Eugene Loan Guy

I guess that I would like to have some kind of truth detector for internet postings. Time after time I find that there are people posting information on the internet about mortgage lending without having any knowledge of the subject. Since I am always looking for good information on the internet, it is interesting to see some of the things that are out there being given as the absolute truth. Some may have a kernel of truth while others are just WRONG. I specialize in government loans, VA Guaranteed Home Loans, FHA Insured Home Loans and USDA Guaranteed Rural Loans. I am licensed in Oregon, Washington and California but am located in the Eugene Springfield Area of Oregon.

I will not promote the website that these things came from, but take a look at this:

VA loans are being offered by a lot of different groups that have tie ins with the Veteran’s Administration, so when checking out the various loan options, you should look at the seven following tips to ensure that you find one that’s right for you.

I chuckle over the term “tie ins with the VA.” What the heck is that? Banks, Savings and Loans and Mortgage companies make the loans that VA Guarantees. There is not “tie in.” And one of the seven items says that “occupancy is important.” DUH!!!! The only way you can get a VA Guaranteed Home Loan is to purchase your personal residence, not investment property and not a second home.

And for FHA Loan you must also have stable income for 3 years. You must also present proof that you pay all your bills on time. In addition to that, you must make a 3% down payment. This is lower than most loans.

This made my eyes cross. The only thing I can guess that the writer meant with this is that there must me three years remaining to be able to count child support or alimony or disability payments. And, if the writer was at all familiar with FHA loans, they would know the down payment is and has been 3.5% for many months now. BTW, the date on this post was July 15, 2009. I am also trying to figure out how you would present proof of paying bills on time. That is why we use a credit report.

Another thing I have seen posted, is that the First Time Home Buyer Tax Credit is only $4,000 per person and not $8,0o0. This is another fallacy.  The only time the tax credit will be done in this manner is if a married couple files their taxes separately and in that case, they get $4,000 each. In actuality, it is 10% of the purchase price, up to $8,000.

So, if you want the right information about FHA, VA or USDA loans, give me a call. You can reach me at 541-342-7576/541-221-3455 Cell or e-mail me.

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