FHA Loans Oregon

Archive for July, 2009

Don’t make your parents, aunts, uncles, grandparents or children mad at you, you might need them to make a gift to you for the down payment for your purchase of a new home in the Eugene/Springfield Oregon area. You probably should keep your in-laws happy too, you never know when that can help you. You actually can get a home with no money out of your pocket as long as your have relatives that love and/or like you. Read More

As long as it is going to owner occupied, FHA Insured loans can be used to purchase one to four unit homes in the Eugene/Springfield Oregon area. There are additional requirements for three and four unit properties as far as cash reserve requirements than there are for one and two unit properties. Read More

So this question about FHA has to do with whether or not FHA offers adjustable rate mortgages (ARM) and temporary buy downs. First of all, FHA doesn’t offer the programs, the lenders that work with HUD offer the programs and FHA insures them. Of course, if FHA wouldn’t insure the loan program, the lenders sure wouldn’t offer them, would they? And they do, you can buy a home in the Eugene/Springfield Oregon are and us either an adjustable rate mortgage or a temporary buy down. Read More

What happens if you find that perfect home to purchase and it isn’t quite perfect as it sits? What happens if the bank owns the home and they won’t put another nickel into the property? Or if the seller is not getting anything out of the sale and can’t fix the heating system? What happens if you can’t get the home financed because it needs a new roof and you lender says it isn’t financeable the way it sits. Well, run into the phone booth and change into your 203k Streamline cape and tights, because “Super Streamline” is here to save the day. Read More

A lot of people are not aware that most HUD foreclosures in Oregon are available with only a $100 down payment for owner occupied purchases. Also, you can get up to $5,000 to make repairs on the property as part of the purchase transaction.  If the repairs are more extensive, then an FHA 203k Streamline is the way to go but it isn’t available with just $100 down. The homes in Lane County are fairly limited right now with only four in Eugene, one in Junction City and none in Springfield. Here is the current list from the HUD website for homes in the Lane County area: Read More