foreclosures: HUD Announces Changes in Anti-Flipping Rule - 01/18/10 07:10 AM
HUD announced Friday that the rules on flipping homes will be changing Feb. 1. This could have a huge effect on the Eugene/Springfield, Lane County Oregon market. This is being done in an effort to stabilize home values and improve conditions in communities where foreclosure activity is high according to HUD Secretary Shaun Donovan. I see this as being a boon to our are in getting rid of more of the foreclosures that have been plaguing our market. Under current rules, foreclosures that were still owned by the banks that purchased them could be bought with an FHA loan but any … (4 comments)

foreclosures: 10 Really Good Reasons to be a First Time Home Buyer! - 03/24/09 10:07 AM
Since most First Time Home Buyers are FHA borrowers I posted the answer to what the reasons are in my blog This information can also be very valuable to anyone considering a VA loan that is a First Time Home Buyer and especially for someone looking to buy using the USDA Rural Guarantee since they have to be a First Time Home Buyer.
I have been asked, why should I become a home owner? I have been renting for 5 years and am perfectly happy with my situation. The short answer to that is, “maybe you shouldn’t.” Not everyone … (13 comments)

foreclosures: 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)

foreclosures: 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)

foreclosures: HUD Neighborhood Stabilization Program to help with financing of foreclosed property down payment - 12/08/08 05:17 AM
HUD's new Neighborhood Stabilization Program is designed to provide emergency assistance to local and state governments, like Eugene and Springfield to acquire and redevelop foreclosed properties. As I stated in a recent blog, Bob Briscoe, Eugene Planning and Development Department, announced to our Town Hall meeting that Eugene had recently received over $600,000 and Springfield over $300,000 under this program. The program is for owner occupied or non profit purchases only. Both cities are currently working on program guidelines that will help in the use of this money, possibly in conjunction with existing programs like the FHA 203k Streamline. Preliminary thoughts about … (11 comments)

Fred Chamberlin, Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant (Guild Mortgage Co - Oak Harbor WA)

Fred Chamberlin

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