Eugene Loan Guy

Archive for March, 2009

 I felt this post was geared mostly toward FHA loans, since most First Time Home Buyers are FHA borrowers, so it is posted in my other blog: FHALoansORegon.com. However, since there is a lot of great information here, I thought I should share the wealth with all of my readers, not just those looking for FHA Loans. I hope you find this information informative. Read More

I have written before about the loan modification business and I think it will probably be quite big for the next several months, just from what I have seen so far from the housing plan. The Federal Reserve is telling people that loan modifications can be handled by dealing directly with your loan servicer, but what I am hearing from a lot of people is that the loan servicers are not being very responsive to the request for a loan modification. Additionally, I am being told that some of the “non-profits” are not answering their phone or making appointments up to 90 days in advance to help people that are having difficulty with their payments. Read More

The following was released today about the maximum loan to value on an FHA cash out refinance. A cash out refinance is done when more than the balance of the mortgage and closing costs are included in the new loan amount. This could be in the form of cash to the borrower or payment of secondary liens against the property or the payment of any other borrower indebtness. This is a change from the current 95% maximum loan to value for a cash out refinance. Borrowers have until March 31 to start their application if they would like to receive more than 85% loan to value. Read More

My friend and internet guru, Danny Thornton with Taylor Bean and Whitacker, recently penned an interesting blog about what mortgages are. I think this is an excellent explanation for the first time home buyer and also for the seasoned real estate investor. I have added a bit of emphasis and some comments in parenthesis and at the end, but feel free to visit Danny’s blog at The Mortgage and More Blog to tell him whether he did a good job or not. Read More

The Mortgage Market Guide® said I could copy and paste the following as I wish. Well, my wish is to share it with my readers on the Eugene Loan Guy Blog. This has some of the very best information that I have seen about the Housing Plan announced by Secretary Geithner last week and answers a lot of questions about loan modifications. Now, one of the things that I have stressed is that you should not need to pay someone to do a loan modification. However, there are times that it is just impossible to get everything done because the lender is being difficult. In that case, you might want to hire a modification company with a good track record. Ask for references! I have added some emphasis. Read More

Can I get you the best mortgage interest rate available today? Are my fees lower than anyone else making real estate loans? Do I have every mortgage program available in the market place? Do you want to do business with me? Why? Read More