~ LOANS ~
I would be happy to recommend some great LOCAL lenders for you.
Please email me anytime at Kim@KimKnudsen.com
Please note that you need to make sure you factor your property tax and insurance amount in your monthly payment, on top of the mortgage payment. Many mortgage calculators don't factor in those elements.
Total housing expenses (mortgage, insurance, property taxes and maintenance) should not be more than 28% of your gross income. Total debt payments should be capped at 36% of your gross income.
You should set aside an annual budget of 1% per year of your homes value for maintenance.
~ LOCAL FINANCIAL HELP ~
Click here to learn more about Willamette Neighborhood Housing Services / DevNW. They are a great not-for-profit organization that offers a Home Buyer Education Class (also called the First-Time Home Buyer class) which can make first time home buyers eligible for extra grant and loan programs! They host classes, have individual counseling, build affordable housing and they're a great way to find out about programs that can help save you money when buying your own home. Most home buyer assistance programs consider "first time home buyers" as people who haven't owned a home in at least 3 years.
~ CREDIT ~
Thanks to the Fair and Accurate Credit Transactions Act of 2003 (FACTA), Oregonians now have free access to their credit reports once a year. The legislation was enacted due to the growing problem of identity theft, as well as the issue that previous reports indicate that up to 70% of files held by the credit bureaus contain some type of inaccurate information. Consumers can request the reports through a central online repository at www.AnnualCreditReport.com, by calling the toll free number 1-877-322-8228.
~ TAXES ~
Corvallis property taxes are typically 1% to 1.5% of the purchase price of a property. Unless there have been major improvements to a home, the tax assessed values on existing homes in Oregon are limited to a 3% rise per year, BEFORE any bonds and levies that year. Because of bonds and levies, property taxes in Corvallis typically rise by about 6% to 9% per year.
~ 1031 EXCHANGES ~
The advantage of a 1031 Exchange is the ability of a taxpayer to sell income/investment/business property and replace it with a like-kind replacement property and get a tax break on the federal taxes of the transaction.