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first time home buyer: 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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first time home buyer: Metamorphosis With An Ever Changing Housing Market - 06/12/08 12:36 PM
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 … (2 comments)
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first time home buyer: 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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first time home buyer: $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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first time home buyer: 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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first time home buyer: Now Is The Time For Us To Swing This Pendulum Back To The Middle! (Part 3 of 3 – Low-to-Very Low Income Buyers) - 04/03/08 05:47 PM
Okay Non-Profit Affordable Housing Developers, I'm throwing down the gauntlet for you! Are you really utilizing the many funding sources available to you? Why is it that one affordable housing developer builds 10 or more homes per year, and another 1 home per year?
Oregon Habitat for Humanity Affiliates and Community Development Corporations, this one is to help you get more of our low to very low income residents into housing. Here you go!
Plan A - Help every one of your homeowners apply for the Oregon Purchase Assistance Loan of $10,000. For Habitat for Humanity and USDA Self-Help homeowners, their … (1 comments)
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first time home buyer: 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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first time home buyer: Now Is The Time For Us To Swing This Pendulum Back To The Middle! (Part 1 of 3) - 04/03/08 04:48 PM
Wonderful news! Oregon Affordable Housing advocates have helped secure much needed funds to help retain low-cost rental housing units, funding that will include saving 667 apartment units in Jackson County, Oregon, keeping these units from being sold at market rates when their contracts expire soon. With the low rents maintained to help the tenants, these buildings need maintenance that has not been in the budget. With only $7 million allocated to the entire state, plus $4 million for the State's Affordable Housing Tax Credit program, these funds are going to be stretched very thin to meet the needs of low to … (0 comments)
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first time home buyer: Back To The Days of 20% Down Payment? Oregon Suspends CashAdvantage Program - 04/01/08 10:24 PM
I was on vacation soaking up some sun and warmth in Southern California last week.
Returning home, reaffirmed in our appreciation of the slower pace and more peaceful life we have here in Southern Oregon leaving the freeway shootings behind, I find one of my favorite loan programs has come under fire.
The Oregon Bond Loan is a wonderful tool for first time home buyers, and the CashAdvantage program has been the hand up many first time home buyers in Oregon have needed to fulfill their dream of homeownership. This program provided a 3% credit toward the buyers' down payment and/or closing costs, … (8 comments)
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first time home buyer: New Income Limits for Oregon Bond Loan Effective March 14, 2008 - 03/12/08 05:24 PM
There are new income limits going in to place on the Oregon Bond Loan that become effective this Friday, March 14, 2008. For the Jackson County area here in Southern Oregon, there is no change for non-targeted areas, but the income limit will INCREASE for targeted areas. The City of Ashland is a targeted area, so this increase will help first time home buyers who are looking to purchase a home in the City of Ashland.
First Time home buyers purchasing in Ashland, Oregon will now need to earn less than $70,440 per year for a 1-2 person family, or less than … (0 comments)
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first time home buyer: Effective March 7, 2008 ANOTHER Oregon Bond Rate Increase! - 03/08/08 12:49 PM
Well, the State of Oregon did not wait long to put their new "no notification policy" to work. The rates were increased March 3rd, and March 7th they were raised again without the usual e-mail going out to lenders participating in this program. The RateAdvantage program is now at 5.625%, and the CashAdvantage program is at 6.125%. These interest rates are only about 1/2% better than the 30 year market rates I am quoting for conforming loans, which are the closest equivalent program to Oregon Bond. Not quite the 3/4% to 1% savings the State is to target, based on my … (0 comments)
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first time home buyer: Oregon Bond Loan Rate Volatility - 03/06/08 07:11 PM
We just received notification from the State that they reserve the right to adjust the interest rate on the Oregon Bond Loan programs, RateAdvantage and CashAdvantage, just as any market interest rate published by the banks and lending companies. Lending professionals will need to check the Oregon Bond Loan's Reservations website for the most up-to-date interest rates when quoting these programs to qualified buyers.
In the past, Oregon Bond Loan interest rates have not fluctuated very often. Nor, have they fluctuated very much when interest rates are raised or lowered. This past increase effective March 3, 2008 was the largest one time … (2 comments)
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first time home buyer: MCC A Better Alternative Than Oregon Bond? Maybe, With The Newest Interest Rates - 02/29/08 02:24 PM
The State of Oregon's Bond Loan Program for first time homebuyers will have higher interest rates on Monday. Effective March 3, 2008, the RateAdvantage interest rate will go up to 5.40% and the CashAdvantage interest rate will go up to 5.90%.
I recently did an article comparing the Oregon Bond loans to the Mortgage Credit Certificate. With market interest rates headed downward and the Oregon Bond Loan interest rates headed upward, the scales just tipped in favor of the Mortgage Credit Certificate.
Unfortunately, Southern Oregon Counties and Cities are not participating in the Mortgage Credit Certificate. Maybe it is time for that to change! … (4 comments)
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first time home buyer: Shakespearian View of Oregon Bond versus Mortgage Credit Certificate - 02/27/08 12:06 AM
O Affordability, Affordability, wherefore art thou affordability?
Undeniably, first time home buyers in Ashland Oregon have a tough time of it when it comes to entering the Ashland Oregon real estate market for the first time. Other areas of Oregon are struggling with the same challenge of housing affordability versus the area median incomes.
(enter Oregon Bond stage left)
The Oregon Bond Loan was designed to assist first time home buyers earning 80-120% of median income. There are two programs under Oregon Bond Loan. RateAdvantage, currently at 4.95%, assists qualifying buyers by giving them an interest rate ¾ to 1% lower … (4 comments)
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first time home buyer: Oregon Bond Rate Advantage Program at 4.95% - 02/03/08 11:33 PM
Have I mentioned before how great I think the Oregon Bond Loan program is for the first time homebuyer purchasing their home in Oregon? This program is designed to help the first time home buyer by giving them a below-market interest rate AND the option to buy a slightly higher, but still below-market, rate if a lack of savings is their hurdle to fulfilling their American Dream of homeownership.
Buyers need to qualify for the Oregon Bond Loan, proving they have sufficient income to purchase a home within the criteria of this program. It also has credit history guidelines, and is … (3 comments)
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first time home buyer: Effective Today Fannie Mae's Declining Markets Reinstated Guideline Takes Effect - 01/15/08 01:48 PM
Well, today is the day. Loan Applications dated January 15, 2008 or later may be subject to this reinstated regulation. Freddie Mac, VA and HUD have all posted similar notifications, making Fannie Mae the last one to the table on this issue. I'm finding that with a such a wide-based and undefined criteria, not all lenders are treating the regulation the same. Most lenders are ignoring Fannie Mae's recommendation that since real estate markets are local markets, and properties in one neighborhood may have stable values, while those in other neighborhoods may not. Fannie Mae Notice 07-22 states that if an appraiser stipulates on their … (9 comments)
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first time home buyer: First Time Buyer Resources - (Part 5 - Homebuyer Education) - 01/08/08 10:12 AM
Homebuyer education courses can be an invaluable tool for the First Time Homebuyer. They provide details on the many facets of homeownership, from preparing for the process, through the house hunt, all the way through to responsibilities of maintaining homeownership.
Not all homebuyer education classes are the same. Many real estate brokers and lenders provide these courses, but most are not approved by HUD. HUD has two homebuyer's education course curriculum and has approved Housing Resource Centers throughout the country who facilitate these programs. Going through these programs will get first time homebuyers in to courses designed to provide information only - without any … (6 comments)
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first time home buyer: Solution to Debt Consolidation May NOT Be to Refinance - 11/26/07 05:35 PM
Yes... I AM in the business to help borrowers obtain mortgages. Once again, I have talked myself right out of a transaction. This isn't the first time, nor will it be the last. Why, you might ask? Because, although I AM in the mortgage business, more importantly, I am a Mortgage Consultant. My job is to listen to a borrower's circumstances, ask pointed questions, and make my recommendations according to individuals needs, wants and goals. Sometimes, that recommendation is "don't do it". Sometimes, there may be several variables at play leading to several possible options. It can be like working through a maze.
… (2 comments)
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first time home buyer: "ABC's of Homebuying" HUD approved Course Saturday December 8th - 11/26/07 03:53 PM
It's that time again! Every two months, Southern Oregon Housing Resource Center/ACCESS Inc. puts on the HUD approved "ABC's of Homebuying" course at Rogue Community College campuses, alternating between Medford and Grants Pass. The next class will be on December 8th from 9 - 4 at the Medford RCC Campus located next to Mattress Land. The cost to attend is $35 which includes the course materials, and a partner may attend for free and share those materials.
This course is a great source of objective information for a First Time Home Buyer wishing to arm themselves with well-rounded, basic knowledge on the … (0 comments)
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first time home buyer: First Time Home Buyers Finding Great Deals! - 11/16/07 03:56 PM
With all the focus on the negative in today's news, I thought I'd throw in a couple of positive scenarios.
#1 Transaction closed September 2007:
A young couple decided the time was right for them to buy their first home. They were married a year and a half ago, have been very diligent about limiting their debt load, only having a few small student loan balances, and socking every extra dollar away in to savings, planning to buy when values came down a bit from where they were in 2006. They managed to save up 10% for a down payment, but … (2 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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