karen cooper: Note To President Obama/Senate Banking Committee – It appears Not Everyone Is Onboard With The Home Affordable Programs
- 05/08/09 10:15 AM
Here it is a month after the Home Affordable Programs got up and running. Well, more like a week, since many lenders did not come out with the pricing on the Fannie Mae DU Refi Plus until within the past couple of weeks, and only a few are coming out with the Freddie Mac Relief Refinance pricing. Here are some discoveries/experiences I've encountered. On Home Affordable Refinance:
Private Mortgage Insurance Companiesare restricting the transfer of their mortgage insurance policies to the existing lender/servicer only, eliminating the homeowners' opportunity to shop for their pricing and eliminating competition.
Banks/Mortgage companies holding … (6 comments)
karen cooper: Southern Oregon Homeowners, You’ve Heard of Short Sales, But Have You Heard Of Short Refinancing?
- 05/05/09 09:31 AM
So, you heard about the really nice low interest rates people are getting on their mortgages, and you thought "hey...I'd like to save money every month to put back in to my budget". You made a call or two, and found out "I'm sorry, Mr./Ms. Homeowner, but we can't help you due to the amount you owe on your home vs. the amount your home is worth in today's market". So, you go back to chugging along, thinking all these stories you are hearing from people and in the news is just a bunch of hooey. Maybe, you're even a little … (0 comments)
karen cooper: Rogue Valley Youth Choruses took Spring from the Air and Brought It To Our Hearts
- 05/05/09 06:47 AM
The Rogue Valley Youth Choruses performed Thursday at the Rogue Valley Manor, Saturday at the Ginger Rogers Craterian Theatre, and Monday at South Medford High. These performances were the culmination of all the hard work of the singers, the Directors, Rehearsal Assistants and Accompanists, and were their treat to the Southern Oregon Community who were able to see these final performances of the 2008-2009 Season. From the 3rd graders in the Discovery Chorus...
To the 4th-5th graders in the Children's Chorus...
To the 6th-8thgraders in Cantare...
To the High Schoolers in the Youth Ensemble...
...the magical performance … (0 comments)
karen cooper: Thank God It’s Friday – Especially for Several First Time Southern Oregon Homeowners
- 05/01/09 02:45 PM
Hmmmm...I hear about $8,000 tax credits, people buying who are paying the same as they were paying in rent who said they only had to come up with about $1,500, or for some a 3.5% down payment. I'd really like to have my own place, a place where I will build equity instead of just writing a rent check every month a rent check that seems to go up every year. A place I can paint whatever color I want. I'm tired of having to move because my landlord sold the place, or is losing it through foreclosure, and what about … (2 comments)
karen cooper: Southern Oregon Home Buyers - Neighborhood Stabilization Funds Coming Soon To Jackson County Oregon!
- 04/28/09 07:52 AM
What if you could have up to $50,000 to bring to the table when purchasing your Southern Oregon home? Would this help you to buy a home? Are you looking at foreclosure homes, and are willing to deal with handling necessary repairs to the home you purchase through your transaction and possibly share some of the appreciation you may gain? Is your income less than 120% of the HUD area median income for your area? Frustrated by the long delays and/or unfruitful results of negotiating on "short sale" homes - homes where the seller owes more on their existing loans than … (6 comments)
karen cooper: USDA Income Limits Higher Starting April 20, 2009!
- 04/17/09 06:32 AM
Here in Southern Oregon, we have a lot of rural property areas that are eligible forthe USDA Guaranteed Rural Housing program. This is a great No Down Payment required program that instead of paying expensive mortgage insurance premiums like the Conventional Fannie Mae and Freddie Mac or the FHA program has, there is a one time "guarantee fee" which may be financed. Whenever I sit down with a buyer to compare programs they are eligible for, the USDA Guaranteed Rural Housing Program wins hands down every time with lower overall cash out of pocket and annual percentage rate! The caveat is (you … (2 comments)
karen cooper: Riding the Roller Coaster of the Home Affordable Refinance Wave
- 04/15/09 02:42 AM
I shouldn't be surprised by the ebb and flow in this business. Real estate markets have always been cyclical, driven by local economic forces and demands. Driven by migration trends related to those demands and forces. Driven by Acts of God. I know this - I've EXPERIENCED these many times over! But what a roller coaster ride we seem to be on today! Weeeeeee.... Home Affordable Refinance and Modification programs are rolled out to help struggling homeowners refinance to today's interest rates or modify their terms in order to help them stay in their homes and stem the tide of foreclosures! Whooosh, if … (0 comments)
RESIDENTIAL CONSTRUCTION LOANS with 6-9 month construction period
Owner Occupied Program For borrowers constructing their personal residence. Owner-builder and contractor-built are both acceptable. *Land must be free and clear.**Credit scores down to 660 reviewed case by case. But, they're coming back around again! If you have had a dream home or even … (0 comments)
karen cooper: Calling All Southern Oregon First Time Homebuyers: ABCs of Homebuying Course Sat Apr 18th at Medford RCC
- 04/13/09 10:24 AM
It's that time again, time for the HUD approved ABC's of Homebuying course that Southern Oregon Housing Resource Center and Rogue Community College put on for first time home buyers seeking the knowledge and preparation, and for some, to meet the required program certification for many first time home buyer down payment assistance programs, getting ready to buy their first home. If you haven't registered already, you may do so online through RCC, or call ACCESS/Southern Oregon Housing Resource at (541)779-6691
Presented by ACCESS Inc. AND THE SOUTHERN OREGON HOUSING RESOURCE CENTER
April 18, 2009 at RCC … (0 comments)
karen cooper: And...they're off! Home Affordable Refinance Program Released and Lenders Making It Available
- 04/13/09 07:55 AM
We've been patiently awaiting the release of this Making Home Affordable Refinance program for the many homeowners who have wanted to refinance their home loans to get today's lower interst rates, but could not do so due to their home's current market value. Market values will still be an issue for many homeowners, as the Home Affordable Refinance program will only lend between 80-105% of a home's current value. PAtience is still required, as lenders get their systems ready for this program type, but we've received word from several who are accepting these files and are releasing their pricing on it. … (4 comments)
karen cooper: It's That Time Again! Medford Oregon's 2009 Pear Blossom Parade Is This Saturday April 11th
- 04/09/09 04:21 PM
Here comes one of our favorite local Springtime events here in the Rogue Valley! It's Pear Blossom Parade and Run time! Time to park the car and hike the few blocks over to our favorite spot on Central Avenue to see the parade, than walk over to Alba Park to see what we can find at the booths at the street fair. It's a great way to run in to familiar faces and have a fun time. And this year, we get to just enjoy it, not having the drop off and pickup duties we've had in years past with children in the … (5 comments)
karen cooper: Wordless Wednesday - Spring Is Here?
- 04/08/09 04:45 AM
Karen Cooper - OR/CA Mortgage Consultant - www.Quality4Loans.com Providing high Quality, Professional, Ethical service to Oregon and California home buyers and owners since 1983. Whether you are taking out your first home loan or your fiftieth, for your home, your second home or for investment, put my knowledge and expertise to work for you. … (13 comments)
Karen Cooper - OR/CA Mortgage Consultant - www.Quality4Loans.com Providing high Quality, Professional, Ethical service to Oregon and California home buyers and owners since 1983. Whether you are taking out your first home loan or your fiftieth, for your home, your second home or for investment, put my knowledge and expertise to work for you.
… (19 comments)
karen cooper: Change is GOOD – And USDA Guaranteed Rural Housing Income Guidelines are Changing Effective April 20, 2009
- 04/08/09 02:27 AM
Here it is, the change we've all been waiting for! Alas, funding has been allocated to the USDA Guaranteed Rural Housing Program AND the proposed income guideline changes will be taking effect. USDA Rural Development confirmed the proposed change in income limit structure for the USDA Guaranteed Rural Housing Program will be implemented by USDA Rural Development as planned on April 20th. The current income limit structure that is based on household incomes from one to eight persons would be restructured as follows: 1-4 person households would be qualified using only the 4-person limit. 5-8 person households would be qualified … (0 comments)
karen cooper: Hey Oregon – Let’s Put the PAL Program to Good Use With a Front End Program For the $8,000 Tax Credit!
- 04/07/09 04:17 AM
To date, Oregon is not making the $8,000 tax credit available to eligible first time homebuyers. I called to inquire how Oregon would help get the Housing Stimulus program approved in February 2009 in to the hands of the people since there was a provision in this bill that allowed States with Mortgage Revenue Bond programs to provide a "front-end" funding of the $8,000 tax credit. I was told "Oregon does not have money like these other states do". It's too bad, because with Oregon's Purchase Assistance Loan program already in place, it seems a very natural way to help get … (2 comments)
karen cooper: For Sale By Owner Looking for Help? Or, Just Free Advise and Expertise…
- 04/06/09 10:13 AM
I received a call today, and wondered how other mortgage professionals - and for that matter, real estate brokers - would approach a request such as this: "My name is XXXXXX, and I am getting ready to sell my home For Sale By Owner. I found information you had published on the Internet, and wanted to see if you could help me. I was trying to find a way on your website to do a loan comparison to help market my property, but am confused by how you have done your calculations and would like to see if you could help … (7 comments)
karen cooper: Home Affordable - When “No” May Not Necessarily Mean No Any More
- 03/31/09 05:49 PM
Are you a homeowner who wanted to refinance to get the incredibly low interestrates available on fixed rate home loans? Maybe you wanted to trade-in your adjustable rate mortgage for one of these shiny low fixed rate jobbies? You heard about those interest rates that people have been getting that are in the mid-high 4% ranges, and wanted to put some of that interest savings back in to your own pocket, but WHAMMO - you found out that bank owned foreclosed homes and short sales have been driving the bus when it comes to current market value for you home. Even … (1 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!
Here it is a month after the Home Affordable Programs got up and running. Well, more like a week, since many lenders did not come out with the pricing on the Fannie Mae DU Refi Plus until within the past couple of weeks, and only a few are coming out with the Freddie Mac Relief Refinance pricing.
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