Eugene Loan Guy

Archive for July, 2009

FHA and VA loan application surged to the highest level since 1990 in June. Check out with the Eugene Loan Guy, Fred Chamberlin, has to say about it for the Eugene/Springfield Oregon area. Read More

Automated underwriting is the rule of the day in mortgage lending these days. Almost all loans are either run through Desktop Underwriter (DU) (also called Desktop Originator (DO)), the Fannie Mae system, or Loan Prospector (LP), the Freddie Mac underwriting system.  There are individual systems that use these as a base but all are basically the same, you get either an Accept or Refer or Caution. However, there are other messages that are also critical in the automated underwriting process with mortgage loans, either conventional or government. Read More

Just because you pay your debts on time, doesn’t necessarily mean that you will get the best mortgage rate. Credit scores are not just determined on how well you pay your debts, but many other factors and the higher the credit score, the better the rate can be. So, today, I want to examine some of the things other than payment history that affect credit scores: Read More

I know that there are still people sitting on the fence about whether or not now is the right time for them to buy a new home, but there is a bit of urgency attached to the process too. The First Time Home Buyer Tax Credit of up to $8,000 will go away on December 1, 2009 as currently authorized. Read More