first time home buyers: How safe are you with an owner carry contract?
- 04/05/09 06:18 AM
I am not an attorney and I don't even play one on TV, however, I have concerns that there are people doing things that can get them in trouble. Not only will it get them in trouble, but it could have detrimental effects on other people too. This is the sale of a home on an owner carried contract when there is a mortgage on the property. My concern is twofold, first has to do with the legality of doing it in the first place. My second has to do with protection for both the buyer and the seller. I am … (12 comments)
first time home buyers: Breaking News - New FHA Loan Limit - Lane County - $343,750
- 02/25/09 08:09 AM
Hud has raised the FHA loan limit for Lane County. There was no announcement or release that I am aware of. The new loan limit is the same as the temporary loan limit in place prior to Jan. 1 or $343,750. This is an increase of $72,700 over the minimum FHA loan limit that was in place for Lane County. This is a tremendous change in limit at a time that should be beneficial for moving some of the higher priced foreclosures off of the listing rolls. Combine the higher loan limit with an FHA 203k Streamline and the Energy Efficient … (21 comments)
first time home buyers: First Time Home Buyer Tax Credit to change to $8,000
- 02/13/09 04:06 AM
So, what is happening on the government front now? Are we or aren't we getting the help we need? There are so many variables afloat and no one seems to know what the exact language of anything right now. The consensus is that one of the biggest items that we in the Real Estate industry have been looking for, the tax credit will not be what we want, but may be close. The current $7,500 first time home buyer tax credit is due to expire on July 1. Details regarding the tax credit that have been released so far, the tax … (21 comments)
first time home buyers: Lower Mortgage Rates - Reduced Home Prices - Time to Buy? - Urgency
- 01/07/09 01:35 PM
Sometimes you make your decisions based on total facts, sometimes you make your decisions based on strictly on feelings. In the following post about a sense of urgency, I think that I have put a balance to fact and feeling. Facts are that mortgage rates are low and prices of homes have dropped. My feeling is that rates may drop a bit more and that prices might drop a bit more, but I don't feel that either one will be enough of a change to make waiting worthwhile. Waiting? Yes, waiting. Why should someone that needs a home wait any longer? … (9 comments)
first time home buyers: Foreclosure and the Push for Housing in the Hispanic Community
- 01/06/09 11:16 AM
I came across an article yesterday in the Wall Street Journal that really hit a nerve with me. I have been posting for some time that the causes of the "mortgage meltdown" were many and varied. This article came at it in a different way with many of the same realizations. It has been my contention that many of our legislators helped promote the policies that brought about the housing bubble and thereafter the flood of foreclosures, short sales and loss of equity. In the WSJ article, they discussed the legislations that California Rep. Joe Baca pushed that would "open the … (14 comments)
first time home buyers: LoanZen.com-an interesting concept in loan comparison
- 12/15/08 04:17 AM
I have come across an interesting website that has the purpose of letting consumers post annomous information about potential loans they are being offered to ask if it is a good deal. Real Estate mortgage information on the site is furnished by other consumers, including first time home buyers, with answers from other consumers, and in some cases by loan consultants. The site is very basic and doesn't have a lot of the bells and whistles that could be used on this type of site. For instance, it would be nice to have a way to contact a poster or responder, … (17 comments)
first time home buyers: How to Get Your 4.5% Mortgage!
- 12/05/08 05:05 PM
Eleanor know of what she speaks. If rates do drop to 4.5%, you will need to be in the place where you can take advantage of that rate drop. To do that, you really need to have an application in process. Call me today and let's get it going. I have disabled comments on this post. Please visit Eleanor's post if you wish to comment.
I can not tell you how many people have told me TODAY that they heard rates are going to 4.5%!!! From your mouth to God's Ears! As I write this, rates are close to 5.0%... … (0 comments)
first time home buyers: FHA Mortgage vs. Conventional Mortgage Which is Best and Why?
- 11/24/08 05:06 AM
There has been discussion on the blogs about why FHA loans are coming to prominence, but I haven't seen a side by side comparison, so I thought it was about time that we did that. FHA Mortgage Loan vs. a Conventional Mortgage Loan with a limited down payment. How do they compare? First, the assumptions, you can't make a comparison without knowing what the parameters are. Needless to say, these are arbitrary, but fair to both types of loans. I am also going into this without knowing the result, just knowing my product. Here they are: FHA Conventional Purchase Price … (8 comments)
first time home buyers: USDA Rural Guaranteed 100% Loan Program for Linn County
- 10/20/08 08:42 AM
I have had several people interested in obtaining a USDA home loan for property in Marion, Polk, Linn and Benton Counties. I've put together a map of part of the county that should help in identifying areas that qualify for this program. I would also recommend you contact Leslie Stewart with Prudential Real Estate Professionals in Stayton for help in finding that property, especially in Marion and Linn Counties. You can call Leslie at 503-769-3448 X 1910 or her cell at 503-932-8202. As you might know - it's one of the last TRUE 100% home loans available - and it doesn't have PMI! The rates … (2 comments)
first time home buyers: USDA Rural Guaranteed 100% Loan Program for Marion County
- 10/20/08 08:35 AM
I have had several people interested in obtaining a USDA home loan for property in Marion, Polk, Linn and Benton Counties. I've put together a map of part of the county that should help in identifying areas that qualify for this program. I would also recommend you contact Leslie Stewart with Prudential Real Estate Professionals in Stayton for help in finding that property, especially in Marion and Linn Counties. You can call Leslie at 503-769-3448 X 1910 or her cell at 503-932-8202. As you might know - it's one of the last TRUE 100% home loans available - and it doesn't have PMI! The rates … (2 comments)
first time home buyers: First Time Home Buyer real estate purchase options available in Lane County
- 09/10/08 07:55 AM
There are benefits to being a First Time Home Buyer. I will be going over what some of those benefits are but first I want to explain what a First Time Home Buyer actually is. By definition with the lenders, and the government, a First Time Home Buyer is someone that hasn't owned a home in the last three years. In some cases, that includes manufactured homes on rented land, in others, it doesn't. Also, there can be exceptions from someone coming out of a divorce. First benefit: The cities of Eugene and Springfield both have programs for First Time Home Buyers … (2 comments)
first time home buyers: HAPpy SHOPing, two great programs to help low-moderate income home buyers
- 08/04/08 05:34 AM
In the City of Eugene, it is called HAP. In the City of Springfield, it is called SHOP. Both of them are programs to help low to moderate income purchasers get into their first home. The State of Oregon operates a similiar program called PAL for outside of Eugene/Springfield but it is out of money, again. Outside the Eugene/Springfield urban growth boundry, the USDA Farm Home Economic Development loans are available to 100% financing. Eugene HAP, homeowner assistance program, and the Springfield home ownership program, are designed to help first time home buyers with the down payment and closing costs in their purchase. … (6 comments)
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I am not an attorney and I don't even play one on TV, however, I have concerns that there are people doing things that can get them in trouble. Not only will it get them in trouble, but it could have detrimental effects on other people too. This is the sale of a home on an owner carried contract when there is a mortgage on the property. My concern is twofold, first has to do with the legality of doing it in the first place. My second has to do with protection for both the buyer and the seller. I am … (12 comments)
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