Posts Tagged ‘Eugene/Springfield Lane County Oregon’

The City of Springfield and the City of Eugene administer programs to help low to moderate income purchasers get into their first home. They are called SHOP and HAP, respectively. This is an acronym for Springfield Home Ownership Program and (Eugene) Homeowner Assistance Program. These assistance programs were created to encourage home ownership in Springfield and Eugene by assisting low income first time homebuyers with their real estate purchase.

The programs are designed to help first time home buyers with the down payment and closing costs in their purchase. A $10,000 interest free, payment free second mortgage is available for this purpose. The loan is accepted by FHA as a viable method of obtaining down payment money and is also accepted on some conforming products. Read More

Christmas is nearly upon us and I know there are people feeling the pinch. VA real estate loans are an exceptional way to purchase a home at 100% loan to value but they can also be a salvation on a refinance because they also allow refinance at 100% loan to value, even manufactured homes on land. As a veteran, and a VA Home Loan participant in Springfield, Oregon, I believe one of the greatest things the country has done for veterans, is the VA Guaranteed Loan Program. Read More

Eugene is, of course, home to the University of Oregon Ducks, but it is also home to Northwest Christian University, Eugene Bible College, Gutenberg College and Lane Community College.  Now, I know that college is expensive and Oregon was way down on the list of affordable college states and one of the biggest expenses is housing for your student. The cost of housing can leave you wondering if an accredited online college might be a better fit. So, today, I want to talk about a special program that will help with that student housing expense by purchasing a home with an FHA Real Estate Mortgage.

Now, there are some requirements that will go along with this, but let’s talk about what you can accomplish first and then go over some of the things that have to go together. First, I want to use a “real life” example of a home for sale. For this, I have chosen a home listed by Gary Johnson with 7 Gables Real Estate, 541-510-5073. Read More

There is a new Good Faith Estimate (GFE) requirement for lenders to provide to consumers starting Jan.1 (2010). This is the “long-anticipated mortgage reforms that will help consumers to shop for the lowest cost mortgage and avoid costly and potentially harmful loan offers” announced by HUD on Nov. 12. It has taken a lot of time to announce the implemention and how it will affect lenders and consumers after the start date.

According to HUD Secretary Steve Preston, “…. the mortgage crisis was fueled in part by people agreeing to mortgages that they ultimately could not afford. In some cases, people didn’t understand or know that their mortgages could result in large payment increasesafter just two or three years. Others did not recognize the total costs that come with home ownership. And others paid higher loan origination and closing costs simply because they did not know about other affordable options.” (emphasis added) Read More