Financial

 

Click here to learn more about Willamette Neighborhood Housing Services. They are a great not-for-profit organization that has wonderful, inexpensive classes and lots of helpful people. No matter how much money you're planning to spend on your first home, I highly recommend their Home Buyer Education Class (also called the First-Time Homebuyer class). WNHS hosts classes, has individual counseling, builds 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 homebuyer assistance programs consider "first time homebuyers" as people who haven't owned a home in 3 or more years, not just people who have never owned a home.

 

~ LOANS ~

I would be happy to recommend some great local lenders for you.

Please email me anytime at Kim@KimKnudsen.com

Sample Interest Rates

 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.
 
 

~ CREDIT ~

 

Ways to improve your credit

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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, or in a written request.
 
 

~ TAXES ~

 

Benton County Department of Assessment

 The tax assessed values on existing homes in Benton county are limited to a 3% rise per year, unless there are any levies or bonds that year, and/or there have been major improvements to the home.

Linn County Department of Assessment

 
 

~ 1031 EXCHANGES ~

 

IXP 1031 Exchange

The Advantage of a 1031 Exchange is the ability of a taxpayer to sell income, investment or business property and replace it with a like-kind replacement property and get a tax break on the federal taxes of the transaction.