You are currently browsing the monthly archive for February, 2009.
2009 Loan Limits Confirmed by OFHEO
OFHEO has announced the return of the 2008 limits:
Loan limits for mortgages originated in 2009 are set under the provisions of the American Recovery and Reinvestment Act of 2009. Under that legislation, loan limits for 2009-originated loans are set at the higher of the 2008 limits and those that were originally announced for 2009 under the terms of the Housing and Economic Recovery Act of 2008.
King, Snohomish and Pierce Counties
- $567,500 – One Unit
- $726,500 – Two Unit
- $878,150 – Three Unit
- $1,091,350 – Four Unit
Other counties, including Kitsap, Jefferson, San Juan, Clark and Skamania counties are also at higher limits than other Washington State counties which are not part of the “high cost areas”. For all Fannie and Freddie loan limits, click here.
Let Me Show You How to Save More Money
YES YOU CAN…OBTAIN FAVORABLE MORTGAGE FINANCING,
EVEN IN THESE UNCERTAIN TIMES
People with good credit, equity, and money for a down payment
need expert guidance to navigate our current ever-changing mortgage and real estate markets. You are smart about how you spend your money and even smarter about saving and investing.
Why should you pay a higher rate, even if you can afford it?
You can receive a better rate with our suite of in-house mortgage products and broker-out options as well. Either way, you’re covered.
As 17+ year veterans (and survivors) of the mortgage business,
our team is uniquely equipped to help you. We respect the
fact that you worked hard to get where you are today,
and it would be our honor to help you save more of your money.
Our company is over 140 years old and our mortgage professionals are amongst the finest in the industry. Please do call upon us for prompt, professional and personal service that you can count on.
There’s no place like home…
Dani McDonough
The McDonough Group
www.TheMcDonoughGroup.com
phone (206) 251-7976
fax (206) 217-5414
In escrow, now is the time we start seeing some (not all) 2009 property tax assessments show up in title reports when working on transactions. Do not be confused. These are in fact 2009 assessments that were formulated in 2008. The new assessments for 2010 are what this post is about. What? 2010? But I need relief now! Sound odd? That’s how taxes are done.
And, a snippet from the Snohomish County Assessors office:
Snohomish County updates all taxable real and personal property assessed values annually as of Jan. 1st of each year. The next update will be mailed for most properties in June of 2009 and the assessment date will be as of Jan. 1st of 2009. The 2009 assessments will be used to calculate property taxes owed in 2010.
Since real estate market values have been dropping, it’s high time to put some change back into your wallet where it belongs. The links below are for the assessor’s offices and the forms needed to submit to challenge/petition your property tax bill.
There have been very few conversations I’ve had with recent clients that have not circled back to “the market.” I don’t bring up “the real estate market,” the client does. A few times I have mentioned that they may want to take the time to fill out the forms and petition the property tax bill. Cool, they say. How do I do it? Here’s how:
- Find out what property type you have: is it a rambler? How about a Tudor? Two story with basement? Or, a garage house like The Tim’s (couldn’t resist Mr. Ellis)
- Go to Redfin, or Estately website or any other website that posts sales data that is searchable by your zip code, neighborhood or any other mechanism. Or, call your Realtor and have them pull comps (comparable) to see if they can find a few homes that have sold that would be a good case to show the assessors that they need to humbly reconsider the property tax valuation, downward.
- Always spy on what sales comps are in your neighborhood.
- When valuations drop, get moving and petition your tax valuation.
Being complacent will cost you money. Take the time to do this. Typically (check your own county assessor rules & regulations) you must file your appeal/petition by July 1st or within 60 days after receiving your tax assessor notice (see your county petition rules).
I did this and saved $1,000 per year for the 2009 tax year. That’s nearly $100 off my monthly mortgage payment (for those that include tax impounds in your monthly mortgage payment).
- King County Assessors appeal process. If you look to the upper right of the King County website page, there is a PDF document download “Petition” link.
- Snohomish County Assessors appeal process via The Board of Equalization. Click the forms/Petition download forms once in the website.
- Pierce County Board of Equalization. See the link for the PDF form/petition.
On a side note, it is pretty tough for anyone to not be personally impacted by this difficult economic and employment environment we find ourselves in, either by knowing of someone or a family member with job loss or equivalent (or impending job loss), but it is important to keep in mind that if you have the means to reach out and support them, do it. The smallest thing can help reduce someone’s stress. It could be me or you that needs it next.
