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down payment assistance: So Much For Transparency, FHA! - 07/21/10 12:34 AM
There have been several proposals on the agenda for the FHA loans. Some may call it a Hidden Agenda vs. the transparency most of us have so desperately been seeking in the mortgage industry. When FHA proposed an increased down payment to meet the wishes for those wishing buyers "have more skin in the game" to create a more stable housing market, I was happy to hear this idea had been shot down. It seemed it had been recognized that increasing down payment requirements for the target population, homeowners seeking affordable housing, would not be best served by this change. A … (4 comments)
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down payment assistance: Limbo...Fun or not so Fun? - 04/11/10 08:39 PM
There have been so many things up in the air in the mortgage industry lately - will HUD housing counselors need to be licensed loan originators? Will FHA increase its minimum down payment requirements to 5%? Will Congress approve the allocation of additional funds to the USDA programs instead of waiting until October? In my younger days, I loved a good game of limbo. These days, mentally I'm much more prepared to bend to avoid breaking. Physically... hmmmmm - not like this person!
See you out there!
… (4 comments)
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down payment assistance: Where Is Louise Dix? - The Ongoing Saga of Oregon Neighborhood Stabilization Program - 10/06/09 07:21 PM
Monday October 5th was the official release for the State of Oregon’s Neighborhood Stabilization Program. The City of Medford Oregon which has its own program funding released on September 4th but put the program back on hold. Why? Could it be because the City removed Louise Dix from her position as Resource Coordinator for the City of Medford? Now we HAVE no Neighborhood Stabilization Program Coordinator for the City of Medford’s Neighborhood Stabilization Program?
An interim person is being assigned for the home buyers I am work with whose application was submitted on September 4th, whose transaction is scheduled to … (4 comments)
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down payment assistance: Here Honey, We're Leaving You $11.2 Billion+...in Debt! - 09/17/09 03:13 PM
Don't get me wrong...I certainly see the benefits the many families I am working with are going to experience with the $8,000 first time buyer tax credit. They're purchasing homes with monthly PITI payments less than they are paying in rent, they will experience the stability of home ownership, AND those eligible buyers who the $8,000 first time buyer tax credit will go to will likely spend it on the homes they are purchasing, helping local businesses with their purchases, or have a cushion they may not otherwise have had in case of emergency.
To date, 1.4 million first time tax … (6 comments)
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down payment assistance: Hear Ye! Hear Ye! Southern Oregon First Time Home Buyers! Need Down Payment Assistance? - 07/11/09 03:01 PM
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)
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down payment assistance: Thank God It’s Friday – Especially for Several First Time Southern Oregon Homeowners - 05/01/09 09:45 PM
Hmmmm...I hear about $8,000 tax credits, people buying who are paying the same as they were paying in rent who said they only had to come up with about $1,500, or for some a 3.5% down payment. I'd really like to have my own place, a place where I will build equity instead of just writing a rent check every month a rent check that seems to go up every year. A place I can paint whatever color I want. I'm tired of having to move because my landlord sold the place, or is losing it through foreclosure, and what about … (2 comments)
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down payment assistance: Change is GOOD – And USDA Guaranteed Rural Housing Income Guidelines are Changing Effective April 20, 2009 - 04/08/09 09:27 AM
Here it is, the change we've all been waiting for! Alas, funding has been allocated to the USDA Guaranteed Rural Housing Program AND the proposed income guideline changes will be taking effect. USDA Rural Development confirmed the proposed change in income limit structure for the USDA Guaranteed Rural Housing Program will be implemented by USDA Rural Development as planned on April 20th.
The current income limit structure that is based on household incomes from one to eight persons would be restructured as follows:
1-4 person households would be qualified using only the 4-person limit. 5-8 person households would be qualified … (0 comments)
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down payment assistance: Hey Oregon – Let’s Put the PAL Program to Good Use With a Front End Program For the $8,000 Tax Credit! - 04/07/09 11:17 AM
To date, Oregon is not making the $8,000 tax credit available to eligible first time homebuyers. I called to inquire how Oregon would help get the Housing Stimulus program approved in February 2009 in to the hands of the people since there was a provision in this bill that allowed States with Mortgage Revenue Bond programs to provide a "front-end" funding of the $8,000 tax credit. I was told "Oregon does not have money like these other states do". It's too bad, because with Oregon's Purchase Assistance Loan program already in place, it seems a very natural way to help get … (2 comments)
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down payment assistance: Oregon Not Set Up to Fund $8000 Tax Credit Through Closing - 03/10/09 02:26 PM
It is with regret that I report the findings of my quest to find a way for qualified Oregon home buyers to utilize the $8,000 tax credit recently approved, and apply it to their down payment on home purchases.
The State of Oregon does not have the necessary revolving fund needed in order to be able to advance the $8,000 Federal Tax Creditto buyers through this state's housing programs, such as the Purchase Assistance Loan and/or Oregon Bond Loan. Oregon Bond Loan is already struggling to sell the mortgage revenue bonds that fund the RateAdvantage and CashAdvantage programs, and the RateAdvantage … (0 comments)
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down payment assistance: One Step Forward, Two Steps Back - 02/17/09 08:50 PM
Having been in the real estate/finance industry since 1983, I've ridden many waves over the years in the mortgage industry. With interest rates on fixed rate loans in the high teens when I entered the lending world, adjustable rate mortgages were becoming the "new thing", from the Graduated Payment Mortgage loan not so fondly dubbed the "Fungus Loan" due to its ever expanding loan balance in spite of the monthly payments being made to the early versions of the "Option ARM" loans offered by Home Savings of America, Great Western Bank and World Savings & Loan.
One of the things I've … (8 comments)
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down payment assistance: Rogue Valley Buyers Buying For Only $1,000 Per Month! - 12/12/08 04:26 PM
There are bright rays of sunshine gleaming through the present real estate market here in Southern Oregon. For the first time in a long time, prices are in the range of the entry level home buyer. How did we get to this place?
Many economists and industry professionals believe that the price point for sustainable homeownership is 3-4 times the annual income for the household. Well guess what, Rogue Valley Renters? Those price ranges are here! Add to that some other great market conditions, such as:
For buyers in need of down payment assistance, there is a great program … (2 comments)
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down payment assistance: Southern Oregon ABC’s of Homebuying Class this Saturday December 13th at Rogue Community College - 12/08/08 01:41 PM
The next "ABC's of Homebuying" HUD approved course for first time homebuyers is coming up this Saturday December 13, 2008 from 9 a.m. - 4 p.m. at Rogue Community College in Downtown Medford. Not only is this is the required course for several first time homebuyer programs, but it is a great source of information for the first time homebuyer AND buyers who are re-entering the market after being on the sidelines of the real estate market for several years.
For information on registration and directions, follow this link, or contact the Southern Oregon Housing Resource Center at ACCESS, Inc. (541)774-4329.
… (0 comments)
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down payment assistance: Seventy-Five Hundred Reasons for First Time Home Buyers to Buy NOW! - 08/11/08 11:34 AM
So HR 3221, the Housing & Economic Recovery Act of 2008, was signed by President Bush, and as with many of today's proposed solutions it comes with good and bad news. So, first time home buyers - want the bad news first? The "bad news" is Seller Funded Down Payment Assistance programs that have been allowed on FHA programs will no longer be allowed. The "good news" is eligible first time home buyers, buyers who have not owned a home in the past 3 years, who meet the income criteria of less than $75,000 for an individual or $150,000 for joint … (7 comments)
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down payment assistance: Down Payment Assistance Coming Soon For Medford Oregon Buyers? - 08/11/08 11:26 AM
Plans are in the works to help provide down payment assistance for first time home buyers looking to purchase a home in Medford Oregon. The State of Oregon's and the City of Medford's Purchase Assistance Loan programs have been out of funds for several months, leaving first time home buyers looking for this assistance high and dry.
Southern Oregon Housing Resource Center who administers the City of Medford's down payment assistance program is working to provide a limited amount of interim funding from their own sources to help eligible home buyers ready willing and able to buy now while interest rates … (3 comments)
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down payment assistance: Oregon Rate Increases On Both State Bond Programs - 06/16/08 11:58 AM
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 … (0 comments)
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down payment assistance: Southern Oregon Home Buyers! Can We Talk? BEFORE You Spend George W’s Tax Rebate? - 05/16/08 01:11 PM
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 … (3 comments)
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down payment assistance: Four More Ways To Buy A Medford Oregon Home With $1,000 - 05/07/08 12:12 AM
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 … (4 comments)
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down payment assistance: $1,000 Down/$1,050 per month PITI Buys a $175,000 Home for Medford Oregon Buyers? - 04/27/08 04:34 PM
Did you know that a First Time Home Buyer in Medford, Oregon could buy a $175,000 priced home with as little as $1,000 of their own funds and have payments of about $1,050 per month including their principal, interest, taxes and insurance on a 30 year fixed rate mortgage? This is less than the Hud Fair Market Rent for a 3 bedroom home in Medford, Oregon - and that's before any income tax deductions you may be eligible for!
Alright, but, what kind of loan is this? It is the Oregon Bond 30 year fixed rate mortgage, the RateAdvantage program, which is … (2 comments)
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down payment assistance: Calling All Fence Sitters! Five Good Reasons to Buy Now... - 04/24/08 12:50 AM
Southern Oregon is such a great place to live! Time to put down some roots and stay a while? Well, here are five reasons you may want to consider buying now:
* Interest rates are still at historic lows, under 6% with no points for a conforming loan fixed for 30 year fixed for qualified buyers putting 5% or more down (see Krista Bolf's article on what effect a 1/2% increase in rate can have)
* Down payment assistance programs like the State of Oregon's Purchase Assistance Loan are still available, but the amount of funds being allocated to some of these programs is … (7 comments)
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down payment assistance: Now Is The Time For Us To Swing This Pendulum Back To The Middle! (Part 2 of 3 – Low-to-Moderate Income, Workforce Buyers) - 04/03/08 05:06 PM
In the almost 25 years I've been in the real estate and finance world, I've come across many programs that effectively contribute to sustainable homeownership for owner occupants. These programs may work for buyers qualifying for Conventional, FHA, VA, even Jumbo loan programs, but most require buyers take fixed rate loans, not adjustable or interest only loans. Most require the buyer not to have owned a home in the past three years, have low-to-moderate income for their area, and attend an approved Homeownership Education Program. I think it is time the lending institutions and housing agencies take another look at a few … (0 comments)
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Karen Pierce Cooper
Medford,
OR
More about me…
Karen Pierce Cooper| Housing Counselor |Oregon
Address: PO Box 4126, NMLS#223305 , Medford, OR, 97501
Office Phone: (541) 779-6691
Email Me
Bringing 28 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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