Eugene Loan Guy

Archive for February, 2009

I just received this from the Mortgage Market Guide and it gives a little more information about the First Time Home Buyer Tax Credit included in the Stimulus Bill that was just signed into law. There will be a lot more information coming about what parts of the bill will be the most effective in helping people get back to work and working on the consumer confidence. There will also be more information coming later about plans to help the housing industry with the foreclosure problem. Read More

The $7,500 First Time Home Buyer Tax Credit will most likely be going under re-organization as a result of the Stimulus Bill that is expected to pass and be signed into law as early as this weekend. Although details regarding the tax credit have been a bit sketchy, in what has been released so far, the tax credit has been scaled down to $8,000 from $15,000, or 10% of the value of the home for any first time home buyers who purchase homes from the start of the year until the end of November. For couples with incomes above $150,000 and single filers with incomes above $75,000, the program starts phasing out.  Buyers will have to repay the credit if they sell their homes within three years.  There are still a lot of details about this plan to be released. Read More

Foreclosures, how to buy them and maybe most importantly, when. I have been discussing how to use the FHA 203k Streamline as a great way to buy your personal residence and be able to fix it at the same time. Effective today, we have another program to help purchase foreclosures (or REO – Real Estate Owned) properties that are owned by Fannie Mae. This new program is called HomePath. This is an unusual program because it allows not just personal residences, but also second homes and investment properties as part of the program. Read More

Next in our series about buying a foreclosure using the FHA 203k Streamline Rehab loan has to do with selecting a contractor. So far, you have gotten pre-approved for a loan in a specific price range and you have developed a rapport with the Realtor® that is going to make sure you get the proper guidance and support you need. Now, let’s talk about the next very important thing you need to do, selecting the contractor or contractors for your rehab process. This is a very important aspect of your Oregon FHA 203K loan. There are things that you need to look for in the right FHA 203K contractor as they can mean the difference in a successful or unsuccessful FHA 203K renovation. Read More

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