For a while the USDA has been mentioning that they were going to increase the income limits to the Guaranteed loan program. Not only was this exciting to hear but USDA also mentioned that the income limits were going to be grouped as 1-4 and 5-8 house hold size. This was even better because now an individual who makes the full amount as a 4 person household size can qualify. This is no rumor anymore. It has been done as of April 20th. To see what the incmoe limits are within your area CLICK HERE. If you want a little refresher on the USDA RD loan program go to the following blog.

Guaranteed 102% financing for Rual areas!  

Thanks,

Jose Delgado

Effective immediately; The OHCS (Oregon Housing and Community Services) Home Loan Program, otherwise know as the Oregon Bond Loan, will no longer be accepting "new" reservations for new loans that require Mortgage Insurance. This is due to MI company rating downgrades. If you currently have a loan reserved with the OHCS they will still honor it. What does this mean? Now that this has been iliminated, the few loan programs that are left for the low to no down payment options would be:

FHA - Requiers 3.5% down payment - This can be combined with Oregon Bond Loan

Rural Development Guarantee - No down payment, but currently has no funds. This can also be combined with Oregon Bond Loan.

Federal VA - No down payment - must be a Veteran of the Armed Forces - this loan can not be combined with the Oregon Bond Loan. 

Happy New Years to all! Hope you had a safe & happy holiday season with your families!

WOW 2009! Where did the last year go, or in what areas did 2008 help you grow. I speak for my self in what areas I grew in 2008. I have gained a lot of knowledge in the Real Estate and Mortgage Industry over the last year, but along with that knowledge came a weight gain as well. Who said becoming more knowledgable creates extra weight you have to pack around. Well, I am guilty of not working out as much as I am used to. I am about 1 1/2 years into the mortgage industry and spend all the time I can afford on being a student of what i do, study any changes and ever since I got into the industry it's been nothing but changes. So I would sacrifice my times that I would normally go to the gym and study changes. At first it was a few times that I would give up but for the last couple of months it has been most of them. Now this can be seen as not being able to manage my time correctly. I would just be too mentally tired to swing by the gym for a short workout session in the late evening. So, 2009 for me will be managing my time better so that I can get to the gym more often and shed some of the extra weight, all with keeping myself up to date on the changes of the mortgage industry. That is one of my New Years resolutions. 

The Fed alsoo has a New Years resoluition for us! Back in November of 2008, the Fed announced that it would buy as much as $500 billion worth of MBS (mortgage backed securities) from Freddie Mac and Fannie Mae over the first six months of 2009. As of Tuesday December 30 the Fed announced they would start buying the securities next week. Who is to manage this purchase program? They have chosen BlackRock, Goldman Sachs, PIMCO and Wellington to manage this purchase program.

So, what is your New Years resolution?

Jose Delgado,

Daylight Saving Time is coming to an end tomorrow. This means you will have to set your clocks back one hour and return to Standard Time on Sunday, November 2nd at 2 a.m. or if you don't want to wake up at 2 a.m. on Sunday Novemeber 2nd, just turn your clocks back 1 hour before going to bed tonite (11/01/08).

If it seems like we're a little later than usual in setting back the clocks, you're right. Daylight Saving Time (DST) was actually extended by an entire month (originally, the bill was written to extend Daylight Savings Time by 2 months) this year as a result of the Energy Policy Act, enacted in 2005 and first went into affect last year. If the change proves to be widely unpopular, or if the energy savings aren't significant, Congress did retain the right to revert back to the old dates.

This is a great time to perform important tasks around the house, including:

· Resetting automatic lights and sprinklers to standard time operation.

· Checking fire extinguishers and testing smoke detectors.

· Restocking first-aid kits and emergency supplies.

· Changing important passwords and personal identification numbers (PINs).

· Rotating tires and inspecting the spare.

It's important to remember that since DST was extended you will want to double-check your electronic devices such as; your cell phone, T.V, Computers etc... to confim that the time is correct. In fact you may have to change the time manually.

Jose, 

Featured this morning in the business section of the Register-Guard was Siuslaw Bank. The following is the article.

Siuslaw Bank sees profits, deposits rise in 3rd quarter

By Ilene Aleshire

The Register-Guard

Published: Oct 23, 2008 12:13AM

Siuslaw Bank bucked a national trend of falling bank profits, reporting higher profits, increased deposits and increased loans in the third quarter.

The bank's profits rose 2 percent in the third quarter, to $1,247,800, compared with a year ago.

Deposits rose by about $4.6 million, to $235.6 million, and loans rose by about $16 million to $212.5 million, bank President Lonnie Iholts said Wednesday.

The increase in deposits has come partly from depositors fleeing from other financial institutions, Iholts said. The bank has touted its five-star ranking by the financial rating firm of bankrate.com, noting that it is the only commercial bank in the state to receive this top rating.

The bank's loan growth is coming primarily in the Eugene metro market, Iholts said, although the bank is seeing loan activity in all areas that it serves, including Cottage Grove, Florence and Veneta - "one of our newest markets."

"We've always had a forward pipeline of loans in process," Iholts said. "We have not pulled our commitments like some institutions have. We have had the liquidity to fund them."

Chief Executive Officer Johan Mehlum credited the bank's performance to its employees and to the policies established "by a seasoned board of directors."

Iholts said: "The philosophy of this company, since it was founded in 1964, has been community banking."

Being a community bank "means making sure (proposed) projects are truly viable and hopefully steering people away from those that are not," he said.

In recent years, he said, "At times people were probably not too happy at being told no. Sometimes it's tough to let customers go and see them go somewhere else. But right now, our staff is feeling pretty darned good about why we were doing it. ... (And) we're starting to pick up some of the pieces that others have created."

Iholts said that, when the bank has turned down loan requests, it has tried to keep the door open for future dealings with that customer.

That means, for example, it is sometimes talking now with customers who went to other banks and received variable rate loans but now want to refinance.

Being a closely held, private company gives Siuslaw some advantages, Iholts said. "You don't have a bunch of shareholders expecting everything has to be up, up, up," he said. "And you don't have (earnings) projections every quarter that, if you miss by a penny, you've had it."

Siuslaw is continuing its 20 cents per share quarterly cash dividend to common share­holders and 21 cents to preferred shareholders.

The dividend is payable to shareholders of record as of Oct. 24 and payable on or before Nov. 3.

Siuslaw Bank's parent company, Siuslaw Financial Group has its headquarters in Florence. Siuslaw Bank has offices in Cottage Grove, Creswell, Eugene, Mapleton, Oakridge, Pleasant Hill, Springfield and Veneta.

With all the media about banks going under and FDIC taking over banks, many people always ask me "Is your Bank Safe?" "Are you guys still lending money?" That is a question that I get asked frequently as well. I can understand how people may feel scared today about there money in banks especiall if they lived through the great depression era. At Siuslaw your deposits are safe. All deposits are FDIC-insured up to $100,000 as an individual, with greater coverage for joint accounts, IRAs and CDs. In addition, Siuslaw bank offers CDARs (Certificate of Deposit Account Registry service), which gives you access to multi-million dollars of FDIC-insurance. Siuslaw did not engage in any subprime mortgage lending. Unlike some of our competitors, we did not get into the type of loans that are bringing down some larger organizations. Siuslaw is well-capitalized and financially sound, as we have been for the last 45 years. As the oldest independent community bank in Lane County, we are considered safe and secure and considered to be a "well performing" bank. As a matter of fact bankrate.com recently rated Siuslaw Bank #3 in Oregon for safe and sound ratings. #'s 1 and 2 were two Trust banks in the Salem area. If you want to rate your bank and or credit union click here.

Thank you for visitng!

Jose,

As I was winding down and getting ready to slip into bed I noticed my phone's light blinking alerting me of  an email. I read it and could'nt resist but to share. It said the following:

Dear Jose,

Please repeat this simple saying. "I AM playing the game of life and it is meant to be FUN!" If you endeavor to always remain within this simple understanding Jose your life will begin to smooth out and you will enjoy it a lot more. This is not rocket science here, it is merely a game and all of the rules are designed to help you be, do and have whatever you desire. Simply learn the rules and use them to your advantage. It is easy and effortless when you know the rules and play by them. - Richard Blackstone -

This is so true! We are merely creating our own game as we live life. You can create your own rules and play by them. Play your game of life and make it FUN! Make it a great day!

Richard Blackstone is an Award Winning Author, International Speaker, Master Life Creator.

To learn more about him go to www.richardblackstone.com

As of Friday October 17^th, Funding for Rural Development's Single Family Housing Guaranteed Loan program is now available for fiscal year (FY) 2009. The Rural Development Guaranteed loan Program, or referred to as RD, is a guaranteed loan that is flexible to accommodate people who need 100% financing who are looking to purchase in a defined rural area.  RD assists thousands of families and individuals annually to become homeowners.

Here are the basics on how it works:

•·   Finance full purchase price plus closing costs up to 102% of appraised value.

•·   No monthly mortgage insurance - One time financed guaranteed fee of (2%) at closing which keeps payments lower than FHA

•·   Gifted funds are permitted from family members.

•·   Buyer doesn't have to have post closing reserves (savings).

•·   Ratios to qualify are 29/41

•·   Min. credit score of 620

•·   NOT LIMITED TO FIRST TIME HOME BUYERS

•·   Seller is able to pay all closing costs - Not limited to any %

Homes that qualify:

•·   Single family residence, Non-Farm, Owner Occupied

•·   Condo's, Townhomes, Approved PUD's

•·   Manufactured homes are eligible as long as they are brand new from approved dealers

•·   No in ground swimming pools

If the buyer is a First Time Home Buyer they can combine the RD loan program with the Oregon Bond loan program and take advantage of the low interest rate it offers.

These are just the basics. If you would like to learn more about the RD loan program, feel free to give me a call.

Thanks,

Jose Delgado

Cell: (541) 968-5648

Office: (541) 683-2400

I recently helped a great family buy their first home and I recevied a Thank You card from them that said: (verbatim)

Dear Jose,

We wanted to let you know: what you have helped us accomplish has changed our lives. Our house is more than just a home - it's the promise of a better future for our son. Thanks to you for all the time you took with our case... Becuase of your knowledge, expertise and caring we now have our own home... Something we have dreamed about for so long!

Jose, you and your team at Siuslaw are the Best! We thank you now and will thank you in the years to come.

Gregorio A., Mycena B. & Ethan A.

What a great feeling I had after reading this card. I'll tell you what, it certainly made my day!!

Last month, the fallout from the mortgage crisis took a rather unusual turn. For the first time in 20 years, several US banks went belly-up, most notably IndyMac Bank, the second largest financial institution to fail in US history, and one of the largest mortgage lenders in the country. Suddenly, IndyMac's bank account and mortgage holders found themselves in uncharted territory – what did this mean to their money and, more importantly, what did it mean to their homes?

Over the next few days and weeks, the Federal Reserve, which seized IndyMac's assets, did its best to assure IndyMac's customers that their bank accounts were protected by the Federal Deposit Insurance Corp (FDIC). This meant that typical checking and savings accounts were protected up to $100,000 per individual and up to $250,000 for retirement accounts, such as an IRA.

Mortgages, however, are not protected by the FDIC. What's more, the bank or entity that just went out of business, in this case IndyMac, may not be the actual "owner" of your mortgage....... Click Here to Read More