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Four More Ways To Buy A Medford Oregon Home With $1,000

By
Mortgage and Lending with Karen Cooper | Sr Mortgage Loan Originator ! NMLS # 223305 | First Federal Bank of Florida, Ocala, FL NMLS 223305

Piggy Bank courtesy of flickr.com Have you been savings your pennies to buy a home, and your Piggy Bank is filled up and ready to go?

I couldn't believe the number of homes that Krista Bolf shows are currently available for sale for under $200,000 in Medford, Oregon.

 

Students who have been attending the HUD approved "ABC's of Homebuying" course that Southern Oregon Housing Resource Center puts on in order to arm themselves with the knowledge to prepare themselves for homeownership have soooo wanted to have this opportunity to find something in their price range. This is EXCITING news for first time home buyers in Southern Oregon wanting to buy a home they can afford

 

 

If you or someone you know is a first time home buyer who has been waiting for this opportunity to buy, Krista found 116 Homes for sale for under $200,000 in Medford Oregon. Not six...not sixteen... but, ONE HUNDRED SIXTEEN homes!  This isn't like the handful of homes you would hope to find not long ago, that you would then find yourself competing with so many other potential buyers for when you made your offer to purchase an affordable home. First time buyers now actually have CHOICES they can make in selecting their home!

                                                 Craftsman Style Home courtesy of flickr.com

Here are some examples of what buying the various homes for under $200,000 could be if you qualify for these first time home buyer programs and have roughly $1,000 to put down:

  • Purchase Price $100,000
  • Total Payment $599 (principal, interest, taxes, insurance)
  • 30 year fixed interest rate 5.625% (5.678% a.p.r.)
  • Purchase Price $130,000
  • Total Monthly Payment $827 (principal, interest, taxes, insurance, pmi)
  • 30 year fixed interest rate 5.625% (5.988% a.p.r.)
  • Purchase Price $160,000
  • Total Monthly Payment $1,029 (principal, interest, taxes, insurance, pmi)
  • 30 year fixed interest rate 5.625% (5.979% a.p.r.)
  • Purchase Price $195,000
  • Total Monthly Payment $1,262 (principal, interest, taxes, insurance, pmi)
  • 30 year fixed interest rate 5.625% (5.973% a.p.r.)

There are still multiple First Time Home Buyer Programs you may be eligible for, from the Oregon Bond RateAdvantage Program, to the State of Oregon's Down Payment Assistance Program, to the City of Medford's Down Payment Assistance Program. The State has sent notification out that one of their programs, the CashAdvantage program, has been suspended as well as a warning that they may run out of funds for the Down Payment Assistance program for this year's allocation.

How much have you been paying in rent? Has your landlord raised your rent again? Are you ready to be pre-approved to buy your first home yet?

See you at the Closing Table!               Closing Table courtesy of flickr.com

Karen Cooper - OR/CA Mortgage Consultant - www.Quality4Loans.com

Posted by

Karen Cooper Southern Oregon|California Mortgage ConsultantKaren Cooper - Home Lending Advisor Nationwide

               NMLS #223305

 

Comments(4)

Mike Jones
SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) - Tucson, AZ
Mike Jones NMLS 223495

Karen,

I'm glad to be the first to comment.  What a great post.  You could do a followup series, one on each of the four scenarios.  Much success in the Rain!

Mike in Tucson

May 13, 2008 09:47 AM
Karen Cooper
Karen Cooper | Sr Mortgage Loan Originator ! NMLS # 223305 | First Federal Bank of Florida, Ocala, FL - The Villages, FL
Helping Homeowners w/Home Loans in 27 US States

Mike - I really believe there are many opportunities for the buyer wishing to enter the real estate market for the first time, not only in Southern Oregon, but in many other local real estate markets. Thank you for commenting, and same good wishes for success right back to you.

May 13, 2008 10:16 AM
Krista L. Walker
RE/MAX Platinum Medford - Medford, OR
Oregon- Homes & Real Estate for Sale

I really liked how you "spelled" out the costs of owning homes in Medford, Oregon.

May 14, 2008 08:13 AM
Karen Cooper
Karen Cooper | Sr Mortgage Loan Originator ! NMLS # 223305 | First Federal Bank of Florida, Ocala, FL - The Villages, FL
Helping Homeowners w/Home Loans in 27 US States

Thanks, Krista. I'm going to spell it out a bit more for not only the first time home buyers in Southern Oregon, but the Vets and the Investors, too. Thanks for commenting.

May 15, 2008 06:16 AM