Cottage Grove, OR

One of the biggest things stopping people from participating in the American Dream today is the ability to come up with the down payment. While talk of a credit crunch keeps some buyers sidelined because of credit problems, many others with good credit are able to get the best deals in years including programs with no down payment!

The program leading the way in no down payment requirements (for non veterans) is the USDA Rural Development loan. This loan is available right now for Cottage Grove and Pleasant Hill and who better to show you homes in these communities than Lori Palermo with Fairway Real Estate in Springfield.

To qualify for the program (it is income limited), a family of four cannot have a total household income of more than $70,750 per year. That is a pretty liberal guideline.

If you are interested in property in this area and would like to see if the address falls within the USDA "footprint" click here.

So - THE TIME IS RIGHT! We have many properties on the market, we have MONEY TO LEND, and the Federal Government is giving First Time Homebuyers a $7500 tax credit if they purchase prior to next summer!

For more information on USDA loans, and to see if your household income qualifies for this NO PMI loan, please click here. If you want to get the mortgage qualification process started, either call me at 541-342-7576 or fill out an application on line here.

Authored by Fred Chamberlin, a mortgage loan consultant, Eugene/Springfield Oregon

FHA 203(k) Streamline is not what you expect when you hear 203(k). It is not the cumbersome program of old that required a consultant, nor does it require a general contractor. There are limits as to what can be done with the program, but overall, it is great for those "fixer-uppers" that need some cosmetic repair to make it work. MAJOR POINT: it is only for owner occupied properties.

I can help you with this program in Oregon, Washington and California. Give me a call today!

100% financing has become harder to find but there are still a few options available in Oregon. One is, of course, Federal VA but this is open only to veterans and active duty military personnel. A fantastic opportunity to purchase a home for someone that qualifies.

Next would be a FHA loan with some sort of down payment assistance program, of which the only ones currently available are SHOP, HAP and PAL. Unfortunately, HAP and PAL are currently out of money according to recent reports. (Please see previous postings for what these are.)

That brings me to the USDA Rural Guaranteed Housing Program. Not only is this program available to 100% financing, you can actually finance the closing costs in the loan if the appraisal is higher than the purchase price and will go to 102% if the financing fee is included in the loan amount.

Other benefits of this program are:

•· No Mortgage Insurance. 2% funding fee only.

•· Local processing

•· Conventional underwriting

•· Moderate income to qualify. OR County Income Guidelines

•· Much of the state qualifies. OR ineligible areas

•· No maximum loan amount

•· Seller can contribute to closing costs

USDA (United States Department of Agriculture) doesn't make the loans for this program; they offer a guarantee of the loan so that lenders are more secure in the lending. USDA will sign off on the loan after underwriting is complete from the lender, so there is a slightly longer processing time. Pricing is comparable with FHA rates.

Areas of Lane County that qualify for these loans are: Cottage Grove, Creswell, Veneta, Junction City, Oakridge, Florence and many others outside the urban grown boundary of Eugene/Springfield. There is a specific address database on the website that will determine if a property qualifies.

The income qualification for the guaranteed program is quit liberal updated regularly.

Congratulations Mark & Sherry Harris on the purchase of their 1.37 acre 1782 sq ft creek side home on Perkins Creek rd in Cottage Grove for $229000 ($31000 off original asking price) with clean, T & D, whole house and well chemistry. Also for the sale of their home on Ostrander lane for 100% of the sale price!!!!. Thank you for having faith in me! Remember most sales are missed by a few words not a few dollars.

Justin Thayer Team

Thayer Keller Williams Eugene/Springfield

http://www.teamthayer.com

541-543-7287