Eugene, OR

FERRY STREET BRIDGE

New Listings may include properties previously listed by the same or a different brokerage.
Cancellations or Expired Listings may, therefore, by duplicated in the active category.
Pending Sales are those subject to a new sale agreement within the month.
Active Listings are those for sale on the last day of the month.
Closed Listings are those that closed in escrow within the report month.

Realtor Karen Church, www.eugenehomesgal.com , with RE/MAX Integrity in Eugene, Oregon wants to share the Red Cross List of the symptom differences between a cold and the Swime Flu. Keep this list handy and feel free to forward it to your friends and family.

Difference between Cold and Swine Flu Symptoms

Karen Church, your "Go To" gal at RE/MAX Integrity at www.eugenehomesgal.com discusses the question of "How Does the Underwriter View My Credit Score?"

If you are considering a home purchase, it is in your best interest to make every effort to increase your credit score; especially if you know you have issues you should be dealing with. It is often the case that people are not aware of bad marks on their credit record until they apply for financing for a major purchase such as a home or a car.

As part of the loan process a credit report is run. You can take advantage of the opportunity to get a free credit report from each of the three main CRAs: Equifax, Experian and TransUnion. As a sidebar, you can choose to get the free report for all three bureaus at the same time, so you are aware of what information each bureau has collected on you. Another option is to pull your credit report from one agency and reserve the right to get your free reports from the other two CRAs as you work on improving your credit standing.

It is best to have the full overview up front. Different CRAs have different methods of calculating these scores, and may also have different information contained within their findings. If additional reports are needed within a 12 month period from any of the three CRAs, the cost is minimal compared to the potential savings that can be realized by an improved credit score. If you pull your own credit report it will not affect your own score as an inquiry.

The underwriter who is making the decision as to whether or not you should get the loan you are asking for will generally look at the scores generated from all three CRAs. Typically the score will not be the same from all three reports. The underwriter will consider the middle score as a barometer.

If you need guidance in beginning this course, please feel free to call me. I would be happy to refer you to a lender that can help guide you through this process and even assist you in the "how to's" of raising that credit score.

Stay tuned for Part 6: Disputing Errors On the Credit Report.

Realtor Karen Church, your "Go To" gal at RE/MAX Integrity at www.eugenehomesgal.com discusses The Five Factors of Credit Scoring.

Credit scores are comprised of five factors. Points are awarded for each component and a high score is most favorable. The factors are listed below in order of importance.

1. PAYMENT HISTORY - 35% Impact

Paying debt on time and in full has the greatest positive impact on your credit score. Late payments, judgments and charge-offs all have a negative impact. Delinquencies that have occurred in the last two years carry more weight than older item's

2. OUTSTANDING CREDIT CARD BALANCES - 30% Impact

This factor marks the ration between the outstanding balance and available credit. Ideally, the consumer should make an effort to keep balances as close to zero as possible, and definitely below 30% of the available credit limit at least 2-3 months prior to trying to purchase a home.

3. CREDIT HISTORY - 15% Impact

This portion of the credit score indicates the length of time since a particular credit line was established. A seasoned borrower will always be stronger in this area.

4. TYPE OF CREDIT - 10% Impact

A mix of auto loans, credit cards, and mortgages are more positive than a concentration of debt from credit cards only. You should always have 1-2 open major credit card accounts.

5. INQUIRIES - 10% Impact

This percentage of the credit score quantifies the number of inquiries made on a consumer's credit within a twelve-month period. Each hard inquiry can cost from two to twenty-five points on a credit score, but the maximum number of inquiries that will reduce the score is ten. In other words, eleven or more inquiries within a six to twelve month period will have no further impact on the borrower's credit score. Know that if you pull your credit report yourself, it will have no effect on your score.

Remember that the credit score is a computerized calculation. Personal factors are not taken into consideration when a credit report is generated. It is merely a snapshot of today's credit profile for any given borrower. It can fluctuate dramatically within the course of a week.

Stay tuned for Part 4: How Does a Low Credit Score Affect My Interest Rate?

There's been lots of discussion on ActiveRAIN over the last few weeks on the issue of extending and/or expanding the federal $8000 tax credit for "first-time" home buyers.

Now, most of that debate appears to be over. The direction Congress may go is quite clear. They will extend the current credit for six months -- or they will do nothing.

Many ActiveRainers have opposed the whole idea of the credit and any continuation of it. Many have wished for an expansion of the credit: either an increase to $15,000 and/or an expansion of the credit to enable all buyers in all income levels to qualify. Some of us, including me, have advocated a simple extension of the current credit, perhaps with some sort of logical phase-out.

Senator Johnny Isakson (R-GA), a former real estate broker, who authored the original tax credit has had a bill in the legislative hopper that would have both increased and expanded the credit along with extending it for one year.

Last Wednesday, Senator Isaksen joined Senate Majority Leader, Harry Reid and others to introduce a simple six month extension of the current credit.

This was reported on Friday by US News and World Report and today by Inman News Service.

Sen. Johnny Isakson has been quoted as saying: "December through February is historically the worst time for home sales anyway because of the winter months, so with the credit ending November 30, you have a double whammy" on the market."

Mark Zandi, the chief economist of Moody's Economy.com, has estimated a six-month extension would cost the Treasury between $15 billion and $17 billion.

He says that would be money well spent. "If you extended it to mid next year . . . by then the job market will be stable enough that we can allow the tax credit to expire and it won't totally submarine the housing market," he says.

So if you think this is a good idea, you now know what to get behind.

And, if you think this is a rotten idea, you know what to oppose.

May the best side -- that is my side -- win.