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Mt. Hood Condo Buyer Info

Thursday, March 19, 2009
by Liz Warren

Interested in purchasing a Mt. Hood Condo? There are some great units for sale at Collins Lake or the Grand Lodges in Government Camp, or Fairway Estates,Clear Hills, and Shadow Hawk in Welches. What you need to know, if you are getting a bank loan is that Fannie Mae and Freddie Mac are changing regulations for mortgage loans on these units.

Here are a couple things you should know:

If the homeowner's are 15% or greater delinquent in homeowners association fees they will not lend on the project.

If 10% or more of units are owned by a single entity, they will not lend on the project.

As of April 1st, if a buyer does not but at least 25% down, they will be paying an extra 3/4% of the loan amount in a closing cost fee to protect against buyer defaults.

Check with the condo association president prior to making an offer or even looking at a project to save time. If the condo unit does not go conventional there may be alternative financing but I am sure it will cost you in a higher interest rate or fees.

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Excellent Mt. Hood Buyer Loan Available!

Saturday, March 7, 2009
by Liz Warren

If you are a buyer looking on Mt. Hood in Welches, Sandy, Brightwood, Rhododendron or Government Camp you should be aware of the USDA loan available for buyers who meet certain income requirements. Although this loan is not available for second homes or investment properties, it is great for a primary home purchaser. Believe it or not, 99% of Oregon is elegible for this rural development loan!

I recently attended a semiar on this program and our area qualifites as a "rural development" area. Here are some of the incredible benefits of qualifying for this loan which makes it even more attractive than FHA or VA financing:

1. 100% financing with a 2% upfront funding fee that can be paid by buyer or seller.

2. No PMI (Private Mortgage Insurance) saving you money every month!

3. You only need a 620 credit score!

4. They only offer one type of loan and this is a 30 year fixed rate loan.

5. No maximum purchase price.

6. No limit to seller concessions or gift funds.

Visit this website for further information.

 

 

 

 

 

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Mt. Hood Homeowners Owing More Than The Value of the Home

Wednesday, March 4, 2009
by Liz Warren

Attention property owners in the Mt. Hood area from Government Camp, Rhododendron, Welches and Brightwood. Are you falling behind on your mortgage payments? Do you owe more than your home is worth? Have you heard of the Homeowner Affordability and Stability Plan? The Obama administration has released information about a government program which will help homeowners refinance or modify their current mortgage.  This is for owner occupied properties only but one does not need to be behind on their mortgage to qualify. 

 

Here is a link to get information

 

 Here is the important part: "Find out if you are eligible"

 

You need to determine if your mortgage is owned by Freddie Mac or Fannie Mae.  The link for Fannie Mae is correct, but the link for Freddie Mac is incorrect and you will spend a great deal of time trying to get Freddie Mac.  Here is the correct link for Freddie Mac to give them information about your name/address etc. They  respond within two days letting you know whether they own your mortgage.

 

Do this RIGHT AWAY because they will be totally inundated with callers trying to get information. You do not need to know your loan number or balance. Do it NOW!

 

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Oregon Association of Realtors Mortgage Deduction Position

Monday, March 2, 2009
by Liz Warren

My previous blog post discusses the Obama mortgage deduction proposal for high wage earners. If you read below you will find the Oregon Associations position to the budget proposal, which was posted today.

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Oregon Takes a Hit

Friday, February 20, 2009
by Liz Warren

First American CoreLogic Inc, which is a company that predicts loan performance for banks, posted a recent report stating that the Oregon real estate market, although relatively stable in comparison to other areas across the nation,  saw some major declines at the end of last year.

Rhode Island, Arkansas, Maine and Pennsylvania were other states which were hit with some declining prices. First American predicts that the declines will continue into 2010.

There are some areas which saw some appreciation though. This list included eleven cities and most of these were back East in New York and Pennsylvania.

 

 

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Mt. Hood Buyers: caution on increased fees coming!

Friday, February 20, 2009
by Liz Warren

Buyers for Rhododendron, Welches, Brightwood and Government Camp homes, get ready for fee increases coming on Freddie and Fannie Mae loans as of April 1st of this year! Now it's going to cost even more to get a loan even with a great credit score and large down payment.

Shades of the 1980's lending requirements are coming! What does that mean, if you have a down payment of less than 25%, even with a good credit score, you will be charged a three quarter point loan fee.

If you have little or low equity in your home and complete a refinance, the lenders plan on charging a 3% fee. Talk about tightening up the credit! This is really a whole new ballgame. The pendulum has gone completely the other way from the free for all of the past couple of years. The message lenders are giving is SAVE SAVE SAVE. Home ownership will become a very coveted item.

Beware! In this type of lending environment an owner of a home should do everything in their power to hang on to it or it could take a VERY long time to be able to buy again.

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Great News for Mt. Hood Investors!

Tuesday, February 17, 2009
by Liz Warren

The credit crisis saw a tightening of investor loans in the fourth quarter of 2008. Fannie Mae said an investor could only have three mortgages. This was extreme and really put the slow down on investors able to enter the market but things are loosening up for investors. As of March 1st this year, Fannie Mae is changing their requirements and investors may have as many as 10 mortgages.

The lending requirements on the borrower is strict. Once the investor has the first four the next ones, five through ten require a credit score of 720, a 75% loan to value, no bankruptcies or foreclosures for seven years, no delinquencies on any mortgage for at least 12 months back and six months reserves required for every property. Yes, these are very strict items but at least it will open up the gate a bit for investors to get back in the game and help buy up foreclosures and other properties!

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Mt. Hood Area First Time Home Buyers

Sunday, February 15, 2009
by Liz Warren

 If you are ready to purchase your first home in the Mt. Hood area from Welches, Government Camp, Rhododendron to Brightwood, you should take advantage of this updated First Time Homebuyer Tax Credit. Here is the revised edition!

 

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Historical Chart of Interest Rates

Wednesday, February 11, 2009
by Liz Warren

Take a look at the chart below provided by Freddie Mac showing the average interest rates over the years. If this isn't the best time to buy a home, I don't know what is!

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$15,000 Possible Tax Break for Home Buyers!

Thursday, February 5, 2009
by Liz Warren

Wow! Is this really happening? There's a possible $15,000 tax break for home buyers in the new stimulus package and the Senate has oked it at this point. Current law gives a $7500 tax incentive for first time home buyers but this new proposal would allow a tax credit of 10 percent of the value of new or existing residences, with  a $15,000 limit.

This pending bill will help get the foreclosure and swelling inventory of homes off the market and will help stabilize home prices. Congress will make their decision in about ten days on this bill so stay tuned.

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Displaying blog entries 361-370 of 400

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