This is terrific site for creating and tracking a budget:
For properties within Portland city limits, portlandmaps.com will blow our mind with endless information:
To calculate a monthly payment or figure the interest on a loan, you need an amortization calculator. Here is our favorite:
FEMA’s flood insurance site, with information and risk and cost estimators:
The 10-year Treasury bill is the bellwether for mortgage rates and a great way to track the market:
The Mortgage Credit Certificate (MCC) is a tax credit program loan for low-to-moderate income buyers in the City of Portland.
Here is general MCC program information:
And MCC program eligibility details:
phb/article/430027
If you have an MCC and sell within 9 years of buying, there is the potential for a recapture tax:
phb/article/443384
The Oregon State Bond Program (OSB) is a below market rate loan for low-to-moderate income first-time buyers. General program information and current rates:
OSB Program eligibility details:
phb/article/430027
The OSB Program affidavit you’ll sign at closing, does a great job of summarizing things:
SFF/forms/oregon-bond-
form-affidavit-addendum.pdf
The Oregon Department of Veterans Affairs (VA) offers a below market-rate program for qualifying veterans. General program information can be found here:
Details about VA eligibility:
And here is the form you’ll need to establish your VA eligibility:
loandocs/0409-me_eligibility.pdf
The USDA program offers low-to-moderate income homebuyers in rural communities a government guaranteed loan with zero down. Map of eligible areas and an income eligibility tool here:
The form you use to present your offer to a seller is a Purchase and Sale Agreement (aka Earnest Money Agreement). Here is the form for Oregon:
formschange/2014/OREF-001.pdf
And for Washington:
Most sellers will provide you a disclosure statement. Here’s how it looks in Oregon:
formschange/2014/OREF-020.pdf
and Washington:
17_SellerDiscl.pdf
Once you find a home, we’ll put your loan and closing costs onto a Good Faith Estimate:
hsg/ramh/res/gfestimate.pdf
At closing, the final, official itemization of all costs comes on a HUD-1 settlement statement:
hsg/rmra/res/hud1.pdf
The detailed financial terms of your loan will wind up in a promissory note, which you’ll sign when you close. Here’s an example for a fixed rate mortgage:
uniform/doc/3200-MultistateFRNote.doc
And an adjustable rate mortgage:
uniform/doc/5531-Multistate
ARMNote%28A-AIP%29.doc
At closing, a trust deed will be recorded in public record, connecting that attaches the mortgage to the property you are buying in public record is a trust deed. Here’s an example of one for Oregon:
3038-OregonDeedofTrust.doc
And for Washington:
3048-WashingtonDeedofTrust.doc
And a warranty deed, when recorded in public record, is what makes the property yours:
store/examples/633_prvw.pdf
We will verify your prior two years’ tax filing with the IRS using form 4506-T:
Most homeowners are able to itemize deductions on their tax returns. Here is general information about itemized deductions:
And the specific rules for mortgage interest deductions:
And a Schedule A is the form you file to itemize:
If your mortgage came with a Mortgage Credit Certificate (lucky you!), here’s the form to file to claim it:
But remember that you may owe a recapture tax when you sell, and here’s the form for that:
If your new property is a rental or vacation rental, here are the IRS rules:
The form you’ll use to report your rental income is a Schedule E:
Most people don’t owe tax on the profits from the sale of a primary residence, but nonetheless, it is good to know the capital gains tax rules:
And more specifically for the sale of your home:
Capital gains tax on the sale of an investment property can be deferred through a Like-Kind Exchange under Section 1031 rules:
Here’s a link that’ll help you cut down on all junk mail that rolls in after closing (and spam and unwanted phone solicitations):
If you are paying for private mortgage insurance on a monthly basis, you’ll want to cancel it as soon as possible. Tuck this information away for future reference:
After your loan closes, the bank collecting payments from you is called your loan servicer. The Consumer Financial Protection Bureau has put together a nice FAQ on loan servicing:
Clackamas County:
Clark County:
Columbia County:
property-taxes/property-taxes
Multnomah County (use the Guest Login):
Multnomah County statement guide:
Washington County:
AssessmentTaxation/taxstatements.cfm
Washington County tax statement FAQ:
AssessmentTaxation/TaxStatement/faq.cfm
Yamhill County:
The site for our parent company, Guaranteed Rate, Inc.:
https://www.guaranteedrate.com/
And you can apply online here:
https://www.guaranteedrate.com/loan-expert/JuleeFelsman
And Julee’s:
And David’s:
And Jason’s
http://www.nmlsconsumeraccess.org/EntityDetails.aspx/
INDIVIDUAL/939341
Not every link needs to be useful, right?
Aren’t you glad you’re working with us and not Carol?
GIGO:
Garbage_in,_garbage_out
It’s okay—stalk your new house. Everybody does it.
Do you hear crickets?
It’s quiet… too quiet.
Kermie!!!
Jimmy!!!
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