Karen Cooper-Mtg Banker|Broker Ashland|Medford

In December 2007, Fannie Mae instituted a requirement that maximum loan-to-value ratios be reduced for loans they make on properties deemed to be in a declining market area, either by the appraiser or by secondary verification sources such as Moody's/Case-Shiller House Price Index.

Depending on which list you look at, cities in Jackson County, Oregon may or may not be included. Updates are being announced by the lenders, and one lender recently deemed all of California and Florida as declining market areas, but does not list Jackson County, Oregon cities. We may not find out for sure on a purchase transaction until you have located your property and we may run the address through the automated underwriting system.

So what does this mean for the average home buyer? You might need to plan on coming to the table with 5% more of a down payment than you previously planned on if you are going with a conventional loan program. For the home buyer choosing the 100% financing program, you may now need 5% for a down payment; for the 97% home buyer, you may now need 8% down payment; and so on.

More home buyers are choosing FHA financing due to these rapid changes. But, FHA programs are also in the process of being updated with guideline changes headed down the pipeline.

If you have been pre-approved for your financing and are presently shopping for your home, you should check in with your mortgage consultant and verify these changes will not affect you.

See you at the closing table!

Karen Cooper - OR/CA Mortgage Consultant - http://www.quality4loans.com/

UPDATE: As of 6/1/08, MGIC put Jackson County Oregon on their Restricted Markets list. Fannie Mae revised their Declining Value Area requirements, no longer requiring the 5% reduction in maximum loan-to-value ratios for their high-LTV programs. Hopefully the mortgage insurance companies will soon follow suit, so first time home buyers are not required to come up with a minimum of 8% for their down payment.

It was a beautiful day to go sledding, and we weren't the only Southern Oregon residents to think so! We headed off to our favorite sledding hill at Table Mountain Winter Play Area just across from Hyatt Lake. This is one of our favorite family time day trips for many reasons. Only 20 miles from Ashland, Oregon, off Hwy 66 to Dead Indian Memorial Road to the turnoff to Howard Prairie/Hyatt Lake, its location cannot be beat.

The roads are well maintained, although sometimes a little icy with the gorgeous pines in this forest shading the roads. Once you turn off to go up to the snow park, you will traverse .7 miles on top of the packed snow. We attempted it once in our Honda Civic, but even with chains on, could not make the grade once we turned on to the entrance road, so would recommend you take an All-wheel or 4-wheel drive vehicle.

After the fun, we headed over to the restaurant at the Mountain Resort at Hyatt Lake. Whether it is for our traditional post-sledding hot cocoa or for a nice hot lunch, we've always enjoyed the friendly, good service and great food at this restaurant so close to Table Mountain Winter Play Area. This resort also offers Camping Cabins for rent year round from $129-169 per night depending on the size and amenities, and winter Sno-Cat rides. Right next to the many snowmobile, Nordic ski, snowshoe trails here along the Pacific Crest Trail, it has a great location for winter sports enthusiasts.

See you out there!

Karen Cooper - OR/CA Mortgage Consultant - http://www.quality4loans.com/

In this day and age when affordable housing is such a challenge to come by, it is wonderful that Rogue Valley Habitat for Humanity will dedicate two homes in Medford, Oregon on Saturday at 2PM.

What a rewarding day this will be! Not only for the 14 lives about to change with the fulfillment of the American Dream of Homeownership for these two families. There are hundreds of others who were involved in this process, from the hammer swinging or brush wielding volunteers, to the skilled laborers who donated their gifts of framing/ concrete/ asphault/ tree removal/ roofing/ HVAC and more, to the materials donors feeling the call to give to those in need, to the volunteer support in the office and on the Board of Directors, to the dedicated efforts of the employees. And let's not forget the organizations that sent their teams in to help build these two homes as well as their financial support to cover costs not covered by material and labor donations. All were by the side of the Partner families who each put in at least 500 hours of sweat equity on their own homes and for Habitat, and will experience the satisfaction that will come with the completion of a job well done.

One of the two homes was the recipient of a Thrivent Builds grant. This award brings with it not only the financial support contributed by Thrivent Financial and its local Lutheran contributors, but they bring the gift of their labor, too. Hundreds of Thrivent Lutheran members participated in the building of the home that will house a family of 10 members - father, mother, and their eight children. Due to the nature of the zoning for these two homes, it was necessary to build and complete them concurrently. The support of the Rogue Valley - citizens and businesses alike - in stepping up is what makes this program successful.

Rogue Valley Habitat for Humanity is only a couple of weeks away form dedicating two more homes that are about to be completed in Ashland. These two homes were accomplished with the support of the City of Ashland and the Ashland Community Land Trust, both of whom are dedicated to finding solutions to the affordable housing crisis. As with the two homes in Medford, it took the dedicated support and effort of hundreds of community members to bring this project to fruition. Like the families moving in to the two homes in Medford, the 11 lives that will change when they move in to these two new homes across from Garfield Park have been truly blessed.

The Mission of Habitat for Humanity is unlike any other. With the loving support of so many supporters given as a hand up to Partner families being lifted from poverty, comes the elimination of substandard housing. Last weekend, Table Rock Fellowship's teaching pastor, Tom Sabens, announced in services that it is the goal of this church to support local missions. He mentioned a brief conversation he had with a member of Rogue Valley Habitat for Humanity, and in less than a week, members of the congregation at Table Rock Fellowship have pledged the next local Habitat home HVAC, concrete, painting and more - truly God's work. This moves one of the next four homes to be built in the Rogue Valley well on its way.

Thank you fellow Rogue Valley citizens for being a part of changing the lives of our fellow citizens in need. If the lives of the 17 children moving in to these four homes works out as many of the children in the preceding 27 local Habitat homes, the Rogue Valley may look forward to having some more outstanding citizens.

If you would like to be a part of this amazing experience when the two homes in Medford are dedicated Saturday, go to the 800 block of West 11^thStreet in Medford at 2pm and preview these homes while being a part of this incredible day.

See you out there!

Karen Cooper - OR/CA Mortgage Consultant - http://www.quality4loans.com/

With the latest series of snow storms rolling through Jackson County in Southern Oregon, we're dusting off our snow gear and waiting for a window in the storms so we can head out for some snow play. If we draw a circle around Jackson County, Oregon and look for winter playgrounds within 60 miles, the choices available to us for destinations are fabulous!

Table Mountain Snow Play area near Hyatt Lake is one of our favorite places to go sledding/tubing. Only about 25 miles from Ashland, Oregon, it is convenient and the roads are pretty well maintained throughout the winter. This location offers easy access, a great sledding/tubing hill, AND Hyatt Lake'srestaurant nearby for a warm lunch or hot cocoa when we're done. Cross-Country skiers and snowmobilers abound in this area. Just take Highway 66 east from Ashland to the Hyatt Lake turnoff (about 19 miles)

With a straight shot up Highway 62 there are many locations to enjoy. Farewell Bend Snow Play area near Union Creekin the Prospect area has another terrific sledding/tubing hill, as well as access to 35 miles of Forest Service maintained cross country skiing trails in addition to 103 miles of marked snowmobile trails, with access located at 1,000 Springs Sno-Park and the West Diamond Lake Sno-Park.

Crater Lake National Park offers free guided snowshoe hikes throughout the winter for hiker 8 years and older up for a moderate trek in this winter wonderland. Bring your properly clothed and fueled self, and they'll provide the snowshoes.

Diamond Lake is ranked as one of the Northwest's best winter playgrounds, with areas to accommodate many different winter recreations. It is a favorite of snowmobilers, while offering areas for tubing/sledding and miles of Nordic trails.

Beckie's Café is our favorite stopping place for a warm lunch or pie when we are done with our snow play in these areas.

An Oregon Sno-Park permitis required to park at winter recreation sites and are readily available through BLM offices and local retailers.

See you out there!

Karen Cooper - OR/CA Mortgage Consultant - www.Quality4Loans.com

Yesterday was a beautiful January day. We took advantage of a window in the snow to put in a day of skiing at Mount Shasta Ski Resort. We couldn't have asked for better conditions, both on the roads to and from the resort and on the slopes. With a straight route from Interstate 5 up Highway 89 then to the resort, even our Honda Civic Hybrid made the journey without challenge.

Mount Shasta offers a "Guaranteed to Ski" program for first time skiers/boarders that our youngest took advantage of. There is a 90 minute lesson in the morning where the basics are covered, then off to the tow rope lift to practice the new information on the bunny slope. Having mastered the first steps, it was dismissal time to show mom newfound skills before heading off for lunch and a much earned lunch break.

With some sustenance and rest, back out we go to practice new skills before heading over to the next lesson, another 90 minutes. After a bit more practice, the group head off to master the riding of - and disembarking from - the chairlift. Mount Shasta Ski Resort has several great beginning trails and all the program attendees ended their day having traversed down their first 1.25 mile run.

While our youngest was in lessons, I was able to enjoy the more advanced options Mount Shasta Ski Resort has to offer. For a true Intermediate level skier, options are pretty limited, but no complaints here. All in all, we had a wonderful day, and cannot wait to be able to go again and ski together.

Ski you out there!

Karen Cooper - OR/CA Mortgage Consultant - www.Quality4Loans.com