Fall Creek, OR Real Estate News

Pengra Covered Bridge was built in 1938 to carry travelers across Fall Creek to the nearby towns of Jasper and Lowell. The Pengra Bridge contains two of the longest timbers ever cut for a bridge in Oregon. The lower chords measuring 16" x 18" x 126 feet were too large to be run through a mill and had to be rough hewn in the woods. Booth-Kelley Lumber Company cut and transported the timbers to the bridge site by truck where they were resurfaced before being set into place. The bridge was named for B.J. Pengra, a pioneer who eventually became general Surveyor of Oregon in 1862.  It's also known as the Fall Creek Bridge for the waterway that it spans. Pengra Covered Bridge is one of 20 covered bridges in Lane County and 50 covered bridges in Oregon.  Lane County has more covered bridges i...
Comments 6
By Fred Chamberlin, Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant
(Guild Mortgage Co - Oak Harbor WA)
OK, I am going to make some assumptions as to what may happen in relation to the Hope for Homeowners (H4H) vs. a negotiated adjustment in a current mortgage. For this exercise, let's assume the following: •1.       Home was purchased in October 2006 on a 2 year ARM •2.       Price of home was $200,000 •3.       No Down Payment - Current balance is $196,850 •4.       Initial Interest rate is 8.5% •5.       P&I is $1,537.83 •6.       Index is 6 month Libor - Currently at 4.02% •7.       Margin is 6.7% •8.       Current value of home is $180,000 (10% decrease in value) •9.       Current FHA Hope interest rate is 7% (but who knows, I sure don't) •10.   Rate increase next month will go to 10.5% •11.   Payment goes to $1,800.66 or about $263 more per month Under the Hope program, the payoff o...
Comments 0
Explore Fall Creek, OR
Fall Creek, OR Real Estate Professionals