FHA/USDA/VA and Conventional Mortgage Loan News

There are listings of homes for sale by the Department of Housing and Urban Development (HUD), called HUD Homes on the HUD website. The great thing about these properties is that they 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. 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. Here is an example of one of the HUD Homes currently listed on the website:

This property is located at 665 Irvington in Eugene and is priced at $136,000 and is only available to owner occupied, government agencies and non profit purchasers. If you don’t have a Realtor, call me and I will recommend an excellent one for you. They must be registered with HUD to be able to sell HUD Homes. For information about the FHA $100 Down financing program, call me for that. You can reach me (Fred Chamberlin) at 541-342-7576/541-221-3455 cell or by e-mail. Alpine Mortgage Planning is located at 1200 Executive Pkwy., Ste. 100, Eugene OR 97401. I am your local lender. Call today.

HUD Owned Homes for Only $100 Down Payment is a post from: FHA Loans Oregon

Retweet this post

There seem to be a lot of great deals offered through the Fannie Mae HomePath program in the Eugene/Springfield, Lane County area of Oregon, that I am going to pick a few each week and put that information out there that these properties are available for only 3% down and no mortgage insurance with Fannie Mae willing to contribute 3.5% to closing costs. The one I chose today is 1,510 square feet with 4 bedrooms and 1 bathroom and it is listed at $139,900. Real Estate Investors also can get a good deal on a HomePath home with only 10% down with no mortgage insurance.

The property sold about two and a half years ago for $191,000 according to county records. If you don’t have a Realtor, call me and I will recommend an excellent one for you. For information about the HomePath financing program, call me for that. You can reach me (Fred Chamberlin) at 541-342-7576/541-221-3455 cell or by e-mail. Alpine Mortgage Planning is located at 1200 Executive Pkwy., Ste. 100, Eugene OR 97401. I am your local lender. Call today.

Another HomePath Eligible Property Highlighted is a post from: Eugene Loan Guy

Retweet this post

It has been some time since I promoted the HomePath program in the Eugene and Springfield areas. At that time, there weren’t very many homes in our area that qualified for the program, but that has changed. Basically, what HomePath does is allow the purchase of selected Fannie Mae owned foreclosures with lower down payments and no mortgage insurance, both owner occupied and investment (rental) properties. Now, they are offering a 3.5% incentive* for buyers who purchase and close on a Fannie Mae-owned home between January 28 and April 30, 2010. Buyers purchasing properties listed on this site that are closed within this period may receive up to 3.5% of the final sales price for:

• Closing costs;
• The purchase of new Whirlpool® appliances by Fannie Mae; or
• A mix of closing costs and appliances, at the buyer’s discretion, up to the maximum 3.5%. (There could be lender conditions on other than closing costs.)

To be eligible for this incentive:

• Offers must be accepted on or after January 28, 2010
• Property sales must close before May 1, 2010
• Buyers must be owner-occupants, investors are excluded

There are currently a goodly number of homes on the www.homepath.com website that qualify for the financing program. Today, there were 47 properties listed in Lane County with financing available (according to the website) for 43 of them. Here is an example of one of the listings:

This property is listed for $179,900 and is located at 955 S 70th in Springfield. The property sold three years ago for $222,900 according to county records, so this looks like it could be an exceptional deal. If you don’t have a Realtor, call me and I will recommend an excellent one for you. For information about the HomePath financing program, call me for that. You might also qualify for the NSP (Neighborhood Stimulus Program) loan of up to $35,000 in Springfield. You can reach me (Fred Chamberlin) at 541-342-7576/541-221-3455 cell or by e-mail. Alpine Mortgage Planning is located at 1200 Executive Pkwy., Ste. 100, Eugene OR 97401. I am your local lender. Call today.

Fannie Mae HomePath Offers Extra Incentives is a post from: Eugene Loan Guy

Retweet this post

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:

Can A New Home Loan Include The Cost Of Initial Repair?

I’m looking to buy my first house, and I want to seem reasonably intelligent before I sit down with a mortgage broker. If I am interested in purchasing a home in need of a few, minor repairs, can the cost of repairs be included in the home loan? Or, say: for aesthetic purposes, the lawn needs to be sodded…let’s say…to prevent erosion, etcetera. Can that be included in the loan? Or, do both of those instances fall under the category of home equity loans? Ahhh – here’s an additional question: Just for curiosity’s sake, how long must you own a home before you qualify for a home equity loan?

The 203k Streamline allows repairs of about $31,000 to be included in the purchase. (The program is for $35,000 but has a 10% contingency and closing costs and make it just over $31,000 usable.) These repairs can include almost anything except structural or landscaping. That means you can replace the HVAC system, put a new roof on and even buy a new washer and dryer. The program takes slightly longer than a regular FHA loan and has slightly higher closing costs, but overall is very nice to work with to get things done that otherwise are not being done by the seller. In many cases this is due to the seller not having enough equity in the property to do specific repairs.

If you are in the market to buy a new home in the Eugene, Springfield, Cottage Grove, Veneta, Creswell, Junction City, Florence or Harrisburg area and have found one that needs some repairs to make it what you want, talk to me (Fred Chamberlin) about an FHA 203k Streamline. If, however, you have found a home that needs a complete makeover, the full 203k may be right for you. You can reach me at 541-342-7576/541-221-3455 cell or e-mail me. Alpine Mortgage is located at 1200 Executive Pkwy., Ste. 100, Eugene OR 97401.

FHA 203k Streamline Is The Answer is a post from: FHA Loans Oregon

Retweet this post

In a continuing effort to answer questions that effect many people that come into our website, I have picked out a new one. This question has to do with qualifying for a mortgage loan when you have had late payments on your mortgage in the past two years. Even though this question is from a different geographical area, I think it will probably concern people in the Eugene/Springfield, Lane County, Oregon.

Help Me Understand The New Mortgage Rules. Why Is It So Hard To Get A Loan?

We have tried to get a loan and have been turned down by fha, freddie mac and local banks,and the reason is that we were late on our old mortgage several times over the last 2 years after i lost my job.That i understand but what i cant understand is that was for a 1500.00 a month payment and our new loan will be around 300.00.We have 100,000 in cash from the sale of our home and are looking at homes outside the charlotte area for about 140,000 to 160,000 and can not find anyone to give us a loan.We have no car payments no credit card debt and my wife makes 48,000+ a year and a fica score of 585…. any body have a answer or know a mortgage person that can help?we have already went thru 3 brokers…HELP

It is interesting that this question came up, because I was just reading that in a recent Federal Reserve survey, things aren’t getting harder. This came from the AP:

WASHINGTON (AP) – A new Federal Reserve survey says most banks aren’t erecting new hurdles for people and businesses to get loans. It is one sign that credit problems are easing.

Even though banks aren’t imposing new restrictions on most loans, they aren’t ready to ease the tough loan standards put in place during the financial crisis. The Fed says: banks “have yet to unwind the considerable tightening that has occurred over the past two years.” (Emphasis added)

The big part of this announcement is that banks are not lessening the controls enacted after the mortgage meltdown. They just are getting any tighter and that is good news.  Now, in the case of this buyer, they got caught in a problem area that happened after the tightening. Their credit score is very low and they have late payments on their mortgage (that probably contributed to the low credit score.) In a perfect world, the bank would recognize the low loan to value would make this a safe loan. However, the lenders had put minimum FICO score requirements in place that cannot be overridden. The only way to get over this hurdle is to outlast it. Credit scores improve over time if payments are made on time. So, in this case, make your payments on time and wait.

If you have questions about what you need to do to qualify for a loan, contact me (Fred Chamberlin) at 541-342-7576/541-221-3455 cell or e-mail me. I know the programs and can help you get ready for that important purchase if you aren’t ready right now. Mortgage loans are my business and I know my business. Alpine Mortgage Planning is located at 1200 Executive Pkwy., Ste. 100, Eugene OR 97401.

Late Mortgage Payments and Qualifying For A Loan is a post from: Eugene Loan Guy

Retweet this post

There are some pretty important changes coming in FHA loans that I wrote about earlier, but so far we don’t have those changes in place making purchases harder or more expensive in the Eugene/Springfield, Lane County, Oregon area. Those HUD rules don’t go into effect for some time, so it is still a great time to purchase a new home in Springfield or Eugene using FHA. The UFMIP (up front mortgage insurance premium) hasn’t increased yet but will, so take advantage of the lower amount now.

Additionally, the amount of seller contribution is still at 6% so you can make a great deal on a home and have the seller pay all of the closing costs and all you will have to pay is the 3.5% down payment and get a great interest rate and then a tax rebate if you are a first time home buyer. Talk about a win-win-win situation.

Rates will change. Seller contribution will more than likely be reduced. Prices will eventually go up. The First Time Home Buyer Tax Credit has an expiration date.  So, what are you waiting for? Call me (Fred Chamberlin) today at 541-342-7576/541-221-3545 cell or e-mail me and let’s get your path to home ownership started. It really is a great time to be a buyer. Alpine Mortgage Planning is located at 1200 Executive Pkwy, Ste., 100, Eugene OR 97401.

FHA Loans Haven’t Changed Yet is a post from: FHA Loans Oregon

Retweet this post

This actually could be a very interesting question when you consider the different variety of ARM loans out there. If you have a sub-prime or alternative documentation loan, it may definitely be time to refinance that loan because of the terms that you have. However, if you have a conventional (conforming) ARM, it may not be the time to refinance. But who do you ask this question of in the Eugene/Springfield Oregon area? Hopefully someone you trust to give you a straight answer and knows what he is talking about.

Adjustable rate mortgages (ARMs) all have the same basic terms. They are fixed for a specific time, 1 month for the “Option ARMs” and up to 10 years on the intermediate ARMs. At the end of that period, the interest rate changes based on some pre-set parameters. The rate can change based on the Index plus the Margin. For instance if looking at a change today, if your index is the 1 Year LIBOR and your margin is 2.25% (fairly common on conforming ARMs), then today your rate could not go higher than 0.854 + 2.25 or 3.104. Now if your current rate is 5.5% and you have a 2-2-6 loan, the rate would drop to 3.5% which is the maximum movement up or down with this type of loan.

The interesting thing here is that the rate would drop. Are you in that situation? However, some loans have a floor which means they will not drop below a certain interest rate. Others have a very high margin and even with a low index will still be higher than market rate. Please note, without looking at the original loan documentation, it is impossible to tell you what your loan will do.

But, if you are looking for someone in the Eugene/Springfield Oregon area that can look at your documentation and then recommend a reasonable way to proceed, give me (Fred Chamberlin) a call today and let’s discuss your options. You can reach me at 541-342-7576/541-221-3455 cell or by e-mail. Alpine Mortgage Planning is located at 1200 Executive Pkwy., Ste. 100, Eugene OR 97401. It is important that you get good information before jumping into a refinance. Some ARMs are not as bad as they have been portrayed in the media. Some are! Give me a call today and let’s find out about yours.

Is it the right time to refinance your ARM? is a post from: Eugene Loan Guy

Retweet this post

The headline says it all. Short term interest rates that banks pay each other will stay the same. Prime rate will stay the same. Mortgage interest rates will undoubtedly go up at least by the end of March. An interest rate spike could make the fragile Oregon housing market continue to struggle to recover. The Eugene and Springfield areas could just be getting shoring up and drop down again.

That is not the ideal, but the Fed did make it absolutely clear that they will not be purchasing mortgage backed securities (MBS) after March 31. By their own internal survey, they had determined that the purchase of MBS over the past year had brought mortgage interest rates down about one full percentage point from where they would have been. Additionally, the First Time Home Buyer and Move Up Tax Credits are due to expire on any offers made after April 30, 2010.

To me, this gives one more reason to be looking to purchase now, rather than waiting until late Spring or early Summer. Rates are low currently and will probably be going up soon. Call me (Fred Chamberlin) today and let’s get together to discuss your options. You can reach me at 541-342-7576/541-221-3455 cell or e-mail me. Alpine Mortgage Planning is located at 1200 Executive Pkwy., Ste. 100, Eugene OR 97401.

Fed Meets – Leaves Discount Rate Alone – Reaffirms MBS Purchase Stops March 31 is a post from: Eugene Loan Guy

Retweet this post

Oregon’s largest city, Portland 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. It is likely that the Eugene/Springfield was too small for the competition, but those of us living here think it is a pretty darn nice place to live.

Seattle, San Francisco, Pittsburg and Milwaukee rounded out the top 5.

What Makes a City Good for Senior Living?

Health: includes criteria such as physician-to-senior ratio, gerontologist-to-senior ratio, hospitals per capita, and the availability of adult day care, assisted living facilities, continuing care (CCRC) facilities, independent living facilities, nursing homes, and senior meals. With the additional of the new Sacred Heart Medical Center, I think Eugene/Springfield would rate well in this area.

Disease: covers life expectancy, age 85 expectancy, and rates of depression, heart disease, and cancer. Sometimes when it rains for several days in a row here, it just seems our life is longer. LOL

Economics: includes consumer prices, sales taxes, unemployment rate, and recent job growth. Larger cities like Portland definitely have the economics of scale that are missing in a smaller, albeit, more comfortable community like Eugene/Springfield.

Social: identifies the percentage of seniors in the community and availability of entertainment opportunities, the arts, museums, education, recreation, colleges, and libraries. This is one area I think we excel with the number of college campuses here, including the University of Oregon and artistic expansion like the Hult Center for the performing arts.

Environmental: assesses the number of sunny days, measurements of clean air and water, risk of natural disasters, and the presence of ocean coastline, rivers and lakes, and national parks. In this area, I think we beat Portland. We have all that they do and less traffic.

Spiritual: looks at the percentage of the population belonging to organized religions, and the number of religious congregations in the community. Got you covered here too.

Transportation: rates the availability of public transportation and special access transportation, along with commuting times. Our LTD system is constantly getting better, now with the EMX shortly expanding to the Gateway Mall and Sacred Heart area.

Housing: includes cost of living, median home price, property taxes and monthly apartment rent. Housing prices in Lane County have been dropping and talking to several rental management companies, so are rents.

Crime: ranks incidents of violent crime and property crime. Like anywhere, parts of Lane County are worse than others, but Springfield recently built a new jail that is helping the crime rate and we have some outstanding police officers all through the county.

In a news release about the survey, Bankers’ Chief Operating Officer Scott Perry said the senior living survey results included some cities that are not often associated with senior living.

That’s because we weren’t looking for the best places to be retired, but the best cities for seniors regardless of whether they are retired, working, active or not, healthy or not,” he said. “It’s about more than golf courses and tennis courts.

If we can help you with any questions about our area or if you are interested either in a Reverse Mortgage purchase or refinance, call us today, Laurie Willis or Fred Chamberlin, 541-342-7576. Or you can fill out the inquiry form available through the tab above. We live and work in the Eugene/Springfield, Lane County, Oregon area and are proud of our communities.

Retweet this post

Up until now, get get assistance on an FHA loan in Oregon, the borrower had to be at least 30 days behind on their payments. However, 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).

Last year, the Helping Families Save Their Home Act of 2009 expanded FHA’s authority to use its loss mitigation tools to assist FHA borrowers avoid foreclosure to include those facing ”imminent default” as defined by the Secretary. FHA today issued guidance to FHA-approved loan servicers on how to assist these FHA borrowers.

Effective immediately, the loss mitigation options of forbearance and FHA’s Home Affordable Modification Program (FHA-HAMP) may be used to assist borrowers facing imminent default.

• FHA defines an “FHA borrower facing imminent default” to be an FHA borrower who is current or less than 30 days past due on the mortgage obligation and is experiencing a significant reduction in income or some other hardship that will prevent him or her from making the next required payment on the mortgage during the month that it is due.
• A forbearance agreement is an agreement by the loan servicer to postpone, reduce or suspend payments due on a loan for a limited and specific time period.
• FHA-HAMP allows qualified FHA-insured borrowers to reduce their monthly mortgage payment to an affordable level by permanently reducing the payment through the use of a partial claim combined with a loan modification. The partial claim defers the repayment of a portion of the mortgage principal through an interest-free subordinate mortgage that is not due until the first mortgage is paid off. The remaining balance is then modified through re-amortization and in some cases, an interest rate reduction.

The borrower must be able to document the cause of the imminent default which may include, but is not limited to, one or more of the following types of hardship:

1. A reduction in or loss of income that was supporting the mortgage loan, e.g., unemployment, reduced job hours, reduced pay, or a decline in self-employed business earnings. A scheduled temporary shutdown of the employer, (such as for a scheduled vacation), would not in and by itself be adequate to support an imminent default.
2. A change in household financial circumstances, e.g., death in family, serious or chronic illness, permanent or short-term disability.

 

This is great news for those that have been struggling each month to make their payment but knew that eventually it would all fall apart. The great part of this change is that it will make the client eligible for a purchase or refinance in the future because they won’t have the late payments to contend with, that are killers when attempting to get a new loan.

If you need assistance with anything having to do with the loan process, give me (Fred Chamberlin) a call today at 541-342-7576/541-221-3455 cell or e-mail me. Alpine Mortgage Planning is located at 1200 Executive Pkwy., Ste. 100, Eugene OR 97401.

HUD revises rules for early relief for struggling homeowners foreclosure prevention assistance is a post from: FHA Loans Oregon

Retweet this post