Fred Chamberlin

MLO 271072 OR & WA

Retired Mortgage Advisor

Oak Harbor WA 98277

541-221-3455 cell

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Archive for the ‘Down Payment Assistance’ Category

Fannie Mae HomePath Offers Extra Incentives

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:

  • Closing costs;
  • The purchase of new Whirlpool® appliances by Fannie Mae; or
  • A mix of closing costs and appliances, at the buyer’s discretion, up to the maximum 3.5%. (There could be lender conditions on other than closing costs.)

To be eligible for this incentive:

  • Offers must be accepted on or after January 28, 2010
  • Property sales must close before May 1, 2010
  • Buyers must be owner-occupants, investors are excluded

There are currently a goodly number of homes on the www.homepath.com website that qualify for the financing program. Today, there were 47 properties listed in Lane County with financing available (according to the website) for 43 of them. Here is an example of one of the listings:

955S70thSt1 Fannie Mae HomePath Offers Extra Incentives This property is listed for $179,900 and is located at 955 S 70th in Springfield. The property sold three years ago for $222,900 according to county records, so this looks like it could be an exceptional deal. If you don’t have a Realtor, call me and I will recommend an excellent one for you. For information about the HomePath financing program, call me for that. You might also qualify for the NSP (Neighborhood Stimulus Program) loan of up to $35,000 in Springfield. You can reach me (Fred Chamberlin) at 541-342-7576/541-221-3455 cell or by e-mail. Alpine Mortgage Planning is located at 1200 Executive Pkwy., Ste. 100, Eugene OR 97401. I am your local lender. Call today.

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Neighborhood Stabilization Program – NSP – NOW!

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.

This program is a part of the Economic Stimulus Plan passed by Congress several months ago, but is just now being implemented. Through NSP, Dept. of Housing and Urban Development funds, are available to qualified home buyers up to $50,000. The loan requires no monthly payments and charges no interest. These proceeds can be used for down payment and towards paying closing costs when purchasing bank owned properties in eligible areas throughout Oregon and the US.  Each municipality, like Eugene and Springfield, that are managing their share of the funds, may make their own specifics. In particular, the City of Eugene will allow the loan up to $50,000 and can finance some repairs, while the City of Springfield has limited their loan amount to $35,000 and no repairs can be financed.

foreclosure thumb Neighborhood Stabilization Program – NSP – NOW!

Currently the state of Oregon has been allocated over $16,000,000, to be used towards the NSP.  The NSP program was designed to make funds available to those who may need assistance in buying a foreclosed property.  The idea being, the more households that can afford to buy a home, demand to purchase these homes goes up, soaking up the glut of bank owned properties and stabilizing the housing market.  Here are some of the key features and benefits of the program. 

Key Features:

  • Up to $50,000 in assistance to purchase bank owned properties in target areas throughout Oregon and the United States (Check this link to determine area eligibility.)
  • Fewer income restrictions than other community lending programs
  • Owner occupied purchases only
  • Not limited to only 1st time buyers
  • Minimum down is 1/2 of the required down payment required by the first mortgage provider

Benefits:

  • Afford more home with your money
  • Funds can be used for: down payment, closing costs, improvements and rehab
  • Can still qualify for the IRS tax credit

There are a number of requirements with the program, including income, credit, education and assets. If you want to find out if this program will work for you, call me today and let’s see if we can get it done, 541-342-7576/541-221-3455 cell or e-mail.

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NEDCO celebrates 30 years in January

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.

nedco 01 thumb NEDCO celebrates 30 years in JanuaryNEDCO is the presenter of the ABCs of Homeownership, a pre-requisite for both the Eugene HAP and Springfield SHOP homebuyer assistance programs. They also offer the “Threshhold” program to help potential homebuyers get their finances in order to be able to get into the housing market. Additionally NEDCO is one of the sponsoring agencies of the VIDA (Valley Independent Development Account) which can be used for the purchase of a home or to start a business. The program allows for a 3:1 match to savings.

According to the newsletter, over 60 families are currently enrolled in the VIDA program, with excellent results. I recently closed a loan where part of the down payment came from a VIDA account. Without that money, they would not have been able to purchase their new home that quickly. Now, NEDCO is asking for donations to the program.

The donations can be made through Neighborhood Partnerships and be a 75% tax credit. To find out more about the donations and how it can be like paying only $25 when donating $100, check out this link. NEDCO does some excellent work in our area and it would be great for the Eugene/Springfield area to help them in this work.

If you need any assistance with any loan programs or would like to know how the NEDCO programs can help you in becoming a home buyer, call me today at 541-342-7576/541-221-3455 cell or e-mail me. The NEDCO office in Springfield is located at 212 Main St. and the one in Salem is located at 868 Commercial St., SE.

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President Signs Homebuyer Tax Credit Extension

Homebuyer Tax Credit Update!

Today, November 6, 2009, President Obama signed a bill to extend the tax credit for first-time homebuyers (FTHBs) through June 30, 2010. The bill also opens up opportunities for others who are not buying a home for the first time. Although I have been a supporter of extending the tax credit, I was surprised that the Congress actually got it done. Not only that, but the First Time Home Buyer Tax Credit has been expanded.

To learn what the new tax credit means to you and your clients, take a look at the concise overview below:

First-Time Homebuyers (FTHBs): First-time homebuyers (that is, people who have not owned a home within the last three years) may be eligible for the tax credit. The credit for FTHBs is 10% of the purchase price of the home, with a maximum available credit of $8,000.

Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.

Current Owners: The tax credit program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.

Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.

What are the New Deadlines?

In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.

Tax Credit Versus Tax Deduction

It’s important to remember that the tax credit is just that… a tax credit. The benefit of a tax credit is that it’s a dollar-for-dollar tax reduction, rather than a reduction in a tax liability that would only save you $1,000 to $1,500 when all was said and done. So, if a first-time homebuyer were to owe $8,000 in income taxes and would qualify for a tax credit of $8,000, she would owe nothing.

Better still, the tax credit is refundable, which means the homebuyer can receive a check for the credit if he or she has little income tax liability. For example, if a first-time homebuyer is eligible for a tax credit of $8,000 but is liable for $4,000 in income tax, she can still receive a check for the remaining $4,000!

Higher Income Caps

The amount of income someone can earn and qualify for the full amount of the credit has been increased.

Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible

Joint filers who earn up to  $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.

Maximum Purchase Price

Qualifying buyers may purchase a property with a maximum sale price of $800,000.

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Remember, the new tax credit program includes a number of details and qualifications. For more information or answers to specific questions, please call 541-342-7576/541-221-3455 or email me today.

In addition, you may be able to benefit from additional housing related provisions, including the following:

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Tax Incentives to Spur

Energy Savings and Green Jobs

This provision is designed to help promote energy-efficient investments in homes by extending and expanding tax credits through 2010 for purchases such as new furnaces, energy-efficient windows and doors, or insulation. The use of an FHA 203k Streamline for either purchase or refinance may be an excellent way to take advantage of this program.

Landmark Energy Savings

This provision provides $5 Billion for energy efficient improvements for more than one million modest-income homes through weatherization. According to some estimates, this can help modest-income families save an average of $350 a year on heating and air conditioning bills.

Repairing Public Housing and Making Key Energy Efficiency Retrofits To HUD-Assisted Housing

This provision provides a total of $6.3 Billion for increasing energy efficiency in federally supported housing programs. Specifically, it establishes a new program to upgrade HUD-sponsored low-income housing (for elderly, disabled, and Section 8) to increase energy efficiency, including new insulation, windows, and frames.

Expanding Housing Assistance

This provision increases support for several critical housing programs. It includes $2 Billion for the Neighborhood Stabilization Program to help communities purchase and rehabilitate foreclosed, vacant properties.

As always, if you have any questions about your specific situation or would like to discuss how you may benefit from this program, please call 541-342-7576/541-221-3455 cell or email me. I’ll be happy to sit down with you.

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House & Senate vote to extend FTHB Tax Credit

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.

angry mob House & Senate vote to extend FTHB Tax Credit 

Now is the time to get busy on that purchase, before we come up with another 11th hour scenario. This tax credit likely will not be extended again. Call me today at 541-342-7576/541-221-3455 cell or e-mail me and let’s get started on your new home.

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Oregon First Time Home Buyer Key People – Pt 2

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.j0341820 thumb Oregon First Time Home Buyer Key People – Pt 2As 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.

As an experienced mortgage advisory, I understand the programs and underwriting well enough to determine whether a person fits within the loan guidelines before putting the package through days or weeks of underwriting. I also work very closely with my clients with credit issues to put them on the track to home ownership. Developing a relationship is very important in this business and I want my clients to trust that I am working to make the process smooth and as worry free as possible.

We don’t want our First Time Home Buyers stuck at the end of the transaction with a moving van backed into the driveway waiting for the loan to close. Delays sometimes happen, but an experienced mortgage advisor will be prepared and will be working closely with your Realtor® while keeping you fully informed throughout the process. Give me a call today, 541-342-7576/541-221-3455 Cell or e-mail me for an appointment. Tomorrow, Part 3 will talk about your insurance agent.

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