Like we talked about in PART 1 of this blog post — The Portland Home Buyers Assistance Program is Portland’s newest and, possibly, most valuable buyer assistance program to ever come to this city!
But this time, instead of talking about the details & guidelines of the program…we’re going to talk about the real world benefits you can get by using this homebuyer program on your next home purchase.
If you haven’t heard already…Portland has a competitive housing market right now. Inventory is low. There are more people looking to buy a home, than there are people selling their home. And when there’s a lot of competition for a limited number of properties, you’re going to run into some tough situations as a buyer.
So, as you can imagine, being able to offer another 4%, 5%, or even 7% more as a down payment will definitely make you a stronger contender in the seller’s eyes. You probably only have one chance to make your offer, and you may be competing with other offers. If you can bring a strong offer to the table with more money down, it could absolutely be difference between getting your offer accepted or not. It could decide whether you start picking out paint colors, or if you lose out on yet another property and you have to start house hunting all over again.
Since the Portland Buyers Assistance Program can be used on several different property types, it can open up a world of possibilities for you.
Imagine a multi-unit property hits the market in your desired neighborhood. Now imagine getting 5% down payment assistance on that 4-unit property, which makes the difference in getting your offer accepted. Now you’ve been able to secure a multi-unit property for no additional money out of pocket. You get to keep your savings right where they are, in the bank for a rainy day. Plus, you now have the opportunity to rent out those extra units, which means you can start bringing in multiple rent checks each month. You’re now setting yourself up for the future. You’re building a real estate portfolio, you’re providing housing opportunities for the neighborhood, and you’re tenants are helping you pay your mortgage every month.
You’re now officially killin’ it.
What is the MCC, you ask?
The MCC Tax Credit is just about the most valuable tax credit in the country, and it is currently available for the Portland area. Check out this blog post I did on the MCC a while back, it’s full of useful info about this tax credit program. One of the most important things to remember though, is that the MCC Tax Credit is only available through a lender that is certified to offer it. And only a small number of lenders in the Portland area are certified…I can proudly say I am one of them. I do more loans with the MCC than any other lender in the area, so you are in good hands 🙂
If you can qualify for both of these programs, then that puts you in a GREAT spot. Most people don’t even know home buyer programs exist, so imagine how few people actually end up using 2 awesome programs on the same loan!? You’ll be in rarefied air.
The #1 place to start is:
• Submit a pre-approval application with us; it’s the best way to find out which programs you’re eligible for. And it allows us to determine which programs will be the most valuable for your specific situation.
I’d love to help you out. So submit a pre-approval and we’ll make a plan for you!
Thanks for reading,
Until next time!