Eugene Loan Guy

Archive for December, 2008

Becoming a home owner is a great accomplishment but retaining the home is just as important. There are several things that the home owner can do to avoid foreclosure.  Most everyone encounters financial difficulties at one time or another, it is how you handle those difficulties that could lead to foreclosure or help you survive and keep your home. With the negative press about the rise in foreclosures, I thought it was time to talk about how to avoid the stigma of foreclosure. I will be giving you some information about ways to legally, and ethically, retain ownership in your home. Read More

In August when the passage of the housing bill and the knowledge that the Down Payment Assistance programs, like AmeriDream and Nehemiah, would soon be gone, there was a lot of interest in what was going to be available for people that didn’t have money for a down payment. The best 100% loan to value program, to my mind, is a VA loan for those that qualify. Here is what I wrote then:

There is quite a bit of concern regarding the elimination of the Down Payment Assistance programs and almost all other 100% purchase programs, so I want to spend a bit of time highlighting another 100% loan program. To my mind, this is the best 100% loan program, the VA loan. Read More

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My last blog entry discussed conventional mortgage loan pricing and how to determine what PAR pricing is. Without that information, how can you know that the 4.5% interest rate you are being offered is really a great rate. Now, I want to go over the other pricing issues with conventional mortgage loans. Real estate purchase and refinancing are subject to a number of different pricing issues. First time home buyers should pay special attention to the following information. This information is available to the home buyer if they ask for it, but most times they only want the bottom line.

In my last blog, I showed how the PAR rate was calculated but I didn’t go into the additions and subtractions that effect the final pricing. Most pricing are calculated by a combination of credit score (CS) and loan to value (LTV). So, let’s discuss how these work together. Every lender will have their own additions and adjustments, these are an example. Read More

Dennis Pease is a broker with RE/MAX Integrity and specializes in the Florence area of Oregon. He has a blog about Eugene and Florence that has some excellent information about the area and several listings. I recently authored this for him about the way loans are priced and how they have changed over the past year of so.  Mortgage lending has changed dramically over this time period. Check out Dennis’s blog for some great information about home, especially for first time home buyers. Remember, many of the homes he is highlighting in the Florence area are also available for the USDA 100% Rural Guaranteed progrm.

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Continuing my FHA mortgage series, today I discussed the various differences with manufactured homes with FHA loans on my Active Rain blog. There are a number of things about manufactured homes that are different than “stick built” homes, including the “expiration” date on homes. Please read the following for more information about FHA mortgage loans and manufactured homes:

This is Part Three in my series on FHA Real Estate Loans and some things that home buyers and home owners may not be aware of. Today, I am going to discuss the purchase and refinance of manufactured homes with their own land. Manufactured homes on leased land are not eligible for FHA loans in my lending area of Oregon, Washington and California. FHA loans, except for streamline refinances are limited to owner occupied primary residences only.

First of all, what is a manufactured home? A manufactured home is one that is built in a factory and transported to the home site in sections. This differs from a modular home that is built on site from factory built pieces, i.e., walls, roof, floors, etc or a site built (stick built) home. It can be single wide or multi wide and still be financeable with an FHA loan. It must have been built after June 15, 1976 and have a concrete foundation and tie downs. For a 203b loan, foundation and/or tie downs can be retrofitted prior to closing. For a 203k loan, both must be in place prior to approval. Read More

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In yesterday’s installment of FHA Mortgage information, I covered the latest changes to the home loan program, including the increased down payment requirement on Jan. 1, 2009. Today, I am going to attempt to explain some of the credit and credit score requirments particular to FHA Mortgage Loans.

This is from my Active Rain Blog:

This is Part Two in a three part series about FHA mortgage loans. Part One talked about the changes in FHA loans going into effect on Jan. 1 and the things that wouldn’t be changing. In this installment, I will cover some credit issues having to do with FHA loans.
FHA mortgage loans do not have a minimum credit score requirement. However, FHA does not make the loans, they insure them. The lenders that make the loans may have different rules. In this case, it is the Golden Rule; he with the gold makes the rule! Read More

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