mortgage information: 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)
mortgage information: Eugene Loan Guy website up and running
- 12/12/08 07:30 AM
With the help of RandDArt.com, I have a new website up and running. The site is EugeneLoanGuy.com and I have great hopes of filling it with knowledge, commentary, reviews and real estate listings. I have a couple of posts up already on morgage business, but will be adding more on a daily basis. I invite all of your to visit my site and leave any recommendations as to what you might like to see on this site. It is going to be more region specific that what I have done on Active Rain. I will also be working with the other … (11 comments)
mortgage information: Town Hall meeting to discuss Real Estate Mortgages and changes to FHA, USDA, and Conventional Loans
- 12/05/08 04:52 PM
Yesterday, Alpine Mortgage Planning held our first Town Hall meeting to discuss changes in the lending environment for Eugene/Springfield Realtors®. The presentation covered conventional financing, including changes in loan to value, credit scores and income documentation; FHA financing, including changes in inspection and appraisal requirements, down payment and the 203k Streamline program; Down Payment Assistance programs and the Oregon Bond Program, including HAP, SHOP and PAL; Cultural Differences from Carmen Ayub specializing in the Hispanic community; USDA Rural Guaranteed program, a true 100% financing program and the new FHA HECM Reverse Mortgage purchase program. I get to thank Eleanor Thorne for … (4 comments)
mortgage information: USDA Rural Guaranteed 100% Loan Program for Deschutes, Crook and Jefferson Counties
- 10/14/08 09:32 AM
I have had several people interested in obtaining a USDA home loan for property in Deschutes County. I've put together a map of part of the county that should help in identifying areas that qualify for this program. As you might know - it's one of the last TRUE 100% home loans available - and it doesn't have PMI! The rates are comparable to FHA, so it's a very affordable payment! You do not have to have PRESTINE credit, but we generally want to see scores above 580, and 12 months of "clean credit." USDA does require that the property be located … (2 comments)
mortgage information: Does anyone know what the VIX index is?
- 10/08/08 09:30 AM
If you don't here it is: The VIX index, also called the fear index, is the market volatility index. A reading of 20 or below is a very complacent market and things are in pretty good shape, overall. A reading of 30 is a very volatile market as a result of investor fear or uncertainty and there is cause of concern. Today, the VIX index was at 59, an all time high. AN ALL TIME HIGH in the fear index. Damn! Winston Churchill, one of my all time favorite inspirational speakers said at a commencement address, "Never give in...!" Unfortunately, I think … (18 comments)
mortgage information: 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)
mortgage information: Dual Real Estate Agent/Mortgage Broker
- 07/23/08 06:00 AM
I have had something in my craw for some time and it has to do with people that are both Realtor and Loan Officer. I don't know about other states, but in Oregon it is perfectly legal to represent the client as both the Realtor and Loan Officer. If you throw in both listing and selling Realtor, they you really have an interesting mix. I have read posts from Realtors that are concerned about the appearance of conflict of interest when representing the buyer on their own listing and can't begin to understand how they can not be concerned about, at … (4 comments)
mortgage information: Washington State Fines Mortgage Company
- 07/23/08 04:50 AM
According to an Associated Press article in the Oregonian, Washington has fined Paramount Equity Mortgage Inc., $50,000 and started proceedings to revoke the California company's license to do business in Washington. The link to the story is here: Breaking News Paramount is accused of charging and collecting unearned fees, charging consumers to buy down interest rates without actually reducing rates, failing to make required disclosures and making state and federally required disclosures in a deceptive manner. The company has not admited wrongdoing and plans to appeal the ruling. I cannot be certain of the facts in this case. I do know … (1 comments)
mortgage information: FHA Manual Underwriting
- 07/17/08 07:00 AM
I know that as a lender, I always want an accept/eligible (Fannie Mae) or an accept/accept (Freddie Mac) when I submit an FHA borrower for automated (AUS) decision, but that doesn't always happen. So, here are some things to remember about your clients that have to have a manual underwrite: Ratios above 31/43 will cause you problems. Look for a great compensating factor. AUS may give you a 50% approval. Be prepared to explain any gap in employment of more than one month. AUS, 6 months without explanation. Major derogatory credit requires a written explanation. Again, not so with AUS. Consumer Credit Counseling … (0 comments)
mortgage information: FHA Secure
- 07/13/08 05:18 AM
Are you one of the people that took a sub-prime loan because it was easy? Are you now in trouble because the loan payments are progressing more rapidly than your ability to pay? Are you one who the FHA Secure loan was designed to help? If you are, contact me today. If you are worried about this happening in the near future, you should still call me today. If your payments were made on time prior to the adjustment being made, you may qualify for an FHA Secure loan even if you are delinquent today.
… (0 comments)
mortgage information: Another lender bites the dust
- 07/07/08 10:15 AM
According to the Mortgage Lender Implode-O-Meter, another major lender bit the dust today. IndyMac Bank, a continuing source of Alt-A loans is no longer accepting loan submissions. Since their stock slipped below $1 per share, from $32.54, the industry has been watching closely what was going to happen. In an e-mail from my rep at IndyMac, they are supposed to honor all existing locked loans, but there is really never any telling what will happen. To read the story, go to: http://ml-implode.com/imploded/lender_IndyMacBancorp_2008-07-07.html Interesting information about our industry. May your days be more enlightened that IndyMac's employees.
… (5 comments)
mortgage information: Home Prices dip, Oregon better off than most
- 06/27/08 05:37 AM
Home prices across 20 major U.S. cities have dropped a record 15.3% in the past year and are now back to where they were in the summer of 2004, according to the Case-Shiller home price index released Tuesday by Standard & Poor's. Case-Shiller is deemed one of the most reliable measures of home prices because they track the same homes through their program, not different properties as some other reports.Here's the 20 city-by-city breakdown in the Case-Shiller index:Las Vegas, down 26.8% in the past year; Miami, down 26.7%; Phoenix, down 25%; Los Angeles, down 23.1%; San Diego, down 22.4%; San Francisco, … (0 comments)
mortgage information: Washington Post on FHA loan limits
- 06/27/08 05:33 AM
Here is an article by the Washington Post about the effect of the new FHA loan limits on lending. Although across country from Oregon, I think the report got the gist of what the loan limit increase means in lending. Lane County's FHA loan limit is $343,750.Check this out: http://www.washingtonpost.com/wp-dyn/content/article/2008/06/09/AR2008060902645_pf.htmlThanks for joining this blog. … (0 comments)
mortgage information: Weekly Newsletter link
- 06/27/08 05:23 AM
I have a weekly newsletter about the financial markets. This week's installment talks about changes in the economic reports for the week. To access the newsletter, please use the following link?http://www.mmgweekly.com/w/index.html?SID=6151ca1f26822034f6b12f142bdfc9dbThanks and enjoy the information. Give me a call anytime to discuss this or any other post. I am available for your convenience. Authored by Fred Chamberlin, A Eugene/Springfield Mortgage Loan Officer - 541-342-7576 … (0 comments)
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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.
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