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eugene loan guy: FHA Mortgage Loan Credit Requirements - 12/22/08 09:56 PM
This is Part Two in a three part series about FHA mortgage loans. Part One talked about the changes in FHA loans going into effect on Jan. 1 and the things that wouldn’t be changing. In this installment, I will cover some credit issues having to do with FHA loans.
FHA mortgage loans do not have a minimum credit score requirement. However, FHA does not make the loans, they insure them. The lenders that make the loans may have different rules. In this case, it is the Golden Rule; he with the gold makes the rule!
Different lenders, … (18 comments)
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eugene loan guy: FHA mortgage changes take effect Jan. 1, 2009 for homebuyers - 12/20/08 11:10 PM
This is part 1 in a series about FHA mortgage loans that affect buyers and home owners in the Eugene and Springfield Oregon area. FHA mortgage lending will undergo several changes on January 1, 2009. Some of them will affect more people than others. The down payment requirement on the FHA 203b and 203c will change from 3.0% to 3.5%. The FHA Secure will go away. The maximum loan amount for Lane County will change from $343,750 to $271,050 for a single family residence. FHA HECM (reverse mortgage) will be available for purchase transactions. Loan amount limit for the HECM will be … (19 comments)
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eugene loan guy: 100,000 points and counting - OK Carolyn, I am ready for my virtual party - 12/13/08 11:50 AM
I joined Active Rain in June and made my first "barely" adequate post on June 27 but between then and the end of the month, I posted 13 times and got 2 comments. Obviously I was the hit of the neighborhood. The bright spot was I picked up my first associate and subscriber, Leslie Stewart who has been a loyal reader since then. Boosted by such rave reviews of my writing, I posted 62 blogs in July and actually had people reading them, not many, but some. Over the months since then, I have made some exceptional A/R friends and at … (40 comments)
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eugene loan guy: Eugene Loan Guy website up and running - 12/12/08 03:30 PM
With the help of RandDArt.com, I have a new website up and running. The site is EugeneLoanGuy.com and I have great hopes of filling it with knowledge, commentary, reviews and real estate listings. I have a couple of posts up already on morgage business, but will be adding more on a daily basis. I invite all of your to visit my site and leave any recommendations as to what you might like to see on this site. It is going to be more region specific that what I have done on Active Rain. I will also be working with the other … (11 comments)
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eugene loan guy: Economic Outlook, Consumer Confidence, Mortgage Loans, Credit - 11/07/08 03:03 AM
I just have a few random thoughts this morning about what is happening right now in our economy. First of all, the election is over and win or lose for your candidate, get over it! We are all Americans, and America needs all of our help, not just the left or the right or the center. That said, lets talk about one of the most troubling reports, at least for me, and that is Consumer Confidence. This report measures the level of confidence individual households have in the performance of our economy now and in the future. A couple of years … (70 comments)
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eugene loan guy: Fannie Mae HomePath, help for home owners and home buyers - 09/23/08 02:49 PM
Are you aware of Fannie Mae's HomePath website? They answer the following two questions for home owners: I Am Current on My Mortgage. I Want To Stay That Way
I Am Worried About Losing My Home
Both questions are covered in a very upfront and business like manner. I am impressed with the information available here. There are also links to the Home Loan Learning Center, Home Preservation Foundation and HopeNOW. For home buyers, the basics of home buying are covered, along with a link to Fannie Mae owned homes. According to my search, there is only one in Eugene and … (7 comments)
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eugene loan guy: FHA Secure/FHA HOPE - 08/01/08 11:58 AM
My friend Paul Dunn, a superior, knowlegable and informed loan originator in Phoenix, has a blog post that explains the new FHA HOPE. I have also received various different explanations. One of the most recent is from the National Association of Realtors. It says:
FHA foreclosure rescue - development of a refinance program for homebuyers with problematic subprime loans. Lenders would write down qualified mortgages to 85% of the current appraised value and qualified borrowers would get a new FHA 30-year fixed mortgage at 90% of appraised value. Borrowers would have to share 50% of all future appreciation with FHA. The … (16 comments)
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Fred Chamberlin - Oak Harbor/Whidbey's #1 Experienced FHA Mortgage Consultant
Oak Harbor,
WA
More about me…
Guild Mortgage Co - Oak Harbor WA
Address: 32785 State Route 20, Suite 5, oak Harbor, wa, 98277
Office Phone: (360) 675-6106
Cell Phone: (541) 221-3455
Email Me
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