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Three reasons for buying real estate in Oregon now with an FHA mortgage for first time homebuyers

I know there are a lot of reasons for buying a home. I also know there may be a lot more than three for buying now with an FHA real estate mortgage. First time homebuyers could be making a mistake by waiting to purchase their new home. (Maximum FHA loan amount, down payment & tax credit.)

Those reasons are:

January 1, the maximum loan amount in most areas will be reduced for FHA loans. For instance, in Lane County, the maximum loan amount will go from $343,750 to $271,050.
January 1, the minimum down payment on FHA loans will go from 3% to 3.5%. On a $200,000 purchase, this is a difference of $1,000, a significant number if you are already thin on down payment.
July 1, 2009, the $7,500 tax credit goes away for first time homebuyers. This credit is temporary, and depending on action of Congress, is set to expire on July 1.

I am not going to go on about lower home prices, low interest rates or available financing. These three should be of huge interest to first time homebuyers.

Authored by Fred Chamberlin, A Mortgage Loan Consultant, Eugene and Springfield - 541-342-7576

Posted by Fred Chamberlin - Eugene/Springfield's #1 Experienced FHA Mortgage Consultant on 11/09/2008 10:08 PM

Comments (11)

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Originally posted at: Fred's Mortgage Blog: Three reasons for buying real estate in Oregon now with an FHA mortgage for first time homebuyers

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11 Comments on Three reasons for buying real estate in Oregon now with an FHA mortgage for first time homebuyers

NOV

2008

fred, i like the style of your blog posts. short, to the point, and many times have bullets. well done, we are glad to have you on the team. i am going to send you the AR Group that is going to be associated with the FHA blog Madesn and I are doing.

Chris the implementer

Fred - thanks for the reminder of these impending changes. I will remind my prospects about them.

Hi Fred, 3 great reasons to buy a home NOW! I thought the FHA down payment requirement had changed as of October 1. No? I just did an FHA. The buyer signed the contract in September, closing was in October. He was told that he would need 3.5% instead of 3.0% down. HMMMM...?

Thanks for keeping us all informed Fred! Keep up the good work.

Hey Fred - where did you get the January 1 numbers? This is great info!

Chris - Thanks for the compliment. I try to put out good, useable information. Some of my posts are a lot longer tho....lol

Mike - yes, it is time to make that decision while you still can.

Sandy - There were so many changes on Oct. 1, the lender may have just been confused.

Cecily - Happy to help.

Eleanor - I got the numbers from our in-house DE underwriter. Don't know why they aren't posted on HUD's website yet.

Fred in my own practice, that .5% ($1000) can be a huge difference for first-time buyers. Sometimes to the point of not getting an approval. Sometimes $100 make sthe difference!

Great job Fred, excellent points for buyers to make the move now, before the end of the year!

Steve - Often times, just a few dollars can make the difference in making or not making a deal. the extra 1/2 percent can be significant.

Leslie - Right you are. Now is the time. Call you, call me, let's go!

NOV

2008

Really great job Fred, this is information that first time homebuyers will need in order to proceed with the inventory available right now. Plenty of beautiful homes for sale, so the first time homebuyer needs to know what their options are, now.

NOV

2008

Thank you Alecia, I really believe the time is right to be looking.

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Three reasons for buying real estate in Oregon now with an FHA mortgage for first time homebuyers

I know there are a lot of reasons for buying a home. I also know there may be a lot more than three for buying now with an FHA real estate mortgage. First time homebuyers could be making a mistake by waiting to purchase their new home. (Maximum FHA loan amount, down payment & tax credit.)

January 1, the maximum loan amount in most areas will be reduced for FHA loans. For instance, in Lane County, the maximum loan amount will go from $343,750 to $271,050.

January 1, the minimum down payment on FHA loans will go from 3% to 3.5%. On a $200,000 purchase, this is a difference of $1,000, a significant number if you are already thin on down payment.

July 1, 2009, the $7,500 tax credit goes away for first time homebuyers. This credit is temporary, and depending on action of Congress, is set to expire on July 1.

Authored by Fred Chamberlin, A Mortgage Loan Consultant, Eugene and Springfield - 541-342-7576

Leave a response…