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white city: Investors, Isn’t It Nice To Have Rental Property With Positive Cash Flows? - 11/23/09 06:15 PM
Although some homeowners looking to refinance or sell right now may not like what the volume of distress sale property sales are doing to local real estate values, Investors purchasing homes that run a positive cash flow probably aren’t complaining very much. Here in the Rogue Valley, up until this year an investor purchasing income property had to make a pretty hefty down payment to see their home meet most cash flow expectations.
Now, lending guidelines require bigger down payments from an Investor purchasing rental property using investor real estate loans. We’re seeing properties with only 10-20% down payment at … (2 comments)
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white city: HOPE Arriving For Struggling Southern Oregon Homeowners - 10/16/09 08:03 AM
Are you, or is anyone you know, struggling to find a way to stay in your/their home here in Southern Oregon? HOPE is arriving for struggling Southern Oregon homeowners who may have been attempting to refinance under the Home Affordable Refinance Program only to find out they needed to be under the Home Affordable Modification Program because they did not qualify.
Bank of America, Wells Fargo and Chase will all be here in Medford Oregon to talk to homeowners who have existing loans with these three banks and may have been caught in phone system hell trying to work their … (6 comments)
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white city: 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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white city: 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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white city: Making Home Affordable Refinance Rolling Out at 125% of Current Value - 09/19/09 12:53 PM
Well, we've been waiting quite a while since the announcement was made that eligible homeowners could refinance their home loan under the Making Home Affordable Program borrowing up to 125% of their home's current market value vs. the previously established 105%.
More lenders are now making this program available, giving a company like mine who is a mortgage banker AND a mortgage broker the opportunity to shop rates with many different banks/lenders for homeowners who could benefit from refinancing their home loan in order to obtain today's low interest rates. This may help offset some of the further value declines … (2 comments)
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white city: Current Foreclosures for Sale in Jackson County Oregon - 09/16/09 10:34 AM
As a mortgage banker | broker here in Southern Oregon, I was happy to see Adam Bogle of Coldwell Banker ProWest in Ashland Oregon has posted some "hopeful" news with the number of available foreclosure homes on the market here in Jackson County Oregon. I'm working with several buyers who are planning to use the Neighborhood Stabilization Program which gives them up to $50,000 to purchase a foreclosure with, so this is GREAT NEWS for them. It's been slim pickings lately for these buyers. Thanks for the great info, Adam!
Via Adam Bogle, CRS, Southern Oregon... The Most Recognized … (4 comments)
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white city: 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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white city: Tale of A Sad, Sad Divorce After a Long Happy Partnership - 07/29/09 10:21 AM
Oh, woe is me! Alas, I have a tale to tell of how a long, steady, reliable relationship filled with mutual respect has gone awry. A sad tale of how a long, happy partnership had to end. I didn't WANT this relationship to end. But, I now NEED this relationship to end.
The relationship is a "Preferred Partner" relationship with a lender who will remain nameless. For YEARS, I've been telling fellow originators how wonderfully consistent this lender has been. How not only is their pricing consistently competitive, but a human answers the phone and you can actually run complex transactions … (12 comments)
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white city: There Is A Secret Gem Here In The Rogue Valley! - 07/27/09 08:05 PM
In these times of busy real estate sales and sometime excruciatingly painful home loan processes, I am reminded that in the middle of every transaction is a glimmer of light. I wrote recently about another glimmer of light I experienced for one first time home buyer transaction that really came together and made a difference for a young Rogue Valley family. But the glimmer that I'm seeing today is really more of a steady shine. This comes from an appraiser I've had the pleasure of working with on several FHA and USDA Guaranteed Rural Housing loans I've done lately.
All us industry … (3 comments)
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white city: Hear Ye! Hear Ye! Southern Oregon First Time Home Buyers! Need Down Payment Assistance? - 07/11/09 03:01 PM
Are you a First Time Home Buyer in Southern Oregon who thinks you have to rent because you haven't been able to save for a down payment? Think again! Down Payment assistance funds are once again available to eligible first time home buyers meeting the income criteria depending on their household income.
As always, funding is limited, so don't wait! Call or e-mail me for further details.
Home buyers are closing on homes they OWN paying less than what they used to pay to rent!
See you at the closing table!
Karen Cooper - OR/CA Mortgage Consultant - www.Quality4Loans.com
… (1 comments)
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white city: 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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white city: 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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white city: 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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white city: And...they're off! Home Affordable Refinance Program Released and Lenders Making It Available - 04/13/09 02:55 PM
We've been patiently awaiting the release of this Making Home Affordable Refinance program for the many homeowners who have wanted to refinance their home loans to get today's lower interst rates, but could not do so due to their home's current market value. Market values will still be an issue for many homeowners, as the Home Affordable Refinance program will only lend between 80-105% of a home's current value. PAtience is still required, as lenders get their systems ready for this program type, but we've received word from several who are accepting these files and are releasing their pricing on it. … (4 comments)
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white city: 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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white city: 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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white city: 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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white city: 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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white city: 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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white city: 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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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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