Fred Chamberlin

MLO 271072 OR & WA

Retired Mortgage Advisor

Oak Harbor WA 98277

541-221-3455 cell

MyBlogLog

Look inside >
26 27
Government-Lending Changes to Know

 

Blog Directory

Archive for the ‘Eugene Oregon’ Category

Zillow picks up Postlets listing platform

Zillow announced this week that they had acquired listing syndication platform Postlets.

A visit to the Postlets website shows that it is now listed as a Zillow company. I am seeing this as another step in Zillow becoming the major real estate force nationwide. They have already become more searched than all other real estate sites.

Zillow, from my view, started their rise to fame in the real estate market by offering free evaluations as to what someone’s home was worth, most often in the early days, a long way from reality. But with more and more information coming into the platform those discrepancies have gotten smaller over time. What this addition will do is add more funneling to the Zillow platform.

Many Realtors® are using the Postlets for posting ads on platforms like CraigsList and BackPage. By doing this in the future, I can see Zillow getting more advertising revenue as the platform funnels more into Zillow. I could be a bit paranoid about this, but that is where I see this acquisition going.

I am offering to the Realtors® I deal with another way of posting to CraigsList, BackPage, Zillow, Trulia and other platforms with single property websites. This program uses a lot of the same sources, but keeps the referrals closer to the posting Realtor®.

If you are a Realtor® in Oregon, Washington or California, I would be happy to show you the program. I think it is the best platform around and lets the Realtor® keep control of the business.

Contact me today either through my e-mail or at 541-743-2966 for a demonstration of the future of online listings.

button1 Zillow picks up Postlets listing platform

Homes for Sale listing service available for Realtors(s) in Eugene/Springfield

The EugeneLoanGuy mortgage loan team is offering a new web-based listing tool for Realtors(s) in the Eugene/Springfield area. The new program is designed to make listing easier and more visible to home seekers on the web.

 

To find out more about the tools, contact me today to schedule an appointment to review the information. You can reach me at 541-743-2966 or 541-221-3455.

button1 Homes for Sale listing service available for Realtors(s) in Eugene/Springfield

Fannie Mae My Community Program Returns

I just received notice that we are once again offering the Fannie Mae My Community Mortgage program. This is an alternative to FHA loans, especially for those with higher credit scores. The My Community program offers financing for purchase transactions on owner occupied single family residences up to 97% loan to value and reduced mortgage insurance requirement.

There are trade-offs, as there always are, but if the current bill raising the FHA yearly mortgage insurance goes through, it could become a much more attractive alternative.

As an example of a comparison between the two (remember only an example and any rates quoted are for comparison purposes only):

Loan Type FHA Loan 97% My Community
Loan Amount $200,000 $200,000
Interest Rate 5% 5.75%
Down Payment $7,000 $6,000
Loan Amount (FHA includes UFMIP) $197,342 $194,000
Payment $1,059.37 $1,132.13
Monthly Mortgage Insurance $90.45 $98.62
Total Payment (PIMI) $1,149.82 $1,230.75

As you can see by this example, the pricing is not as good as FHA currently, but if we see a change in FHA yearly mortgage insurance, it could make a huge difference in the future. For now, the great thing about this program is that is shows that the conventional financing is coming back for the lower down payment programs. Now, about a few of the requirements for the program:

  • Buyer must complete approved Homebuyer Education program.
  • Except for Portland, Beaverton and Vancouver (120%), must not exceed 100% of Area Median Income (AMI). Exceptions for certain census tracts. You can find the AMI here. Also, counties listed as “non metro” have a 115% AMI limit.
  • 3% Interested party contributions on loans over 90% LTV (loan to value).
  • Primary Residence only with no other property owned.
  • 41% maximum DTI (debt to income ratio).
  • Minimum 700 mid-credit score.

If you are confused or just want more information about these programs, give me a call. We can discuss your specific information and see what is the best product for you. I am Fred Chamberlin, Senior Mortgage Consultant at Alpine Mortgage Planning, 1200 Executive Pkwy., Eugene OR 97401. I am here to help you with the mortgage loan process and also help you avoid stress. The mortgage process is changing rapidly, make certain you are working with someone that can keep up with the changes. You can reach me at 541-342-7576/541-221-3455 cell or by e-mail. Trust experience to help you with your Eugene/Springfield mortgage questions. One final note, this is not limited to Lane County but can be used anywhere we are doing business. Call today!

button1 Fannie Mae My Community Program Returns

Things Your Loan Consultant Should Know

(Note: This article was written by Mark Madsen and associate of mine and published on My Fha Mortgage Blog last month. I felt the information was valuable to my readers so I have re-published here for your information.)

markmadsen thumb Things Your Loan Consultant Should Know While many experienced real estate agents have a general understanding of the mortgage approval process, there are a few important details that frequently get overlooked which may cause a purchase to be delayed or denied.

New regulation, updated disclosures, appraisal guidelines, mortgage rate pricing premiums, credit score, secondary approval layering, rescission deadlines, property type, HOA insurance requirements, title and property flip rules are just a few of the daily changes that can have a serious impact on a borrower’s home loan financing.

With today’s volatile lending environment, it’s obviously important for home buyers to get a full loan approval which clearly defines all contingeas they pertain to each unique home buyer’s scenario prior to spending any time looking at new homes with an agent.

Either way, we’ve listed a few of the top things your agent should keep in mind while showing you new properties:

Caution – Agents Beware:

Property Type –

High-Rise, Condo, Town House, Single Family Residence, Dome Home or Shoe House… all have specific lending guidelines that can influence down payment, credit score and mortgage insurance requirements.

Residence Type

Need to sell one home before moving into another? Is a property considered a second home if it’s in the same city?  What if I’m buying a home for my children to live in, it is still considered an investment property?

These are just a few of several possible residence related questions that should be addressed by your agent and loan officer at the initial loan application.

Rates / Locks

Mortgage Rates are typically locked for a 30 day period, and one of the only ways to get a new rate is to switch mortgage lenders.  Rates also have certain adjustments for property / residence type, credit score and down payment which could have a big impact on monthly payments and therefore approvals.

A 1% increase in rate could literally mean the difference between an approval or denial.

Headline News / Employment

Underwriters watch the news as well.  Borrowers who work in a volatile industry during hard economic times may have to jump through a few extra hoops to prove that their employment and income is secure.

Job changes, periods of unemployment or property location in relation to the subject property are other things to consider that may cause a speed bump in the approval process.

Title / Property Flip –

A Flip is considered a property that has been purchased by an investor and quickly sold to a new buyer within a 30-90 day period.  Generally, an investor will do a little rehab work, fresh paint, landscaping…. and try to re-sell the property for a significant profit margin.

While it seems like a perfectly fair transaction, many lenders have strict guidelines in place that prevent borrowers from obtaining financing on properties that have a previous owner with less than 90 days of documented ownership.

These rules change frequently, and are specific to particular property types, so make sure your agent is aware of all the boundaries associated with your approval letter.

Homeowner’s Association Insurance

Some lenders require Condos and Town House communities to have sufficient insurance and reserves coverage pertaining to specific ratios on units that are owner occupied vs rented.

It may also take a few weeks and cost up to $300 to receive an HOA Certification, so make sure your Due-Diligence period is set accordingly in the purchase contract.

Appraisal Ordering Procedures

Appraisal ordering guidelines are changing quite frequently as regulators implement many new consumer protection laws created to prevent future foreclosure epidemics.

Unfortunately, some of the new appraisal regulations have proven to slow the home buying process down, as well as confuse lenders about the true estimate of neighborhood values.

VA, FHA and Conventional loans programs all have separate appraisal ordering policies, so make sure your agent is aware of which loan you’re approved for so that they document any anticipated delays in the purchase contract.

For example, if an appraisal takes three weeks and the average time for an approval is two weeks, then it probably isn’t smart to write a purchase contract with a four week close of escrow.

Contact Me

Do you have these or other questions? I am Fred Chamberlin, Senior Mortgage Consultant at Alpine Mortgage Planning, 1200 Executive Pkwy., Eugene OR 97401. I am here to help you with the mortgage loan process and also help you avoid stress. The mortgage process is changing rapidly, make certain you are working with someone that can keep up with the changes. You can reach me at 541-342-7576/541-221-3455 cell or by e-mail. Trust experience to help you with your Eugene/Springfield mortgage questions. One final note, this is not limited to Lane County but can be used anywhere we are doing business. Call today!

button1 Things Your Loan Consultant Should Know

LAST DAY for Home Buyer Tax Credit Offers to be accepted

Home Buyer Tax Credit expire at midnight today!

 

This applies to the $6500 Move Up Home Buyer and also the $8000 First Time Home Buyer Tax Credits. Any offer accepted by midnight tonight must be closed and funded by June 30, 2010. To protect yourself from the bubble of loan applications making their way through the system for the next two months, I suggest picking a lender (like Alpine Mortgage Planning), that has a history of closing on time.

 Contact Me

Isn’t it time to make the move into your new home? I am Fred Chamberlin, Senior Mortgage Consultant at Alpine Mortgage Planning, 1200 Executive Pkwy., Eugene OR 97401. I am here to help you with the mortgage loan process and also help you avoid stress. You can reach me at 541-342-7576/541-221-3455 cell or by e-mail. Trust experience to help you with your Eugene/Springfield mortgage questions. One final note, this is not limited to Lane County but can be used anywhere we are doing business. Call today!

button1 LAST DAY for Home Buyer Tax Credit Offers to be accepted

Previous Home Buyer Tax Credit Gone in 2 Days

“Move Up” Home Buyer Tax Credit expires midnight Friday!

 

This applies to the $6500 Move Up Home Buyer and also the $8000 First Time Home Buyer Tax Credits. Any offer accepted by Friday must be closed and funded by June 30, 2010. To protect yourself from the bubble of loan applications making their way through the system for the next two months, I suggest picking a lender (like Alpine Mortgage Planning), that has a history of closing on time.

 Contact Me

Isn’t it time to make the move into your new home? I am Fred Chamberlin, Senior Mortgage Consultant at Alpine Mortgage Planning, 1200 Executive Pkwy., Eugene OR 97401. I am here to help you with the mortgage loan process and also help you avoid stress. You can reach me at 541-342-7576/541-221-3455 cell or by e-mail. Trust experience to help you with your Eugene/Springfield mortgage questions. One final note, this is not limited to Lane County but can be used anywhere we are doing business. Call today!

button1 Previous Home Buyer Tax Credit Gone in 2 Days

Mortgage Calculator
Purchase Price
Down Payment
Interest Rate
Property Tax (Per Year)
Homeowners Insurance (Per Year)
Homeowner Association Dues (Per Year)
PMI
Term (years)
Start Date
Calculate
Powered by CalculateStuff.com

EugeneLoanGuy.com provides this calculator as a resource only and in no way guarantees the accuracy of the results. Please contact me directly for more specific information regarding payments, terms and interest rate for your specific situation.

Follow Me On Twitter
Search My Site
Find Oregon MLS Listings
Submit An Article
Categories
Google PR: 0
 · 
Alexa Rank: 0