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real estate loan: Are we there yet? Are we there yet? Are we there yet? - 01/26/09 12:01 PM
When will we hit the bottom? What is a good interest rate? What is the best interest rate? These questions will plague buyers for the coming months as they try to decide if this is the right time to buy a home. Today, Barry Habib, the Mortgage Market Guy, had this to say:
"Existing Home Sales surprisingly came in a bit better than expected, at 4.7M when estimates were only for 4.40M. Perhaps the current low interest rate environment we are operating in - combined with firesale prices on many homes - is helping more homebuyers see the wisdom in finally getting … (14 comments)
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real estate loan: FHA Part Three - Manufactured Home Loans - 12/23/08 01:13 PM
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)
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real estate loan: 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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real estate loan: 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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real estate loan: HUD FHA Real Estate Loans for only $100 program. First Time Homebuyers welcome - 09/11/08 04:39 PM
Did you know you can buy a home with just $100 down payment, even in today's changed market?
It is true. If you qualify for the loan, HUD allows homes that they have foreclosed to be purchase with an FHA loan with only a $100 down payment. Unfortunately (or fortunately depending on your view), we don't have any HUD foreclosures in Lane County. Here is a list of the current Oregon foreclosures, according to the HUD website:
I have sorted them by city and it appears the closest one to the Eugene/Springfield area is in Yoncalla. Remember, these are for … (6 comments)
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real estate loan: Credit Scores and how they affect your real estate purchasing rates and power - 09/03/08 01:30 PM
Barry Habib, Chairman of Mortgage Success Source, was recently interviewed by Fox Business News and he was asked about inproving your credit scores. You can see the interview here.
I found a lot of his answers a bit simplistic but still very helpful to the majority of people that have lower credit than their payment history deserves. Now, there are no "Credit Faries," even if you believe in the Tooth Fairy. There is not magic thing that will correct your credit if it actually reveals your method of handling credit.
In other words, if you pay things late as a general rule, … (0 comments)
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real estate loan: Mortgage loan rates and fees, why are there fees for Real Estate loans? Answers from a Eugene Oregon Real Estate Loan Officer - 08/08/08 01:08 PM
I just finished a blog from a Realtor in Florida and was concerned about some of her misconceptions of the mortgage industry. I have quoted her here and would like to respond to what she said, one item at a time. Her comments are in italic. If you want to lessen your mortgage amount or at least get a fairer value, you should know more about the five common mortgage fees you should avoid. Yes, you can prevent yourself from incurring and shouldering the following charges: (Just because you think you should not pay a particular fee, it doesn't mean it … (10 comments)
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real estate loan: Rural Loan Programs for Lane County, 100% financing available - 08/07/08 03:52 PM
There are still ways to buy a home with no money down, but it is getting harder to do all of the time. USDA Rural Development is one of them. VA is also 100% real estate purchase financing. Today I want to touch base on the USDA product. We refer to it as FmHA, or a Farm Home instead of FHA, Federal Housing. "USDA provides homeownership opportunities to rural Americans, as well as programs for home renovation and repair. USDA also makes financing available to elderly, disabled, or low-income rural residents of multi-unit housing buildings to ensure they are able to … (4 comments)
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real estate loan: Dual Real Estate Agent/Mortgage Broker - 07/23/08 01:00 PM
I have had something in my craw for some time and it has to do with people that are both Realtor and Loan Officer. I don't know about other states, but in Oregon it is perfectly legal to represent the client as both the Realtor and Loan Officer. If you throw in both listing and selling Realtor, they you really have an interesting mix.
I have read posts from Realtors that are concerned about the appearance of conflict of interest when representing the buyer on their own listing and can't begin to understand how they can not be concerned about, at … (5 comments)
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real estate loan: Are you a salesperson? - 07/22/08 12:30 PM
Everyone sells something!
You don't believe that? Well, let me go through a few examples. If you belong to Active Rain, you probably sell Real Estate or Loans or Home Staging or a lot of other things. Even the homeless person on the street corner with the cardboard sign is selling his dignity. The junkie is selling his soul. The factory worker is selling his time and labor.
So, let's talk about us (Active Rain people). What is it that we are really selling? It isn't that 3 bedroom, two bath ranch on the good street two blocks from a grade … (9 comments)
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real estate loan: How to find a good lender - 07/19/08 02:47 PM
HERE'S THE INSIDE SCOOP ON HOW TO DO IT RIGHT!First: make sure you are working with an experienced, professional loan officer. The largest financial transaction of your life is far too important to place into the hands of someone who is not capable of advising you properly and troubleshooting the issues that may arise along the way. But how can you tell?Here are FOUR SIMPLE QUESTIONS YOUR LENDER ABSOLUTELY MUST BE ABLE TO ANSWER CORRECTLY. IF THEY DO NOT KNOW THE ANSWERS...RUN...DON'T WALK... RUN...TO A LENDER THAT DOES!1) What are mortgage interest rates based on? (The only correct answer is Mortgage … (6 comments)
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real estate loan: FHA Manual Underwriting - 07/17/08 02:00 PM
I know that as a lender, I always want an accept/eligible (Fannie Mae) or an accept/accept (Freddie Mac) when I submit an FHA borrower for automated (AUS) decision, but that doesn't always happen. So, here are some things to remember about your clients that have to have a manual underwrite:
Ratios above 31/43 will cause you problems. Look for a great compensating factor. AUS may give you a 50% approval. Be prepared to explain any gap in employment of more than one month. AUS, 6 months without explanation. Major derogatory credit requires a written explanation. Again, not so with AUS. Consumer Credit Counseling … (0 comments)
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real estate loan: Paperwork, Green Loans & trust - 07/14/08 01:31 PM
Many years ago, if you borrowed money from someone, you shook hands on the transaction and that was often the extent of the deal. Then things started to change, not necessarily due to a lack of trust, but in many ways that was the final result.
I remember when I started in the mortgage business, back when we used stone instead of paper. Seriously, when I started, I was told that it would only be a few years before the whole process would be paperless. That was a couple of decades ago, so a few years have stretched to a … (6 comments)
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real estate loan: 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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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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