No Money Down OR - WA - CA

Two Types of USDA Rural Home Loans

fchamberlin — Fri, 26 Feb 2010 21:06:23 +0000

USDA Rural Home Loans are extremely popular loans in suburban Lane County Oregon. Primarily because it allows home buyers in qualifying areas to purchase a home with absolutely zero down payment and without the added expense of monthly mortgage insurance. In most cases, the USDA Rural Home Loan is the least expensive loan to obtain and to maintain. There are two types of USDA Rural Home Loans:

Guaranteed USDA Rural Home Loan
USDA Direct Home Loan

Let’s look at the Guaranteed USDA Rural Home Loan first. It allows you to buy in a rural designated area and has a higher income limitation than the USDA Direct loan. It allows for applicants to have a Qualifying Income of up to 115% of the area median household income. There are adjustments that can be made to your Qualifying income. All of our Guaranteed USDA Rural Home Loans are based on 30 year fixed rate loans that carry similar interest rates to an FHA Home Loan.

The USDA Direct Loan is not as common as the Guaranteed USDA Rural Home Loan. One reason is that they carry very strict income limitations for qualifying applicants. You must have a low income (80% of the area median household income) in order to qualify. Applicants also must be without adequate housing and be able to afford the housing payment including taxes and insurance, which can be up to 26% of the applicant’s monthly income.

If you are a low income family with an interest in the USDA Direct loan, you can get more information from the USDA here.

To apply for a Guaranteed USDA Rural Home Loan click on the Get Started tab above or click here. You can also ask a question about Guaranteed USDA Rural Home Loan on Get Started tab. You can also give me (Fred Chamberlin) a call today at 541-342-7576/541-221-3455 cell or make an appointment to see me at the office, Alpine Mortgage Planning, 1200 Executive Pkwy., Ste. 100, Eugene OR 97401. You can also e-mail me. I am here to answer your questions about the USDA Rural Guaranteed Home Loan program.

Two Types of USDA Rural Home Loans is a post from: No Money Down OR - WA - CA

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USDA Rural Guaranteed Home Loan Refinance Changes

fchamberlin — Thu, 11 Feb 2010 23:18:42 +0000

Up until recently, USDA allowed a streamline refinance on Oregon USDA loans for a simple interest rate reduction. That changed in January and refinance of a USDA loan to a new USDA loan in Oregon now requires a complete application, including appraisal to refinance the balance to a lower interest rate. This change will make it more difficult for those owing more than the property value to take advantage of today’s interest rates.

Refinances can still be accomplished, but a new appraisal will need to be done to get it done. If you are interested in refinancing your Oregon USDA loan and have equity in your property, give me (Fred Chamberlin) a call today at 541-342-7576/541-221-3455 cell or make an appointment to see me at the office, Alpine Mortgage Planning, 1200 Executive Pkwy., Ste. 100, Eugene OR 97401. You can also e-mail me. I am here to answer your questions about the USDA Rural Guaranteed Home Loan program.

USDA Rural Guaranteed Home Loan Refinance Changes is a post from: No Money Down OR - WA - CA

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VA Loans Excellent Choice for Jumbo Purchases

fchamberlin — Tue, 19 Jan 2010 22:16:48 +0000

How can you buy a home in the Eugene or Springfield are that is priced over $500,000 with less than 20 per cent down? One of the best ways, to my thinking is a VA Guaranteed Home Loan. I know that most often we think of VA loans as not requiring a down payment and that is true if the purchase price/loan amount is below $417,000 in Eugene/Springfield, Lane County Oregon. That changes when you purchase a home for over $417,000 in our area, all of a sudden a down payment is required.

The down payment requirement for loans over the $417,000 amount is equal to 25% for the amount over $417,000. This means that if you are buying a home for $517,000, the down payment requirement would be $25,000 (25% X $100,000). Even with the funding fee, this is still a cheaper loan than trying to get jumbo (loan over $417,000) financing which is not available with 5% down. However, to make the deal even sweeter, if you would put $25,850 down on the purchase, the funding fee is also reduced. The VA Guaranteed Home Loan is, to my thinking, one of the best benefits we have for our veterans.

VA loans have a lot of advantages, one often overlooked is for financing jumbo loans with minimal down payments. In a market place where large homes are not moving quickly, now may be the time to make the move to the dream home using a VA Guaranteed Home Loan. Give me (Fred Chamberlin) a call at 541-342-7576/541-221-3455 cell or e-mail me and let’s discuss your possibilities. Alpine Mortgage Planning is located at 1200 Executive Pkwy., Ste. 100, Eugene OR 97401.

VA Loans Excellent Choice for Jumbo Purchases is a post from: No Money Down OR - WA - CA

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