Posts Tagged ‘Eugene/Springfield Lane County Oregon’

FHA Loans, VA Loans, USDA Loans, Conventional Loans, Eugene, Springfield, Oregon, Lane County, $8000 First Time Home Buyer Tax Credit and mortgages. All of these are search terms used to find what you are looking for on the internet. They will give you a list of websites set up to answer questions and direct you to a place to start your loan application process. However, the thing that upsets me is that many of those websites are only mining customers to be sold in lists to people like me….like me, not me. Read More

The following was released today about the maximum loan to value on an FHA cash out refinance. A cash out refinance is done when more than the balance of the mortgage and closing costs are included in the new loan amount. This could be in the form of cash to the borrower or payment of secondary liens against the property or the payment of any other borrower indebtness. This is a change from the current 95% maximum loan to value for a cash out refinance. Borrowers have until March 31 to start their application if they would like to receive more than 85% loan to value. Read More

My friend and internet guru, Danny Thornton with Taylor Bean and Whitacker, recently penned an interesting blog about what mortgages are. I think this is an excellent explanation for the first time home buyer and also for the seasoned real estate investor. I have added a bit of emphasis and some comments in parenthesis and at the end, but feel free to visit Danny’s blog at The Mortgage and More Blog to tell him whether he did a good job or not. Read More

$343,750 is the new and returning loan limit for Lane County, according to HUD as of this week. The loan limit was lowered to $271,050 from the temporary higher amount on Jan. 1, 2009 but has now returned. This is a huge change for the benefit of everyone looking to buy or refinance over the minimum FHA loan limit of $271,050 that Lane County and Eugene/Springfield dropped to on Jan. 1, 2009. This loan limit is also the same for FHA 203k Streamline purchase and refinance loans. Read More

Another reason to use an FHA 203k Streamline rehab loan: Foreclosures are bringing down the Eugene/Springfield and Lane County Real Estate market. My reasoning on this has to do with the condition of many of the foreclosed properties. Many of them aren’t livable and may have been vacant for some time. In many areas of the United States, entire neighborhoods sit vacant, havens for crime and an eyesore to surrounding neighborhoods. Although I haven’t seen this scope of a problem here, I do know that there have been cases of squatters moving into foreclosed (or about to be foreclosed) properties and using them as a base of criminal operation. Read More

My last blog entry discussed conventional mortgage loan pricing and how to determine what PAR pricing is. Without that information, how can you know that the 4.5% interest rate you are being offered is really a great rate. Now, I want to go over the other pricing issues with conventional mortgage loans. Real estate purchase and refinancing are subject to a number of different pricing issues. First time home buyers should pay special attention to the following information. This information is available to the home buyer if they ask for it, but most times they only want the bottom line.

In my last blog, I showed how the PAR rate was calculated but I didn’t go into the additions and subtractions that effect the final pricing. Most pricing are calculated by a combination of credit score (CS) and loan to value (LTV). So, let’s discuss how these work together. Every lender will have their own additions and adjustments, these are an example. Read More