and a few other details, which I can explain once you have a client ready to go.

No one is sure how long this program will be available, but the educated guess is through the end of the year, and then it will depend on the PDC board renewing it.  It’s a great deal for a buyer … this will literally put around $10k or more in the buyers’ pockets the first year they buy the home, and a few thousand more each year thereafter.  This can be used with any kind of FHA or Conventional loan.

Income limits: 

1-2 person household  -  $70,000

3+ person household  -  $80,500

Must be within city limits of Portland

Non-homeowner for last three years

Remember the federal “First-Time Buyer” credit is applicable to homes closed by December 1^st, 2009.  Please don’t hesitate to call or write for more information AND please pass the information on to anyone who might be considering purchasing their first home (OR, their first home in 3 years)!!!

About the Author | Janeese Jackson

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My job is service...service to you and your real estate transactions! How can you benefit from my 20 years of experience and expertise? What can I offer to make the process more productive? * Current information on available housing...comparative and competitive market pricing and analysis * Daily involvement in the local real estate marketplace * Thorough, comprehensive knowledge reflecting years of helping others complete their real estate business * Extensive network of professional resources to make the process as smooth as possible My commitment is to you! Being available to you...returning your calls...answering your questions...addressing your concerns...respecting your money...matching your timeline...meeting your expectations...helping accomplish your real estate goals!!