Archive for the ‘first time home buyer’ Category

There has been some questions as to if you qualify for the $8,000 First Time Homebuyer Tax Credit if you are financing a home purchase with a USDA Rural Guaranteed Loan. The answer to this is: YES, as long as you qualify for the tax credit. 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

Shaun Donovan, Secretary of the U.S. Department of Housing and Urban Development, said that the Federal Housing Administration is going to permit its lenders to allow homeowners to use the $8,000 tax credit as a down payment. According to Secretary Donovan, the FHA’s approved lenders will be permitted to “monetize” the tax credit through short-term bridge loans. For the first time, eligible home buyers will be able to access the funds immediately at the closing table. Read More

Since I have three separate sites, I try to keep the information separate from one to the other, but there are times that the information that I am giving covers the spectrum of not only general lending and community information (http://eugeneloanguy.com), but also FHA loans (http://fhaloansoregon.com) and the no money down arena (http://no-money-down-usda-mortgage.com). That is the case with the President’s new “Making Home Affordable Program” and the updates about financing options that I just posted here.

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