The government has always be the major source of acronyms in use in the country so I thought I would take advantage of several of them all at once. HUD is Housing and Urban Development, the parent agency of FHA (Federal Housing Administration). FAQs are Frequently Asked Questions and FTHB is First Time Home Buyer. Now that you know the terms, would you like to know why you, as a FTHB, should buy a home in the Eugene Springfield Oregon area? This is the first part of a six part series.

· Why should I buy, instead of rent?

• Answer: A home is an investment. When you rent, you write your monthly check and that money is gone forever. But when you own your home, you can deduct the cost of your mortgage loan interest from your federal income taxes, and usually from your state taxes. This will save you a lot each year, because the interest you pay will make up most of your monthly payment for most of the years of your mortgage. You can also deduct the property taxes you pay as a homeowner. In addition, the value of your home may go up over the years. Finally, you’ll enjoy having something that’s all yours – a home where your own personal style will tell the world who you are. (I would be happy to run a rent vs. own comparison for you to help with this decision.)

· What are “HUD homes,” and are they a good deal?

• Answer: HUD homes can be a very good deal. When someone with a HUD insured mortgage can’t meet the payments, the lender forecloses on the home; HUD pays the lender what is owed; and HUD takes ownership of the home. Then we sell it at market value as quickly as possible. Read all about buying a HUD home. Check our listings of HUD homes and homes being sold by other federal agencies. (HUD Homes can be an excellent way to buy a home with a very limited down payment, see me for details.)

· Can I become a homebuyer even if I have I’ve had bad credit, and don’t have much for a down-payment?

• Answer: You may be a good candidate for one of the federal mortgage programs. Start by contacting one of the HUD-funded housing counseling agencies that can help you sort through your options. Also, contact your local government to see if there are any local homebuying programs that might work for you. Look in the blue pages of your phone directory for your local office of housing and community development or, if you can’t find it, contact your mayor’s office or your county executive’s office. (I will also assist you with the direction you need to take if you have credit problems.)

Contact Me

If I can help with pre-approval or getting the loan done for you, give me (Fred Chamberlin) a call at 541-342-7576/541-221-3455 cell or let’s get together at my office, Alpine Mortgage Planning, 1200 Executive Pkwy., Ste. 100, Eugene OR 97401. I am always reachable by e-mail. Government Loans are my specialty. I can help you with FHA, VA and USDA loans and direct you to Real Estate agents that will help you find the home you want.

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