Larry Morris, Oregon Mortgages

2008 was a tough year and 2009 poses to be just as challenging.

Many of my friends, prospects and clients have seen their debt rise, their home equity decrease, their savings/investments decrease, their credit scores worsen and their ability to earn more money decrease. Sounds like you or someone you know?

There is hope, even in these tough times. There are some simple steps that you can take to get your spending in control and make serious headway on your debt.

But first you need to be determined to see change. You need to resolve to do whatever it takes to see your debt eliminated, AND you need a plan. Here are a few steps that you can take.

1) Vision - Write a paragraph or two describing how it feels today to be in your current situation. How did you get here. Were there obvious mistakes that you made? Write a couple more paragraphs about how you would feel to have that debt eliminated, your credit restored and extra money at the end of the month.

2) Budget - Write down your known expenses and try to get a handle on the cash that slips through your fingers. Be brutally honest about the discretionary expenses, you know, food, coffee, soft drinks, smokes, magazines..... this is an area that you will be able to reduce spending in to accelerate debt reduction.

3) Debt Spreadsheet - Get some graph paper or use an excell spreadsheet and add each debt that you have. These are the fixed expenses with a start and stop date. Also include credit cards, but not utilities, or things like that. make sure that you include the balance and the payment. Use the minimum payment, not the amount that you normally send.

4) Debt Reduction - Add up your monthly minimum debt payment ( the total of all your minimum payments) and add any additional funds that you can allocate to pay your debt down. Each month pay the minimum due on all of your bills except one. On that one pay the extra amount. Keep doing that each month until you have paid of one of your bills. Next month you will have additional funds available to be applied to debt. Keep doing that until you are left with just your mortgage. Now you can start applying a good deal towards either savings or the principle on your home.

Years ago I found myself in financial difficulty and did this system. After paying a creditor off, I took that payment the next month and rewarded myself. The following month I applied the funds towards debt.

If this seems complicated, and if you are interested in an inexpensive computerized system that can help you with this let me know. I work with a company that can provide you with a customized printout every month telling you exactly how much to send to each of your creditors. You input the data, they provide the plan.

Included in this plan is EquityTRAX, Life-Lock, Tel-a-Doc and access to many other benefits. One of the perks that I'm enjoying is a $25 rebate each month for spending $100 on gas.

Here's a link to get more information:

Your Debt Free Date - Click on the red bar to see the video, and then click on the right to get a complimentary free personal analysis.

Call me if you have any questions. Larry 503-421-0096

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UPDATE: 1/2/09 1:40 Pacific Time

So far, this appears to be a timely post.

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Way to go ActiveRain!!

Newberg OR Homes Qualify for 100% Financing Under USDA Home Loan Program

It is becoming harder and harder for a Newberg home-buyer to purchase a home, yet there are still many affordable homes if you have a down payment or the advantage of a program that helps you qualify for more home.

Through a litle used federal government loan program, the USDA Guaranteed Rural Home Loan, we are able to offer financing up to 102% of the appraised price on the purchase of a new home. This allows for the purchase price, seller contributed closing costs and the cost of the one time mortgage insurance.

Eligible Persons

• Have an adequate, documentable and dependable income.
• Must be a U.S. citizen or be legally admitted to the United States for permanent residence.
• An adjusted annual household income that does not exceed the published limits for Washington county . Call me for information on the income limits. Income includes the total gross income of the applicant, co-applicant, and any other adult in the household. It excludes certain expenses and adjustments. The larger the family, the more income is acceptable
• A credit history that indicates a reasonable willingness to meet obligations as they become due.
• Demonstrate repayment ability.
  

How to Apply

Click on the following link. Oregon Rural Loans

Homes that Qualify

• Guaranteed loans can be made on either new or existing homes.
• Plumbing, heating, water, waste disposal, and electricity must be certified as adequate and the dwelling must be free from termites and dry rot.
• No restrictions exist on the size or design of the dwelling financed, but must be considered modest.
• Must be a residence, not a farm.
• Dwellings with in-ground swimming pools, are prohibited.
• Homes must be located in rural areas. Rural areas include open country and places with a population of 10,000 or less and, under certain conditions, towns and cities with less than 20,000 population. Call me for a list of additional eligible areas..

Larry Morris is a Certified Mortgage Planning Specialist with American Nationwide Mortgage. in Newberg, Oregon. He can be reached at larry@PDX-Mortgage.net. His website is www.PDX-Mortgage.com. This material is copy protected 2008 by Larry Morris, Mortgage News that Matters. All Rights Reserved His opinions do not necessarily represent the views of Morgan Financial, Inc.

Licensed in: OR, WA.

Sherwood OR Homes Qualify for 100% Financing Under USDA Program

It is becoming harder and harder for a home-buyer to purchase a home, yet there are still many affordable homes if you have a down payment or the advantage of a program that helps you qualify for more home.

Through a litle used federal government loan program, the USDA Guaranteed Rural Home Loan, we are able to offer financing up to 102% of the appraised price on the purchase of a new home in Sherwood, OR. This allows for the purchase price, seller contributed closing costs and the cost of the one time mortgage insurance.

Eligible Persons

• Have an adequate, documentable and dependable income.
• Must be a U.S. citizen or be legally admitted to the United States for permanent residence.
• An adjusted annual household income that does not exceed the published limits for Washington county . Call me for information on the income limits. Income includes the total gross income of the applicant, co-applicant, and any other adult in the household. It excludes certain expenses and adjustments. The larger the family, the more income is acceptable
• A credit history that indicates a reasonable willingness to meet obligations as they become due.
• Demonstrate repayment ability.
  

How to Apply

Click on the following link. Oregon Rural Loans

Homes that Qualify

• Guaranteed loans can be made on either new or existing homes.
• Plumbing, heating, water, waste disposal, and electricity must be certified as adequate and the dwelling must be free from termites and dry rot.
• No restrictions exist on the size or design of the dwelling financed, but must be considered modest.
• Must be a residence, not a farm.
• Dwellings with in-ground swimming pools, are prohibited.
• Homes must be located in rural areas. Rural areas include open country and places with a population of 10,000 or less and, under certain conditions, towns and cities with less than 20,000 population. Call me for a list of additional eligible areas..

Larry Morris is a Certified Mortgage Planning Specialist with American Nationwide Mortgage. in Newberg, Oregon. He can be reached at larry@PDX-Mortgage.net. His website is www.PDX-Mortgage.com. This material is copy protected 2008 by Larry Morris, Mortgage News that Matters. All Rights Reserved His opinions do not necessarily represent the views of Morgan Financial, Inc.

Licensed in: OR, WA.

3.9% of Oregon's 1st mortgages were at least 30 days late and 1.3% of Oregon homes were in foreclosure in the 3rd quarter of 2008 according to an article in today's Oregonian, More Oregonians late on Mortgages by Ryan Frank. While these are alarming figures, the upside is that we are still doing better than most of the rest of the country.

I tried to find information on how many of these homes are owned by senior citizens and was unsuccessful. However, I would imagine that the numbers are high. Many seniors are on fixed incomes and if this income is tied to investments, they have seen a reduction in their assets. Many who were able to live off of the interest from these accounts are now having to withdrawal principle.

One of the areas that we are a little luckier then the rest of the country is.. (click to read on my outside blog)

HUD has recently posted a frequently asked questions regarding the use of a Reverse Mortgage to purchase a home on their web site. As of January 1, 2009, Reverse Mortgages may be used to purchase a home by an eligible senior.

Please keep in mind that the lending limit in Oregon, as well as the rest of the country, for a Reverse Mortgage has been raised to $417,000. This does not mean that you cannot purchase a home with a Reverse Mortgage for more than $417,000, only that the amount that you qualify for will be based on $417,000.

Your actual Reverse Mortgage qualification amount will still be based on your age and property value.

Read the FAQ on my Reverse Mortgage website.

Home Equity Conversion Mortgage for Purchase

Frequently Asked Questions