Quality Home Loans for Oregon and California Buyers - Karen's Korner

What To Do On A Friday After Work In Southern Oregon?

2008-07-01T15:13:13Z

Living in this beautiful area of Southern Oregon, surrounded by forests, rivers, lava flows, caves and lakes, our biggest challenge is to figure out which wonderful terrain we want to go see when there is so much gorgeous scenery to see.

One of our most favorite destinations is Howard Prairie Lake. This mountain lake experiences some wonderful breezes, making it not only the lake of choice for boaters looking to fish, ski or cruise (like we do), but it is ideal for the sailboats, too.

This is our third year keeping our boat at Howard Prairie Lake during boating season. My family and I often times head up to the boat after work from Ashland, or on the weekends from our home in Medford. Only 30-45 minutes and we feel like we are in a whole new world. We go there to unwind and be together, to cool off when things warm up in the Rogue Valley, to fish, to play in the water, to see the wildlife, to read and enjoy the fresh air, sometimes to sleep out under the stars, sometimes to enjoy the company of friends. Some times we load up the coolers and stay out on the lake for hours on end, sometimes I'm lazy and we come in to eat at the restaurant at Howard Prairie Lake Resort and enjoy their good food. There is nothing like rolling in after a night under the stars to enjoy a great cup of coffee and one of their breakfasts.

This past Friday, what to go see and do was an easy decision to make. How we went about it was new and different. It was our first "Ladies Only Sunset Cruise"! "Rules" were: no spouses, boyfriends, kids, or pets allowed - just the ladies; bring what you want to snack on or drink, bring some to share if you'd like; if you're meeting the carpool straight from work, don't worry we'll cover you. Our objective, have a relaxing time and good conversation.

Mission accomplished! The water was like glass and the temperature so nice, it was well in to dusk by the time we pulled up to the dock. It was a great way to start off the weekend, enjoying The Good Life here in Southern Oregon. Can't wait to go again!

See you out there!

Karen Cooper - OR/CA Mortgage Consultant - www.Quality4Loans.com

Sometimes It’s a GOOD Thing To Be In The Bottom Five

2008-06-30T19:20:28Z

So often we focus on being in the "Top 5...This" or the "Top 10...That". Well, although I have some what of a competitive nature, I was thrilled to read in an article in our local newspaper, the Mail Tribune, that I live and work in a "Bottom Five State". That would be the State of Oregon, who the CEO of the Oregon Association of Realtors says has stayed in the bottom five of the 50 United States when it comes to States with the number of homes foreclosed upon.

Realty Trac published data stating Oregon has climbed to State # 21 with a total of 1,633 foreclosures as of March 2008, which includes 1,119 properties with Notice of Defaults filed on them, defaults that may be cured before going to the courthouse steps.

I'm putting on my rose colored glasses, and running with the Realtors on this one, as I do believe we're doing okay here in warm, sunny Southern Oregon.

See you at the closing table!

Karen Cooper - OR/CA Mortgage Consultant - www.Quality4Loans.com

"Can I Still Get A Stated Income Loan in Oregon"? Alive and Still Kicking…But, Barely

2008-06-27T12:21:20Z

This week I realized that amongst my many other reasons to be grateful, reasons like on my last trip to California I loaded up on rice and coffee beans at Trader Joe's before prices shot up, I should be grateful that the majority of loan applications/inquiries I've had lately have been from borrowers who qualify with Full Income Documentation.

I received a referral from an existing client this week for someone who has found an amazing deal on a property they really want to move on NOW. This person was semi-retired but decided to go ahead and actively pursue a second career after all, launching in to it full bore last year. Eventually, payments will begin on the installment sale of the long-term business they retired from, but this person falls smack dab in to the middle of that exact situation the Stated Income Program was designed for. Now a Dream Property has come along, and tax returns will not reflect sufficient qualifying income.

There are still Stated Income Programs available to them. One will lend up to 75% of the purchase price with a credit score of 680 or higher. Another will finance up to 80% of the purchase price and allow 10% of the purchase price be financed in a 2^nd mortgage. Interest rates are up there, but not as high as private money. But, like many borrowers, cash is tied up in other places, and the losses of reallocating them in order to meet the down payment requirements will make for a pretty steep expense. They can bill out for balances due on work completed which will raise most of the 10% down, but the time frame needed will extend out the escrow period needed and Sellers want to close fast which is part of the reason the property is priced the way it is.

So, the question remains, how badly do they want this property? Bad enough to dip in to retirement funds? Penalties will be pretty steep, because they're too young to make withdrawals without steep penalties. Hmmmmmmmm.... What to do, what to do.

Don't wait too long to deliberate, because chances are the few remaining Stated Income Programs may fall by the wayside soon, too. I'm sure they'll return again one day, but how long they'll be gone is the question.

See you at the closing table!

Karen Cooper - OR/CA Mortgage Consultant - www.Quality4Loans.com

“Do You Finance Log Homes in Oregon”?

2008-06-27T12:09:26Z

I received a referral last week to a person who owns land just outside of Ashland, Oregon in the beautiful tree covered countryside. They bought this land a few years back, and have an outbuilding/shop/living-quarters on it where they'd been living while preparing to build their dream home. At first, they thought they would put a manufactured home on it, but then decided to put a log home on it instead. There are many homes like this spotting the landscape in the mountains surrounding the Rogue Valley. A log home company, Homestead Log Homes, is located right here in Medford Oregon on Highway 62.

As is necessary in our current lending environment, I gathered the details of the proposed transaction, and let the prospective borrower know I'll do some research on current loan program parameters. This is necessary not only because of the mercurial mortgage market we are currently in, but because this transaction is like an onion with many layers that needed to be peeled back in order to best help this family. I needed to check on structuring this as either a construction-to-permanent loan or as two separate loans, one for the construction and one for the permanent take out financing. Our layers consisted of new construction, log home, self-employed borrower launching a second business, and as was discovered after our first sit down, the need for stated income had entered the equation. In their favor, they have good credit and at least 30% equity based on a conservative estimate of the future value of the subject property when construction is complete.

During this 24-48 Hour discovery process, I learned that -

Construction loan only: Either No Stated, No Log Home, or No Rural
Construction-to-Perm: Log Home Okay, Rural Okay, No Stated
Permanent Take-Out: Log Home Okay, Rural Okay, Stated Okay

So what's the problem? Just let the borrower use private money for the construction and Quality Home Loans, Inc. of Oregon helps them obtain the Permanent Take-Out Loan, right? Wrong! I'm down to ONE lender who MIGHT be able to do this loan when construction is complete, and my lender representative tells me don't count on this product being around much longer. What happens if 9 months from now when construction is complete this program has been discontinued like the many other Stated Income programs and their private money lender won't renew their short term note?

I let the client know the above - AND, that I personally would not embark on a new construction project if I did not have a more secure option for my permanent loan. They'll contact their private lender to work on extending their existing Note, and do some initial work on which they'll pay as they go which will keep their permits open, buying them a couple of years to ride this market out. They know that their good credit and a strong liquid asset position will be critical to obtain a Stated Income Product even when the mortgage market "lightens up". I'll keep my eyes open for a product that makes sense for this borrower's situation, and will keep in touch.

With all the recent Active Rain discussions on online rate quotes, it made me wonder how these borrowers would have faired with this transaction if they had chosen to apply online for their loan? I think they saved themselves a lot of aggravation! Thankfully, people here in the Rogue Valley believe in keeping their business local whenever possible.

See you at the closing table!

Karen Cooper - OR/CA Mortgage Consultant - www.Quality4Loans.com

Escaping To Lithia Park in Ashland Oregon

2008-06-24T22:01:42Z

Here we are, barely two weeks in to this year's summer break from school, I'm working from my home office more often then not, and already I've heard "I'm bored" several times. This last time instead of my standard response of "would you like to start on the Household To Do List?" I thought "I'm bored, too"! Just having finished up on an extra project I had been working on since March that was separate from my usual mortgage business, still riding on the wave of satisfaction of a job well done, it's time to go celebrate, right? Time to play hooky!

A picnic in Lithia Park, one of our most favorite serene getaways, was just the ticket. So off we went to pick up Subway sandwiches and head to the park to see what is in bloom. First stop, the White Mulberry Tree to see if there were any ripe berries the deer couldn't reach on our way up to the Duck Pond where we plan to have lunch while watching the ducks.

Too early for mulberries, but on stroll along the paths leading to the duck pond, we could see there will likely be a bountiful crop of blackberries in a month or two, right about the same time the mulberries ripen.

"Mama, I want to go on the spinny thing and swing" so off we head to the playground on the other side of the park. Rhododendrons are coming to the end of their blooming season, but still offer splashes of color amidst the many green shades of the other landscape.

Unfortunately, during a playground remodel that has taken place since our last visit, the spinny thing is no longer there, but the swings are. Ashland Creek is full, and the temperature outside warrants some wading, but it isn't long before toes are taking on a blue tint. Mom's phone is starting to ring again, so time to head back to "the real world".

There is nothing like slipping away for a couple of hours to one of Southern Oregon's crown jewels, Lithia Park...and nothing like getting home again to enjoy our own neighborhood flora and fauna.

Isn't Southern Oregon absolutely stunning?

See you out there!

Karen Cooper - OR/CA Mortgage Consultant - www.Quality4Loans.com

http://localism.com/article/351683/-Back-to-Nature-at-Lithia

A Beautiful Summer Day Spent In Siskiyou County, California (Part 2)

2008-06-24T13:13:04Z

Traveling a ways off Interstate 5 on Highway 89 at the base of stunning Mount Shasta, it isn't long before we come to the town of McCloud. We've been by the turn off to this historic town several times on journeys back and forth down Highway 89, and have wanted to experience the Shasta Sunset Dinner Train ride that takes off from McCloud, but will have to reserve that ride in advance, as it is a popular one. So Saturday, we meandered through the Brown Dog Gallery, the McCloud Heritage Junction Museum, and the shops throughout town, scoping out some great options at Bed & Breakfasts we plan to one day come back to stay at when we take the train.

Still not ready to head back to beautiful Southern Oregon yet, we followed the advice of the talented artist we met, Claudia Ellis, at the Brown Dog Gallery & Gifts and continued down Highway 89 to the water falls of the McCloud River. Because it was getting rather late in the day, we drove to each of the falls, which are easily accessible with parking areas and paths to Lower Falls, Middle Falls and Upper Falls. When we go back, we'd like to hike the River Trail that takes you to each of the falls and/or try our hand at fly fishing in the McCloud River.

Finally having our fill of fresh air and stunning scenery, we made the journey back home, appreciating the "Welcome to Oregon" sign even more than the "Welcome to California" sign. We once again discussed our surprise at how quickly the time passes when the sun sets as late as it does in the summertime, giving us twilight well past 9 p.m., utterly content at another full day enjoying the many sights and sounds to be found in Southern Oregon and Northern California.

See you out there!

Karen Cooper - OR/CA Mortgage Consultant - www.Quality4Loans.com

http://activerain.com/blogsview/564471/A-Beautiful-Summer-Day (Part1)

A Beautiful Summer Day Spent In Siskiyou County, California (Part 1)

2008-06-24T12:51:08Z

Our youngest child loves seeing the "Welcome to California" sign so quickly after heading out on journeys from our home in Medford, Oregon. Only 30 miles north of the California/Oregon State line, we frequently find ourselves back in California, the State we relocated from in 2004.

Saturday was one of those days, when we unanimously decided our family time would start out at the Yreka Gold Rush Days festival. After meandering through the streets of Yreka, California looking at the offerings available at the many booths along the way, enjoying the summer sprinkling of rain, we went in search of the chili cook-off, but never found it (think we arrived too late)and our youngest ended up with the all time favorite hamburger instead. We did find Gary Nelson of Ashland Home Net and his wife along the way, though.

We also found a wonderful lunch at the Silver Spoon Bistro & Wine Bar located at 322 West Miner Street, and finished a delicious Mediterranean Wrap and the house special of Tri-Tip in Lime with Green Beans and Rice just in time to enjoy the re-enactment of a Gold Rush Days shootout on the streets of Yreka.

Not ready to head back to Medford yet, we continued on our journey through Northern California, ending up at the town of McCloud, an historic Company Owned town from the peak lumber days located on the base of Mount Shasta. See Part 2 for more of this great Cooper Family Summertime adventure.

See you out there!

Karen Cooper - OR/CA Mortgage Consultant - www.Quality4Loans.com

http://activerain.com/blogsview/564507/A-Beautiful-Summer-Day (Part 1)

Green Affordable Housing Coming Soon To Ashland Oregon

2008-06-19T11:57:54Z

Rogue Valley Community Development Corporation announced this week that they will have an informational meeting on the 15 affordable housing units they plan to build through their Mutual Self Help Housing Program in Verde Village in Ashland. Go to RVCDC's website for information on qualifying for this program , and if you think you may meet the income criteria and are able to commit to contributing 16-32 hours per week to meet the sweat equity requirements, plan to attend the meeting Thursday June 19th at 6p.m. at Pioneer Hall, 73 Winburn Way, Ashland, Oregon. Or contact Roxanne Zepeda at Rogue Valley Community Development Corporation 541-734-2355 for further information.

Verde Village has dedicated 15 units of the 60+ total units within this Net Zero Energy development to be located on the North end of Ashland bordered by Ashland Creek and Nevada Street to meet the needs of the desperately needed affordable housing in Ashland, Oregon. This will be the first of its kind and size in Ashland, Oregon. Hopefully, by the time Phase 2 is coming to be interested homeowners will have a true Energy Efficient Mortgage to assist them with their acquisition.

See you at the closing table!

Karen Cooper - OR/CA Mortgage Consultant - www.Quality4Loans.com

http://localism.com/article/554953/Are-True-Energy-Efficient-Mortgages-Finally

http://localism.com/article/358465/Green-Building-Concepts-Taking-Hold-in

http://localism.com/article/486043/To-Be-Or-Not-To-Be

Are True Energy Efficient Mortgages Finally On Their Way?

2008-06-17T17:04:53Z

Fannie Mae, HUD, and the Veteran's Administration all came forward with various pilot programs in the 1990's to assist homeowners interested in "Going Green". One of the largest stumbling blocks for homeowners has been the maximum dollar amount these secondary marketing sources will allow to be allocated to energy efficiency improvements. The small amount that is allowed to be added to the loan for this purpose added to the stiff documentation requirements to prove the actual energy cost savings these improvements will generate have made the current version of Energy Efficient Mortgages useless to the homeowners that are looking for them. For example, the cost of the energy-efficient improvements that may be eligible for financing into an FHA Energy Efficient Mortgage is the greater of 5 percent of the property's value (not to exceed $8,000), or $4,000. This doesn't cover minimal solar panels, much less a Net Zero Home!

Seeing the percentage of homeowner requests for truly sustainable materials and energy efficient features in homes they are requesting be built, as well as the interest expressed by potential homeowners in subdivision tract homes, the National Association of Home Builders has been working hard to have legislation put before Congress that will improve energy efficiency and sustainability in housing without driving costs above reasonable levels.

The House Financial Services Committee is reviewing H.R. 6078, the Green Resources for Energy Efficient Neighborhood Act (or the GREEN Act) of 2008. The GREEN Act, sponsored by Rep. Ed Perlmutter, (D-CO) provides incentives to lenders to provide lower interest loans and other benefits to consumers who build, buy, or remodel their homes and businesses in order to improve energy efficiency. Rep Perlmutter said to the committee that his bill's goal is to create a market for energy efficient and location efficient mortgages by making these Government Sponsored Enterprises, FHA and HUD eager to collect them, while requiring Fannie Mae and Freddie Mac to finance energy efficient and location efficient mortgages on buildings located near mass transit. This would be accomplished by amending the charters for Fannie and Freddie to buy, sell, service and otherwise deal in energy and location efficient mortgages, and require the FHA to insure $1 billion worth of energy efficient homes.

Hopefully this time around, viable options will become available to eco-friendly homeowners wishing to do the right thing. I know, here in the Rogue Valley in beautiful Southern Oregon, several groups are on board this green train. Let's continue to support them, and get the consumer the mortgage products they need!

See you at the closing table!

Karen Cooper - OR/CA Mortgage Consultant - www.Quality4Loans.com

http://localism.com/article/451016/Finally-Time-For-Lenders-To-Support

http://localism.com/article/358465/Green-Building-Concepts-Taking-Hold-in

http://localism.com/article/294253/Utility-Independent-AND-Affordable-Housing-in

http://localism.com/article/267623/Oregon-Setting-Pace-at-Greenbuild-7

http://localism.com/article/231419/There-s-A-New-Green-Player

Shortened Time Frames Are On The Horizon For Home Now Alliance Applicants

2008-06-17T15:40:34Z

Many Homeowners and the Realtors working with them to sell their homes have been frustrated by the slow time frames they are encountering when Lenders are involved in the transaction due to "short pays", a necessary part of the transaction when the homeowner owes more on their loan than they can pay from the proceeds of their sale based on what buyers are willing to pay. Many more homeowners are struggling to stay in their homes without having to sell them, and are looking to the Hope Now Alliance to help them accomplish this.

Finally, the process will start to change. Hope Now Alliance, a cooperative effort between the US government, counselors, investors, and lenders to help homeowners who may not be able to pay their mortgages, who has already helped over 1.2 million homeowners struggling with making their mortgage payments, is working to streamline a system that has been bogged down by a greater volumn of applicants than any of the Hope Now Alliance's participating mortgage representatives anticipated.

If you, or someone you know, is facing a payment that will reset to an amount beyond what your budget can support and are unable to refinance your loans to obtain today's low fixed interest rates, call the Help Now Alliance Customer Service hotline right away and find out what you can do to stay in your home. The process will be 45 days, so the sooner you start, the better. Understand that they are helping many many many homeowners, so be patient - but persistent!

May you find the help you need in maintaining sustainable homeownership!

Karen Cooper - OR/CA Mortgage Consultant - www.Quality4Loans.com

Living Longer And Lifelong Learning Programs in Southern Oregon

2008-06-16T13:32:37Z

While reading about the World Health Organization data reflecting U.S. life expectancy has surpassed 78 years for the first time, and I was reminded of one of the many reasons my family and I relocated to Southern Oregon in 2004, educational opportunities for children and adults. At this week's Rotary Club of Ashland meeting, the key speaker addressed this topic.

Bernie Hartman of the Osher Lifelong Learning Institute gave a presentation on a wonderfully enriching program available to Southern Oregon residents of approximately 55+ years of age. Starting out in Ashland, Oregon, participation in the courses has grown by leaps and bounds, and the organization now has more than 700 members. This rapid growth is expected to continue with the Osher Lifelong Learning Institute's expansion of their program in to Medford, Oregon, where many residents at the Rogue Valley Manor have enjoyed the benefits these courses provide. Volunteer instructors share their expertise and passions in literature, art, history, science, personal growth, politics, games, health, music, drama, dance, technology and travel.

Is teaching a lifelong goal of yours? Share your life experiences with others by teaching a course for the Osher Lifelong Learning Institute.

Just another one of the many wonderful things to do in the beautiful Rogue Valley!

See you out there!

Karen Cooper - OR/CA Mortgage Consultant - www.Quality4Loans.com

Oregon Rate Increases On Both State Bond Programs

2008-06-16T11:58:36Z

Indicators have been pointing this direction, with signs of inflation in the economy and continued tightening in the credit markets, but the State made their move last week raising interest rates. These programs are still priced well below going market rates in equivalent conventional and government home loan programs.

The Oregon State Veterans Home Loan program raised the interest rates for eligible veterans to:

The Oregon Bond Home Loan is now offering 5.75% on the RateAdvantage program for qualified first time home buyers on this 30 year fixed rate loan with 1 3/4% points, up from while the CashAdvantage program remains suspended.

While the down payment assistance programs we use here in Southern Oregon remain depleted, there are still some great buying opportunities out there for the entry-level home buyers. Competition for well-prices homes can be fierce, so preparation is critical to success in having an offer accepted, and buyers should be fully credit approved before making their offers.

See you at the closing table!

Karen Cooper - OR/CA Mortgage Consultant - www.Quality4Loans.com

Metamorphosis With An Ever Changing Housing Market

2008-06-12T12:36:17Z

A lot has changed in the housing market since I entered the business in July 1983. I can speak more specifically to the real estate finance industry, as the bulk of my 25 years have been spent here. Had I not started out with a bank whose top leaders were the husband and wife team of Herbert and Marion Sandler, I wonder sometimes if I would have experienced many of the opportunities that came my way. Sure, bank dress codes even in the "liberal 80's" preferred women employees in skirts/dresses whose hemlines fell below their knees, business suits that were preferably in a nice dark shade of navy, black, gray or brown with a high-necked blouse and low-heeled pumps. But, World Savings encouraged and supported their women managers, while providing an open track to executive positions for qualified women, more so than any other bank I know of. And that was some feat for the day, as the banking and real estate world up until that time were not a traditional career choice for women.

Today, the scales have tipped to the other side, with women not only filling many of the real estate finance industry's positions, but also are becoming the driving force behind the decision making process when it comes to home buying, building, or remodeling. I find my client base of the past decade runs pretty parallel to the survey results published in Rachel Bogardus Drew's Harvard University Joint Center for Housing Studies titled "Buying For Themselves: An Analysis of Unmarried Female Home Buyers". This was published in June 2006, and contains statistics from 2000-2003, a time period that I believe is a more accurate representation of where our market is headed today... before the run-up of unsustainable housing purchases and complete loosening of traditional underwriting guidelines we've experienced the past several years. Roughly ¼ of housing purchases are by single women, including women who never married, or are divorced and widowed, with the statistics being drawn from survey results of 18 million home buyers. During the low interest rates/fast appreciation days of 2003-2007 when so many of my clients decided to take advantage of their equity growth to pull out cash to improve their homes, the vast majority of my primary contacts in these transactions were the woman of the household, a verification of the 91% figure given by the National Association of Home Builders in their recent promotion of a book written by a woman about marketing to women.

In 2002-2003, efforts began to be made to reduce the gap in homeownership rates of single women, and it appears that these efforts have had some success. My guess is statistics today would reflect some backsliding with incomes not having kept pace with rising real estate prices. But single women can - and do - purchase homes on their own in greater numbers, just as women today can be found working throughout the real estate sales, financing and construction industry.

So, the typewriter I used to complete documents has been replaced by Web Docs prepared and drawn on the completer, scanners and e-mail delivery has replaced messengers, the Thomas Guide Maps are dusty in a drawer somewhere while the GPS guides the way, and you may find me wearing khaki capris and organic cotton on casual Fridays instead of polyester business suits with huge shoulder pads when I meet a single mom at the title company for her signing appointment. And, we'll both be a bit teary eyed when she receives the keys to her home at closing, anticipating the wonderful stability she is gaining for herself and her children that comes with homeownership.

See you at the closing table!

Karen Cooper - OR/CA Mortgage Consultant - www.Quality4Loans.com

Who Says Jumbo Loans Cost Too Much For Oregon Buyers!?

2008-06-02T19:59:28Z

Here in Ashland, Oregon, where the current median priced resale home sells for $355,000 and a new home for $389,000 per JacStats.com, we happen to have a fair number of properties priced above the maximum conforming loan limit of $417,000, and the temporary jumbo conforming limit of $422,500 for a single family home.

We've heard so much about how high the costs have gone on Jumbo real estate loan financing since the credit tightening, but did you know a 30 year fixed rate loan of $600,000 with a 20% down payment is currently at 6.125% with ¾ point cost (6.253 apr)? Or with 10% down payment, 6.5% with 3/4 point cost (6.636 apr) with lender paid mortgage insurance?

Interest rates are still very low, and there are still loans available for higher priced homes that make sense.

See you at the closing table!

Karen Cooper - OR/CA Mortgage Consultant - www.Quality4Loans.com

Market Insight From A Frustrated 25 Year Industry Veteran

2008-06-02T17:53:37Z

I was at a real estate forum a couple of weeks ago, and the topics being discussed seemed as though they must be similar to those being discussed in local communities all over the U.S. I, personally, can vouch for encountering many of the same situations while making calls to get answers for friends I am assisting who are looking to buy in the State of Nevada, as well as when serving my regular client bases in Oregon and California.

There are still many positives to be found in our current real estate/ credit market, but some of the happenings taking place behind the scenes make me wonder if some of the players in this "game" of Real Estate have taken their eyes off the ball when we are here at the bottom of the ninth.

The impressions I came away with from the Oregon Homeownership Forum held on May 20, 2008 here in beautiful Southern Oregon, like the weather itself that day, reflected not only blue skies but some thunderous storms as well. Attendance was at the maximum, with industry professionals looking to gain some insight into what the heck we're facing in our current real estate and credit market. With only roughly an hour to cover so much, the speakers participating in this forum only touched on some highlights on some issues, and as seems to be the norm these days, each opportunity was counter-balanced with challenge.

Opportunities (The Good News) Challenges (The Bad News)

* The Rogue Valley Association of Realtors * With 340 homes sold in the Rogue

currently has roughly 1,100 members. Many Valley from February 1, 2008 - April

professionals are riding out this market 30, 2008, just over 100 homes per

downturn with the anticipation it will be short month, 90% of these licensed

lived when the wall of "irrational pessimism" professionals have expenses that

comes tumbling down and "pent-up demand" greatly exceed their income.

jumps down from the fence to take advantage

of so many buying opportunities. * Funding for many first time home

buyer programs have either run out,

*The State of Oregon's CashAdvantage or as in the case of the State of

program will likely be re-funded in Fall 2008, Oregon's CashAdvantage program,

and the State's Down Payment Assistance been redirected to other areas of the

program by early 2009. The City of Medford's State who have experienced flood

down payment assistance program funds will related losses. Qualified first time

next be refunded when Community Block Grant home buyers will not have these

funds from HUD are allocated, probably in 2010. resources available to them for the

Spring/Summer buying season.

*Fannie Mae announced they will not apply the

Declining Value Area 5% loan-to-value to their *MGIC, when asked if they will be

high LTV programs for low-to-moderate income adjusting their criteria to match that

borrowers. informed the forum attendees that

they have no intention of doing so,

AND will be further tightening their criteria

as of June 1^st. These changes also

affect Oregon Soldiers eligible for the

State Veterans' Home Loan.

So what does this all mean? Well, to me, it means there are a lot of priorities that need readjusting! JacStats.com shows that as of May 1, 2008 there are 2,392 active listings in the Rogue Valley - the Good News is, that is 10% less than we had in May 2007... the Bad News is it will take roughly 21 months to sell through this inventory at the current market pace. The Good News is prices have finally come within reach of First Time Home Buyers in the low income ranges who would be able to buy with the down payment assistance programs... the Bad News is due to lack of foresight and planning, there are no funds available in the programs we use here in Southern Oregon! If the programs First Time Home Buyers are using are taken away or under funded, how does the Seller who wants to move up sell their existing home? At the present time, Sellers can't get an equity line to draw on their equity to purchase their move up home, and rents in the Rogue Valley are too low to accomplish much in the way of debt service anyway. I know - even with putting 20% down on the income property we purchased in 2005, we run a $500+ per month negative!

Banks and Lenders are teetering on the edge. FDIC is staffing up to handle bank closures they anticipate to be at the level they last saw in the early 1990s in Texas. Each merger and closure further eliminates the necessary market competition borrowers need to keep pricing in line. Although a great deal of the blame has been laid at the feet of mortgage brokers such as myself, the lid is coming off as more details come to light on major banks who are restructuring their management and faulty business practices can no longer be ignored so heads finally have to roll. These are the entities you want to borrow from? Who have major losses to cover that will be passed through in their interest rates?!?!

So, let's regulate the mortgage brokers who originate more than half the real estate loans out of the market while banks/lenders continue to merge or close... eliminate pricing competition! Mortgage Insurance Companies can reduce losses while they "criteria tighten" themselves right out of business because there will be no loans for them to insure! Take the entry level buyers out of the market so the rest of the market can stagnate! Set up a snowball effect for the foreclosures that come as values drop when the only sales comparables determining market values are from distress sales - job loss, divorce, foreclosure!

In my old black and white world, it seemed as though keeping our eye focused on bringing about means to successful, sustainable homeownership is a pretty basic concept... kind of goes hand in hand with only buying something if you have the money to pay for it, or could prove you are a reasonable credit risk. "Collateralized Debt Obligations" and the like belong in the riskier stock market world, not the lending world. With incomes not keeping pace with housing prices, maybe the world of Ozzie & Harriet is not where we live anymore, but a happy median is certainly obtainable.

It really isn't all doom and gloom here in beautiful Southern Oregon, but we DO need to adjust our priorities. Year over year, a 10.5% median value decrease in resale homes and 19.4% for new homes isn't all that bad when the 5 year average still reflects a 40% overall increase in values for our area. Growth predictions for our area are still great, and demand will again drive supply. I can almost see that light at the end of the tunnel and just hope we turn that corner soon - and don't do anything really stupid to extend it out!

The Good News is there are still tools available to help the Southern Oregon First Time Home Buyer on the road to homeownership if you know where to look...the Bad News is time has become of the essence.

See you at the closing table!

Karen Cooper - OR/CA Mortgage Consultant - ww.Quality4Loans.com

Southern Oregon Home Buyers! Can We Talk? BEFORE You Spend George W’s Tax Rebate?

2008-05-16T13:11:59Z

Calling all Jackson County Oregon First Time Home Buyers who have a tax rebate on its way. What are you going to do with it? Take a vacation? Go on a mad spending spree? Or, leverage it in to becoming part of your retirement fund while providing your family the security of owning your own home? "But it's only $1,200... $1,500... $1,800 - how can we buy a home with that?" you might be asking.

Do you have a steady, verifiable income source? Have you been paying your bills on time? Call me, and I'll show you how you can get on the road to owning your first home - or the first home you've owned in the past 3 years.

Lending Guidelines have been tightening, and after Fannie Mae's recent announcement today, they may be starting to ease a wee bit again for the First Time Home Buyer who is ready, willing and able to buy a home. Are YOU ready?

See you at the closing table!

Karen Cooper - OR/CA Mortgage Consultant - www.Quality4Loans.com

http://localism.com/article/499773/Four-More-Ways-To-Buy-A

http://localism.com/article/486711/-1-Down-1-5-per

http://localism.com/article/511791/Calling-All-Jackson-County-Oregon-Eligible

http://localism.com/article/482307/Calling-All-Fence-Sitters-Five-Good

http://localism.com/article/490514/Do-You-Know-A-Jackson-County

http://localism.com/article/487525/Affordable-Housing-for-Ashland-Oregon-RVCDC

Calling All Jackson County Oregon Real Estate Investors Don’t Stop Now!!!

2008-05-15T22:53:11Z

Southern Oregon Investors: Have you already purchased and financed 10 investment properties, and are now being told by your lender you will be unable to take advantage of the many buying opportunities we are seeing in our current local real estate market? You have good credit, you can qualify with full income/asset documentation, but lenders will not lend any more money to you on the real estate purchases you wish to make?

You've seen the growth projections for Jackson County, Oregon and want to build your portfolio of real estate owned, taking advantage of this current cyclical real estate market dip.

There are still options available to you. Fixed rates, good terms, and reasonable costs.

For more information, call (541)608-6003, or apply online.

See you at the closing table!

Karen Cooper - OR/CA Mortgage Consultant - www.Quality4Loans.com

Calling All Jackson County Oregon Eligible Veterans! Would $25,000 Help You Buy A Home?

2008-05-15T18:48:34Z

Jackson County Oregon eligible Veterans, if you could get up to $25,000 in down payment assistance, would you buy a home? If the State of Oregon's Veterans Home Loan program wanted to give you a 30 year fixed rate mortgage with an interest rate of 5.25% for 1% point or 5.125% for 1.25% points, would you buy a home? If there were over 100 homes on the market in Jackson County Oregon for less than $200,000, would you buy then?

What are you waiting for?!?!?! Do you need more reasons?

http://localism.com/article/499773/Four-More-Ways-To-Buy-A

http://localism.com/article/486711/-1-Down-1-5-per

http://localism.com/article/482307/Calling-All-Fence-Sitters-Five-Good

For more details call (541)608-6003, or apply online today.

See you at the closing table!

Karen Cooper - OR/CA Mortgage Consultant - www.Quality4Loans.com

Families With Children Have So Much To Do In Southern Oregon In The Summertime!

2008-05-15T17:57:06Z

Our temperatures here in Southern Oregon will have their first brush with 100 degrees today, and it reminded me that we have so many fun events to look forward to during the summertime! From the arts to water play, are kids will only bored if we want them to be, as there are activities available for all interests.

For our sporty children, there are weeklong camps available for almost every sports enthusiast, for soccer, basketball, tennis, golf, and volleyball. Too formal for you? How about the All-Comers Track Meets for toddlers to 12 year olds the first three Tuesdays in June at North Medford High School's track?

For our Artsy kids, how about Drop-In And Draw on Wednesdays during the school year or Kid's Summer Camps at the Rogue Gallery & Art Center in Medford? Or one of our family favorites, the Jacksonville Children's Festival on the grounds of the Britt Theater in Jacksonville

Are movies your thing? Free Movies in the Park begin Memorial Weekend and are every Saturday at dusk. Grab your blankets and lawn chairs and head to the Bear Creek Amphitheater off the I-5 Fwy at Barnett Road and Highland Drive where you will find:

Daddy Day Care (PG) May 24th The Water Horse (PG) July 19^th

Bee Movie (PG) June 21st Harry Potter & The Order of the Phoenix (PG) July 26^th

Transformers (PG) June 28th Ferris Bueller's Day Off (PG-13) August 2^nd

Surf's Up (PG) July 5th Shrek The Third (PG) August 9th

Batman Begins (PG) July 12th

How about Music? Do WE have Music!!!!! Have a Middle Schooler who would enjoy Middle School Band Camp? Or for the family, Music at the Britt Festival, Music at Lithia Amphitheater, Music at the Wineries (Roxy Ann, Eden Vale and Agate Ridge, just to name a few), Music at the Prospect Bluegrass Festival our Kick-Off Concert & Movie Medford Cruise Weekend at Hawthorne Park beginning Friday June 13^th with The Duquanes concert from 7-9pm and AND "Back 2 the Future" at 9pm Friday, and come back Saturday June 14^th for "American Graffiti".

Free Concerts in the Park on Sunday's at the Bear Creek Amphitheater:

Southern Oregon Jazz Orchestra June 22^nd The Ben Rice Band July 20^th

Five A.M. June 29^th The Mixers July 27^th

ANG Band of the Air National Guard NW July 6^th Nicole Navarro & Rowdy Creek Band Aug 6th

Mambo Rico July 13^th Rhythm Kings August 10^th

Is Water Play what your family likes? How about a jet boat ride down the Wild and Scenic Rogue River in Grants Pass? A more leisurely inner tube ride/raft trip on the Rogue River in Shady Cove? Or, maybe Water Slides at Emigrant Lake in Ashland? Rent a boat and go out for the day on Howard Prairie Lake? Enjoy the Water Spray Parks at Lone Pine Park, Fichtner-Mainwaring Parks in Medford or Garfield Park in Ashland? Maybe a recreational swim at Hawthorne Pool or Jackson Pool in Medford?

Did you know Medford Park & Rec offers additional local trips and tours to local points of interest? How about a hike up Table Rock, Rogue River or Lower Klamath Rafting Trip, Pacific Crest Trail Hike? Or maybe a Rogue Valley Wine Tour & Seminar? Want to take the family to Box R Ranch for a wagon ride, dinner and a bonfire? Go to www.playmedford.com for more information on these fun trips and tours and others they offer.

On 4^th of July, you'll find most of us at either the City of Ashland's 4^th of July Parade and community fair at Lithia Park afterward, or at the Central Point 4^th of July Parade and event. Firework Shows take place in both Ashland and Medford.

See you out there!

Karen Cooper - OR/CA Mortgage Consultant - www.Quality4Loans.com

California “50 Somethings” Ready to Begin Their Steps to Retire?

2008-05-15T12:59:12Z

I've been checking in with some of my Southern California clients since I learned one of the latest banks to begin freezing home equity lines of credit, National City, had pulled the plug on homeowners who are seeing declining values in their market areas. Some common threads have been emerging in the conversations I've been having with them. These are nice, chatty conversations, no sense of urgency about the real estate market, although quite a bit of disgust expressed over the negative media barrage they believe has gone on way too long. Interest is being expressed in how long industry professionals anticipate this current market low to hang around, so they can think through their retirement plans, plans that include relocation.

These folks understand that their local real estate markets are in the midst of a long anticipated correction. They have owned their homes for many years, some of them for decades. They may have dipped in to their "home ATM" to invest in their businesses, put their children through college, or to consolidate unanticipated debt, while taking advantage of low interest rates and tax deductions they were eligible for. They didn't abuse their equity, though. They still have a substantial amount of equity in their homes, and some of their homes are owned free and clear of any loans or just about paid off. Why don't we hear more about these statistics in the news? I'd like to hear more about the 40+% of primary home owners or the almost 60% of investment home owners that own their homes outright, right about now wouldn't you?

Their focus is on the future, not how much "money they've lost" in depreciation. These are their family homes, not an investment or speculative venture. Like many Californians making their living in a high-cost area, the equity in their homes represents a big chunk of their retirement savings. They've decided to leave their local California real estate market to the next generation looking to build their careers/ businesses in the World's 3^rd largest economy, and are looking to where and when they will go to experience their next stage in life.

They plan to buy their next home outright with the equity they've accumulated in the family home they plan to sell. They are still active, so the area they choose will not only offer overall affordability, it will offer entertainment, fine dining, lifelong learning centers, outdoor activities, the arts , airport access for travel - whatever interests they have. They'll be looking for adequate medical care/ facilities where they go, too.

"So, Karen, how long do you think it will be before our local market turns around?" they are asking me, and "how do you like living in Southern Oregon?" They're planning some long weekends or vacations around areas of interest to further check them out. They've been researching areas they are interested in on the Internet. They've probably found a lot of our Localism.com posts!

What I'm hearing is my fellow Baby Boomers are starting to stir. They are recognizing that there are buying opportunities out there in some local real estate markets that had experienced appreciation that out ran their area median income, areas very popular with the active retirees, like Southern Oregon, Arizona, North Carolina and Florida. They are looking at buying the home they will eventually live in as their primary residence NOW, leaving it as their second home or a rental until they are ready to sell their current residence.

Are we ready for them, fellow industry professionals? Are we posting articles to Localism.com to give them the information they are looking for on areas they are interested in? I know how much my husband and I would have appreciated that resource, some of the high-Quality Localism.com posts, when we were making our plans to relocate to Southern Oregon in 2004. Let's give them what they need!

Karen Cooper, Ashland/Medford Oregon http://localism.com/article/359902/Southern-Oregon-More-Than-a-Vacationer

Mike Jones, Tucson Arizona http://localism.com/article/204264/You-Might-Want-to-Consider-Moving

Ginger Sala, Wilmington North Carolina http://localism.com/article/135151/Historic-Downtown-Wilmington-NC-Things-to

Lisa Hill, Daytona Beach Florida http://localism.com/article/444947/Moving-to-or-already-living-in

See you at the closing table!

Karen Cooper - OR/CA Mortgage Consultant - www.Quality4Loans.com

Four More Ways To Buy A Medford Oregon Home With $1,000

2008-05-07T00:12:24Z

Have you been savings your pennies to buy a home, and your Piggy Bank is filled up and ready to go?

I couldn't believe the number of homes that Krista Bolf shows are currently available for sale for under $200,000 in Medford, Oregon.

Students who have been attending the HUD approved "ABC's of Homebuying" course that Southern Oregon Housing Resource Center puts on in order to arm themselves with the knowledge to prepare themselves for homeownership have soooo wanted to have this opportunity to find something in their price range. This is EXCITING news for first time home buyers in Southern Oregon wanting to buy a home they can afford!

If you or someone you know is a first time home buyer who has been waiting for this opportunity to buy, Krista found 116 Homes for sale for under $200,000 in Medford Oregon. Not six...not sixteen... but, ONE HUNDRED SIXTEEN homes! This isn't like the handful of homes you would hope to find not long ago, that you would then find yourself competing with so many other potential buyers for when you made your offer to purchase an affordable home. First time buyers now actually have CHOICES they can make in selecting their home!

Here are some examples of what buying the various homes for under $200,000 could be if you qualify for these first time home buyer programs and have roughly $1,000 to put down:

Purchase Price $100,000
Total Payment $599 (principal, interest, taxes, insurance)
30 year fixed interest rate 5.625% (5.678% a.p.r.)

Purchase Price $130,000
Total Monthly Payment $827 (principal, interest, taxes, insurance, pmi)
30 year fixed interest rate 5.625% (5.988% a.p.r.)

Purchase Price $160,000
Total Monthly Payment $1,029 (principal, interest, taxes, insurance, pmi)
30 year fixed interest rate 5.625% (5.979% a.p.r.)

Purchase Price $195,000
Total Monthly Payment $1,262 (principal, interest, taxes, insurance, pmi)
30 year fixed interest rate 5.625% (5.973% a.p.r.)

There are still multiple First Time Home Buyer Programs you may be eligible for, from the Oregon Bond RateAdvantage Program, to the State of Oregon's Down Payment Assistance Program, to the City of Medford's Down Payment Assistance Program. The State has sent notification out that one of their programs, the CashAdvantage program, has been suspended as well as a warning that they may run out of funds for the Down Payment Assistance program for this year's allocation.

How much have you been paying in rent? Has your landlord raised your rent again? Are you ready to be pre-approved to buy your first home yet?

See you at the Closing Table!

Karen Cooper - OR/CA Mortgage Consultant - www.Quality4Loans.com

Do You Know A Jackson County Oregon Resident Who Could Afford $550-650 Per Month For A Home?

2008-04-30T10:17:47Z

Calling all Jackson County Oregon residents earning 30-60% of Hud's currently published median income for Jackson County, Oregon based on family size!!!!!

Have you, or has someone you know, given up on the idea of ever fulfilling your dream of becoming a homeowner? Have you thought you would be a renter forever because that is what you can afford with your income? Are you ready to see if maybe there really IS an alternative for you and your family? Did you know that credit issues may not necessarily prevent you from becoming a Habitat Homeowner?

These are the main criteria for Rogue Valley Habitat:

You current live in substandard housing and/or are paying more than 50% of the gross monthly income for your household toward your rent and utilities
You currently are earning between 30-60% of the current Hud median income for Jackson County, Oregon at time of application
You are willing to work 500 hours of sweat equity/volunteer hours
You have been a resident of Jackson County, Oregon for at least the past year

Rogue Valley Habitat for Humanity has scheduled the next Orientation Day to begin the selection process for the next 3 houses they are building. There will be one 4 bedroom home built in Central Point, Oregon and two 3 bedroom homes built in partnership with Ashland Community Land Trust on Bridge Street in Ashland, Oregon.

Follow this link or go to http://www.roguevalleyhabitat.org/ and click on Home Owner Application to get the details and the application so you may be prepared when you arrive on application day, as if this Orientation Day goes as the last one I attended in 2005, there will be over 100 people there with you.

Orientation Day will be held Wednesday, May 14th at the First Presbyterian Church of Ashland (Corner of Siskiyou Blvd and Walker in Ashland) at 7:00 p.m. All adults in the household applying for a Habitat home MUST attend.

Jackson County Real Estate Brokers, here is your chance to refer your clients who had insufficient income to qualify for a market rate home by the more traditional means.

Don't miss this opportunity!

Karen Cooper - OR/CA Mortgage Consultant - http://www.quality4loans.com/

http://localism.com/article/335675/Rogue-Valley-Habitat-for-Humanity-Dedicates

http://activerain.com/blogsview/416041/Table-Rock-Fellowship-of

http://activerain.com/blogsview/350520/More-Affordable-Housing-for

http://localism.com/article/231067/Proud-To-Be-A-Part-of