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usda: It Ain't Over 'Til ... Tales of the $8,000 First Time Buyer Tax Credit 1 - 04/17/10 11:43 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)
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usda: 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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usda: Will Mortgage Insurance Still Be Tax Deductible After December 31 2010? - 11/18/09 10:15 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 … (6 comments)
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usda: 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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usda: First Time Buyers In Medford Oregon Have MULTIPLE Options! - 09/10/09 02:32 PM
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)
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usda: Southern Oregon Housing Resource/ACCESS Inc’s August 22. 2009 Class at RCC Had a Packed House! - 08/23/09 11:02 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)
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usda: 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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usda: 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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usda: 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 03:17 PM
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)
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usda: Note To President Obama/Senate Banking Committee – It appears Not Everyone Is Onboard With The Home Affordable Programs - 05/08/09 05:15 PM
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.
Banks/Mortgage companies holding … (6 comments)
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usda: 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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usda: Calling All Southern Oregon First Time Homebuyers: ABCs of Homebuying Course Sat Apr 18th at Medford RCC - 04/13/09 05:24 PM
It's that time again, time for the HUD approved ABC's of Homebuying course that Southern Oregon Housing Resource Center and Rogue Community College put on for first time home buyers seeking the knowledge and preparation, and for some, to meet the required program certification for many first time home buyer down payment assistance programs, getting ready to buy their first home.
If you haven't registered already, you may do so online through RCC, or call ACCESS/Southern Oregon Housing Resource at (541)779-6691
Presented by ACCESS Inc.
AND THE SOUTHERN OREGON HOUSING RESOURCE CENTER
April 18, 2009 at RCC … (0 comments)
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usda: 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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usda: Who Says The Southern Oregon Real Estate Market Is Slow?!?! Buyers are Springing Forward Here! - 03/18/09 07:03 PM
There are many reports out there about how slow some real estate markets are, but it sure doesn't seem that way here in Southern Oregon! Some of the things I'm hearing from buyers this week are:
"Darn - there ended up being 4 offers on the home I wanted. We're back to the drawing board again."
"I thought this loan process was going to be so hard, but I can't believe how smooth it has gone. I didn't expect to be approved for my loan this easily, or for this much."
"We're still waiting to hear back from the seller on … (0 comments)
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usda: 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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usda: Great Loan Option For Owner Occupied Buyers Purchasing Homes Needing Repairs - 01/30/09 07:03 PM
Oregon Home Buyers and Real Estate Brokers, here's a tool you might put in your home buying chest. Did you know that if the property being purchased is an eligible property on the USDA Guaranteed Rural Housing loan program:
•a) Not only are some lenders able to fund these loans right now even though allocation has been depleted; but
•b) You may be allowed to purchase a home that needs repairs of up to $10,000 and still proceed and close your transaction?
If the home being purchased by an eligible buyer is a short sale or foreclosure, this can be a … (3 comments)
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usda: 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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usda: 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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usda: First Time Home Buyer Resources (Part 4– Temporary Subsidy Buydown) - 01/07/08 02:12 PM
Temporary subsidy buydown plans are a way to help homebuyers qualify with the mortgage payment lowered initially, by the interest being "bought down" or prepaid by the homebuyer or the seller. When a homebuyer opts for a buydown plan, they will get lower, more affordable mortgage payments with the stability of predictable payment increases over time.
Most homebuyers choose one of two temporary buydown plans, a Limited or an Extended buydown plan. The Extended plan allows the borrower to qualify at the initial (bought down) interest rate that can be up to 1.5 percentage points lower than the note rate. This rate is then … (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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