FHA Loans Oregon

Posts Tagged ‘fha rehab loan’

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

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

Now that you have found a FHA Mortgage Loan Officer that is accessible, it is time to find out if they are the right one for you. So, it is time to ask some questions. First of all, I think you need to ask if they are working for a company that is approved to originate FHA loans. A real basic question, but it is amazing how many people aren’t. Next, how about asking them about their FHA loan experience? How long have they been originating FHA mortgage loans? What kind of FHA mortgage loans do they originate? Do they know the difference between a 203b and a 203c? (203c is on a condo and they should know that and not have to look it up.) 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

Did you know you can buy a home with just $100 down payment, even in today’s changed market? It is true. If you qualify for the loan, HUD allows some of the homes that they have foreclosed to be purchase with an FHA loan with only a $100 down payment. You will need to determine if the specific property is eligible for this program. This is a great way for a first time home buyer to get into a home with very little down and take advantage of the $8,000 first time home buyer tax credit too. Until recently we didn’t have any HUD foreclosures in Lane County. Here is a list of the current Lane County foreclosures, according to the HUD website: Read More