Eugene Loan Guy

Archive for the ‘Mortgage Loans’ Category

Mortgage rates, mortgage rate, mortgage rates! What is going to happen? According to the Federal Reserve Survey, mortgage rates are 1% lower today than they would have been because the Fed has been purchasing mortgage backed securities (MBS). That all stops the end of next month. Read More

As is often the case, misinformation can make a wave when it shouldn’t be a ripple. I heard two people discussing today the ending the the Home Buyer Tax Credit. They were saying that it ended March 31, which is wrong. The Eugene/Springfield, Lane County, Oregon real estate market has been benefited by the extension of the First Time Home Buyer Tax Credit and expansion to the “move-up” home buyers. Those tax credits are available to qualified buyers on accepted offers until April 30 on purchases that close on or before June 30, 2010. Read More

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