Author Archive
FHA UFMIP Increase Coming – Buy Eugene/Springfield Now!
FHA’s Up Front Mortgage Insurance Premium (UFMIP) for purchases and refinances in the Eugene/Springfield Oregon area will increase the current 1.75% to 2.25% on case numbers assigned after April 5. On a $200,000 loan FHA Mortgage Loan in Lane County, this is an additional $1,000 cost. Beating this deadline on a purchase will also qualify you for the First Time Home Buyer Tax Credit if eligible.
Oregon Senior Reverse Mortgage – Top 5 Reasons
An FHA HECM Reverse Mortgage can be an excellent choice for Senior Citizens in Oregon. According to a 4 year old survey by AARP, the top five reasons are:
Portland Properties Available at Half Price for Good Neighbor Next Door
An excellent path to a super deal on a home in Portland is the FHA Good Neighbor Next Door (GNND) purchase program for law enforcement, teachers and emergency personnel. The GNND program allows these buyers to get a home at half price if they live in it for at least three years as their principal residence. Right now there are four such properties on the website in Portland, including this one:
USDA Direct and Guaranteed Rural Home Loans
USDA Rural Home Loans are extremely popular loans in suburban Lane County Oregon in towns like Creswell, Cottage Grove, Junction City and Oakridge. Primarily because it allows home buyers in qualifying areas to purchase a home with absolutely zero down payment and without the added expense of monthly mortgage insurance. In most cases, the USDA Rural Home Loan is the least expensive loan to obtain and to maintain. There are two types of USDA Rural Home Loans:
Oregon Reverse Mortgage Loan FAQs
FHA has a way of helping Senior Citizens tap the equity in their homes. This is an Oregon Reverse Mortgage. An Oregon Reverse Mortgage is a way for Seniors to save their home from foreclosure or to make their golden years golden. Check out these FAQ (frequently asked questions) from FHA.
Joint Applications when you split up in Eugene/Springfield OR
This site gets questions about mortgage items and I answer the ones that I feel are the most interesting to me and hopefully to others. This one has to with a jointly held mortgage when the people are no longer joint. This can happen anywhere, not just in the Eugene/Springfield Oregon are. Here is the question:
Oregon Reverse Mortgage key to Retirement Planning
A lot of Senior Citizens had great plans to retire when they were 60 but can’t now due to their 401k nest egg shrinking dramatically. That is where an Oregon Reverse Mortgage can help with retirement planning. Many Senior Citizens either own their home outright or owe a lot less than the value of it and could qualify for an Oregon Reverse Mortgage to ease their daily financial burden.
Close Oregon FHA Purchase Transactions in Three Weeks
Eugene/Springfield Oregon FHA Loans can be closed in three weeks, really! With the time running out on the First Time Home Buyer Tax Credit, this can be a very exciting announcement. The FTHB Tax Credit is available on purchases entered into by April 30 and closed by June 30.
HUD Lowers Price on Two Eugene HUD Homes
The Department of Housing and Urban Development (HUD) on their website of HUD Homes has a price reduction today for two of their Eugene homes, possibly making them an even bigger deal. These homes, called HUD Homes on are listed the HUD website. These two properties 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.
Deferred Property Taxes, Senior Citizens and Oregon Reverse Mortgages
Property tax deferrals for senior citizes will (probably) have to be paid if they are taking out an Oregon Reverse Mortgage. Additionally, if they close on an Oregon Reverse Mortgage after April 15, they will (probably) need to pay the current year’s property taxes also. This is also true for a normal refinance.
