central point: Investors, Isn’t It Nice To Have Rental Property With Positive Cash Flows?
- 11/23/09 10:15 AM
Although some homeowners looking to refinance or sell right now may not like what the volume of distress sale property sales are doing to local real estate values, Investors purchasing homes that run a positive cash flow probably aren’t complaining very much. Here in the Rogue Valley, up until this year an investor purchasing income property had to make a pretty hefty down payment to see their home meet most cash flow expectations.
Now, lending guidelines require bigger down payments from an Investor purchasing rental property using investor real estate loans. We’re seeing properties with only 10-20% down payment at … (2 comments)
central point: HOPE Arriving For Struggling Southern Oregon Homeowners
- 10/16/09 01:03 AM
Are you, or is anyone you know, struggling to find a way to stay in your/their home here in Southern Oregon? HOPE is arriving for struggling Southern Oregon homeowners who may have been attempting to refinance under the Home Affordable Refinance Program only to find out they needed to be under the Home Affordable Modification Program because they did not qualify.
Bank of America, Wells Fargo and Chase will all be here in Medford Oregon to talk to homeowners who have existing loans with these three banks and may have been caught in phone system hell trying to work their … (6 comments)
central point: Need A Wonderful Flooring Installer In Jackson County Oregon?
- 10/08/09 07:28 AM
Meet Ray Feckner of Ashland Oregon. Ray is the gentleman that came highly recommended to my husband and I when we called Peter McBennett, one of our favorite general contractors who installs the windows & doors for our store, to see about replacing the vinyl flooring that was damaged in a rental we have in Old East Medford. Ray met us when we were having the final walk through with our outgoing tenants, and gave us a great quote for his services to replace the kitchen/laundry/bath area vinyl flooring. It’s no wonder he has had this family owned and operated residential … (2 comments)
central point: It’s Harvest Fair Time Here in Southern Oregon!
- 09/25/09 10:08 AM
It’s that time again, time for the Harvest Fair that is held at the Jackson County Fairgrounds at the beginning of autumn each year. Like Chili cookoffs? Come on down! How about beer/wine tasting? Come on down! Food (oh…I’m IN!)? Come on down! Live music? Come on down!
There is a lot on the schedule both days, when the Harvest Fair will be going on from 10 a.m. to 6 p.m. both Saturday 9/26/09 and Sunday 9/27/09.
See you out there!
… (5 comments)
central point: Making Home Affordable Refinance Rolling Out at 125% of Current Value
- 09/19/09 05:53 AM
Well, we've been waiting quite a while since the announcement was made that eligible homeowners could refinance their home loan under the Making Home Affordable Program borrowing up to 125% of their home's current market value vs. the previously established 105%.
More lenders are now making this program available, giving a company like mine who is a mortgage banker AND a mortgage broker the opportunity to shop rates with many different banks/lenders for homeowners who could benefit from refinancing their home loan in order to obtain today's low interest rates. This may help offset some of the further value declines … (2 comments)
central point: Current Foreclosures for Sale in Jackson County Oregon
- 09/16/09 03:34 AM
As a mortgage banker | broker here in Southern Oregon, I was happy to see Adam Bogle of Coldwell Banker ProWest in Ashland Oregon has posted some "hopeful" news with the number of available foreclosure homes on the market here in Jackson County Oregon. I'm working with several buyers who are planning to use the Neighborhood Stabilization Program which gives them up to $50,000 to purchase a foreclosure with, so this is GREAT NEWS for them. It's been slim pickings lately for these buyers. Thanks for the great info, Adam!
A quick search of the Southern Oregon MLS shows … (4 comments)
central point: How to Buy A Home In The Rogue Valley Oregon | If You Are A Self-Employed Borrower
- 08/17/09 02:56 PM
Remember the days of the “Stated Income” loan? They weren’t that long ago, having fizzled away and disappeared in to the fog of “alternative lending” programs that are no longer with us. While many alternative and subprime mortgage products needed to disappear in order to bring the realm of real estate financing and markets reliant upon it back to a more sustainable level, the stated income loan is sorely missed.
The stated income loan was designed to meet the specific needs of the self-employed, commissioned or bonus receiving homeowners. People receiving irregular revenue streams with spiking expenses who have exhibited … (11 comments)
central point: Tale of A Sad, Sad Divorce After a Long Happy Partnership
- 07/29/09 03:21 AM
Oh, woe is me! Alas, I have a tale to tell of how a long, steady, reliable relationship filled with mutual respect has gone awry. A sad tale of how a long, happy partnership had to end. I didn't WANT this relationship to end. But, I now NEED this relationship to end. The relationship is a "Preferred Partner" relationship with a lender who will remain nameless. For YEARS, I've been telling fellow originators how wonderfully consistent this lender has been. How not only is their pricing consistently competitive, but a human answers the phone and you can actually run complex transactions … (12 comments)
central point: There Is A Secret Gem Here In The Rogue Valley!
- 07/27/09 01:05 PM
In these times of busy real estate sales and sometime excruciatingly painful home loan processes, I am reminded that in the middle of every transaction is a glimmer of light. I wrote recently about another glimmer of light I experienced for one first time home buyer transaction that really came together and made a difference for a young Rogue Valley family. But the glimmer that I'm seeing today is really more of a steady shine. This comes from an appraiser I've had the pleasure of working with on several FHA and USDA Guaranteed Rural Housing loans I've done lately. All us industry … (3 comments)
central point: Update on Neighborhood Stabilization Program for Eligible Southern Oregon Home Buyers
- 07/13/09 12:39 PM
Up in arms over an article I read recently in our local newspaper, wondering how one family has managed to reserve funds when others cannot, I've been trying to get answers for the many buyers I am working with who are eligible for this up to $50,000 in matching down payment assistance, closing costs, repairs and mortgage reduction. These buyers all meet the income criteria, and are interested in purchasing bank owned/foreclosure homes. So, here is the update I just received from the State of Oregon:
"Based on the information we received at NSP training last week, there are a … (2 comments)
central point: Hear Ye! Hear Ye! Southern Oregon First Time Home Buyers! Need Down Payment Assistance?
- 07/11/09 08:01 AM
Are you a First Time Home Buyer in Southern Oregon who thinks you have to rent because you haven't been able to save for a down payment? Think again! Down Payment assistance funds are once again available to eligible first time home buyers meeting the income criteria depending on their household income. As always, funding is limited, so don't wait! Call or e-mail me for further details. Home buyers are closing on homes they OWN paying less than what they used to pay to rent! See you at the closing table! Karen Cooper - OR/CA Mortgage Consultant - www.Quality4Loans.com … (1 comments)
central point: Southern Oregon First Time Home Buyers and the $8000 Tax Credit
- 06/10/09 09:03 AM
Back and forth, back and forth goes HUD and the negotiations with participating FHA lenders on the monetization of the $8,000 tax credit approved in 2009. The latest (May 29th) word is that the FHA guidelines have been changed in order to make these funds available at closing to first time home buyers eligible for this tax credit. The good news is up to $8,000 WILL be made available by participating FHA lenders to eligible first time home buyers to use these funds to help pay for their closing costs/prepaid expenses. The bad news is it may not be used to … (2 comments)
central point: Calling All Southern Oregon First Time Homebuyers: ABCs of Homebuying Course Sat Apr 18th at Medford RCC
- 04/13/09 10:24 AM
It's that time again, time for the HUD approved ABC's of Homebuying course that Southern Oregon Housing Resource Center and Rogue Community College put on for first time home buyers seeking the knowledge and preparation, and for some, to meet the required program certification for many first time home buyer down payment assistance programs, getting ready to buy their first home. If you haven't registered already, you may do so online through RCC, or call ACCESS/Southern Oregon Housing Resource at (541)779-6691
Presented by ACCESS Inc. AND THE SOUTHERN OREGON HOUSING RESOURCE CENTER
April 18, 2009 at RCC … (0 comments)
central point: Where Do We Go From Here If We Can’t Buy A Home Now?
- 03/18/09 05:00 PM
As exciting as it has been to see so many first time home buyers join the ranks of those who have come before them to fulfill their American Dream of Homeownership, sometimes buying a home is not necessarily the right move. Does this mean renters are second class citizens?...Losers vs. winners?...Less smart than homeowners are? Of course not!
When should someone consider renting instead of buying?
When job security is in question because hours are being cut back or layoffs are taking place at your company When your savings has less than 3-4 months in reserves in the … (6 comments)
central point: Want some of That $8,000 Credit On your 2008 Income Tax Refund Southern Oregon 1st Time Home Buyers?
- 02/25/09 04:05 PM
If you qualified for the tax credit as approved in the American Recovery and Reinvestment Act of 2009 - i.e. you are a first time homebuyer (haven't owned a home in the past 3 years), your income does not exceed $75,000 for a single filer or $150,000 for a joint filer, and you purchase a home before December 1, 2009 you will be eligible to a tax credit of up to $8,000 or 10% of your purchase price, whichever is less. So, first time home buyers who have not yet filed their 2008 federal income tax return and your escrow for … (3 comments)
central point: Is 4.50% The Mortgage Interest Rate You Are Looking For To Help You Buy Your First Home?
- 02/04/09 06:33 AM
During follow up calls with existing clients last year, several of them mentioned that they had friends and relatives they are referring to me that were holding off until after the first of the year and/or the new president took office before venturing in to the waters to purchase a home. There were rumblings at that time that home loan interest rates might drop to 4.50%. Well, they did touch those levels for many qualified borrowers, creating a mini refinance boom for those homeowners with high credit scores, verifiable income/ assets they could qualify with, and strong equity positions in their … (0 comments)
central point: Oregon Bond Lowers Rates (Finally!)
- 12/19/08 08:44 AM
I am a big fan of the Oregon Bond loan program for first time home buyers. It has been very sad not having this tool in my chest, while the State of Oregon grappled with the stagnant bond market, unable to sell the bonds that fund this program except for a few higher priced buyers in the bond market. These State Bond programs run through the individual State Housing Finance Agencies are suffering with the scondary market issues we've had in the mortgage industry for the past 18 months. Yesterday, the Oregon Housing and Community Service division who manages the Oregon … (2 comments)
And I'm thrilled to be helping clients save tens of thousands of dollars on their mortgage interest. Does it get any better than this? I love my "job"! See you at the closing table! Karen Cooper - OR/CA Mortgage Consultant - www.Quality4Loans.com … (0 comments)
central point: Plan B For Rogue Valley Sellers - Take Out A Bridge Loan To Access Your Equity? (Part 3 of 5)
- 11/18/08 06:56 AM
Have you heard of a bridge loan? This is a loan feature that is frequently found when homeowners are building a new home while living in their previous home which they will sell once the new home is complete. A homeowner purchasing a new residence plans to make a down payment with the proceeds from the sale of a currently owned home, but the currently owned home will not close escrow until after the close of the new residence. A bridge loan allows the buyer to take equity out of their current home and use it as down payment on the … (0 comments)
central point: Plan B For Rogue Valley Sellers - Take out a Home Equity Line Of Credit Or Refinance Your Existing Loan(s) To Get Cash Out For Down Payment (Part 2 of 5)
- 11/18/08 06:49 AM
Did you purchase your home many years ago and you've been financially savvy, maybe you have a fantastic interest rate on the mortgage on your current home, refrained from refinancing to pull cash out, and you have a ton of equity in your home. You don't want to give up this great interest rate while you make your move, and now are weighing the options associated with pulling that equity out to purchase your new home by refinancing or taking out a home equity line of credit, while continuing to market your current home for sale. Pros: You do not need … (2 comments)
Loving the challenge of a career in mortgage|real estate since 1983, keeping up with the progression of changes in this industry keeps one on their toes. What doesn't kill us makes us stronger, right? Here's to a few more decades of strength building!
Although some homeowners looking to refinance or sell right now may not like what the volume of distress sale property sales are doing to local real estate values, Investors purchasing homes that run a positive cash flow probably aren’t complaining very much. Here in the Rogue Valley, up until this year an investor purchasing income property had to make a pretty hefty down payment to see their home meet most cash flow expectations.
;)
;)
;)
