Larry Morris is a Certified Mortgage Planning Specialist in Portland, Oregon. He specializes in USDA Guaranteed Rural Home Loans, FHA Purchase and Refinance, FHA 203k Rehab loans, FannieMae HomePath loans, Oregon VA Loans and conforming purchase and refinances in the states of Oregon, Washington and Idaho. He can be reached at 503-421-0096.
Oregon HomePath Property Alert for
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Larry Morris is a Certified Mortgage Planning Specialist in Portland, Oregon. He specializes in USDA Guaranteed Rural Home Loans, FHA Purchase and Refinance, FHA 203k Rehab loans, FannieMae HomePath loans, Oregon VA Loans and conforming purchase and refinances in the states of Oregon, Washington and Idaho.
He can be reached at 503-421-0096.
Oregon HomePath Property Alert for
Multnomah County Oregon
Homepath is a great program that allows homebuyers to purchase Oregon homes owned by FannieMae without an appraisal. Financing is relatively easy.
This program is available for Owner Occupied, Second Home and Investment purchases.
If you are interested in one of these homes the best place to start is to get pre-approved for financing. Not all lenders are able to offer Homepath financing, so send me an email to get started. To learn more about financing for Oregon HomePath properties, visit my website at www.PDX-Mortgage.com.
To speak with a Realtor about these properties, or any others, please contact Rick Talbott.
This is not an all-inclusive list of homes for sale in Multnomah County, but a list of some new homes coming on the market under the HomePath program, or recent changes to Oregon homes that have been on the market.
Homepath Property Alert in MULTNOMAH County, OR
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Larry Morris is a Certified Mortgage Planning Specialist in Portland, Oregon. He specializes in USDA Guaranteed Rural Home Loans, FHA Purchase and Refinance, FHA 203k Rehab loans, FannieMae HomePath loans, Oregon VA Loans and conforming purchase and refinances in the states of Oregon, Washington and Idaho.
He can be reached at 503-421-0096.
Oregon HomePath Property Alert for
Multnomah County Oregon
Homepath is a great program that allows homebuyers to purchase Oregon homes owned by FannieMae without an appraisal. Financing is relatively easy.
This program is available for Owner Occupied, Second Home and Investment purchases.
If you are interested in one of these homes the best place to start is to get pre-approved for financing. Not all lenders are able to offer Homepath financing, so send me an email to get started. lmorris@golfsavingsbank.com. To learn more about financing for Oregon HomePath properties, visit my website at www.PDX-Mortgage.com.
To speak with a Realtor about these properties, or any others, please contact Rick Talbott.
This is not an all-inclusive list of homes for sale in Multnomah County, but a list of some new homes coming on the market, or recent changes to Oregon homes that have been on the market.
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Larry Morris is a Certified Mortgage Planning Specialist in Portland, Oregon. He specializes in USDA Guaranteed Rural Home Loans, FHA Purchase and Refinance, FHA 203k Rehab loans, FannieMae HomePath loans, Oregon VA Loans and conforming purchase and refinances in the states of Oregon, Washington and Idaho.
He can be reached at 503-421-0096.
Oregon USDA Guaranteed Rural Home Loan
Designed as a resource for low to moderate income homeowners in rural communities, the USDA Guaranteed Rural Home Loan has helped many Oregon families obtain financing for homes not only in rural areas, but also in cities such as Sherwood, Newberg, Wilsonville, Forest Grove, Canby, Coos Bay and Klamath Falls,
While the USDA has guaranteed this loan, the money actually comes from traditional lenders like Golf Savings Bank. We underwrite the loan based on USDA guidelines and then sell it on the secondary market, just like a traditional loan.
One of the most attractive characteristics of the USDA Guaranteed Rural Home Loan is that it is one of the last home loans with 100% financing. I have helped many home owners get into a home with no money down. In fact, they usually are able to get their Earnest Money back as well.
The program also allows for 6% Seller Concessions to help cover the cost of the Buyers Closing Costs. Rates are very competitive with conforming and FHA loans, and there is no monthly mortgage insurance payment.
The two main qualifiers of the USDA Guaranteed Rural Home Loan program are:
- The Property must be within a qualified area. This is easy to determine based on a USDA online map.
- The Adjusted Household Income must not make exceed the published income levels for the area. This takes a little more work as it is unique to the USDA.
The loan is undergoing some changes right now. Traditionally, the USDA will provide financing up to 102% of the appraised value of the home. This covers the 2% Guarantee Fee that is mandated by Congress to help repay the cost of this program. Historically, this program runs out of money every year and then is funded again by Congress. Over the last 2 years, the program has exhausted it's funds in the Spring. Last year it was quickly funded, this year, not so. The program is currently out of funds and is awaiting Congressional funding.
There is a Bill before Congress to make the USDA Guaranteed Rural Home Loan self-funding. This will enable the program to continue to exist without the need for Congress to continually allocate for funds. The Rural Housing Preservation and Stabilization Act increases the maximum loan guarantee fee that USDA's Rural Housing Service has authority to charge for new housing purchases from 2.0 to 3.5 percent and allows an annual fee of not more than 0.5 percent per year on the balance of the loan. This will result in a nominal increased monthly payment of around $8 per $100,000 at 5% Interest Rate.
A modified version of the Rural Housing Preservation and Stabilization Act has been added to H.R. 4899, the Disaster Relief and Summer Jobs Act of 2010 and will hopefully be voted on soon.
We are still accepting applications based on the 3.5% Guarantee Fee, underwriting them and then putting them in suspense until the USDA gives us further direction.
If you need to close soon, I suggest using an FHA or conforming loan. If you have the luxury of waiting a few more weeks or months, than this is still the best loan on the market if you don't have 20% down payment and you and your property qualify.
Larry Morris is a Certified Mortgage Planning Specialist in Portland, Oregon. He specializes in USDA Guaranteed Rural Home Loans, FHA Purchase and Refinance, FHA 203k Rehab loans, FannieMae HomePath loans, Oregon VA Loans and conforming purchase and refinances in the states of Oregon, Washington and Idaho.
He can be reached at 503-421-0096.
I just received the following update from the USDA regarding their popular USDA Guaranteed Rural Home Loan Program.
"Fiscal Year 2010 Appropriated Funds -
Issuing Conditional Commitments once Appropriated Funds are Exhausted
The Single Family Housing Guaranteed Loan Program (SFHGLP) will issue Conditional Commitments once currently appropriated funds for FY 2010 are exhausted. Conditional Commitments will be issued "subject to the availability of funds and Congressional authority to charge a 3.5 percent guarantee fee for purchase loans and a 2.25 percent guarantee fee for refinance loans."
The good news is that this means that business moves forward as usual, HOWEVER, note that these Conditional Commitments will be subject to a 3.5% guarantee Fee for purchases and a 2.25% fee on refinances. This might cause some problems with loans that have been submitted with a 2% guarantee fee. Looks like I'm on the phone to get clarification.....
Larry Morris is a Certified Mortgage Planning Specialist in Portland, Oregon. He specializes in USDA Guaranteed Rural Home Loans, FHA Purchase and Refinance, FHA 203k Rehab loans, FannieMae HomePath loans, Oregon VA Loans and conforming purchase and refinances in the states of Oregon, Washington and Idaho.
He can be reached at 503-421-0096.
I just received an email from the USDA regarding the status of Funding. Based on available, unobligated funds, they are looking at Funds exhausting around 5/7/2010. HOWEVER, since there are 2 Bills before Congress, and Congress is very aware of the situation, there is a chance that the USDA will once again issue Conditional Commitments.
April 27, 2010
Notice of Funding
This message is to notify you of the unobligated balances of fiscal year 2010 program funding for the Single Family Housing Guaranteed Loan Program.
As of April 27, 2010:
Purchase: $1,046,482,690.77
Refinance: $84,377,998.61
Total: $1,130,860,689.38
We anticipate funding will likely be exhausted by May 7, 2010. The Administration is aware of our funding shortfall. Currently two Bills have been introduced in an effort to secure additional funding, H.R. 5003 and H.R. 5017. The status of this proposed legislation is available to the public online at: http://thomas.loc.gov/home/bills_res.html.
Depending upon Congressional activity with the proposed legislation it is possible that the Agency may consider issuing Conditional Commitments.
This is good news. It looks like we will see this resolved soon. Now the question is will there be major or minor changes to this program? Will they affect existing loans with GUS Approvals but no commitment letter?
Only time will tell.
Larry Morris is a Certified Mortgage Planning Specialist in Portland, Oregon. He specializes in USDA Guaranteed Rural Home Loans, FHA Purchase and Refinance, FHA 203k Rehab loans, FannieMae HomePath loans, Oregon VA Loans and conforming purchase and refinances in the states of Oregon, Washington and Idaho.
He can be reached at 503-421-0096.
Homepath Property Alert in MULTNOMAH County, OR
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Larry Morris is a Certified Mortgage Planning Specialist in Portland, Oregon. He specializes in USDA Guaranteed Rural Home Loans, FHA Purchase and Refinance, FHA 203k Rehab loans, FannieMae HomePath loans, Oregon VA Loans and conforming purchase and refinances in the states of Oregon, Washington and Idaho.
He can be reached at 503-421-0096.
Larry Morris, Oregon Mortgages
HomeStreet Bank
Address: 16200 SW Pacific Highway, Suite Z-3, Tigard, OR, 97224
Office Phone: (503) 639-2459
Cell Phone: (503) 421-0096
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