Archive for the ‘first time home buyer’ Category

(Editior’s Note: Because I believe this information is so important, I am posting it on all three of my mortgage blogs.) The home buyer tax credit will expire on new accepted offers in the Eugene and Springfield area after Friday! There has been a huge surge in home sales leading up to this expiration. New home sales were up 26% nationwide last month and existing home sales were also up significantly. Read More

Recently I have seen examples of USDA Rural Guaranteed Mortgage Loans that were turned down by USDA for reasons that have not been an issue previously to my knowledge. What this points out is that with the increased interest in USDA Rural Guaranteed Mortgage Loans as one of the very few 100% financing options out there, the review process is getting stricter. So, if you are looking for a no money down loan, you should be prepared for the extra scrutiny during the process.  Read More

I am going to be answering some questions that are coming up on My FHA Mortgage Blog over the next few weeks either here or on one of my other two blog sites, FHA Loans and Eugeneloanguy. I am hoping that by answering questions posed by the public we can get better information out there than what we have been seeing on the internet. There are a lot of myths and fallacies on the internet, just take a look at this post to see what I am talking about. This particular question has to do with closing costs and a USDA loan. I hope this series helps. Read More

Since today is Veteran’s Day, I thought I would do a short post about VA Guaranteed Mortgage Loans. We have all heard about the Golden Rule as we were growing up, “Do unto others as you would have them do unto you.” However, when talking about mortgage lending, this time specifically VA Guaranteed Mortgage Loans, the Golden Rule is, “He with the gold makes the rules.” Read More

Last week, Congress voted to extend the First Time Home Buyer Tax Credit for an additional six months for any service member that served at least 90 days overseas. This is an excellent development for our VA Guaranteed Loan clients, not only can you get a mortgage with no down payment, no mortgage insurance, and expanded credit underwriting, but, if they are a first time home buyer, they also qualify for the up to $8,000 tax credit. Read More