Fred Chamberlin

MLO 271072 OR & WA

Retired Mortgage Advisor

Oak Harbor WA 98277

541-221-3455 cell

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Posts Tagged ‘real estate purchase’

Are you a Eugene/Springfield housing optimist or pessimist?

Housing in Eugene/Springfield fell off the highs of 2010 during the first quarter of 2011. And the Register Guard finds this as reason for gloom in the local real estate market.

I like the story of the two boys, one an optimist and the other a pessimist. They were both shown rooms full of horse manure. The pessimist said, “Oh no! Horse manure. The optimist started digging knowing there was a pony in there somewhere.

I think it is time we started digging. There is a pony in there and it is up to us to find it.pony thumb Are you a Eugene/Springfield housing optimist or pessimist?

Let’s look at a few facts and observations that the Register Guard didn’t cover in their article here. Although unemployment is high, it is in the process of going down. Although there are a lot of people out of work, there are a lot more working than not working.

If you sell you house for less than you paid for it, you could take a loss but if you are interested in moving up to a larger or better home, there has not been a better time to do it.

Yes, rates have started up, but overall they are still below 5%, a historically low number. Yes, homes mostly have to have a down payment, but many people can get enough from their tax returns for the minimum down payment that FHA requires. Additionally, USDA offers no down payment loans in outlying cities like Cottage Grove, Veneta, Creswell and Junction City that many people qualify for.

Additionally, many of our citizen soldiers can qualify for a VA loan after spending time in a war zone. Students can purchase homes using their parents as cosigners in many instances.

Prices are low yes, but that is good and bad, not just bad. Banks have inventory of homes for sale so exceptional deals can be made. Special programs, like the FHA 203k Streamline are available to make the home that is in need of TLC, your home!

It really is time to shout it from the rooftops that it is an ideal time to buy a home.  I don’t sell homes, I leave that to the wonderful Realtors® that I work with, however, I do help people purchase them. Even if you don’t qualify today, it might be time to find out and get on track for the future.

Contact me

Navigating the mortgage approval process doesn’t have to be daunting. With me on your side those hurdles can be overcome. I am available right now to help you with the loan process and know the ins and outs of FHA, VA, USDA and conventional financing. If you want to buy a home using an FHA loan or refinance using VA, I am here to help. Contact me at Alpine Mortgage Planning, 1200 Executive Pkwy., Ste. 100, Eugene OR 97401, 541-342-7576/541-221-3455 cell or by e-mail. Only you can make the choice it is time to get the process started.

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Expert predicts interest rate uptick 2011

On Maryland’s WMAR ABC television Monday Mortgage, today’s issues of raising interest rates, demise of Fannie and Freddie, increased down payment requirement and changes in compensation rules, are discussed and how it can change buying power.

Didn’t we know this was coming? Yes we did…..18 months from now it is going to very difficult to get a home….this next six months we will see a lot of change.

This video says a lot of the same things that I have been saying that if you are on the fence and are waiting to buy a home, you should take a close look at today’s marketplace. Things are changing rapidly.

Contact me

Navigating the mortgage approval process doesn’t have to be daunting. With me on your side those hurtles can be overcome. I am available right now to help you with the loan process and know the ins and outs of FHA, VA, USDA and conventional financing. If you want to buy a home using an FHA loan or refinance using VA, I am here to help. Contact me at Alpine Mortgage Planning, 1200 Executive Pkwy., Ste. 100, Eugene OR 97401, 541-342-7576/541-221-3455 cell or by e-mail. Only you can make the choice it is time to get the process started.

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Late Mortgage Payments and Qualifying For A Loan

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

It is interesting that this question came up, because I was just reading that in a recent Federal Reserve survey, things aren’t getting harder. This came from the AP:

WASHINGTON (AP) – A new Federal Reserve survey says most banks aren’t erecting new hurdles for people and businesses to get loans. It is one sign that credit problems are easing.

Even though banks aren’t imposing new restrictions on most loans, they aren’t ready to ease the tough loan standards put in place during the financial crisis. The Fed says: banks “have yet to unwind the considerable tightening that has occurred over the past two years.” (Emphasis added)

The big part of this announcement is that banks are not lessening the controls enacted after the mortgage meltdown. They just are getting any tighter and that is good news.  Now, in the case of this buyer, they got caught in a problem area that happened after the tightening. Their credit score is very low and they have late payments on their mortgage (that probably contributed to the low credit score.) In a perfect world, the bank would recognize the low loan to value would make this a safe loan. However, the lenders had put minimum FICO score requirements in place that cannot be overridden. The only way to get over this hurdle is to outlast it. Credit scores improve over time if payments are made on time. So, in this case, make your payments on time and wait.

If you have questions about what you need to do to qualify for a loan, contact me (Fred Chamberlin) at 541-342-7576/541-221-3455 cell or e-mail me. I know the programs and can help you get ready for that important purchase if you aren’t ready right now. Mortgage loans are my business and I know my business. Alpine Mortgage Planning is located at 1200 Executive Pkwy., Ste. 100, Eugene OR 97401.

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Radon Warning in Granite Countertops

Radon is a concern in any home these days and is one of the things that can be happening in your home without you knowing about it. Here is a short warning from one of my Positive Real Estate Professionals (PREP) associates in Indiana and Kentucky, Certainty Home Inspections, that has to do with concerns about Radon gas emanating from Granite Countertops.

Granite countertops can look really nice, but if they can pose a health issue, it is best to know the truth about them in advance. I believe it is wise that my clients have a home inspection, there are too many things that can be wrong with a home that a qualified home inspector can find that the individual won’t know to look for. I don’t have a recommendation for a local inspector (the Realtors I work with do), however, I have been following the information provided by Jim Allhiser in Salem for some time and enjoy his posts. His pictures are exceptional. Here is his take on Radon. His statistics show more deaths per year from Radon than from home fires.

If you have questions about Radon or inspections in general, contact one of the people linked here. They are experienced professionals in their field. If you have mortgage questions, please contact me at 541-342-7576/541-221-3455 Cell or e-mail me.

 

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