Posts Tagged ‘Real Estate Loans’

The following was released today about the maximum loan to value on an FHA cash out refinance. A cash out refinance is done when more than the balance of the mortgage and closing costs are included in the new loan amount. This could be in the form of cash to the borrower or payment of secondary liens against the property or the payment of any other borrower indebtness. This is a change from the current 95% maximum loan to value for a cash out refinance. Borrowers have until March 31 to start their application if they would like to receive more than 85% loan to value. 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

I guess I can’t talk about the first time home buyer $7,500 tax credit too many times. People are very interested in this program. However, there are some major changes in talks that are included in both the House and Senate version of the Stimulus Bill. First of all, let me stress that there currently are limitations and qualification for this program. The most stringent is that it is available for homes purchased between April 9 of last year (2008) and July 1 of this year (2009). If you miss that window, you miss the tax credit. There is talk extending this window as part of the Stimulus Bill, but nothing has happened yet. There is also talk of expanding the credit to $15,000.

Next, the credit is currently only available to single taxpayers with an Adjusted Gross Income (AGI) of $75,000 or less or married taxpayers with a AGI or $150,000 or less to get the full credit. Lesser credits are available for those making more than the limits listed here. This also might change. Read More