Eugene Loan Guy

Archive for the ‘Down Payment Assistance’ Category

It has been some time since I promoted the HomePath program in the Eugene and Springfield areas. At that time, there weren’t very many homes in our area that qualified for the program, but that has changed. Basically, what HomePath does is allow the purchase of selected Fannie Mae owned foreclosures with lower down payments and no mortgage insurance, both owner occupied and investment (rental) properties. Now, they are offering a 3.5% incentive* for buyers who purchase and close on a Fannie Mae-owned home between January 28 and April 30, 2010. Buyers purchasing properties listed on this site that are closed within this period may receive up to 3.5% of the final sales price for: Read More

One of my jobs as a Mortgage Advisor is to educate buyers and Realtors about some of the programs that are available to help people purchase a home. That is one of the reasons I have spent so much time on the First Time Home Buyer Tax Credit because it helps people that have bought their first home make some fix-its happen and gives them a cushion against emergencies. So, I am surprised when I find out that a particular program designed to help the housing industry is not played up as much as I feel it should be and that is the Neighborhood Stabilization Program (NSP). I am still finding people that have not heard of it. Read More

NEDCO, the Neighborhood Economic Development Corporation, serving Lane and Marion Counties in Oregon will be celebrating 30 years of “innovative community economic development, neighborhood revitalization, and successful homeownership programs” in their new Springfield location in January, according to their most recent NEDCO NEWS. Read More

Homebuyer Tax Credit Update! Read More

I am afraid I have to eat my words. I didn’t think that Congress would have enough common sense to extend the First Time Home Buyer Tax Credit past the November 30 deadline, but it looks like they have. The Senate first passed the measure then the House followed suit and it is now up the the President to sign the extension into law. The $8,000 Tax Credit was not only extended, but expanded. To find out more about the new rules, check out this article from CNBC. Read More

Your Mortgage Advisor (or loan officer, or mortgage planner, or loan consultant, etc.) will be your guidepost in what you can and may pay for a home. The mortgage advisor will determine the kind of program that you qualify for to become an Oregon First Time Home Buyer, so it is important you chose your mortgage advisor carefully.As a mortgage advisor, I will weight your specific circumstances (income, credit, and down payment) with your needs and desires and recommend the best loan package for you. There are many steps in a successful loan application and it starts with the application and interview. For instance, just because you might qualify for a $300,000 house, it doesn’t mean that you will be happy with the payment on this much home. That is where getting to know you and what you are trying to accomplish is so important in the process. The process ends when the loan is funded, but the relationship doesn’t end there as I keep in touch with you over the years to make sure you are still in the best product available. Read More