No Money Down OR – WA – CA

Archive for June, 2009

VA Streamline Refinances are such a great deal, I did one myself and I had a great interest rate. My interest rate for a 30 year fixed on my VA loan was 5.5% so you might ask how I could improve on this to make it worth while to refinance. The answer is simple, I went to an adjustable rate mortgage. Read More

The Department of Veterans Affairs (DVA) had specific programs in effect to help VA borrowers in trouble on their mortgage. Additionally, current members of the military with conventional mortgages that were originated prior to the current period of active duty, could be eligible for relief under the Servicemembers Civil Relief Act (SCRA). SCRA could provide lower interest rates, forbearance and prevent foreclosure. Read More

Understanding Adjusted Household Income:

If you check out my previous post, you will see that the USDA sets maximum income limitations based on family size for qualifying for the Oregon USDA Guaranteed Rural Home Loan. However, it is possible that you may have “adjustments” to your income that will help qualify for the Oregon USDA Rural Development Home Loan. Read More

The Oregon USDA Guaranteed Rural Home Loan does not have a maximum loan amount like FHA. This loan depends on your repayment ability and the appraised value of the home you are buying.  We will determine the ratio of your Gross (before taxes) Income to your new monthly Oregon USDA Guaranteed Rural Home Loan payment.  This is referred to as the Front End Ratio and generally like it to be around 29%.  It can go higher if there are compensating factors like a great credit score or extra savings.  There are a number of compensating factors when working on a Oregon USDA Rural Home Loan. However, they must be actual factors and not just a “these are good people and will make their payments,” type of note. Read More