Eugene Loan Guy

Archive for the ‘Mortgage Loans’ Category

There seem to be a lot of great deals offered through the Fannie Mae HomePath program in the Eugene/Springfield, Lane County area of Oregon, that I am going to pick a few each week and put that information out there that these properties are available for only 3% down and no mortgage insurance with Fannie Mae willing to contribute 3.5% to closing costs. The one I chose today is 1,510 square feet with 4 bedrooms and 1 bathroom and it is listed at $139,900. Real Estate Investors also can get a good deal on a HomePath home with only 10% down with no mortgage insurance. Read More

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

In a continuing effort to answer questions that effect many people that come into our website, I have picked out a new one. This question has to do with qualifying for a mortgage loan when you have had late payments on your mortgage in the past two years. Even though this question is from a different geographical area, I think it will probably concern people in the Eugene/Springfield, Lane County, Oregon.

Help Me Understand The New Mortgage Rules. Why Is It So Hard To Get A Loan?

We have tried to get a loan and have been turned down by fha, freddie mac and local banks,and the reason is that we were late on our old mortgage several times over the last 2 years after i lost my job.That i understand but what i cant understand is that was for a 1500.00 a month payment and our new loan will be around 300.00.We have 100,000 in cash from the sale of our home and are looking at homes outside the charlotte area for about 140,000 to 160,000 and can not find anyone to give us a loan.We have no car payments no credit card debt and my wife makes 48,000+ a year and a fica score of 585…. any body have a answer or know a mortgage person that can help?we have already went thru 3 brokers…HELP Read More

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This actually could be a very interesting question when you consider the different variety of ARM loans out there. If you have a sub-prime or alternative documentation loan, it may definitely be time to refinance that loan because of the terms that you have. However, if you have a conventional (conforming) ARM, it may not be the time to refinance. But who do you ask this question of in the Eugene/Springfield Oregon area? Hopefully someone you trust to give you a straight answer and knows what he is talking about. Read More

The headline says it all. Short term interest rates that banks pay each other will stay the same. Prime rate will stay the same. Mortgage interest rates will undoubtedly go up at least by the end of March. An interest rate spike could make the fragile Oregon housing market continue to struggle to recover. The Eugene and Springfield areas could just be getting shoring up and drop down again. Read More

What is going to happen with mortgage interest rates in Eugene/Springfield? Right now the bond market is being partially supported by purchases of mortgage bond by the Federal Reserve. They have purchased about $1Trillion in mortgage backed securities so far and plan on buying almost $200 billion more between now and the end of March when they are supposed to stop buying. What will happen when the Fed is no longer buying Bonds when you are trying to buy a home in Lane County or anywhere in Oregon? Good question that I think will be answered with higher mortgage interest rates for Cottage Grove, Creswell, Veneta, Junction City, Oakridge and Florence. Read More