Author Archive
Eugene Oregon Property for $100 Down Payment from HUD Homes
Eugene/Springfield home buyers can find house for sale by the Department of Housing and Urban Development (HUD), called HUD Homes on the HUD website. These homes are first offered to people in the Eugene/Springfield, Lane County Oregon area that are going to use them for their primary residence. As an owner occupied purchase, many of the homes on the website qualify for a $100 special down payment program. That is right, only $100 down and if the seller (HUD) pays the closing costs, that means you can get into a home with only $100 out of pocket. One such HUD Home currently listed on the website:
Using an FHA 203K Streamline for Needed Repairs
This question was posted on our website recently. It is a complicated question with a very simple answer. If you want to purchase a home that needs some repairs and would like to include the repairs in your loan, the way to do it is with an FHA 203k Streamline. This loan works no matter where you are and is one of the easiest ways to get your home in tip top shape once you purchase it. The Eugene/Springfield, Lane County Oregon area has some prime properties that this is an exceptional way to advance. Here is the question:
Portland Oregon Number 1 Senior Living City (Can Eugene be far behind?)
Portland Oregon offers the best senior living benefits in the U.S, according to a recent survey produced by a partnership between Bankers Life and Casualty Company and Sperling’s BestPlaces. The Eugene/Springfield area was probably too small for the competition, but those of us living here think it is a pretty darn nice place to live.
FHA Changes Pre-Foreclosure Assistance Rules
Oregon borrowers had to be at least 30 days behind on their FHA Insurance Mortgage Loan payments to get assistance from FHA, up until now. That has changed and homeowners with FHA-insured mortgage loans who are experiencing financial hardship are now eligible for loss mitigation assistance before they fall behind on their mortgage payments, according to a recent release from the U.S. Department of Housing and Urban Development (HUD).
Blog Theives BEWARE – You Are Branded!
Instead of writing about the mortgage business right now, I want to express my displeasure with those people out there that keep stealing my blog posts for their websites without credit. I am finding more and more of my blog posts showing up in “no host” sites without attribution for the one actually doing the work. They are taking my blog posts in their entirety and re-blogging them without credit to the original author. That is stealing and it is a violation of copy write laws, but the problem is how to enforce the laws. To do anything I would have to hire an attorney and it isn’t worth the expense.
FHA UFMIP Increases in April to 2.25%
FHA Up Front Mortgage Insurance Premium (UFMIP) will officially change from 1.75% to 2.25% effective with FHA case numbers issued after April 5, 2010 according to the FHA Mortgagee Letter 2010-2 issued today. This will be a change in the amount of the premium collected up front but not in the monthly amount at this time. FHA will be asking for an increase in the monthly premium but that must be posted in the Federal Register first and probably will not take effect until Spring or early Summer.
Capital Requirements cause FHA to Make Major Changes
David Stevens, FHA Commissioner, announced today a bunch of policy changes designed to strengthen FHA’s Capital Reserves. These are HUGE changes ranging from raising down payment requirements, to raising upfront and monthly mortgage insurance premiums to lowering the seller concessions. These are changes that can change a person’s ability to actually get an FHA loan in the future.
Jumbo Purchases using VA Guaranteed Home Loan
It is possible to purchase a home in the Eugene or Springfield area that is priced over $500,000 with less than 20 per cent down, but you need to be a Veteran. Most often we think of VA Guaranteed Home Loan as not requiring a down payment and that is true if the purchase price/loan amount is below $417,000 in Eugene/Springfield, Lane County Oregon. However, if you are purchasing a home for over $417,000 in our area, all of a sudden a down payment is required. Mortgage insurance for conventional jumbo loans is nearly non existant.
Eugene/Springfield and Lane County can benefit from Anti-Flipping Rule Change
The Eugene/Springfield, Lane County Oregon real estate market could see a huge benefit from the HUD announcement Friday that the rules on flipping homes will be changing Feb. 1. . This is being done in an effort to stabilize home values and improve conditions in communities where foreclosure activity is high according to HUD Secretary Shaun Donovan. I see this as being a boon to our are in getting rid of more of the foreclosures that have been plaguing our market. Under current rules, foreclosures that were still owned by the banks that purchased them could be bought with an FHA loan but any that were purchased from the bank had to be owned for 90 days before an offer could be made on them for an FHA loan.
SHOP (Springfield Home Ownership Program) Out of Funds for FY
Jodi Peterson, Management Analyst, Springfield Community Development and Housing, announced today that the Springfield Home Ownership Program (SHOP) is out of funds until July 1, 2010. The SHOP program provides down payment and closing cost assistance to low to moderate income borrowers for the purchase of their first home in Springfield Oregon. More about the program is available here.
