fha: Down Payment Assistance for Texas Home Buyers
- 07/14/15 06:21 AM
Texas continually hits “Top Lists” because of the booming economy, job and housing markets. The Greater Austin area is definitely seeing this growth with the tech jobs coming in, Houston and Dallas areas experienced big boom with the oil and gas industry. There comes a point when these migrating workers decide they are going to hang around a while, and are ready to give up the renter’s lifestyle and put down some roots, especially with the pace of increasing rents. There are many affordable home options in the Greater Austin Area, taking away the incentive to continue paying $1,500-$2,000 per month in … (0 comments)
fha: Short Sales|The Under Utilized Partnership
- 07/24/10 08:51 AM
There is a valuable partnership not being described much…are you using this partnership? The partnership I am referring to is that of the short sale real estate broker and their local HUD certified housing counselors. Many homeowners in financial distress seek the assistance of their local HUD certified housing counseling agency. They come seeking the expertise and guidance of a housing counselor. They may have found this resource through the marketing efforts of the agency, they may have been pointed that direction by a family member, friend, colleague or their existing lender. How many are pointed that direction by the real … (4 comments)
fha: So Much For Transparency, FHA!
- 07/20/10 05:34 PM
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)
fha: FHA vs USDA For Oregon First Time Home Buyers
- 04/21/10 04:54 PM
Since the 2010 USDA funding well began to run dry, I'm finding buyers in need of FHA financing as an acceptable home loan alternative, especially first time home buyers who find making a down payment a challenge. So far, the FHA minimum down payment requirement has remained at 3.5%, but the upfront mortgage insurance premiums have increased. Most buyers can still make it work if they've been able to save some money or have a family member, significant other or employer wanting to help them with coming up with their minimum contribution. Although most municipality down payment assistance programs have seen … (2 comments)
fha: It Ain't Over 'Til ... Tales of the $8,000 First Time Buyer Tax Credit 1
- 04/17/10 04:43 PM
Today, another first time home buyer was taking the steps to prepare to get under contract so they can open escrow on the home they want to purchase before April 30th. Why do you think they want to do make that date? For the $8,000 tax credit! This buyer is diligently moving forward with their purchase, opting to switch gears from the USDA Guaranteed Rural Housing Program originally applied for to the FHA 30 year fixed rate loan instead so that they can make their goal of going under contract by April 30th and closing on their home purchase by June … (6 comments)
fha: Limbo...Fun or not so Fun?
- 04/11/10 01:39 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)
fha: Will Mortgage Insurance Still Be Tax Deductible After December 31 2010?
- 11/18/09 02:15 AM
With all the rapid changes we’re seeing in the mortgage industry, those that have been instituted and many coming down the pipe, I haven’t heard anything about the tax deduction for Mortgage Insurance Premium that expires 12/31/2010. Right now, eligible taxpayers may deduct their eligible mortgage insurance premiums, including FHA upfront mortgage insurance and monthly mortgage insurance premium, USDA guarantee fee, and VA funding fee as well as the private mortgage insurance premiums required on conventional Fannie Mae|Freddie Mac vs. government loans.
Although these mortgage insurance premiums are not nearly as much as the mortgage interest taxpayers deduct, they can … (5 comments)
fha: $$$ For First Time Home Buyer In Medford Oregon?
- 09/10/09 10:02 AM
If you are a first time home buyer earning between $11,600 – 58,500 (depending on your household size – i.e. household with two parents and one child or roommate is a 3 person household, and the maximum allowable income right now would be $39,850 for the entire household), did you know there is a program available that offers RIGHT NOW, TODAY eligible first time home buyers up to $15,000 to help them buy a home in the City of Medford Oregon? No waiting, no requirement the home is a foreclosure, as the Neighborhood Stabilization Program requires. So, how might this work? … (2 comments)
fha: First Time Buyers In Medford Oregon Have MULTIPLE Options!
- 09/10/09 07:32 AM
It isn’t often in life that we get multiple choices available to assist us on our journey, especially on the journey to homeownership, but eligible First Time Home Buyers in Medford Oregon have MULTIPLE CHOICES! Whether it is up to $50,000 for the Medford Neighborhood Stabilization Program for home buyers making up to 120% of the area median household income purchasing eligible foreclosure properties, or up to $15,000 for the City of Medford First Time Buyer program that gives eligible first time home buyers earning up to 80% of the area median household income purchasing a home in the city limits … (2 comments)
fha: Southern Oregon Housing Resource/ACCESS Inc’s August 22. 2009 Class at RCC Had a Packed House!
- 08/23/09 04:02 PM
The August 22, 2009 HUD approved ABCs of Homebuying class held at Rogue Community College was packed! Maybe this is because of all the incredible incentives Rogue Valley home buyers have available to them, such as the $8,000 first time home buyer tax credit set to sunset November 30, 2009, the City of Medford’s Down Payment Assistance program that gives matching down payment funds and closing costs up to a total of $15,000 to eligible first time home buyers purchasing a home in Medford, or the recently/soon to be released Neighborhood Stabilization Program that gives matching down payment funds and … (2 comments)
fha: How To Buy a Home In The Rogue Valley Oregon | Using The FHA Home Loan
- 08/20/09 02:05 AM
The days of flexible underwriting criteria have gone by the wayside for the most part. But, there are still common sense underwriting guidelines out there to meet the needs of the low-to-moderate income home buyer and homeowner. One of the most commonly used common sense programs is the FHA loan.
For the first time homebuyer with limited savings, the FHA loan is a great tool to buy a home with, since it requires a minimum down payment of only 3.5%, which may be a gift from family or down payment assistance like the City of Medford’s down payment assistance program … (2 comments)
fha: 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)
fha: Northern California FHA Home Buyers, Need Help With The 3.5% Down Payment?
- 08/07/09 03:30 PM
There are some fabulous buying opportunities out there for home buyers, from foreclosure homes that are priced under market to short sales and private party home sales. Add to that the range fixed interest rates have been hovering at and incentives like the first time home buyer $8,000 tax credit, and it's been a pretty busy summer selling season.
There are people who although they have good credit, stable employment and income and WANT to buy, but because of a high cost of living saving the down payment and closing costs to purchase a home have gotten in the way … (0 comments)
fha: Thinking of Buying A Foreclosed Home In Southern Oregon?
- 06/23/09 02:05 PM
Here in Southern Oregon, in the traditional peak buying season we're seeing quite a bit of activity in the lower price ranges of the real estate market. Even Ashland, where prices are at the higher end of the scale for the Rogue Valley, sales are picking up. In Medford, White City, Central Point, Eagle Point the under $200,000 price ranges are seeing a flurry of activity, especially heavy in the lower price ranges where both first time home buyers looking to take advantage of the $8000 tax credit before it sunsets December 1, 2009 AND investors who are seeing price ranges … (6 comments)
fha: TO Be Or Not To Be....Neighborhood Stabilization Program Funding Available? That Is The Question
- 06/18/09 02:12 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)
fha: Hmmm... VA (State or Federal) or USDA Guaranteed Rural Housing to Buy Your Home?
- 06/12/09 11:41 AM
Honored to have the opportunity to serve several veterans this week, grateful for the opportunity to help them now in return for their service and sacrifice for our country, I had the opportunity to show the comparisions between some fabulous government loan programs. Using one's VA benefit to purchase a home can be a great tool! Here are some of the highlights of these programs, and how we may use them to purchase a home in our Southern Oregon real estate markets. Federal VA programs - With no down payment required, this is a great tool for eligible veterans wanting to use their benefit … (2 comments)
fha: 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)
fha: Ready…Set…WAIT!
- 06/01/09 09:30 AM
Have you ever played "On your mark...Get Set....Wait!" with your kids? Or, "Red Light, Green Light"? I know we've done this, and are learning as time goes by that this isn't a bad lesson for our kids to get in the world we live in today. I'm thinking I wish someone had played "ready set wait!" with me a bit more when I was a kid, so I might be a bit more tolerant of the world I live in today - especially when it comes to the real estate/mortgage industry!
Ready...Set...WAIT!
Monetizing the $8,000 tax … (3 comments)
fha: Coming soon (or Maybe!) – Eligible FHA Buyers May Obtain the Economic Stimulus Tax Credit at Closing and Apply It to Their Down Payment?
- 05/13/09 08:17 AM
That's right, you read that correctly! Secretary Donovan of the U.S. Department of H.U.D. announced that the Federal Housing Administration is going to allow lenders to do a form of "bridge loan" for the up to $8,000 tax credit so that FHA buyers may use these funds toward their down payment instead of waiting until they file their income tax return to get a refund. The National Association of Realtors® is having their midyear legislative meetings and trade expo in Washington, D.C., "The Real Estate Summit - Advancing the U.S. Economy". Our Oregon Association of Realtors® President Elect, Krista Bolf of Coldwell … (4 comments)
fha: Note To President Obama/Senate Banking Committee – It appears Not Everyone Is Onboard With The Home Affordable Programs
- 05/08/09 10:15 AM
Here it is a month after the Home Affordable Programs got up and running. Well, more like a week, since many lenders did not come out with the pricing on the Fannie Mae DU Refi Plus until within the past couple of weeks, and only a few are coming out with the Freddie Mac Relief Refinance pricing. Here are some discoveries/experiences I've encountered. On Home Affordable Refinance:
Private Mortgage Insurance Companiesare restricting the transfer of their mortgage insurance policies to the existing lender/servicer only, eliminating the homeowners' opportunity to shop for their pricing and eliminating competition.
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!
Texas continually hits “Top Lists” because of the booming economy, job and housing markets. The Greater Austin area is definitely seeing this growth with the tech jobs coming in, Houston and Dallas areas experienced big boom with the oil and gas industry. There comes a point when these migrating workers decide they are going to hang around a while, and are ready to give up the renter’s lifestyle and put down some roots, especially with the pace of increasing rents. There are many affordable home options in the Greater Austin Area, taking away the incentive to continue paying $1,500-$2,000 per month in … (0 comments)
;)
;)
;)
