Posts Tagged ‘Creswell’

The income limits, as of Monday, for Lane County are: $70,750 for a family up to 4 and $93,400 for a family of 5-8. 8% of the 4 person limit is added for each household member over 8. Additionally, all income for all members of the household is counted when determining the household income. There are some adjustments available and individual income calculations can be done here. To find out if a particular property is in or out of the urban growth boundary, you can check it here. Read More

It is nearly Valentine’s Day, and I know there are people feeling the pinch of a sluggish economy. While waiting for the “stimulus” package from the government, maybe now is the righ time to buy. VA real estate loans are an exceptional way to purchase a home at 100% loan to value but they can also be a salvation on a refinance because they also allow refinance at 100% loan to value, even manufactured homes on land. As a veteran, and a VA Home Loan participant in Eugene and Springfield, Oregon, I believe one of the greatest things the country has done for veterans, is the VA Guaranteed Loan Program. Read More

This was originally published on http://eugeneloanguy.com and covers information about an IRRRL, which is the way for Veterans to lower their interest rate even in a real estate environment where property values are dropping. The IRRRL does not require a new appraisal and all of the closing costs are rolled into the new loan, letting the veteran get a new, lower payment mortgage.

In today’s falling rate environment, it is possible that an IRRRL, VA Interest Rate Reduction Refinancing Loan, would create significant savings for a veteran in their monthly mortgage payment. The only way to find out is to check with a mortgage professional such as me. I would be happy to run the numbers and see if this is something that will save you money on your mortgage. Just because it might lower your payment, is not necessarily the right thing to do. It is always better to see what the cost of the loan will be and how long it will take to recoup those costs. That is where I come in; I will work those costs out for you and give you insight as to what should work for you. Read More

The USDA No Money Down Program works for first time home buyers in most of Lane County, except for the urban areas of Eugene and Springfield. Much of Oregon qualifies for this program which has no loan limit, but does have income limitation. (This was originally published on my other website, http://eugeneloanguys.com.)

The USDA Rural Guaranteed Loan Program is an exceptional vehicle for first time home buyers who often times have trouble coming up with the down payment. The credit crunch keeps some home buyers sidelined because of credit problems, many others with good or adequate credit are able to purchase real estate and get best deals in years, including mortgage programs with no down payment like this! Large portions of Lane County qualify for this program.

This loan program is available right now for Florence, Veneta, Junction City, Cottage Grove, Creswell, Oakridge, Westfir, Swiss Home and Pleasant Hill. The credit guidelines are quite liberal and more people can qualify that may think they can. Read More

Since you don’t need a down payment with the USDA Rural Guarantee Home Loan, why don’t you use the $7,500 tax credit to fix the things you would like to in your new home? The $7,500 tax credit creates a lot of interested in program, especially now as there are some major changes in talks that are included in both the House and Senate version of the Stimulus Bill. First of all, let me stress that there currently are limitations and qualification for this program. The most stringent is that it is available for homes purchased between April 9 of last year (2008) and July 1 of this year (2009). If you miss that window, you miss the tax credit. There is talk extending this window as part of the Stimulus Bill, but nothing has happened yet. There is also talk of expanding the credit to $15,000.

Next, the credit is currently only available to single taxpayers with an Adjusted Gross Income (AGI) of $75,000 or less or married taxpayers with a AGI or $150,000 or less to get the full credit. Lesser credits are available for those making more than the limits listed here. This also might change. Read More