With so many wonderful things to do here in Southern Oregon in the summer time, sometimes our biggest hurdle is deciding which great place we want to go to. Holding season tickets to Camelot Theatre in Talent, Oregon helped us narrow the decision making process down a bit since we had booked seats to see "Cabaret" that night. Having had a late lunch, these very early risers wanting to stay awake for the performance figured a light dining experience was in order. This narrowed us down to two choices, both in Downtown Medford - Cork's or Elements? That's a hard choice for us to make, because we have thoroughly enjoyed every experience we've had at both locations, the food, the drinks and the people. The deciding factor this time was we wanted to try a new drink, so off to Elements we went.
The food AND drink menus at Elements Tapas Bar & Lounge is eclectic, unique and delicious. We have yet to work our way all the way through it, but have already developed tastes for some favorites, like the Trio of Albondigas and the Toro Martini Dani recommended to us on one of our first visits to Elements. This time we once again tried some new items recommended by Chris, the Fire and Cucumber Basil Gimlet to quench our thirst, and the Isle of Ibiza Flatbread. Having so enjoyed other recommendations, it's hard to believe that we can continually find something we haven't tried before that just makes us say "Wow!", but we said it again!
A fabulous meal at Elements Tapas Bar & Lounge and a wonderful performance of "Cabaret" at Camelot Theatre....aaaahhhh Life Is Good here in Southern Oregon!
If you haven't been to Elements or Camelot Theatre, you're missing out!
Elements Tapas Bar & Lounge 101 E Main St Medford, OR 97501-6003 (541) 779-0135 Open Tues-Sun 4 p.m. - ???? (late)
Camelot Theatre 101 Talent Ave Talent, OR 97540 (541)535-5250
Want to have your say in how you would like Community Development Block Grant funds to be allocated to the community for the next 5 years? Do you believe street lighting is insufficient, homeless population needs need greater focus?...Our at risk youth programs are insufficient to meet their needs, Historical Buildings need to be preserved?...Affordable Housing needs aren't being met, energy efficiency steps aren't great enough?
Go online and complete the survey and make your opinions known. Now how many times are you asked to do THAT?!?!/? Get out their and flex your civic muscles.
Karen Cooper - OR/CA Mortgage Consultant - www.Quality4Loans.com Providing high Quality, Professional, Ethical service to Oregon and California home buyers and owners since 1983. Whether you are taking out your first home loan or your fiftieth, for your home, your second home or for investment, put my knowledge and expertise to work for you.
Karen Cooper - OR/CA Mortgage Consultant - www.Quality4Loans.com Providing high Quality, Professional, Ethical service to Oregon and California home buyers and owners since 1983. Whether you are taking out your first home loan or your fiftieth, for your home, your second home or for investment, put my knowledge and expertise to work for you.
Karen Cooper - OR/CA Mortgage Consultant - www.Quality4Loans.com Providing high Quality, Professional, Ethical service to Oregon and California home buyers and owners since 1983. Whether you are taking out your first home loan or your fiftieth, for your home, your second home or for investment, put my knowledge and expertise to work for you.
Many of you have heard about the $8,000 First Time Homebuyer Federal tax credit that is scheduled to sunset December 1, 2009. But, have you heard of the Mortgage Credit Certificate?
Nationwide, many Cities and Counties have made this "dollar-for-dollar" federal tax credit program, the Mortgage Credit Certificate, available to their area home buyers who meet the program's income requirements and/or are purchasing in a target census tract. There is an MCC program being administered through the Portland Development Commission that many first time home buyers are taking advantage of.
I received a great question this week through Active Rain. This person was asking if the $8,000 tax credit may be used in conjunction with the Mortgage Credit Certificate tax credit, and the answer is YES!!!! Eligible first time home buyers may take the $8,000 tax credit the first year, then may still take their ongoing mortgage credit certificate tax deduction on the remaining years when they file their federal income tax return.
So, if you are a first time home buyer in an area where your city and/or county offer the mortgage credit certificate program, make sure you look in to both options as they could save you a TON on income taxes!
It's that time again, time for the outdoor thermostat to creep up over the 90 degree mark, time for the roses, daisies and lavender to give their prolific displays, and time for the Children's Festival in Jacksonville Oregon on the grounds of the Britt Festival.
Children's Festival, July 12-14, 2009, Jacksonville, Oregon Britt Festival Grounds, $2.00 entry fee per person.
Sunday July 12th - Session #1: 5:30-8:30pm Monday July 13th - Session #2: 9am until noon Session #3: 6:00-8:30pm Tuesday July 14th - Session #4: 9am until noon
I have heard from several Oregon Bond borrowers now who are struggling due to financial hardships, and running in to difficulties due to the owner occupancy requirement and the potential recapture tax provision a homeowner may face on an Oregon Bond loan when they sell their home and their income has increased enough to trigger this provision. Some of these homeowners were trying to get the Home Affordable Refinance or Home Affordable Modification programs to help reduce their monthly payments, but the Oregon Bond Loans are not eligible for these programs that were approved through the federal stimulus packages.
I asked the State of Oregon if they have any suggestions for folks who are experiencing financial hardship and have Oregon Bond loans. Here is the response:
"Karen,
Due to the economic downturn, it is possible for a Oregon Bond borrower to rent out their home for a short period of time, if they have continuously occupied the home for at least the first year of ownership. In recent months we have instructed our loan servicers not to monitor the properties for owner occupancy after the first year. Many of our borrowers are in the same situation of having to relocate to obtain employment. If this is going to be a permanent relocation, then they should refinance or sell the home financed by the Bond program. The Recapture Provision is only triggered upon sale of the home, and sale within the first 9 years of ownership. In most cases the borrowers will not owe a tax because their income has not increased significantly from the time of purchase.
For borrowers that are remaining in the home and struggling, we do not have any program to defer or reduce payments. We have had some borrowers with an improving employment outlook, but who have fallen one or more months behind on their payments, and the servicer has been able to modify the loan by capitalizing delinquent interest and bringing the loan current. This may be an option on a case by case basis for delinquent borrowers, but the borrower still has to be able to handle a full monthly payment going forward."
If you have been told by your existing lender/servicer something other than the information above, relay this info to them and ask your lender to verify it is okay for you to temporarily rent your home out as you find it necessary to temporarily relocate for your job.
Should your home sell AND your income exceeds those maximum income limits (follow this link for current income limits, but you should have received an initial disclosure that referenced limits at the time you took out your loan, plus annual increases) - that means BOTH the sale and exceeding income limits take place - you could potentially face a recapture tax. This hasn't happened to very many people.
So, it sounds to me like maybe getting a short term tenant in who gets below market rent rates because you are selling the home due to the economic downturn that necessitated a move in order to find a job might be a viable alternative for some folks who have an Oregon Bond loan get through these difficult times. Certainly a better alternative than loosing a home to foreclosure.
Here in Southern Oregon, in the traditional peak buying season we're seeing quite a bit of activity in the lower price ranges of the real estate market. Even Ashland, where prices are at the higher end of the scale for the Rogue Valley, sales are picking up. In Medford, White City, Central Point, Eagle Point the under $200,000 price ranges are seeing a flurry of activity, especially heavy in the lower price ranges where both first time home buyers looking to take advantage of the $8000 tax credit before it sunsets December 1, 2009 AND investors who are seeing price ranges that will cash flow and meet their investment goals are competing against each other. The inventory of available homes is shrinking consistently now, with the Mar-May 2009 number of homes on the market 27% less than the same period in 2008. Foreclosure sales are still representing a large percentage of these sales, and this market segment is likely to pick up a bit more when the State once again releases the funding for the Neighborhood Stabilization Program, probably sometime toward mid to end of July.
So, how does the "average buyer" buy a foreclosure home? Typically, you won't find the average buyer on the courthouse steps trying to pick up a bargain through the Trustee's Sale. This is where you will find the sophisticated, experienced investors who know the risks associated with purchasing foreclosed homes in this manner. The average buyer is working with their savvy, experienced Realtor, who has explained the many risks associated with these "as is" purchases where the bank who owns the property has no idea of how the property was treated by previous occupants. Their Realtor is advising their buyers how to limit risk and protect themselves through home inspections and other more specific types of inspections specific to a property, such as septic system and well/ water flow/quality inspections and certifications. And, their Realtor is watching for these properties to come on the market - knowing even before they are on the Multiple Listing Service that they are coming down the pipe, letting their buyers position themselves to pounce as they come on the market.
Sound intimidating? With the right professionals on your team, it doesn't need to be. Southern Oregon Buyers are finding amazing deals this way. They are choosing their own Realtor to look out for their best interests vs. the bank's representatives who are looking out for the banks'. Here are some financing tools that may help you if you choose to buy a foreclosure/bank-owned home:
Home Path - Fannie Mae's specific program for buyers purchasing a home that Fannie Mae owns. A "standard program", or a "renovation program" for homes in need of some work. Fannie Mae works with local Realtors and Lenders on the sale of their homes so you may work with your chosen professionals. Here are the general highlights:
Low down payment and flexible mortgage terms (fixed-rate, adjustable-rate, or interest-only)
You may qualify even if your credit is less than perfect
Available to both owner occupiers and investors
Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer. This is a great fit for the Neighborhood Stabilization Program (see below)
No mortgage insurance
No appraisal fees
HomePath Renovation Mortgage Financing to fund both your purchase and light renovation
HUD Homes - These homes went back to HUD after an FHA loan was foreclosed upon. This foreclosure process is a slow one, so we haven't seen many Hud Homes on the market in our area, but we do see a handful of them in our area. With only $100 down payment required, plus other buyer incentives, buyers may find they are paying as much as they are paying for rent, but own their own home.
Neighborhood Stabilization Program - This federal program that was devised as part of the stimulus packages approved in late 2008 has had a slow start getting to market so buyers may use it. Eligible Buyers purchasing foreclosed homes in the eligible areas that have seen a high concentration of foreclosures may get up to $50,000 to be used for matching down payment, closing costs, prepaid expenses, eligible repairs and mortgage reduction. A recent change in June has led to further investigations by the State of Oregon who administers the program. This process will hopefully be complete and the Neighborhood Stabilization program re-released for eligible buyers purchasing foreclosure homes
USDA Guaranteed Rural Housing - This program is not specific to foreclosure properties as are those programs listed above, but it does have a unique feature that allows for a "holdback" of up to $10,000 for repairs to be made after close of escrow that may be financed. Buyers meeting the income/property eligibility requirements of this program end up with a great government loan with no down payment andno mortgage insurance required.
Some of these programs have income limits; some have population/area limits, so feel free to check with me to see what is available to you based on your individual circumstances.
Here in this beautiful area of Southern Oregon where the Rogue Valley lays, surroundedby the serene beauty of the Siskiyou and Cascade mountain ranges, lakes, rivers and streams abounding, filled with fabulous family activities for her residents and visitors to enjoy, I find myself wondering if I just may have a bit of extra time to enjoy the wonderful place I live. It's summertime, temperatures are on the rise, there are SO MANY outdoor living opportunities available here, and I just might get out there and enjoy some of them.
Headed in to June, armed with some amazingly low interest rates and great program opportunities released, the buyers came out in droves. Hmmmm....may need to cut back a bit on some of those outdoor living dreams, because the Neighborhood Stabilization Programis approved and reservations are being accepted as of June 4th! Yippeee! Up to $50,000 in funding available to qualified buyers buying eligible properties, and a pretty wide range covered on the map of eligible areas.
Off go 7 families I am working with armed with the details of this program and how it may help them reach their goal of become homeowners. Out I go to share the details with Realtors whose clients might also benefit from having a "silent second mortgage" bearing zero interest and no payments to help them buy a home here in Medford, Central Point, Eagle Point, White City and even some of the more rural surrounding areas.
Along comes a "program update" bright and early Monday morning June 15th. This update removes what was determined to be a restrictive requirement of the Neighbrohood Stabilizaiton Program - a requirement that the bank/private party that foreclosed on the eligible home sell it for 15% less than current market value. This is good, right?Now, the property only has to be sold for 1-5% less than its current market value. This ought to help when the REO listing agents laugh when we mention this requirement, because they are marketing property in price ranges that are very active, with multiple offers being received on them, right? Those listing agents and the banks/government sponsored enterprises they represent want to know, does HUD and the State of Oregon and the City of Medford REALLY believe they will CHOOSE to sell the property for 15% less than its current market value when buyers are lining up at the door?
So, okay...maybe the eligible buyers won't get a property for 15% less than current market value, it will still be a fair deal, and any repairs the property might need will be covered by Neighborhood Stabilization Program funds, so they can still afford to do this right?
Wrong! Since these guideline changes will have a domino affect on other guidelines, the program funds have been frozen, approved buyers cannot use these funds to close their pending escrows, and the State has changed the status of the Neighborhood Stabilization Program to "Program Pending" and reservations are not being accepted. Neighborhood Stabilization Program information on the State's website has its own unique stamp, as do the State's Oregon Bond Loan program and Purchase Assistance Loan program.
I am confident the State and City will work the details out with HUD on this Neighborhood Stabilization Program, but the delays cut in to the time eligible buyers will have to close their purchase transactions using these funds - especially if they are trying to close escrow before the $8000 tax credit sunsets on December 1, 2009.
Thank God it's almost Friday...
See you at the closing table...eventually with Neighborhood Stabilization Program funds!
26 years experience providing Southern Oregon and California Quality Home Loans| Assisting Oregon First Time Homebuyers with no Down Payment| Specializing in USDA Guaranteed Rural Housing & Oregon Bond Loans| Oregon VA Loans| Farm/Ranch Loans| Aggressively Priced Jumbo Mortgages| Serving all of Jackson County Oregon including Ashland- Talent- Phoenix- Medford-Jacksonville- Ruch- Central Point- White City- Eagle Point- Shady Cove- Gold Hill, as well as Josephine County including Grants Pass- Merlin- Wilderville and Northern California communities in Siskiyou County| Helping Southern Oregonians and Californians on the road to fulfilling the American Dream of Homeownership
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
The food AND drink menus at Elements Tapas Bar & Lounge is eclectic, unique and delicious. We have yet to work our way all the way through it, but have already developed tastes for some favorites, like the Trio of Albondigas and the Toro Martini Dani recommended to us on one of our first visits to 
It's that time again, time for the outdoor thermostat to creep up over the 90 degree mark, time for the roses, daisies and lavender to give their prolific displays, and time for the 
Here in Southern Oregon, in the traditional peak buying season we're seeing quite a bit of activity in the lower price ranges of the real estate market. Even Ashland, where prices are at the higher end of the scale for the Rogue Valley, sales are picking up. In Medford, White City, Central Point, Eagle Point the under $200,000 price ranges are seeing a flurry of activity, especially heavy in the lower price ranges where both first time home buyers looking to take advantage of the $8000 tax credit before it sunsets December 1, 2009 AND investors who are seeing price ranges that will cash flow and meet their investment goals are competing against each other. The 
Here in this beautiful area of Southern Oregon where the Rogue Valley lays, surroundedby the serene beauty of the Siskiyou and Cascade mountain ranges, lakes, rivers and streams abounding, filled with fabulous family activities for her residents and visitors to enjoy, I find myself wondering if I just may have a bit of extra time to enjoy the wonderful place I live. It's summertime, temperatures are on the rise, there are SO MANY outdoor living opportunities available here, and I just might get out there and enjoy some of them.
;)
;)
