Starting with any new FHA case number assigned on or after April 5, 2010, the up front mortgage insurance premium (UFMIP) for all FHA loans in Oregon (except for Senior Reverse Mortgages) will increase from 1.75% to 2.25%. That means that on a purchase in Eugene with a $200,000 loan amount, the increased UFMIP will be $1,000.

Is $1,000 enough of an incentive to make that offer you have been considering? Does the fact the First Time Home Buyer (FTHB) Tax Credit or $8,000 runs out the end of April cause enough of a sense of urgency for you to make that offer today on that home you are looking at?

All in all, it is the right time to buy. Prices are down. Rates are low. Tax credits are available. Mortgages are affordable. I can’t see this lasting forever. Rates and prices will have to go up. We already know the UFMIP will be going up and that is certain.

An Oregon retail giant (Tom Peterson) used to say, “Come see me today or I can’t save you any money.” That is true today. Let’s get together and find out if it is the right time for you to become an Oregon home owner. Call me at 541-342-7576/541-221-3455 cell or e-mail me. Alpine Mortgage Planning is located at 1200 Executive Pkwy., Ste. 100, Eugene OR 97401.

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