Eugene, OR Real Estate News

By Anthony Freed
(Everybody's Holding Company LLC)
"Talk about a credit crisis: Heartland Payment Systems, a credit card payment processing firm, may have been the victim of the largest data breach to date.  The Princeton, N.J.-based firm said Tuesday that it discovered malicious software in its systems that compromised the security of the data traversing its network. It's unclear what data may have been tampered with or stolen..." http://information-security-resources.com/2009/01/21/isr-news-worlds-biggest-data-breach/  
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By Anthony Freed
(Everybody's Holding Company LLC)
"Why don't these families simply refinance? Because the amount owed that would need to be refinanced is greater than what the home is worth, resulting in the loan being denied due to the short appraisal. Solution; waive the appraisal requirement on refinance for owner occupied homes with adjustable rate mortgages. That won't cost anyone a dime..." http://yourmortgageoryourlife.wordpress.com/2009/01/21/foreclosure-oncology-separating-facts-from-fixins/
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Theater of Homes has just completed producing this video piece as an introduction to Theater of Homes and it's services.  Theater of Homes is more than just a quality  high definition home or property video tour production company.  Theater of Homes is so much more.  We are your complete marketing package.  Not only do we create your beautiful video home tour but we distribute that tour to all the video distribution services that have any clout.  In addition we tag, title, and add your description to allow easy accessibility and find-ability on those distribution services and search engines.  We even distribute your tour in an iTunes compatible RSS feed so that anyone can subscribe and receive regular video tour updates in HD that can be viewed on the computer, wide screen televisions,...
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By Fred Chamberlin, Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant
(Guild Mortgage Co - Oak Harbor WA)
The second post that I made on my website about refinancing covers the changing in the real estate mortgage market that may make it impossible for you to refinance even if it does make sense for you to do it. Changes like the loss of equity through lower sales prices, or charges for cash out refinances, or charges for lower credit scores, are only part of what is new in mortgage financing. I hope this gives you some useful information about the changing real estate environment. Author: fchamberlin, Senior Mortgage Consultant, Eugene/Springfield OR, 541-342-7576 Yesterday I posted about "just because you can refinance your mortgage, should you." Today, I want to touch on another question and that is, "Can you." I got a call yesterday from a person that wanted to know what the rate was fo...
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By Anthony Freed
(Everybody's Holding Company LLC)
Assume mortgages of half of the eight trillion disappear. So four trillion dollars of mortgages burn and go away and are never paid and are a complete loss and write off. This means the banks and other mortgage owners are bankrupt to the tune of $4 trillion dollars. So the owners of the mortgages need $4 trillion dollars of new capital to get back to square one.   Continued:  http://yourmortgageoryourlife.wordpress.com/2009/01/19/omnipotent-property-depression-historys-ominous-omniscience   /
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By Fred Chamberlin, Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant
(Guild Mortgage Co - Oak Harbor WA)
Last week, I posted two separate articles on my website about refinancing. The first one is about whether or not it makes sense to refinance and takes the reader through the reasoning behind the refinance. A lower rate does not always make refinancing the right option. Just because you are getting a lower rate, doesn't mean you are saving money. Every loan and every situation is different. Please review the following to get a feel of what I mean: by Fred Chamberlin, Senior Mortgage Consultant, Eugene/Springfield OR, 541-342-7576. "Mortgage interest rates have dropped dramatically and are current at or near a 27 year low. That means you can save money on your mortgage payment every month, right? Well, the definitive answer to that is, MAYBE! Just because you can get a lower interest rate...
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By Fred Chamberlin, Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant
(Guild Mortgage Co - Oak Harbor WA)
Helping people that are having trouble, not just with making their mortgage payment on time, but puting food on the table or buying gas for their car is something that we all should be concerned with. Oregon State University has established links on the Extension Service website to do just that.  There are a lot of groups available to help in times of need and I know there are people in need. I hope these links will help them. This was posted on my website today. While listening to my wake up music this morning on KKNU Radio, Tracy Berry, the good looking portion of Barrett, Fox and Berry, gave us information about a help website being offered by Oregon State University. This website is being operated by the extension service at the University and is designed to help people find the pl...
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By Fred Chamberlin, Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant
(Guild Mortgage Co - Oak Harbor WA)
I have a customer that I am working with on a short sale. The property is a definite starter home but more is owed against it than it more than the offer. The offer is the maximum the client is able to pay for the property and qualify for the loan at current interest rates. The property has had no offers to purchase, one of the reasons is that it is in a flood zone so there is extra cost for the flood insurance. So it isn't a case of someone trying to steal it just to get a good deal. It is a case of making a reasonable offer for a property based on ability to pay for it and marketability. All pretty straight forward, isn't it? Well, the offer went into the bank before Thanksgiving. So that means we are over 6 weeks from the offer date. Knowing that the acceptance of the offer would not...
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By Fred Chamberlin, Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant
(Guild Mortgage Co - Oak Harbor WA)
RATES! WHAT ARE THE RATES? MORTGAGE RATES! THE FED IS INFUSING MONEY! WHAT ARE THE MORTGAGE RATES? DOES IT MAKE SENSE TO REFINANCE MY REAL ESTATE LOAN? HOW CAN I MAKE OUT ON THIS NEWS? Five times in the past year, Mortgage Backed Securities (MBS) have jumped up in price to this level. All of those jumps were short lived and four of them, were followed by dramatic losses in value. What does that mean? It means that we have seen this type of activity before and mortgage rates have dropped in relation to the spike in MBS pricing because it is MBS pricing that determines the price of mortgage rates. Today's precipitous drop in rates was due to the announcement that the US Treasury department was purchasing $600 Billion in Mortgage Backed Securities. Wow! About time! This drop in rates equat...
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By Fred Chamberlin, Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant
(Guild Mortgage Co - Oak Harbor WA)
Sometimes you make your decisions based on total facts, sometimes you make your decisions based on strictly on feelings. In the following post about a sense of urgency, I think that I have put a balance to fact and feeling. Facts are that mortgage rates are low and prices of homes have dropped. My feeling is that rates may drop a bit more and that prices might drop a bit more, but I don't feel that either one will be enough of a change to make waiting worthwhile.   Waiting? Yes, waiting. Why should someone that needs a home wait any longer? And, that is why I posted this on my personal blog today. via Fred Chamberlin, Eugene Loan Guy blog Oftentimes people don't do something until they have a sense of urgency. This carries over to purchasing a home too, not just for experienced home own...
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By Fred Chamberlin, Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant
(Guild Mortgage Co - Oak Harbor WA)
This is Part Three in my series on FHA Real Estate Loans and some things that home buyers and home owners may not be aware of. Today, I am going to discuss the purchase and refinance of manufactured homes with their own land. Manufactured homes on leased land are not eligible for FHA loans in my lending area of Oregon, Washington and California. FHA loans, except for streamline refinances are limited to owner occupied primary residences only. First of all, what is a manufactured home? A manufactured home is one that is built in a factory and transported to the home site in sections. This differs from a modular home that is built on site from factory built pieces, i.e., walls, roof, floors, etc or a site built (stick built) home. It can be single wide or multi wide and still be financeab...
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By Fred Chamberlin, Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant
(Guild Mortgage Co - Oak Harbor WA)
  This is Part Two in a three part series about FHA mortgage loans. Part One talked about the changes in FHA loans going into effect on Jan. 1 and the things that wouldn’t be changing. In this installment, I will cover some credit issues having to do with FHA loans.   FHA mortgage loans do not have a minimum credit score requirement. However, FHA does not make the loans, they insure them. The lenders that make the loans may have different rules. In this case, it is the Golden Rule; he with the gold makes the rule!   Different lenders, because of the above, will have different cut off points for credit score. The lowest credit score that we can use is 550.  There are charges for lower credit score customers, depending on the investor on the loan. If the score is 620 or above, normally, t...
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By Fred Chamberlin, Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant
(Guild Mortgage Co - Oak Harbor WA)
This is part 1 in a series about FHA mortgage loans that affect buyers and home owners in the Eugene and Springfield Oregon area. FHA mortgage lending will undergo several changes on January 1, 2009. Some of them will affect more people than others. The down payment requirement on the FHA 203b and 203c will change from 3.0% to 3.5%. The FHA Secure will go away. The maximum loan amount for Lane County will change from $343,750 to $271,050 for a single family residence. FHA HECM (reverse mortgage) will be available for purchase transactions. Loan amount limit for the HECM will be $417,000, purchase or refinance, in Lane County. Reportedly, builders will no longer be able to steer borrowers to their "in-house" lenders with enticement of paid closing costs they will not give if another lend...
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By Fred Chamberlin, Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant
(Guild Mortgage Co - Oak Harbor WA)
I have come across an interesting website that has the purpose of letting consumers post annomous information about potential loans they are being offered to ask if it is a good deal. Real Estate mortgage information on the site is furnished by other consumers, including first time home buyers, with answers from other consumers, and in some cases by loan consultants. The site is very basic and doesn't have a lot of the bells and whistles that could be used on this type of site. For instance, it would be nice to have a way to contact a poster or responder, but that isn't there. It would be nice if you were notified of a comment on your post, but that isn't there, you need to come back and find out if anyone had something to say. What it does do is allow someone like "Ross858" to ask if h...
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By Fred Chamberlin, Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant
(Guild Mortgage Co - Oak Harbor WA)
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? Now, there are some requirements that will go along with this, but let's talk about what you can accomplish first and then go over some of the things that have to go together. First, I want to use a "real life" example of a home for sale. For this, I have chosen a home listed by Gary Johnson with 7 Gables Real Estate, 541-510-5073. The home is listed for $170,000 and is located at 1202 Quinalt St. It is 3 ...
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By Fred Chamberlin, Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant
(Guild Mortgage Co - Oak Harbor WA)
VA offers an Interest Rate Reduction Refinancing Loan, IRRRL, for veterans with no qualifying on credit or income. (Please note exceptions below) This loan is for the purpose of lowering the veteran's interest rate from one VA guaranteed mortgage loan to another. The new loan must be at a lower interest rate than the existing loan unless the loan being refinanced is a VA Adjustable Rate Mortgage. Generally, no credit, income or underwriting is required to close the loan automatically. As stated above, there are exceptions that will be covered at the end. The IRRRL must have a lower principal and interest (P&I) than the current loan, unless an ARM is being refinanced, the new loan is a shorter term or energy efficiency improvements are included in the IRRRL. The closing costs may be fina...
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By Fred Chamberlin, Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant
(Guild Mortgage Co - Oak Harbor WA)
HUD's new Neighborhood Stabilization Program is designed to provide emergency assistance to local and state governments, like Eugene and Springfield to acquire and redevelop foreclosed properties. As I stated in a recent blog, Bob Briscoe, Eugene Planning and Development Department, announced to our Town Hall meeting that Eugene had recently received over $600,000 and Springfield over $300,000 under this program. The program is for owner occupied or non profit purchases only. Both cities are currently working on program guidelines that will help in the use of this money, possibly in conjunction with existing programs like the FHA 203k Streamline. Preliminary thoughts about the use of the funds will be for owner occupied purchases in targeted areas in both cities. 25% of the funds must b...
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By Fred Chamberlin, Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant
(Guild Mortgage Co - Oak Harbor WA)
Yesterday, Alpine Mortgage Planning held our first Town Hall meeting to discuss changes in the lending environment for Eugene/Springfield Realtors®. The presentation covered conventional financing, including changes in loan to value, credit scores and income documentation; FHA financing, including changes in inspection and appraisal requirements, down payment and the 203k Streamline program; Down Payment Assistance programs and the Oregon Bond Program, including HAP, SHOP and PAL; Cultural Differences from Carmen Ayub specializing in the Hispanic community; USDA Rural Guaranteed program, a true 100% financing program and the new FHA HECM Reverse Mortgage purchase program. I get to thank Eleanor Thorne for the idea for this. She told me of the Town Hall that they did so we decided to sch...
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