Posts Tagged ‘First Time Home Buyers’

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

Students attending or going to attend the University of Oregon should call me to discuss this program to assist in paying for your student housing. Any other college or university in Oregon, Washington or California I can help you with also. The FHA 203b home purchase program is a great way to help pay for college. First time homebuyers are especially valued for this program.

The University of Oregon Ducks call Eugene home, but it is also home to Northwest Christian University, Eugene Bible College, Gutenberg College and Lane Community College.  One of the biggest college expenses is housing for your student. College is expensive and Oregon was way down on the list of affordable college states, so how about a way to make, at least, housing more affordable? If you consider purchasing a home for that student to live in using the FHA 203b program with a non-occupant co-borrower, you might find this to be the way to save some money.

Using my handy dandy “rentometer” that will tell me if a comparable apartment in the area is priced right, it appears that about $1000 per month is pretty average (for an apartment.) So, using an FHA 203b program to purchase the home in the student’s name with the parents as “non-occupant” co-borrowers, let’s compare the rent vs. buy on this home with 3.5% down payment. We are also assuming a 25% tax bracket and no appreciation on the home during a 3 year period. Read More

Last year, as part of the Housing Bill of 2008, HUD raised the FHA loan limits across the United States as a way to help people that were having difficulty refinancing their sub-prime mortgages. That temporary increase expired on Dec. 31, 2008 and the new minimum FHA loan limit went into effect for the Eugene/Springfield and Lane County area. Although still a decent limit, it did take a lot of the market out of FHA financing. Well, that changed this week. Read More

I just posted this information on my other website, http://eugeneloanguy.com and wanted to make sure it got as wide a dissemination as possible. The problem with foreclosures taking down everyone’s home values cannot be over stated. I think this is one program that will definitely help with that problem. Bank owned properties are almost always in need of repair and the FHA 203k Streamline is an ideal product to handle that situation. Read More