First Time Buyer(s) Tax Credit, Usable in CLOSING COST

Buyer(s), Real Estate Agent(s), Seller(s), Builder/Developer(s):

Here is the moment we all have been awaiting… Buyer(s) can “NOW USE the $8000.00; to PURCHASE as assistence with “CLOSING COST”! Below you can read the announcement:





Using First-Time Homebuyer Tax Credits




I. About the First-Time Homebuyer Tax Credit




Please check the IRS website to ensure you have up-to-date information. A brief overview of the tax credit from the IRS website and a copy of IRS Form 5405 (including instructions) are attached for reference.

Pursuant to 31 U.S.C. 3727 and 26 U.S.C. 6402, a refund of the first-time homebuyer credit will be made by the IRS only to the taxpayer, not to a third party. In other words, any refund issued in response to a claim for this credit cannot be assigned by a taxpayer to a third party.




II. FHA Tax Credit Guidance

Consistent with existing FHA policy, FHA will permit entities covered by Section 528 of the National Housing Act to use the current authority to offer tax credit advances with second liens in a manner consistent with the requirements in 12 U.S.C. 1709(b)(9). Eligible government agencies and instrumentalities of government are described in handbook HUD-4155.1 5.C3 and 5.C4.




Secondary Financing

Call me or email me – Today! Let’s schedule the next appointment to move forward in Purchasing the Home of your dreams…

Calvin Kyles, 503-975-2769  Referral Code 482





The American Recovery and Reinvestment Act of 2009 (Recovery Act) provides for as much as an $8000 tax credit to qualified first-time homebuyers. FHA supports this important initiative to promote homeownership. This mortgagee letter provides:

  1. Basic information on the first-time homebuyer credit obtained from the Internal Revenue Service (IRS) website. Complete information on how the first time homebuyer tax credit works, including the eligibility requirements for the tax credit, the amount of the tax credit that a first-time homebuyer may be eligible to receive, and how a homebuyer may claim the tax credit is available on the IRS website at,,id=204671,00.html?portlet7.
  2. Guidance on how FHA-approved mortgagees and FHA-approved nonprofit organizations as well as Federal, state, and local government agencies or instrumentalities may assist homebuyers that are eligible for the tax credit.



Community Outreach & Developement Resource(s)

Last week I had the opportunity to speak with several client(s) of the African Alliance of Home Ownership as a sit in consultant; at – the Memorial Coliseum, for the: Home Affordable Program.

What was interesting is that people of “ALL” nationalities either believe or assume, that – they are or will potentially be in a position of financial challenge or hardship… When the cards are really laid out in front of us it’s important to realize: That if you have not sat down and reviewed your financial limitation(s) or investment potentials rationally: Even I could over look the obvious!

For those that are truely in need of Mortgage Support and not just looking to lower there rate: There are several Non-profit group(s) and Lender(s) in your area that can either direct you through the process of finding the support needed; or, direct you to that which is the better fit for your Mortgage Financing needs.  For instance:  Loan Modification  –  Home Affordable Program (105% first lien / re-subordinate second)  –  Low Credit Score w/ Timely Payment(s) made needing to Refinance…

1. If you are several months behind on your mortgage payment; and can not communicate with your lender/servicer(people that you are t0   pay) a Non-profit can and will make the contact on your behalf that you potentially gain a Loan Modification. As for cost the most to be paid is $25 for a credit application. If you are asked to pay more find a different NON-PROFIT GROUP! As they are paid by HUD to help assist you. But, do not go in like you are owed something, have all of your document(s) in front of you and be prepared to communicate the position you are currently sitting in clearly.

2. If you have not yet fell behind on your payment(s); but, your income is very tight due to lose of income, separation, home value which have prevent you from refinancing. Or because of loss in equity and/or your credit score has dropped – yet you have, been making your payments (ALL credit) on time for the past twelve months. Then you will qualify for the Home Affordable Program; if you have a Freddie Mac or Fannie Mae Loan… Go to or www.fanniemae.comto find out which you have. If you do not have one of those loans mentioned and it is a conventional loan, your loan servicers needs to assist you. The only other potential is;

3. Low Credit Score – Refinancing. If you have a low credit score, but, have made your payments without late(s) over the past twelve months: There are loan programs with guideline(s) which will work for you.

***In all situation(s) if you still have question(s), take time and review the Categories link: “Closing and Funding Tool” or “Do you have what it takes to Close”… Gather the item(s) it talks about that apply to your certain situation and then email or give me a call with a time to talk for 30 minute(s)…***

Why Would you allow – Calvin Kyles, to assist you with your Commercial & Residential Investment Lending, needs…

I am, dedicated and passionate in being a professional Real Estate Financer; which drives my desire to be the most qualified, educated and ethical loan originator/broker in the lending industry. As a result of this drive the majority of my business has been referral based from satisfied past clients, and experienced real estate agents throughout Oregon, SW Washington and Idaho. I am a Mortgage Advisor, not simply a loan originator or officer. As a Mortgage Advisor, I will help you create and manage, perhaps the largest debt in your life: your mortgage: Commercial and/or Residential Investment(s). In helping create this debt, I have a responsibility to help you professionally manage your mortgage debt on an annual basis. My role is to help you integrate the mortgage loan you select into your overall long and short term financial and investment goals. Evaluation of this mortgage on an annual basis ensures that the mortgage is not just a debt, but a tool that you can use to reach your financial goals.

Contact me today! I can review your current mortgage or help you with your next real estate transaction, not just as a loan originator but as a Mortgage Advisor.


Calvin Kyles

Sunset Mortgage Co

503-972-2719 Office

503-975-2719 Cell Referral Code 482


Home Affordable Refinance Quiz

 Do you live in the home you’re trying to refinance?

  1. Yes
  2. No                               Answer can not be no


Have you been past due on your mortgage within the last 12 months?

  1. Yes
  2. No                               Answer can not be yes


Is the loan owned or guaranteed by Fannie Mae or Freddie Mac?

  1. Yes
  2. No                               Answer can not be no


Is the loan you’re trying to refinance the first lien?

  1. Yes
  2. No                               Answer can not be no


Calculate the loan-to-value (LTV) ratio.


Outstanding loan balance $ __________

Home’s estimated current value  $ ____________

        **The LTV amount for your first mortgage, is limited up to 105%; of the current appraised market values, not to include your second loan. The second loan will be re-subordinated and applied..  The process is truely a value add if you are looking for payment relief; rate reduction; and/or the combination of both? The process is relatively easy and low in cost to research. The application process does have fee’s associated and will be applied to your loan with a immediate out of pocket up front cost of $25.00…


            Your Loan LTV ratio on your first loan, is:   ______


            The next step is to gather information about your mortgage and your finance that you’ll need in order to get help from your servicer or a housing counselor.


Contact me (Calvin), today for your personalize consultation and pre-approval…


Calvin Kyles, Origination/Broker

Sunset Mortgage Co

503-975-2769 Direct Referral Code 482  

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Home Affordable Lending, Today!!!

It is very interesting that so few people have taken advantage of the New “Home Affordable” Mortgage Refinance Program: Established to help borrower(s) and families refinance – even with the lost in equity, income, and change in lifestyle. This program is not just for that in financial trouble; but, for every family needing to make financial adjustment in support of being economically successful – starting, TODAY!

In this case, a borrower looking to refinance today may have been up against a few road blocks. The thought(s) of lowering the current home loan rate or changing from an Adjustable Rate Mortgage, too a Fixed Rate had been heavily shadowed by ire thoughts of a bruised national economy. We know this over shadowing has come by ways and losses surmountable in number of inflated cost. The superficial values that mount up – to as much as  a $75,000.00 a single home, is now causing excruciating financial harm to many families and investors. The homes have kept there illustrious appeals, high quality materials glamour and retained there eclectic Ole’ Age Green building images. Every single home one of these homes muster the assumed increase in pricing through idealistic rehabilitation and spec home development values in square feet dollars. Well, do not feel bad; as you are – not alone! Yes, I am right there also. We are all on this boat together – can you believe it?  What a way to go… What did we do to get this far:  Add a sense of  Green Building with reusable materials, creative water down spouts with decorative metals, a little bit of marble and tile back splash, stained glass or crowned moldings; and, then a new age toilet..  Crap… It was good while it last. But, it is over and the reality is that home over the past few years; just as – cars, depreciate with miles.

Hold it! I know – you are more realistic and rational than I could ever imagine. All you did was purchase and/or refinance based upon your income at the time and the values of homes in the area that may have lead you to also complete worthy and much needed home improvements. Now the ether has worn off, reality of the payment(s) and interest charges has now set in…  The main wage earner in the home has had a decrease in pay scale or even lost in job; with the market being as such the payment is getting ready to readjust; and, that once held equity has now deteriorated. It may appear, as if – the conditions and circumstances of the housing market might not allow for anything favorable to stand out in view of as a possibility. Even more so, the potential to get a Fixed Rate Mortgage is not far out your reach

Let’s get past the crying and just accept the facts of life. It was nice to have a great value… The reality is; and, should be said: “My family has a roof over its head.  I am teaching my children a very important lesson through “Home Ownership”! What I need to accomplish now – keeping what I have worked so very hard to get:  My home!” 

What are the steps…and the potential out come? My current mortgage does/doesn’t have mortgage insurance; I have mitigating circumstance(s) that have caused me to now have financial challenges; or I just need to take advantage of the great low rates.

Well, I could keep going on about how or why I may believe it not possible to refinance and/or take advantage of the great rates… But, if I do not get off the emotional roller coaster centered on our state of emergencies and economy; my mortgage payment will be completely out of whack. How do I at least recoup some of the loss, interest being paid and taxes?  The reality is: There is a Loan Program set and established through the Stimulus TARP Funds, that will allow me to potentials lower my payment $200 too $350 a month in payment. In doing so, it will place my loan in alignment with the current market adjust my taxes and lower my interest rate. The qualifying factor(s) are highlighted throughout the text. The other factor(s) are, if my loan is a Fannie Mae Loan the program is assembled for me. If I have a Freddie Mac Loan my program will be out after May 4th, 2009. So, we need to find out how this will work and what is needed of me. This might just be the program – that was designed for me and my family.  It just had not made any sense, as of yet…but, now it does?

Let me (Calvin), in a non-agressive approach; give me, the explanation of the mortgage products. This should be clear and very un-technical as to what the programs will do for your family. Yet, it will explain how it will save you money and allow you to lower your payment and interest rate together.

In laymen’s term(s): The, “Home Affordable Program” – will allow you to Refinance your First Mortgage; lowering your interest rate, extend the term to meet the payment and reduce your payment depending upon your desires in the refinance structure… This process can save you on your interest and taxation payment(s); which will lower your overall Principle Payment. Yet, it requires your Second Lender; if you have one to Re-Subordinate behind the First. Call me and allow me to explain the process, clearly: I, will deliver you the complete option(s) in your personalized, refinance model. Whether you take advantage of the “Home Affordable Program, or see a bettter option in considering a standard FHA, Conventional, and/or USDA Home Loan – TODAY!

Also, as a First Time Buyer – you may have a one time Tax Deduction; of up too: $8000.00… Contact me, today for more information…

Calvin Kyles, Origination/Broker – Sunset Mortgage Co –  –               503-976-2769 direct – Calvin Kyles on Facebook – Helping one family at a time…


Have you taken the time to consider what your option(s) are in and out of immediate living area’s?

Let me be the first, to help settle – this idea of not being able to afford a great home… It is said:  Because of the current market – my credit will not let me qualify, the payment isn’t a problem it’s the down payment; homes are just to expensive..

Well, Good Morning America… It’s time to make a decision. This may be hard for you to do in light of your families current living obligation(s) to the rental/lease community; or, that the baby sitter is just around the corner;  job is just 10 minutes away and no I do not want to live over their because my friends are here…  These are all the reasons in which the average family finds themselves stuck in a rental/lease agreement and/or consider themselves to be priced out of the Home Purchase market.. Oh! That other line, those folks have moved in and now the taxes are just outrageous to the point I can not afford to even breath…

Do you know that USDA RURAL HOME, DEVELOPMENT and REHAB LOANS, will give you the break that you have been looking for in buying a home? No Mortgage Insurance, potential to Finance “ALL” Closing Cost up to 100% of the CURRENT MARKET APPRAISAL, Base upon Income Limitations and/or Abilities, potential in financing loan a longer term…

Why pay $900.00 to $1400.00 in rental/lease fee’s when you could have your family in a situation of “HOME OWNERSHIP” – TODAY! If you are renting/leasing; and I know I might be beating a dead horse in the ground… To many people have said this to us before.. Haven’t they? Every dime you spend renting or leasing the property you live in today, is: “ONLY BUILDING THE FUTURE AND WEALTH OF THOSE YOU ARE PAYING…” Not that it’s anything wrong with renting/leasing… The reason you would lease or rent is to get through those short or long term things that your Mortgage Broker/Bank has told you it is necessary to clear up, in order to move forward with the family dreams. In that you decided to work your plan and not make any excuses. Correct… You are not renting or leasing because your parents, friends and girl friends have never bought; are you? If so, we need to work on changing your perception of success and becoming an achiever… If someone was willing to give me the information being provided on this blog when I was in my earlier years; I would have bought several homes and maintained them that today they have equity… Opps! Do not try it: I am a home owner and family man who believes in delivering the information at the ground level that everyone can understand what “PURPOSE” means…

So, a USDA – RURAL HOME might put you if you live in Oregon–  Canby, Estacada, Hillsboro, St Johns, Gresham, Mount Hood, The Dalles, Coos Bay, ; or if you live in Washington– Camby, Kathlamath, La Center, Ridgefield, Tri Cities, Yakima, Goldendale, Klickatat, Bengon; Idaho– Boise, Mtn Home, Etc… The area’s in which few are currently residing; but, their is land, land and more land being bought and developed. Today they are reasonably priced – but, tomorrow as the environment change and people continue to spread out: Those homes and properties will carry a great value with your investment… I know that Texas has a bunch of great terrain…

Put yourself in the buying mode and get a Home of your dreams; one that is affordable and that you can get assistence with if necessary… Everyone can not live up on the hill and should not want too… But, OWNING A HOME,  SHOULD be – the example set for your children as a reality! 

If you have question(s) regarding how a USDA HOME OR PROPERY LOAN can benefit you and your family; give me a call or even email:

Calvin Kyles, Broker                                                                                                                                                                                                                                                Sunset Mortgage Co “Sylvan”                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Apply Online:  Referral  482                                                                                                                                                                Follow my Blog:                                                                                                                                                                                  503-975-2769 Direct  503-972-2719 Desk

Helping one family at a time…   Set your appointment  –  TODAY,         and recieve your personalize mortgage quote…




6400 SW Canyon Ct. #100

Portland, Oregon 97221

503-975-2769 Direct Referral Code: 482




The White House recently announced the Making Home Affordable program to help homeowners experiencing financial setbacks.


If you are having difficulty with you mortgage payments, please contact your Sunset Mortgage Co., Loan Originator or fill out your application online to begin your Refinance process and complete a full Financial Information Form(s).


Sunset Mortgage Co, will also require the following documentation to determine if you meet the requirements. Please, fax these items to (503)291-0222 Attention – MHAP/CK. Be sure to include all current documentation being requested. If necessary request documents from your Originator:


  • Complete and signed hardship affidavit
  • Copies of your two most recent pay stubs
  • Copy of your most recently filed federal tax return; and prior year
  • Complete and signed IRS Form 4506-T
  • Copy of two most recent bank statements
  • Copy of a recent utility bill (e.g., electric bill, gas bill, water bill, phone bill, etc.)
  • Copy of your most recent quarterly profit and loss statement (if self-employed)
  • Award letter stating your Social Security, disability, or pension earnings (if applicable)


Please be advised that you will be required to complete additional forms if you qualify under the requirements of the Making Home Affordable program, so please keep available copy of these forms for your records.




Some fraudulent businesses have been preying on consumers in distress by promising to stop foreclosures or to assist in getting consumers a loan modification. Many of these “rescue” companies require consumers to pay a fee then simply walk away with the money without providing any help at all. Other companies provide bad advice such as “stop” communicating with your mortgage company. Even worse, some of these businesses takes possession of these homes.


Please be aware that these companies do not have your best interest at heart and are in the business of taking advantage of consumers. If you need foreclosure prevention guidance, please call your Origination Consultant at Sunset Mortgage Co or your Direct Lender today to discuss your loan and the workout options that may be available to you. There are also free housing counseling services provided by nonprofit agencies sponsored by the U.S. Department of Housing and Urban Development (HUD).  If asked, your Origination Consultant for Sunset Mortgage Co will provide and send you a list of those agencies providing services within your immediate area.


Avoid any business that:


  • Charges a fee for services such as communication or submitting paperwork to your direct lender
  • Guarantees you a loan modification or stopping a foreclosure
  • Instructs you not to contact your lender directly or insists that you make your mortgage payments to anyone other than your direct lender
  • Offers to fill out paperwork for you and pressure you to sign documents that you do not understand
  • Asks you to sign over the deed to your property


Some predatory businesses have also created websites that appear to be affiliated with lender websites to confuse homeowners looking for assistance. Before you share your financial and personal information online, make sure you have logged in with a secure pass code using the Originators name and referral code. To ensure you are accessing the Sunset Mortgage Co website, enter directly into the address bar of your internet browser. Avoid using engines to find our website, as the fraudulent sites appear in the search results.


The following is an excerpt from a U.S. Treasury Department document titled “Making Home Affordable: Borrower Q&As” that explains some frequently asked question about the program. (Source:


Can Making Home Affordable help me if my loan is not owned or securitized by Fannie Mae or Freddie Mac?


Yes. Making Home Affordable offers help to borrowers who are already behind on there mortgage payments or who are struggling to keep their loans current. By providing mortgage servicers with financial incentives to modify existing first mortgage, the Treasury hopes to help as many as 3 to 4 million homeowners avoid foreclosure regardless of who owns or services the mortgage.


How do I know if I qualify for a Home Affordable Modification?




To apply for a Home Affordable Modification, you must:


  • Be an owner-occupant in a one to four unit property, and have
  • An unpaid principal balance that is equal to or less than $729,750 (for one unit properties and higher for two to four unit properties (consult your servicer),
  • A loan that was originated before January 1, 2009,
  • A mortgage payment (including taxes, insurance, and home owners association dues) that is more than 31% of your gross (pre-tax) monthly income, and
  • Have a mortgage payment that is no longer affordable, perhaps because of a significant change in income or expenses.


If you answered YES to all of these questions, you are eligible to apply for a Home Affordable Modification/Loan. Only your Origination Consultant or Servicer will be able to tell you if you qualify.


Do I need to be behind on my mortgage payments to be eligible for a Home Affordable Modification?


No. Responsible borrowers who are struggling to remain current on their payments are eligible if they are at risk of imminent default, for example, because they have had or will soon have a significant increase in their mortgage payment that they can not afford. If you have had or anticipate a significant increase in your mortgage payment or have had a significant reduction in income, contact your Origination Consultant or Servicer. If you meet the minimum eligibility criteria for a Home affordable Modification, your servicer is required to evaluate your loan to see if you are at risk of imminent default.


I have missed some mortgage payments am I eligible?


If you answered yes to the questions above, have missed two or more mortgage payments your servicer is participation in the Making Home Affordable Program, your servicer must evaluate your loan to determine if you qualify for a modification.


I have a second mortgage. Am I still eligible?


Yes, but only the first mortgage is eligible for a modification. Your Origination Consultant will work with your second mortgage servicer to Subordinate the loan – if agreeable with the servicer.


How do I know if my servicer is participating? Are all servicers required to participate?


Servicer participation in the program is voluntary. However, the government is offering substantial incentives to the servicers and investors, and it is expected that most major servicers will participate. Participating servicers will sign a contract with the Treasury’s financial agent, through which they agree to review every potentially eligible borrower who call or writes asking to be considered for the program.

As contract are signed, a list of participating servicers will be available on the internet at Participation will be mandatory for any servicer that accepts future funding from the Treasury’s Financial Stability Program.


However, borrowers whose loans have been scheduled for foreclosure or any borrower that has missed on or more mortgage payments and has not yet spoken to their Origination Consultant or Servicer should contact one or the other immediately. Borrowers may also contact a HUD-approved Housing counselor by calling 1-888-995-HOPE (4673).


For more information about the Making Home Affordable program, please visit:



Take time to gather your document(s), and contact me – TODAY!












6400 SW Canyon Ct. #100

Portland, Oregon 97221

503-975-2769 Direct Referral Code: 482


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