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usda guaranteed rural housing: Waiting on Congress to Reallocate Additional Funding for USDA Home Loan Programs - 04/19/10 12:41 AM
I posted this article last summer, and use it frequently when providing home buyers with information on one of the few no down payment programs left. USDA is just about out of money for the USDA Guaranteed Rural Housing loan program for 2010, and our local Oregon office has been hopping with the flood of applications. We all have our fingers crossed Congress will reallocate enough money to make this great tool available again, with enough funding to meet the rapidly increasing demand since conventional financing programs and their more restrictive private mortage insurance criteria don't work for many home buyers. … (5 comments)
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usda guaranteed rural housing: 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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usda guaranteed rural housing: 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 guaranteed rural housing: How To Buy a Home In The Rogue Valley Oregon | Using The FHA Home Loan - 08/20/09 09:05 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)
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usda guaranteed rural housing: 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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usda guaranteed rural housing: Thinking of Buying A Foreclosed Home In Southern Oregon? - 06/23/09 09:05 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)
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usda guaranteed rural housing: Thank God It’s Friday – Especially for Several First Time Southern Oregon Homeowners - 05/01/09 09:45 PM
Hmmmm...I hear about $8,000 tax credits, people buying who are paying the same as they were paying in rent who said they only had to come up with about $1,500, or for some a 3.5% down payment. I'd really like to have my own place, a place where I will build equity instead of just writing a rent check every month a rent check that seems to go up every year. A place I can paint whatever color I want. I'm tired of having to move because my landlord sold the place, or is losing it through foreclosure, and what about … (2 comments)
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usda guaranteed rural housing: 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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usda guaranteed rural housing: 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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usda guaranteed rural housing: 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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usda guaranteed rural housing: 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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usda guaranteed rural housing: 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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usda guaranteed rural housing: 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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usda guaranteed rural housing: 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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usda guaranteed rural housing: Oregon Vets Who Want To Refinance Look To Programs Other Than Oregon Vet Loan - 02/17/09 04:19 PM
I receive calls periodically, and was contacted again recently by an Oregon Veteranlooking to use the Oregon Veteran Home Loan program to refinance their home in Southern Oregon. There are a lot of misconceptions about this program, and these folks were recently misinformed. The Oregon Veteran Home loan, like the USDA Guaranteed Rural Housing program, requires:
The purpose of the loan be to purchase a home Home must be the borrowers' primary residence When shopping for your home loan, if you come across something that doesn't sound right, trust those instincts and make sure you double check with another source!
… (3 comments)
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usda guaranteed rural housing: 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 guaranteed rural housing: Don’t Forget The Taxes and Insurance And Maintenance Expense! - 02/04/09 11:31 AM
Something I've always made a point of emphasizing with first time home buyers - and with long time homeowners and move up buyers as well - are the "other costs" associated with homeownership. Many first time homebuyers are focused on the principal and interest part of the mortgage payment, and when they use an online loan calculator (or often times when speaking to their loan officer), the attention remains on the principal and interest portion of the payment only. And it recently came to my attention that homeowners seeking note modification may also be focused only on the mortgage portion of … (8 comments)
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usda guaranteed rural housing: 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 guaranteed rural housing: 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 guaranteed rural housing: 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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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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