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eagle point: Southern Oregon Realtors Working With USDA Buyers – Your Transaction CAN Close On Time! - 09/29/09 02:51 PM
The end of the fiscal year is September 30th for the USDA Guaranteed Rural Housing Program. More often than not, Congress does not have the next year’s program funding allocated before this date rolls around. Many banks and mortgage companies will pull the plug on funding their USDA Guaranteed Rural Housing loans until Congress allocates the funding. BUT NOT ALL OF THEM!!!!!
We've been down this road before. For us, it’s business as usual on the USDA Guaranteed Rural Housing Program loans. If you are a Southern Oregon Realtor working with an eligible USDA Guaranteed Rural Housing Loan program buyer … (0 comments)
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eagle point: Here We Go Again! – USDA Guaranteed Rural Housing Program Funding for 2010 Needs To Be Allocated By Congress - 09/25/09 12:45 PM
It’s that time of year again, the end of the fiscal year and time for reallocation of program funding for the USDA Guaranteed Rural Housing Program. Each year during this time of year, several banks and mortgage companies throw the switch on their USDA Guaranteed Rural Housing Program, pulling all fundings on this program until Congress allocates the funding for the next year.
Not all banks do this, though! If you are in the midst of a transaction using USDA Guaranteed Rural Housing program funds, you need to contact your lender and make sure the conditional commitment has been … (0 comments)
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eagle point: Current Foreclosures for Sale in Jackson County Oregon - 09/16/09 10:34 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!
Via Adam Bogle, CRS, Southern Oregon... The Most Recognized … (4 comments)
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eagle point: How to Buy A Home In The Rogue Valley Oregon | If You Are A Self-Employed Borrower - 08/17/09 09:56 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)
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eagle point: How to Buy a Home In The Rogue Valley Oregon | Using the USDA Guaranteed Rural Housing Loan No Money Down Program - 08/15/09 12:24 AM
Do you like the idea of living outside the hustle and bustle of the city? Is rural living the lifestyle you choose? There is a great home loan program that is right up your alley, called the USDA Guaranteed Rural Housing Loan Program. This is a government home loan program that may be used for eligible areas with population under 25,000 and away from a metropolitan area. For the Jackson County area of the Rogue Valley, this means eligible areas could be Ashland, Talent, Phoenix, Ruch and Jacksonville to the South of Medford/Central Point, or White City, Eagle Point, Shady Cove, … (3 comments)
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eagle point: Tale of A Sad, Sad Divorce After a Long Happy Partnership - 07/29/09 10:21 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)
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eagle point: There Is A Secret Gem Here In The Rogue Valley! - 07/27/09 08:05 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)
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eagle point: Update on Neighborhood Stabilization Program for Eligible Southern Oregon Home Buyers - 07/13/09 07:39 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)
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eagle point: TO Be Or Not To Be....Neighborhood Stabilization Program Funding Available? That Is The Question - 06/18/09 09:12 PM
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 … (1 comments)
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eagle point: Southern Oregon First Time Home Buyers and the $8000 Tax Credit - 06/10/09 04:03 PM
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)
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eagle point: Wordless Wednesday - Calming Crater - 05/13/09 08:36 AM
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.
… (15 comments)
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eagle point: USDA Income Limits Higher Starting April 20, 2009! - 04/17/09 01:32 PM
Here in Southern Oregon, we have a lot of rural property areas that are eligible forthe USDA Guaranteed Rural Housing program. This is a great No Down Payment required program that instead of paying expensive mortgage insurance premiums like the Conventional Fannie Mae and Freddie Mac or the FHA program has, there is a one time "guarantee fee" which may be financed. Whenever I sit down with a buyer to compare programs they are eligible for, the USDA Guaranteed Rural Housing Program wins hands down every time with lower overall cash out of pocket and annual percentage rate! The caveat is (you … (2 comments)
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eagle point: And...they're off! Home Affordable Refinance Program Released and Lenders Making It Available - 04/13/09 02:55 PM
We've been patiently awaiting the release of this Making Home Affordable Refinance program for the many homeowners who have wanted to refinance their home loans to get today's lower interst rates, but could not do so due to their home's current market value. Market values will still be an issue for many homeowners, as the Home Affordable Refinance program will only lend between 80-105% of a home's current value. PAtience is still required, as lenders get their systems ready for this program type, but we've received word from several who are accepting these files and are releasing their pricing on it. … (4 comments)
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eagle point: 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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eagle point: Going, Going, Gone Soon - Oregon Bond Loan Funds Almost Depleted - 03/05/09 11:51 PM
Notice has gone out that based on current demand levels, the Oregon Bond Loan will likely be out of funds sometime in April 2009. Due to the upheaval in the bond market, there is no set time frame for when this program will be re-funded, as the sale of the mortgage revenue bonds that provide this funding have not been doing any better than the sale of bonds funding "market rate" mortgages. So, although first time home buyers in Oreogon received a blessing with the $8,000 tax credit, a tool is being taken away from our chest right behind it.
There … (0 comments)
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eagle point: Have You Been To Agate Ridge Vineyard In Eagle Point Oregon? - 02/06/09 07:32 PM
Southern Oregon is filled with wonderful wineries and other destinations for us "foodies" to enjoy. Agate Ridge Vineyard in Eagle Point is one that is a bit off the beaten path, but certainly worth a visit to experience their wines while seeing some majestic scenery. They have turned out quite a few worthy award winning wines, including three Silver Medal winners just recently received at the 2009 San Francisco Chronicle Wine Competition.
In town and want to try some of Agate Ridge Vineyard's delicious wines? Cork's Wine Shoppe & Barin Downtown Medford next to the Ginger Roger's Craterian Theater … (4 comments)
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eagle point: Oregon Realtors®, Did Your USDA Lender Pull The Plug On Your Buyer’s Loan? - 01/29/09 11:12 AM
Are you an Oregon Real Estate Broker whose buyer's financing has been affected by recent notifications that funding has been depleted for the 2009 allocation for the USDA Guaranteed Rural Housing program? Did you know that although many banks are just not funding these loans and waiting until funding is reallocated by Congress, there are still lenders who are continuing to just fund and close these loans without delay? They understand that this happens regularly, and funding will be reallocated eventually and they just keep closing these loans, doing business as usual.
Don't delay the closing of your escrow unnecessarily! You … (0 comments)
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eagle point: Oregon Home Buyers, Did You Know There Is STILL 100% Financing Available? - 01/29/09 11:00 AM
Are you an Oregon home buyer thinking that you need to come up with a large down payment in order to purchase a home? You pay your bills on time, have a little bit of savings set aside, feel pretty secure in your job and are tired of renting? You are looking at the amazing prices available on homes in Southern Oregon, and are beginning to realize you just might be able to own a home for what you are paying in rent?
Have you heard of the USDA Guaranteed Rural Housing program? Here are some of its key features:
102% … (0 comments)
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eagle point: Need A Higher Loan Amount Than 2009 Conforming Loan Limit for Southern Oregon Allows? - 12/23/08 06:02 PM
For a while in 2008, high dollar home purchasers and homeowners in Southern Oregon had a window of opportunity to get reasonable pricing if the loan amount they wanted was higher than $417,000, placing them in the "non-conforming Jumbo" loan category.
Party's over folks. We're back to $417,000 as the maximum conforming loan limit for our area. The Agency High Balance Loan Limits will not be available to us here in Jackson and Josephine County like they are in high cost areas of California and other states that may go as high as $625,500 for a single family residence.
But, good … (1 comments)
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eagle point: The Sun Is Shining, Rates Are Low…Does It Get Any Better Than This? - 12/05/08 03:04 PM
Here in Southern Oregon, we've had a stream of foggy days of late. The gloom kind of suited my mood, though. But T.G.I.F.!
The fog is breaking and the sun is shining...
Interest rates have been falling...
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
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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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