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oregon bond loan: Have You Encountered Financial Difficulties and You Have An Oregon Bond Loan? - 06/24/09 04:47 PM
I have heard from several Oregon Bond borrowers now who are struggling due to financial hardships, and running in to difficulties due to the owner occupancy requirement and the potential recapture tax provision a homeowner may face on an Oregon Bond loan when they sell their home and their income has increased enough to trigger this provision. Some of these homeowners were trying to get the Home Affordable Refinance or Home Affordable Modification programs to help reduce their monthly payments, but the Oregon Bond Loans are not eligible for these programs that were approved through the federal stimulus packages.
I asked … (2 comments)
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oregon bond loan: 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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oregon bond loan: Oregon Bond Loans Temporarily on Hold in 2009 Until Further Funding Is Acquired - 03/18/09 01:08 PM
We've been receiving warnings that the Oregon Bond Loan funds were running out, with insufficient interest by investors to purchase the bonds that fund this program. The time has come - funds are gone! Until more bonds have been sold to re-fund the Oregon Bond Loan, first time home buyers in Oregon will not have this tool available to them. This only effects those buyers who have not already reserved their Oregon Bond Loan funds.
In the meantime, there are still some great "market rate" programs available, like the USDA Guaranteed Rural Housing program for buyers with no down payment looking … (10 comments)
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oregon bond loan: Spring is Here, But Is The Bottom Here For the Real Estate Market In Southern Oregon? - 03/16/09 06:03 PM
Looking outside on this rainy, winter day here in Ashland, Oregon, you wouldn't think that spring is so close. But, one of our first signs of spring here in the Rogue Valley are the daffodils. Not only is spring right around the corner, but it seems that the buyers here in Southern Oregon are not waiting for spring to get out there a buy a home!
I am working with four first time home buyers who have all been diligent about getting fully credit approved for their financing, and have hit the streets with their agents trying to find a home. … (2 comments)
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oregon bond loan: 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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oregon bond loan: Is The $8,000 Tax Credit Approved Government Down Payment Assistance? - 03/06/09 12:07 AM
There are a TON of changes coming through the latest stimulus packages. I think eligible buyers just were given a Government Funded Down Payment Assistance Program with this $8,000 tax credit if it is funded through the Mortgage Revenue Bond programs in the individual States, like Oregon Bond Loan for us. The other Purchase Assistance Loan, Down Payment Assistance Programs, Seller Funded Down Payment Assistance programs have all gone by the wayside, now here comes Uncle Sam with their own version?
As is the case with all these other programs, the $8,000 tax credit will only be good through December 1, 2009, … (7 comments)
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oregon bond loan: 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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oregon bond loan: 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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oregon bond loan: Southern Oregon First Time Home Buyers – Will $8,000 Help You Buy A Home? - 02/13/09 02:41 PM
There is some good news on the horizon for home buyers who are ready, willing and able to enter the world of homeownership!
There are several provisions in the overall stimulus package that should be on President Obama's desk to sign Monday. One of the most beneficial provision for home buyers is an $8,000 home buyer tax credit for new home buyers - buyers who have not owned a home in the past three years. For qualified home purchases in 2009, the legislation:
· Stipulates that the $8,000 tax credit does not have to be repaid, unlike the tax credit passed … (0 comments)
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oregon bond loan: Is 4.50% The Mortgage Interest Rate You Are Looking For To Help You Buy Your First Home? - 02/04/09 02:33 PM
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)
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oregon bond loan: Oregon Bond Lowers Rates (Finally!) - 12/19/08 04:44 PM
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)
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oregon bond loan: Forget Wall Street and Main Street, How About Opportunity Street? - 10/22/08 03:17 PM
This week has made me feel a bit like this hamster. Running, running, running...but still in basically the same place. Trying to re-boot this mentality, I thought I'd do some market research for this gorgeous area I live and work in, Southern Oregon.
Just out of curiosity, I thought I would go explore how many homes are on the market in the Rogue Valley that might suit the entry-level buyer. Imagine my surprise when I had to cut the criteria back over and over again after finding 700+ homes for sale under $200,000! Narrowing in to categories, I found:
75 … (2 comments)
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oregon bond loan: 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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oregon bond loan: 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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oregon bond loan: Market Insight From A Frustrated 25 Year Industry Veteran - 06/02/08 05:53 PM
I was at a real estate forum a couple of weeks ago, and the topics being discussed seemed as though they must be similar to those being discussed in local communities all over the U.S. I, personally, can vouch for encountering many of the same situations while making calls to get answers for friends I am assisting who are looking to buy in the State of Nevada, as well as when serving my regular client bases in Oregon and California.
There are still many positives to be found in our current real estate/ credit market, but some of … (2 comments)
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oregon bond loan: 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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oregon bond loan: $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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oregon bond loan: Oregon Vet State Home Loan Program Affected By Recent MI Company Changes - 04/25/08 09:52 AM
Our Oregon State Veterans' Home Loan Program has been affected by the recent changes the mortgage insurance companies have made, the same as the recent changes made to the Oregon Bond Loan.
Unlike the Federal VA home loan program, the Oregon program is underwritten to Fannie Mae guidelines, and loans greater than 80% loan-to-value will require mortgage insurance. Here are the highlights of these changes from the memo I received from the State:
Please take note of the ORVET - ODVA loan program changes cited below.
1. Effective immediately, April 21, 2008, ODVA is no longer able to obtain mortgage insurance on 100% … (0 comments)
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oregon bond loan: 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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oregon bond loan: Oregon Veterans Home Loan Now at 5.50%/5.375% - 03/13/08 08:23 PM
Like the Oregon Bond Loan's RateAdvantage and CashAdvantage programs, the Oregon Department of Veterans' Affairs will be increasing their available interest rates for new applications effective Friday, March 14, 2008. Their new 15-to-30-year fixed-rate/loan fee options will be:
* 5.375% with a 1.5% loan origination fee, or,
* 5.5% with a 1.% loan origination fee
These interest rates are still well below current market rates on equivalent 30 year fixed rate loans, giving our Oregon Veterans the extra bonus they deserve for serving us all.
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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