Posts Tagged ‘fha 203k’

HUD announced Friday that the rules on flipping homes will be changing Feb. 1. This could have a huge effect on the Eugene/Springfield, Lane County Oregon market. This is being done in an effort to stabilize home values and improve conditions in communities where foreclosure activity is high according to HUD Secretary Shaun Donovan. I see this as being a boon to our are in getting rid of more of the foreclosures that have been plaguing our market. Under current rules, foreclosures that were still owned by the banks that purchased them could be bought with an FHA loan but any that were purchased from the bank had to be owned for 90 days before an offer could be made on them for an FHA loan. Read More

Now could be the right time to buy your new home and an FHA 203k Streamline may be the loan to make it possible. I try to keep track of the real estate market in the Eugene/Springfield/Lane County area. I work with several very exceptional Realtors® and know some of the things going on here. I also subscribe to several blogs and other services that keep me up on what is happening in our local market and just received one from Trulia which I found most interesting. Home values can vary widely for a number of reasons, including condition, location and urgency. Read More

FHA offers a benefit to their mortgage products that most people either are not aware of, or if they are aware of it, don’t think it is a great benefit. This is the Energy Efficient Mortgage which gives you the ability to add an additional $8,000 to your mortgage for energy related upgrades, either on a purchase or a refinance. On the surface, this sounds like a really great deal, however, I have found that it leaves a bit to be desired when it comes to the actual implementation. Read More

What do you need to make application for an Oregon FHA mortgage loan? Honestly, you don’t need anything except for the knowledge of your income and assets to make application but to get a valid pre-approval for an Oregon FHA mortgage loan there is a list of things that you will need to get this done. An experienced loan officer will know that they may be able to get an automated approval, but until they are able to prove what they are telling the automated system, it might as well be written in smoke. These are items that an experienced FHA loan officer should ask you for at your first meeting because they will be needed. Read More

When searching the internet to find the best person to help you, as a first time home buyer, with an FHA mortgage loan, it is possible that you will find a very large number of people in your Google or Yahoo or MSN search. So, how can you tell which loan officer or mortgage company will be the best one to help you with your FHA mortgage? What changes have been made to FHA mortgages that affect you do they need to know? Read More