Posts Tagged ‘FHA 203b’

One of the best things about having an FHA loan in Eugene/Springfield, OR in the past was the ability to get a lower rate with a “Streamline” refinance. In this process, about all you had to do was prove you were current on your mortgage, nothing else was required. That all changed on Friday when FHA issued new rules for the FHA “Streamline” refinance program though their mortgagee letter #2009-32. Surprisingly, FHA actually wants you to be able to make your payment too. (LOL) So, they want proof that the borrower is employed and has income. Read More

Just a short little bid of advice for those thinking that they are going to get the next great deal on a home by buying a “Short Sale” and financing it through an FHA Insured Mortgage. Be prepared for delays! Don’t expect to close within a two to three week window! Read More

So, you have been considering buying a duplex and having your renter make part of your house payment for you, right? Well, I am looking at the writing on the wall and seeing a change coming as more and more lenders require a minimum of 20% down payment on owner occupied duplexes.  Right now, it is possible to purchase a duplex with only 5% down, if it is owner occupied, using conventional financing, but that appears to be changing rapidly. Read More

You can use an FHA Refinance Mortgage Loan to pay off an existing Land Sales Contract or Contract for Deed in Eugene or anywhere in Oregon. The FHA Refinance Mortgage Loan allows a homeowner who does not have a vested interest in the title to the property but who does have valid Land Contract, Contract for Deed, or other similar instrument, to pay it off with an FHA Refinance Mortgage Loan.

It can be done in one of two ways: Read More

You can refinance your Oregon FHA Mortgage Loan without an appraisal and without income re-qualifying what so ever. Technically, there is no credit qualification on this loan either, however, most lenders require a 620 credit score for the program and require a mortgage credit report.  The OR FHA Streamline Refinance takes the hassle out of getting a permanent interest rate reduction on your Oregon FHA Mortgage Loan. Read More