lane county: HUD Homes for Sale at $100 Down Payment - Not for $100 - 02/10/10 07:58 AM
There are listings of homes for sale by the Department of Housing and Urban Development (HUD), called HUD Homes on the HUD website. The great thing about these properties is that they are first offered to people in the Eugene/Springfield, Lane County Oregon area that are going to use them for their primary residence. If there is not enough interest, then they will be offered to anyone. As an owner occupied purchase, many of the homes on the website qualify for a $100 special down payment program. That is right, only $100 down and if the seller (HUD) pays the closing … (8 comments)

lane county: $8000 Tax Credit Used as Down Payment for FTHB - 05/12/09 10:13 AM
The biggest problem that most first time home buyers have is coming up with the down payment. I have posted several times in the past various ways to get the down payment together, but it has still been out of the reach of some people. Now, that could change. The First Time Home Buyer Tax Credit is going to be available for the down payment on FHA loans in the near future, according the the Secretary of HUD.

Shaun Donovan, Secretary of the U.S. Department of Housing and Urban Development, said that the Federal Housing Administration is going to … (7 comments)

lane county: Loan Qualification Standards have changed. Do you know the 3Cs? - 01/22/09 05:06 PM
Three major concerns in mortgage loan underwriting have again come to the forefront with underwriters. Those three items, Credit, Collateral and Capacity are the three legs of intelligent underwriting in todays Real Estate Mortgage industry. What are some of the things that effect these three legs and what changes are new (again) in the consideration of underwriters. You can read the entire post here in my post on Eugene Loan Guy. I would have thought that some of these points were just common sense, but as is evident with the foreclosure rate and amount of defaulting mortgage loans, obviously, common sense … (12 comments)

lane county: 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)

lane county: Oregon Seniors can purchase homes with an FHA Reverse Mortgage (HECM) as of Jan. 1 - 11/10/08 08:06 AM
Oregon seniors have a new way of buying property as of January 1, 2009. They will be able to use the FHA Reverse Mortgage Program (HECM).  These loans were authorized by the Housing and Economic Recovery Act of 2008 (HERA). HERA  defines "HECM (Reverse Mortgage) for Purchase" as a real estate purchase where title to the property is transferred to the HECM (Reverse Mortgage) mortgagor, which the mortgagor will occupy as a principal residence, and, at the time of closing, the HECM (Reverse Mortgage) first and second liens will be the only liens against the property." Buyers must also occupy the … (16 comments)

lane county: Night view of the Willamette River Bridge, Springfield OR - 09/15/08 02:20 AM
While I was at the Fiesta Latina Saturday night, I tried a night view of the bridge over the Willamette River. I think it came out better than I expected. Needless to say, taking this kind of a picture with flash doesn't work. So, what do you think, is the picture worth the space?

Our rivers are beautiful, day or night. Come for a visit! I got an extra bedroom. :-D Carolyn, this eye candy is for you!

lane county: First Time Home Buyer $7,500 Tax Credit and How To Use It for Down Payment - 09/03/08 10:48 AM
First of all, it needs to be stressed that there are limitations and qualification for this program. The most stringent is that it is availalbe from homes purchased between April 9 of this year and July 1 of next year. If you miss that window, you miss the tax credit.
Next, the credit is only available to single taxpayers with an Adjusted Gross Income (AGI) of $75,000 or less or married taxpayers with a AGI or $150,000 or less to get the full credit. Lesser credits are available for those making more than the limits listed here.
Additionally, this is not … (25 comments)

lane county: INTEGRITY, do you have it? How do you know? - 09/03/08 09:16 AM
We have a class going on in our office every week and we are studying a book by Ron Willingham called, INTEGRITY SELLING for the 21st Century. It has been an interesting study and I have been more than pleased with the information and skills available through this study.
One thing in particular caught my eye this last week. We are in Chapt. 6, (Demonstrate) and I want to pass it forward. "'Is what I have the best solution for this person's needs or wants?' If the answer is 'yes,'  you have a professional responsibility to show and tell them how you … (0 comments)

lane county: Credit Scores and how they affect your real estate purchasing rates and power - 09/03/08 06:30 AM
Barry Habib, Chairman of Mortgage Success Source, was recently interviewed by Fox Business News and he was asked about inproving your credit scores. You can see the interview here.
I found a lot of his answers a bit simplistic but still very helpful to the majority of people that have lower credit than their payment history deserves. Now, there are no "Credit Faries," even if you believe in the Tooth Fairy. There is not magic thing that will correct your credit if it actually reveals your method of handling credit.
In other words, if you pay things late as a general rule, … (0 comments)

lane county: It's Free, It's Fun, It's Your Credit Report? - 08/26/08 10:07 AM
Jason is a fairly new friend of mine. We now have an almost bi-coastal relationship. I enjoy his blogs and have been trying to keep up with what he writes. This particular posting is about credit and credit reports. I may have been able to do it nearly as well, but he did all the hard work.
So, credit where credit is due, thanks to Jason Sardi for this excellent explanation on credit. Thanks Jason.

To say your credit history & score is HUGE these days may be a borderline understatement.  For purposes of my experience, I'll concentrate on how … (2 comments)

lane county: DID YOU KNOW? Questions and answers about today's real estate loan programs - 08/25/08 06:58 AM
Did you know?
Conforming loans are only available to 80% loan to value for 3 and 4 unit personal residence properties and require a 620 credit score for purchase or rate and term refinance and only 75% for cash out refinances.
Did you know?
You can get a 95% cash out refinance on an FHA refinance for your single family personal residence, generally at a lower overall payment than if you got a 90% conforming cash out.
Did you know?
That a cash-out refinance on a 3-4 unit personal residence is available through an FHA loan to 85% loan to value … (5 comments)

lane county: The other 100% purchase loan, VA loan for veterans - 08/24/08 09:59 AM
There is quite a bit of concern regarding the elimination of the Down Payment Assistance programs and almost all other 100% purchase programs, so I want to spend a bit of time highlighting another 100% loan program. To my mind, this is the best 100% loan program, the VA loan.
VA's Home Loan Program is for veterans and active duty military personnel and certain members of the reserves and National Guard.  VA's program provides an excellent product and benefit for those individuals who have served or are serving to protect our families and our nation, as well as giving them a … (6 comments)

lane county: Have you been playing "In The Zone?" - 08/19/08 08:49 AM
I get a periodic email with positive information from Simple Truths. It is very good information and of course, they want me to buy their books, but they aren't really pushy about it.
The big thing I got out of todays message may be different than anyone else would get, but I couldn't help but share it. Speaker and author, Jim Cathcart, was quoted that to be at your best, find your zone of optimum velocity by observing the pace and intensity at which you perform best, or get in the zone.
The striking part for me was the next part about … (4 comments)

lane county: Real Estate Loan Consultant asked to comment on Credit and Shopping Loans - 08/18/08 09:09 AM
I was approached last week by a writer wanting some quotes for two articles she was writing for a Real Estate magazine. She asked me if there was one of the two I would like to comment on. For me, it seemed like a no brainer on which one to comment. They were: How to prepare to divulge information to a mortgage loan officer, and how what you hold back can hurt you.
Is it a good idea to shop around to more than one loan officer when looking for a loan.
Well, if I answered number 2 the way I wanted and not … (9 comments)

lane county: Bob Straub Parkway construction underway, Springfield & Thurston OR benefits - 08/10/08 04:11 AM
The Jasper Extension, renamed the Bob Straub Parkway, should be done this fall when connection is made with Jasper Road.
As an Oregon native and knowing who Bob Straub was (Governor 1975 - 1979), I am quite surprised that anything is named after him, except for a small rest area somewhere remote. If you search Bob Straub, you won't come up with much on him, which is pretty appropriate for a real do nothing governor. To be honest, if you search Robert Straub, you get more, but he was still a pretty ineffective governor in a pretty long line of ineffective … (0 comments)

lane county: Kiddy Condo or how I paid for my room at college - 07/21/08 12:26 PM
OK, there are people that will say that I stole this from Jeff Belonger ( and they would be absolutely right. However, Jeff doesn't post to the Oregon sites and this information is just too good not to forward. I have done this in the past and it really works. Thanks Jeff for your hard work on this information.
Are you always looking for a great investment?  Do you have any kids going to college or in college, especially the University of Oregon?  Well, don't let the picture to your right scare you. Just as many of us can relate to … (1 comments)

lane county: Jumbo Loans - 07/15/08 05:57 AM
I have received comments lately from Realtors about how they read that jumbo loans were hard to get. To this, I have to answer in the affirmative. Jumbo loans are more stringent in their underwriting than they were just about a year ago. The loan to value is lower than it was a year ago. The interest rate is higher than it was a year ago. The number of lenders offerring jumbo loans is lower than it was a year ago.
With all of that, the good news is that there are still jumbo loans available. The cut off point for … (0 comments)

lane county: Junction City Scandinavian Festival - 07/14/08 09:33 AM
The world may be focused on the Olympics in Bejing on August 8, but the Junction City Scandinavian Festival will already be a day old.
Every year since 1961, the people of Junction City have celebrated their Scandinavian heritage with a festival that offers cultural entertainment and activities and food, food, food. The four day festival honors the culture of Denmark, Finland, Norway, Sweden and Iceland. Many imigrants from those areas ended up in the Junction City area.
There are handmade items in booths, authentic costume and dances all during the festival. Story tellers will regale the children with stories from … (2 comments)

lane county: Prime Resturant, Three Rivers Casino - 07/12/08 06:16 AM
The resturant is located in the Three Rivers Casino in Florence, OR. Just head west from Eugene and you can't miss it. had dinner at the Prime Resturant and I enjoyed the meal very much. Overall, I would give them about 4 stars out of 5. My lobster was outstanding, the prime with it was very good, however, my lady's filet was not cooked enough for her. The salad course takes special note. Our server recommended the lettuce wedge with a special blue cheese dressing and it was mouth watering. It so good we got a doggie bag for the left … (0 comments)

lane county: FHA Facts - Mixed use commercial - 07/02/08 08:57 AM
FHA Facts:
Did you know?
A 203(k) mortgage may be originated on a "mixed use" property provided: (1) The property has no greater than 25 percent (for a one story building); 33 percent (for a three story building); and 49 percent (for a two story building) of its floor area used for commercial (storefront) purposes; and (2) the commercial use will not affect the health and safety of the occupants of the residential property; and (3) the rehabilitation funds will only be used for the residential functions of the dwelling and areas used to access the residential part of the property. … (4 comments)

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

Fred Chamberlin

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Oak Harbor, WA

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