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MCC A Better Alternative Than Oregon Bond? Maybe, With The Newest Interest Rates - 02/29/08 02:24 PM
The State of Oregon's Bond Loan Program for first time homebuyers will have higher interest rates on Monday. Effective March 3, 2008, the RateAdvantage interest rate will go up to 5.40% and the CashAdvantage interest rate will go up to 5.90%.
I recently did an article comparing the Oregon Bond loans to the Mortgage Credit Certificate. With market interest rates headed downward and the Oregon Bond Loan interest rates headed upward, the scales just tipped in favor of the Mortgage Credit Certificate.
Unfortunately, Southern Oregon Counties and Cities are not participating in the Mortgage Credit Certificate. Maybe it is time for that to change! … (4 comments)
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Another Option Coming For Struggling Homeowners in April 2008 - 02/29/08 09:44 AM
In April, Fannie Mae loan servicers will have another option to offer to their borrowers. HomeSaver Advance will be their newest loss mitigation option to look to for delinquent mortgages. The key to this option will be that a borrower can show that the reason that triggered their delinquency - i.e. job loss, medical emergency - has been resolved and they now have the long-term financial capability to not only continue making their scheduled mortgage payments, but the additional amount needed to cure the delinquency. Provided the borrower can establish this, they are willing to participate in this program, they have … (2 comments)
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Delightful Ranch-Style Home in Desirable Old East Medford Neighborhood on Quiet Residential Street - 02/28/08 11:23 PM
… (2 comments)
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Shakespearian View of Oregon Bond versus Mortgage Credit Certificate - 02/27/08 12:06 AM
O Affordability, Affordability, wherefore art thou affordability?
Undeniably, first time home buyers in Ashland Oregon have a tough time of it when it comes to entering the Ashland Oregon real estate market for the first time. Other areas of Oregon are struggling with the same challenge of housing affordability versus the area median incomes.
(enter Oregon Bond stage left)
The Oregon Bond Loan was designed to assist first time home buyers earning 80-120% of median income. There are two programs under Oregon Bond Loan. RateAdvantage, currently at 4.95%, assists qualifying buyers by giving them an interest rate ¾ to 1% lower … (3 comments)
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Apserkaha Group Camp on Howard Prairie Lake in Southern Oregon - 02/26/08 10:43 AM
Run by the YMCA for many years, now being operated by Table Rock Fellowship (TRF), Camp Apserkaha is a sixty-six acre camp located on the southern shore of Howard Prairie Lake. Amenities at Camp Apserkaha include a dining shelter, commercial kitchen, twelve cabins, and almost a half-mile of lake frontage. Just steps away from the Pacific Crest Trail, this camp lies in a beautiful setting in the Southern Oregon woods with incredible views of Mt. McLoughlin.
Camp Apserkaha is available for day use as well as overnight camps, and is being used by several Southern Oregon groups such as YMCA, 4-H, Future … (4 comments)
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Fannie Mae's Declining Value Area Designation - 02/26/08 12:07 AM
We're starting to see the "Declining Value Area" condition popping up on some of our automated underwriting decisions on Jackson County, Oregon properties. In many cases, this will not affect the borrower's loan amount. For first time home buyers putting the minimum amount down for their down payment, it is creating some challenges, though. Down payment assistance programs are becoming even more valuable to help buyers meet a higher down payment requirement.
A Southern Oregon buyer that was preapproved long before this guideline change went in to affect is now having to consider coming up with an extra 5% to put down … (4 comments)
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Oregon Department of Veterans Affairs Loan at 5.125% or 5.25% - 02/21/08 11:05 PM
Well, we didn't quite make it 30 days at the previously set interest rates for the Oregon VA Loans, but it was nice while it lasted.
Effective February 22, 2008. Our new 15-to-30-year fixed-rate/loan fee options will be:
* 5.125% with a 1.5% loan origination fee, or,
* 5.25% with a 1.% loan origination fee.
These rates are still well below market rates, helping our Oregon Vets who qualify for this program get a bit more buying dollar than they may get going with other loan programs.
See you at the closing table!
Karen Cooper - OR/CA Mortgage Consultant - www.Quality4Loans.com
… (6 comments)
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Oregon Energy Trust Sets New Guidelines for 2008 - 02/21/08 10:42 PM
"Going Green" has been pretty painless for us so far, although long journeys in the hybrid are sometimes a challenge. We're happy knowing the products we have been replacing meet the 2008 Oregon Residential Energy Standards, even though we already changed out our windows and doors in 2005-2006 long before these new standards came to be. We have used all tax credits and rebates we are eligible for, helping offset some of the costs associated with these changes. With our winter heating bills 40% lower than they were before making the changes, the air flow we have in the house spring/summer/fall, … (5 comments)
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Jackson County Homebuilders Association's Spring Home Show February 8-9-10 - 02/05/08 10:56 PM
The Fall Home Show will take place this weekend at the Jackson County Fairgrounds, September 19th, 20th and 21st. The Jackson County Homebuilders Association puts on two of these shows each year. Although both the Spring and the Fall shows have a lot to offer, we are really looking forward to seeing what new and innovative products will be on display. There will be several vendors that will be displaying their Green products and services this year, and we'll be looking at fireplace inserts, since the City of Medford has an ordinance requiring the replacement upon sale of a home that has a fireplace … (5 comments)
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How Low Can It Go? How About 4.875% For An Oregon Vet 15 to 30 Year Fixed Rate Loan? - 02/05/08 09:28 PM
Interest rates have been hovering at historic lows for quite a while. It has been several years since I've seen the 30 year fixed rates dip below 5%, though. For qualifying Oregon Vets choosing the Oregon Vet Loan, the Oregon Department of Veterans Affairs says 5% just isn't low enough!
Effective February 6, 2008, the Oregon Veteran Loan for 15 to 30 year fixed rates will drop to 4.875%(5.501% apr) paying 1.5% loan origination fee, or 4.99%(5.573% apr) paying 1% loan origination fee.
So, qualifying Oregon Vets, what does this mean to you? Say you buy a home in Medford, Oregon for $175,000, put … (4 comments)
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Oregon Bond Rate Advantage Program at 4.95% - 02/03/08 11:33 PM
Have I mentioned before how great I think the Oregon Bond Loan program is for the first time homebuyer purchasing their home in Oregon? This program is designed to help the first time home buyer by giving them a below-market interest rate AND the option to buy a slightly higher, but still below-market, rate if a lack of savings is their hurdle to fulfilling their American Dream of homeownership.
Buyers need to qualify for the Oregon Bond Loan, proving they have sufficient income to purchase a home within the criteria of this program. It also has credit history guidelines, and is … (3 comments)
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Karen Pierce
Medford,
OR
More about me…
Karen Pierce | Housing Counselor |Oregon
Address: PO Box 4126, NMLS#223305 , Medford, OR, 97501
Office Phone: (541) 779-6691
Email Me
Bringing 29 years of experience providing Southern Oregon and California Home Buyers and Homeowners | 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 | Helping Southern Oregonians on the road to fulfilling the American Dream of Homeownership - and staying there!
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