purchase: $8000 Tax Credit Used as Down Payment for FTHB
- 05/12/09 10:13 AM
The biggest problem that most first time home buyers have is coming up with the down payment. I have posted several times in the past various ways to get the down payment together, but it has still been out of the reach of some people. Now, that could change. The First Time Home Buyer Tax Credit is going to be available for the down payment on FHA loans in the near future, according the the Secretary of HUD.
Shaun Donovan, Secretary of the U.S. Department of Housing and Urban Development, said that the Federal Housing Administration is going to … (7 comments)
purchase: Appraisal requirements are changing and have changed
- 01/28/09 06:56 AM
Inflated appraisals were cited as one of the things to blame for the mortgage melt down and have continued to be a concern for several months. More and more companies are tightening up on their appraisal requirements and requiring that the appraisal comparables be within a certain area and within a certain time frame. Here are the latest appraisal changes from Countrywide: New Appraisal Requirements: The appraiser must be provided with a copy of the Purchase Contract and all Addenda to ensure that any financing and/or sales concessions are considered when determining any impact on the value of the property. … (18 comments)
purchase: FHA Part Three - Manufactured Home Loans
- 12/23/08 05:13 AM
This is Part Three in my series on FHA Real Estate Loans and some things that home buyers and home owners may not be aware of. Today, I am going to discuss the purchase and refinance of manufactured homes with their own land. Manufactured homes on leased land are not eligible for FHA loans in my lending area of Oregon, Washington and California. FHA loans, except for streamline refinances are limited to owner occupied primary residences only. First of all, what is a manufactured home? A manufactured home is one that is built in a factory and transported to the home … (7 comments)
purchase: FHA Mortgage Loan Credit Requirements
- 12/22/08 01:56 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, … (15 comments)
purchase: FHA mortgage changes take effect Jan. 1, 2009 for homebuyers
- 12/20/08 03:10 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 … (18 comments)
purchase: Dispelling Common Myths About Participating with FHA
- 08/27/08 06:38 AM
I know there are Realtors out there that remember the bad old days of FHA financing. I still remember having to have and FHA certified inspector check over the house and make the sellers sweep up the basement or clean a spot on the carpet. Anyone remember the VC sheet (that hasn't been that long ago)? Well, that isn't the case anymore. FHA loans are nearly the same as conventional loans, except in some (many) cases better. Take a look at these common myths about FHA: Myth: Takes more time processing.Truth: Takes no more time than a conventional loan. Adds no … (20 comments)
purchase: DID YOU KNOW? Questions and answers about today's real estate loan programs
- 08/25/08 06:58 AM
Did you know? Conforming loans are only available to 80% loan to value for 3 and 4 unit personal residence properties and require a 620 credit score for purchase or rate and term refinance and only 75% for cash out refinances. Did you know? You can get a 95% cash out refinance on an FHA refinance for your single family personal residence, generally at a lower overall payment than if you got a 90% conforming cash out. Did you know? That a cash-out refinance on a 3-4 unit personal residence is available through an FHA loan to 85% loan to value … (5 comments)
I don't think there is anything that says EXCLUSIVELY EUGENE more than Saturday Market. And, what describes Saturday Market more than a street musician with a fan watching in a tie dye tee shirt?
The Eugene Saturday Market is held every Saturday from April 5 to November 15, rain or shine. The venue is at the intersection of Oak and 8th Streets. It is open from 10 a.m. to 5 p.m. It is the "flavor" of Eugene. Other places, like the small community to our north, Portland, may have Saturday Market, but it definitely isn't Eugene. … (4 comments)
purchase: Oakridge/Westfir Summer Concert
- 07/22/08 08:12 AM
This weekend is the Oakridge/Westfir Summer Concert headlined by Amy Clawson, a favorite local C&W singer. Amy is well known in the area and has been a regular at many fund raising and special events in and around Lane County. The picture to the left is from her MySpace page where you can go to hear some of her recordings. Personally, Cowboy Up is one of my personal favorites. She will also be at the Douglas and Lane County fairs later this summer. You can see her complete schedule at http://profile.myspace.com/index.cfm?fuseaction=user.viewprofile&friendid=120478169. Shannon Reigns and Taylor's Crossing, Taryn Cross, Bob Manning … (3 comments)
purchase: Interest Rates
- 07/18/08 04:53 AM
I have been telling everyone that would listen that "NOW" is the time to buy the house you want. Interest rates are great, prices have leveled off or dropped a bit (in the Eugene area), and even if the price on a $250,000 home dropped another $10,000, a rate change of 3/8 of a percent would make nearly the same payment anyway. Well, we have just seen mortgage bonds fall to their worst levels in 2008. We have also seen rates increase about 3/4 of a percent, instead of 3/8. So, has it done any good to wait? Being an Oregon … (5 comments)
purchase: Licensed Oregon Mortgage Brokers
- 07/08/08 05:11 AM
In January of 2007, there were more than 13,000 licensed mortgage loan originators in Oregon. As of the Independence Day holiday, that number was down to 6,985 with less than half of them living in Oregon. It appears that the wheat is being separated from the chaff. I have been working in the mortgage industry before there was a license requirement. I supported the licensing requirement for mortgage originators, expecting it to make our industry more responsive and responsible. In some ways it has, but nothing the way a downturn in the market has. If you have lost your loan officer, I would … (9 comments)
purchase: FHA Facts - Mixed use commercial
- 07/02/08 08:57 AM
FHA Facts: Did you know? A 203(k) mortgage may be originated on a "mixed use" property provided: (1) The property has no greater than 25 percent (for a one story building); 33 percent (for a three story building); and 49 percent (for a two story building) of its floor area used for commercial (storefront) purposes; and (2) the commercial use will not affect the health and safety of the occupants of the residential property; and (3) the rehabilitation funds will only be used for the residential functions of the dwelling and areas used to access the residential part of the property. … (4 comments)
purchase: Oil, markets and pricing
- 07/01/08 05:38 AM
The big news in mortgage pricing is oil. Again today, oil topped $143 a barrel and this means that the price of almost everything goes up. When the prices go up, that means inflation. When you have inflation, that means that mortgage rates, that hate inflation, go up. What can be done about it? The best thing to help inflation would be to lower the price of oil. Oil is priced in dollars, so a weak dollar means higher priced oil. Oil has doubled in price since the Fed started lowering the discount rate and the dollar became weaker agains the … (0 comments)
purchase: FHA 203k Streamline
- 06/30/08 05:59 AM
FHA offers a Streamline 203k program that allows a homebuyer/owner to finance up to $35,000 of home repairs in the purchase or refinance of a home. This is an excellent program because it doesn't have the same review requirements of a complete rehab loan. I would be surprised if you could make the necessary repairs to this home with $35,000. Would probably take a few hundred more. Following is the "Mortgagee Letter" from HUD. Call me for explanations. MORTGAGEE LETTER 2005-50 December 29, 2005 TO: ALL APPROVED MORTGAGEES ALL APPROVED APPRAISERS
SUBJECT: Enhancements to "Streamlined (k)" Limited Repair Program Mortgagee Letter 2005-19 (ML 05-19) announced the Streamlined (k) … (34 comments)
purchase: Real Estate Market Turning(?)
- 06/27/08 05:21 AM
Rather than "The Sky is Falling," which is what we hear from the national news media day in and day out, one national "expert" on the Real Estate Market front, Roger Schlesinger, has the following to say:"The long-awaited event is gearing up and will greatly surprise the media, the Wall Street gurus, the apartment dwellers, the naysayers, and nervous homeowners. Real estate is preparing for the turn; are you? It will be a small one at first, but its momentum will make some forward-thinking lenders once again focus on profits, not losses."Mr. Schlesinger has gained acclaim through his "Mortgage Minute" not … (0 comments)
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The biggest problem that most first time home buyers have is coming up with the down payment. I have posted several times in the past various ways to get the down payment together, but it has still been out of the reach of some people. Now, that could change. The First Time Home Buyer Tax Credit is going to be available for the down payment on FHA loans in the near future, according the the Secretary of HUD.
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