FHA Loans Oregon

Archive for March, 2009

I have been asked, why should I become a home owner? I have been renting for 5 years and am perfectly happy with my situation. The short answer to that is, “maybe you shouldn’t.” Not everyone should buy a home and a lot of First Time Home Buyers were sold homes that they shouldn’t have bought because the financing was too easy. That had an effect on where we are today. However, that being said, there are a lot of great reasons to become a First Time Home Buyer in today’s more restrictive lending environment. Stealing a bit of David Letterman’s shtick, here are my top ten reasons to become a First Time Home Buyer in today’s Oregon real estate market: 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

Did you know you can buy a home with just $100 down payment, even in today’s changed market? It is true. If you qualify for the loan, HUD allows some of the homes that they have foreclosed to be purchase with an FHA loan with only a $100 down payment. You will need to determine if the specific property is eligible for this program. This is a great way for a first time home buyer to get into a home with very little down and take advantage of the $8,000 first time home buyer tax credit too. Until recently we didn’t have any HUD foreclosures in Lane County. Here is a list of the current Lane County foreclosures, according to the HUD website: Read More

The City of Springfield administers a program to help low to moderate income purchasers get into their first home. It is called SHOP which stands for Springfield Home Ownership Program. This assistance program was created to encourage home ownership in Springfield by assisting low income residents with their first-time home purchase. Use of this program makes 100% purchases a possibility. Read More

Students attending or going to attend the University of Oregon should call me to discuss this program to assist in paying for your student housing. Any other college or university in Oregon, Washington or California I can help you with also. The FHA 203b home purchase program is a great way to help pay for college. First time homebuyers are especially valued for this program.

The University of Oregon Ducks call Eugene home, but it is also home to Northwest Christian University, Eugene Bible College, Gutenberg College and Lane Community College.  One of the biggest college expenses is housing for your student. College is expensive and Oregon was way down on the list of affordable college states, so how about a way to make, at least, housing more affordable? If you consider purchasing a home for that student to live in using the FHA 203b program with a non-occupant co-borrower, you might find this to be the way to save some money.

Using my handy dandy “rentometer” that will tell me if a comparable apartment in the area is priced right, it appears that about $1000 per month is pretty average (for an apartment.) So, using an FHA 203b program to purchase the home in the student’s name with the parents as “non-occupant” co-borrowers, let’s compare the rent vs. buy on this home with 3.5% down payment. We are also assuming a 25% tax bracket and no appreciation on the home during a 3 year period. Read More