Financing the buying of a home in the Salem Oregon metro area.

Tax Credit Update for Home Buyers

$7500…$15,000…$8,000… I didn’t write about the tax credit before because it seemed to change by the hour as to what it would finally look like. Here is what is written in the full summary provided by the House Ways and Means Committee… The 10% tax loan with a maximum of $7500,  from last year,  will…

New loan program brings opportunities for investors here in Salem Oregon

I was reading Eugene Loan Guy, Fred Chamerlain’s blog today, and he was talking about a new loan program called HomePath for Fannie Mae homes. For folks wanting to build remodeling money into their mortgage there has always been the FHA streamline and regular FHA rehab loans, as well as renovation loans available through conventional…

I’m naming names…

Any real estate agent that has worked with a buyer doing a VA (Veteran’s Administration) loan can tell you that they are not always the smoothest of transactions. I won’t go into details… Oregon is fortunate that we have the ODVA loan program. The Oregon Department of Veteran’s Affairs has an amazing loan program for…

The bailout plan vs. the economist

I haven’t been blogging this past week as I have been trying to stay on top of the bailout in order to help my clients with their current choices. With so much political spin, it is tough to figure out what makes sense for many people. Buyers and sellers are asking…”so exactly how does this…

First time Homebuyer Tax Credit

Travis Newton, a local Salem area mortgage broker, emailed me this nice little chart with the information about the Tax Credit. It was nice and simple, so I thought I would share it with you. Feature : H.R. 3221 Housing and Economic Recovery Act of 2008 Amount of Credit: 10% of the cost of the…

Rethinking the consequenes

You’ve all read about it. Buy and Bail. Walkways. It’s all over the news. For those considering these ideas here in Salem…have you really thought it through. In the buy and bail scenario, a homeowner with good credit purchases a second home and then lets the first home go into foreclosure. With their good credit…

100% financing will be gone soon…

100% financing allowed many home buyers to get into homes in the past few years. With the mortgage markets in turmoil and home prices plunging, banks are having to go back to more conservative methods of lending in order to maintain liquidity. After March 31st, no MI company including MGIC, PMI, RMIC, Radian, UG or…