Last Chance for 8K tax credit

Last Chance for 8K tax credit

Most people may not consider private money as a means to purchase their primary residence, but under the right circumstances, it can be a viable option. The $8,000 tax credit available to first time home buyers will expire on April 30th, 2010, leaving only 30 days to secure financing. Conventional financing doesn’t move that fast, but that’s enough time for us.

In addition, there are very few (if any) stated income loan programs available through conventional lending institutions. Fortunately, this is still an option with private money. A 12 month bridge loan is not subject to federal regulations section 32 or section 35, which require a verification of income and assets. This allows us a unique opportunity to offer 12 month programs for purchases of primary residences in the state of Oregon.

As always, it is important to keep in mind that the exit strategy is critical. We have the ability to bridge the gap for these residential purchases, but there must be a clear explanation of how and why the borrower’s situation will change in those 12 months to allow for a takeout loan.

If the borrower can service the debt and make the down payment, but doesn’t qualify for conventional financing, send us a summary. There are some great opportunities in the residential market right now, and we’re ready to make these loans.

Kris Gillmore
Loan Coordinator