FHA Loans Oregon

Posts Tagged ‘down payment assistance’

One of the great programs that I have had the pleasure of working with is the IDA (Individual Development Account) program. This program can be used to accumulate a down payment to buy a home on a 1 to 3 ratio. For every dollar the participant saves, the IDA program contributes $3. Pretty good ratio, I think. However, today I found out from NEDCO (Neighborhood Economic Development Corporation of Lane and Marion Counties), one of the IDA program organizations, that they are out of money for the program. Read More

According to an e-mail I received this morning from Jodi Peterson, Management Analyst, Springfield Community Development and Housing, the Springfield Home Ownership Program (SHOP) is out of funds until July 1, 2010. The SHOP program provides down payment and closing cost assistance to low to moderate income borrowers for the purchase of their first home in Springfield Oregon. More about the program is available here. Read More

I recently came across this blog post from Craig Tomlinson of Bell Real Estate of Eugene. He was asking some of the same questions that a lot of people are right now about what is going to happen with FHA loans in the future. Like him, I don’t have the answers to what FHA will be doing, but I do know what they are doing. FHA still is only 3.5% down payment. FHA loans can be combined with the Springfield SHOP and Eugene HAP programs. FHA loans have more liberal underwriting criteria. FHA remains the number one choice for First Time Home Buyers. FHA does not require appraisals ordered through HVCC. Read More

Hopefully the announcement today from the Secretary of Housing and Urban Develpment will help many first time home buyers purchase their first home. Having to come up with the down payment has been one of the biggest obstacles in the past. I have posted several times various ways to get the down payment together, but it has still been out of the reach of some people. Now, that could change. The First Time Home Buyer Tax Credit is going to be available for the down payment on FHA loans in the near future, according the the Secretary Shaun Donovan. Read More

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