first time homebuyer: Are You A Real Buyer?
- 05/11/16 07:55 AM
A post not long ago about agents showing property to buyers who have realistic expectations made me think about some of the calls/emails/texts I have received from prospective buyers over the years. Realistic expectations weigh heavily in the equation leading to a successful home purchase. So do being ready, willing and able to buy. You might ask “What does that mean exactly?” I’m glad you asked…
Ready... You have selected an experienced, reputable, responsive mortgage loan officer and are ready to work with them as a team toward your goal of successfully financing your home purchase. After your initial conversation with them, you … (1 comments)
first time homebuyer: The Reality of the Hunt
- 07/31/10 08:39 AM
We look at this trophy we now have. It wasn’t long ago we were filled with trepidation, determined to make a go of reaching our goal. We spent time preparing, educating ourselves, readying for this new, big adventure. Then the hunt was on. It was a tough hunt, an endless search for just the right prize to bring home. We were so nervous…so determined. Hours and hours we looked for you. Once, we had our prize in our sights only to lose you to fellow hunters, hunters who entered the hunt earlier, who were quicker and more prepared than us. Patience … (0 comments)
first time homebuyer: Who Needs To Win The Lottery To Get A Down Payment?
- 07/24/10 12:11 PM
With today’s first time home buyers needing to come up with more cash at closing, you may be thinking the only way you are going to have the American Dream and own your own home is if you win the Lottery. If you are like roughly 50% of the folks in your area making your area median income or less, chances are pretty good you find yourselves living check to check. Putting away thousands of dollars to make a down payment on a home and paying closing costs may seem like a pipe dream to you.
Ain’t gonna happen, huh … (5 comments)
first time homebuyer: So Much For Transparency, FHA!
- 07/20/10 05:34 PM
There have been several proposals on the agenda for the FHA loans. Some may call it a Hidden Agenda vs. the transparency most of us have so desperately been seeking in the mortgage industry. When FHA proposed an increased down payment to meet the wishes for those wishing buyers "have more skin in the game" to create a more stable housing market, I was happy to hear this idea had been shot down. It seemed it had been recognized that increasing down payment requirements for the target population, homeowners seeking affordable housing, would not be best served by this change. A … (4 comments)
Pretty, isn't it? It won't last. The same is true with the extraordinarily low interest rates available right now. They won't last. Don't be a spectator. Jump in and get that low-interest-rate nectar while the getting's good. Real world conditions The US has more than $8 trillion in Treasuries outstanding. That's nearly double the amount just three years ago. China, who holds much of our debt, is experiencing a real … (0 comments)
first time homebuyer: Ten Commandments When Applying For A Real Estate Home Loan Are More Important Than Ever
- 06/05/10 06:58 AM
As of June 1, 2010, we are required to pull a refresher credit report prior to funding a loan. Funding will not take place until any inquiries, late payments, or new accounts are explained and the file will need to be re-underwritten to include the new debt and take in to consideration late payments and/or decreased credit scores. It’s a tough world out there in the mortgage | home loan process, making the following Ten Commandments to follow when applying for a home loan more important then ever:
THE TEN COMMANDMENTS When applying for a Real Estate Home Loan 1. … (2 comments)
first time homebuyer: Preview Credit BEFORE Starting The Homebuying Process!
- 05/27/10 03:34 AM
In the ABC’s of Homebuying class, a HUD approved homebuyer education course taught at our local community college, we instructors press the point that buyers need to be educated and prepared before they buy a home. We go through the basics of what they should expect during the process, make suggestions on the inspections they should anticipate getting under various circumstances, show them how to establish their household budget, and so on.
One of the things we very strongly emphasize is pulling their credit report to see if there is anything on their credit report they may need to work … (2 comments)
first time homebuyer: Headed to Phoenix AZ| Looking Forward to Exploring This Corner of Our World
- 04/30/10 11:41 AM
One of the many hats I wear is as a housing counselor for a HUD certified housing counseling agency. These days, most of us housing counselors find ourselves focused not only on first time home buyers seeking homebuyer education from a HUD approved non-profit entity, but even more so on existing homeowners seeking assistance with foreclosure intervention. Now that the April 30th $8,000 Tax Credit Deadline is slipping by, I’m switching hats and headed to Phoenix AZ to complete certification training as a Foreclosure Intervention Specialist and get another leg of certification as a Reverse Mortgage Counselor under my belt. At … (3 comments)
first time homebuyer: Today’s D-Day| Did You Make The $8,000 Tax Credit Deadline?
- 04/30/10 11:26 AM
Seems to have snuck right up on us, didn’t it? Here it is D-Day – the day first time home buyers wishing to take advantage of the $8,000 first time home buyer tax credit have to have accepted offers communicated to them. At least interest rates are still really good for the buyers who didn’t make the April 30th deadline, and there are some other amazing resources still available such as first time home buyer down payment assistance programs and the Neighborhood Stabilization Program to help them even if they missed the $8,000 tax credit. Well, it isn’t midnight yet…maybe a … (1 comments)
first time homebuyer: FHA vs USDA For Oregon First Time Home Buyers
- 04/21/10 04:54 PM
Since the 2010 USDA funding well began to run dry, I'm finding buyers in need of FHA financing as an acceptable home loan alternative, especially first time home buyers who find making a down payment a challenge. So far, the FHA minimum down payment requirement has remained at 3.5%, but the upfront mortgage insurance premiums have increased. Most buyers can still make it work if they've been able to save some money or have a family member, significant other or employer wanting to help them with coming up with their minimum contribution. Although most municipality down payment assistance programs have seen … (2 comments)
first time homebuyer: Waiting on Congress to Reallocate Additional Funding for USDA Home Loan Programs
- 04/18/10 05:41 PM
I posted this article last summer, and use it frequently when providing home buyers with information on one of the few no down payment programs left. USDA is just about out of money for the USDA Guaranteed Rural Housing loan program for 2010, and our local Oregon office has been hopping with the flood of applications. We all have our fingers crossed Congress will reallocate enough money to make this great tool available again, with enough funding to meet the rapidly increasing demand since conventional financing programs and their more restrictive private mortage insurance criteria don't work for many home buyers. … (5 comments)
first time homebuyer: It Ain't Over 'Til ... Tales of the $8,000 First Time Buyer Tax Credit 3
- 04/17/10 05:00 PM
Is the game up as far the $8,000 tax credit goes if an eligible first time home buyer isn't under contract on a home by April 30th and escrow closed by June 30th? Not if they are an eligible US servicemember like the many Southern Oregon Guardsmen and active military personnel bravely fighting for us in Iraq and Afganistan and are on active duty at least 90 days between 1/1/2009 - 4/30/2010 (or injured while on active duty). These brave souls will have an extra year to take advantage of the $8,000 first time buyer tax credit if they are eligible. … (6 comments)
first time homebuyer: It Ain't Over 'Til ... Tales of the $8,000 First Time Buyer Tax Credit 2
- 04/17/10 04:46 PM
What does a home buyer do who was hoping to take the USDA Guaranteed Rural Housing loan when the USDA funding source dried up temporarily? Well, two of the Southern Oregon first time home buyers I am working with switched from the USDA program to an FHA loan. Thankfully, both were able to arrange for a gift from family members to help meet the current minimum FHA down payment requirement of 3.5%. If all goes well with their inspections, two more Rogue Valley families will be on the road to homeownership – AND have $8,000 to help them right out of … (2 comments)
first time homebuyer: It Ain't Over 'Til ... Tales of the $8,000 First Time Buyer Tax Credit 1
- 04/17/10 04:43 PM
Today, another first time home buyer was taking the steps to prepare to get under contract so they can open escrow on the home they want to purchase before April 30th. Why do you think they want to do make that date? For the $8,000 tax credit! This buyer is diligently moving forward with their purchase, opting to switch gears from the USDA Guaranteed Rural Housing Program originally applied for to the FHA 30 year fixed rate loan instead so that they can make their goal of going under contract by April 30th and closing on their home purchase by June … (6 comments)
first time homebuyer: Limbo...Fun or not so Fun?
- 04/11/10 01:39 PM
There have been so many things up in the air in the mortgage industry lately - will HUD housing counselors need to be licensed loan originators? Will FHA increase its minimum down payment requirements to 5%? Will Congress approve the allocation of additional funds to the USDA programs instead of waiting until October? In my younger days, I loved a good game of limbo. These days, mentally I'm much more prepared to bend to avoid breaking. Physically... hmmmmm - not like this person!
See you out there! … (4 comments)
first time homebuyer: Spring in Southern Oregon, But Not Quite Springing Forward Yet
- 04/11/10 12:37 PM
Looking at the monthly statistics for the local real estate market here in Southern Oregon, it is apparent that we’re not quite springing forward out of the real estate slump here in the Rogue Valley. From personal experience, I know the low price ranges of the market have been pretty active with not nearly as much activity in the higher price ranges, so that leads me to not pay a whole lot of attention to the year-over-year prices reflected since all price ranges aren’t seeing the same levels of activity. The good news – and I will ALWAYS look for that! … (0 comments)
first time homebuyer: Will Mortgage Insurance Still Be Tax Deductible After December 31 2010?
- 11/18/09 02:15 AM
With all the rapid changes we’re seeing in the mortgage industry, those that have been instituted and many coming down the pipe, I haven’t heard anything about the tax deduction for Mortgage Insurance Premium that expires 12/31/2010. Right now, eligible taxpayers may deduct their eligible mortgage insurance premiums, including FHA upfront mortgage insurance and monthly mortgage insurance premium, USDA guarantee fee, and VA funding fee as well as the private mortgage insurance premiums required on conventional Fannie Mae|Freddie Mac vs. government loans.
Although these mortgage insurance premiums are not nearly as much as the mortgage interest taxpayers deduct, they can … (5 comments)
Is it a good time to buy and sell real estate? The perception is that REALTORs are always trying to convince their clients to buy or sell real estate each and any time. But the reality is that when the buyers or sellers are on the verge of making a decision, they are the … (2 comments)
first time homebuyer: The Road To Homeownership – 5k, 10k, Marathon, Triathlon…
- 11/13/09 07:19 AM
The road to homeownership is different for each buyer. For some, it may be a walk in the park filled with wonder and beautiful sights along the way – a quick, uneventful, on-time closing. An experience, learning about the various species found, or re-visiting a favored path– learning about loan programs, different types of inspections involved, insurance policies, etc. for the first time home buyer; re-familiarizing themselves with the process and up-to-date changes for the move-up buyer and investors.
Some home buyers, they may find their road to homeownership is like a 5k run. A bit of effort involved to … (4 comments)
first time homebuyer: Beware of Hidden Costs in Your Home Purchase Transaction
- 11/10/09 02:22 AM
After a series of winter-like storms rolling through our corner of the world, the latest in a stream of “hidden costs” associated with the purchase of bank owned foreclosure sale transactions came to my attention. Working with a lot of first time buyers who often work very hard to come up with their required cash contributions to purchase their first home, I’ve learned to be diligent in watching their costs so they know going in to their first home purchase exactly what to expect. In the past couple of years, as bank owned foreclosure sales became more prevalent in our area, … (10 comments)
Loving the challenge of a career in mortgage|real estate since 1983, keeping up with the progression of changes in this industry keeps one on their toes. What doesn't kill us makes us stronger, right? Here's to a few more decades of strength building!
A post not long ago about agents showing property to buyers who have realistic expectations made me think about some of the calls/emails/texts I have received from prospective buyers over the years. Realistic expectations weigh heavily in the equation leading to a successful home purchase. So do being ready, willing and able to buy. You might ask “What does that mean exactly?” I’m glad you asked…
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