Eugene Loan Guy

Archive for February, 2009

There is a new blog spot on the internet and it is called Neighborhood Expert Online (NEO). It is a place for people that like the place they live and have information about that area to share with others that may be interested in the local neighborhood. It is new and there aren’t a lot of members yet, but I expect it to grow substantially over the next few months as people find out about it and discover that it is a great place to share information and knowledge about local areas. I recently posted information to NEO about the Eugene/Springfield Real Estate Mortgage market to correct some misconceptions and announce some news about First Time Home Buyers. Here is that post: Read More

$343,750 is the new and returning loan limit for Lane County, according to HUD as of this week. The loan limit was lowered to $271,050 from the temporary higher amount on Jan. 1, 2009 but has now returned. This is a huge change for the benefit of everyone looking to buy or refinance over the minimum FHA loan limit of $271,050 that Lane County and Eugene/Springfield dropped to on Jan. 1, 2009. This loan limit is also the same for FHA 203k Streamline purchase and refinance loans. Read More

The Federal Reserve has been purchasing Mortgage Backed Securities for some time now and mortgage rates still aren’t at 4.5%. So ,what gives? Well the answer is really not that hard, nor is it that simple. First of all you need to understand what Mortgage Backed Securities are and how coupon rates compare to the actual interest rate. Below is the chart of MBS purchases from the New York Fed, Feb. 12-18. You can look at their site here. Read More

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Another reason to use an FHA 203k Streamline rehab loan: Foreclosures are bringing down the Eugene/Springfield and Lane County Real Estate market. My reasoning on this has to do with the condition of many of the foreclosed properties. Many of them aren’t livable and may have been vacant for some time. In many areas of the United States, entire neighborhoods sit vacant, havens for crime and an eyesore to surrounding neighborhoods. Although I haven’t seen this scope of a problem here, I do know that there have been cases of squatters moving into foreclosed (or about to be foreclosed) properties and using them as a base of criminal operation. Read More

The Stimulus Plan was signed into law yesterday, but the housing market was breathlessly awaiting the next shoe to drop, the Homeowner Affordability and Stability Plan that was announced today by President Obama. This Plan is supposed to help 7 to 9 million families restructure or refinance their mortgage to avoid foreclosure. For the first time, the target is not only those that aren’t making their payments on time, but also those that are making their payments on time. Read More