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fha mortgage: $100 Down Program on HUD Foreclosure - Deschutes County - 03/06/09 04:52 PM
Do you want to buy a home with just a $100 down payment? HUD allows some of the homes that they have foreclosed to be purchase with an FHA loan with only a $100 down payment. Most HUD owned homes in Oregon, Washington, Idaho and Alaska are eligible for this program. This is a great way for a first time home buyer to get into a home with very little down and take advantage of the $8,000 first time home buyer tax credit too. Here is a list of the current Deschutes County foreclosures, according to the HUD website:
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fha mortgage: NEDCO - Assistance for the Home Owner and prospective Home Owner, or how to save your house! - 08/03/08 04:23 PM
NEDCO, Neighborhood Economic Development Corporation, in Eugene and Salem is a non-profit Community Development Corporation that helps neighborhoods and families. NEDCO is a HUD Approved Housing Counseling Agency and has help hundreds of people prepare for home ownership.
The Springfield Home Ownership Program and the Eugene Homeowner Assistance Program both require counseling and training prior to receiving one of their no interest loans. I have had my clients attend the course and come away much more prepared for the huge step of purchasing a home. The program they offer is called the "ABC's of Homebuying." It is a one day class designed to help understand … (8 comments)
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fha mortgage: DOWN PAYMENT ASSISTANCE MAY SURVIVE! - 08/02/08 09:48 AM
I got this e-mail this morning: August 1, 2008
Last night, Congress introduced bipartisan legislation, H.R. 6694 that would reauthorize and reform charitable downpayment assistance. This bill would remedy a harmful provision in the new housing law which limits homeownership opportunities for low and middle-income Americans. The legislation, sponsored by U.S. Reps. Al Green (D-TX), Gary Miller (R-CA), Maxine Waters (D-CA), and Christopher Shays (R-CT) reauthorizes and reforms charitable downpayment assistance funded in part by sellers, which has helped over one million families and individuals become homeowners since 1999. The program was eliminated by legislation signed by President Bush on July … (16 comments)
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fha mortgage: Wonderful Panacea FHA Secure - 07/30/08 12:17 PM
I have been reading everything I can find about the new housing bill and trying to find out what everything means. How are we going to help all of these people that are upside down in their homes because of falling real estate values? How do we get them into so much better program because of unscrupulous lenders? How do we help them make their payments when they can't now because the rate just went up when their ARM reset? The answer seems to be FHA Secure. The end all, cure all of the Real Estate world. Tie it in with … (9 comments)
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fha mortgage: The Other Guy's Game - 07/27/08 10:35 AM
There certainly aren't any of the people reading this posting that has ever spent any time in a bar talking and drinking with the patrons. Since I grew up watching, picking up and waiting for my father in several, I have some experience in the bar mentality phenomenon. It is really amazing the things that you can see when you are alert and not fogged while spending your time in the local watering hole. Of course, sometimes there are things to be said for not noticing what is going on too.
One of the first things that I learned at my … (3 comments)
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fha mortgage: Thurston Flower Garden #3 and last - 07/25/08 01:39 AM
In a recent post, I said I would post one more of my pictures of my wife's flower garden. I don't have nearly as many flowers this year as previously because my wife isn't here to plant them. I am doing my best to keep things growing though and keep the weeds down.
It amazes me how a weed can grow on a rock but a flower not only requires good soil to grow in, but it also requires regular watering, fertilizer and plenty of space, so it isn't choked out. Weeds though, only require you not to pull them. I … (2 comments)
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fha mortgage: FHA Secure - 07/13/08 12:18 PM
Are you one of the people that took a sub-prime loan because it was easy?
Are you now in trouble because the loan payments are progressing more rapidly than your ability to pay?
Are you one who the FHA Secure loan was designed to help?
If you are, contact me today. If you are worried about this happening in the near future, you should still call me today.
If your payments were made on time prior to the adjustment being made, you may qualify for an FHA Secure loan even if you are delinquent today.
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fha mortgage: Down Payment Assistance Programs in jeopardy - 07/10/08 02:50 PM
I did an earlier blog on down payment assistance programs (DPA) and how they can be used to help first time homebuyers get into their first home, especially with the tie in to a FHA loan.
HUD has been trying to get rid of these programs for some time and nearly got it done before Nehemiah took them to court and got an injunction stoping the rule from closing down the DPAs. Now, a new rule has come up that will effectively close the DPA loophole.
To stop this for happening, please follow this link to Nehemiah where you can tell … (2 comments)
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fha mortgage: There are only three types of loans - 07/09/08 11:27 PM
There
Picture is just for effect.
Really are only three types of loans, no matter what anyone says. No, they aren't conforming, government and non conforming. That would be a good guess, but wrong. Of the three types of loans, not everyone is right for each type and at the same time, everyone may not be right for the type of loan they have.
So, if I have your interest, what are the three types?
Those that the balance goes down with each payment, amortizing. Those that the balance stays the same with each payment, interest only. Those that the balance … (4 comments)
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fha mortgage: FHA Training Class - 07/08/08 04:04 PM
FHA has changed. Have you kept up with the changes.
Estimates are that at least 70% of the sales in the coming year will be FHA financed. Do you know how to write the offer? Do you know how to advise your seller?
Alpine Mortgage Planning has positioned itself to be a major player in the FHA housing boom. Do you want to come along?
We will be conducting classes in FHA financing July 24 at 10 a.m. and 2:30 p.m. The class is one hour and training certificates will be awarded. They will be held in Alpine's Conference … (3 comments)
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fha mortgage: FHA Mortgage Insurance changes - 07/01/08 05:24 PM
Effective this month, FHA mortgage insurance becomes risk based. There are changes to both the upfront mortgage insurance premium (UFMIP) and the yearly (paid monthly) premium. That means that the higher the loan to value and the lower the credit the higher the premium is. At the same time, the lower the loan to value and the higher the credit score, the lower the premium.
Best deal is a credit score of over 640 and a loan to value of 95% or less. The new UFMIP is lower than before at 1.25%. The yearly stays the same at .5%. It can … (0 comments)
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fha mortgage: Down Payment Assistance Programs - 06/27/08 02:20 PM
What are DPAs?How do they work?Who is eligible for a DPA?Why use a DPA?These are a few of the questions asked about the down payment assistance (DPA) programs that I get on a regular basis.
What is a DPA? A down payment assistance program is one where a homebuyer can receive a gift amount between one percent and six percent of the final contract purchase price of a home. In addition, the seller of a home donates and equal amount to a non profit origination. There is also a processing fee for the transaction. A few months ago, there were a … (0 comments)
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fha mortgage: Washington Post on FHA loan limits - 06/27/08 12:33 PM
Here is an article by the Washington Post about the effect of the new FHA loan limits on lending. Although across country from Oregon, I think the report got the gist of what the loan limit increase means in lending. Lane County's FHA loan limit is $343,750.Check this out: http://www.washingtonpost.com/wp-dyn/content/article/2008/06/09/AR2008060902645_pf.htmlThanks for joining this blog.
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fha mortgage: FHA Changes Loan Limits - 06/27/08 12:31 PM
Changes to FHA LoansBy Fred Chamberlin (Eugene's Loan Guy)FHA loans have been around for a number of years and during the past 3 or 4 they lost their appeal as lenders found them hard to work with.Unfortunately, that is one of the reasons that so many subprime loans were made to people that otherwise could have qualified for an FHA loans, ease of origination. So, you ended up with borrowers that had a low start rate that started to escalate at year two, three or five. That is happening now, the automatic escalation of these loans as the interest rate resets.To … (0 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
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