Posts Tagged ‘Eugene/Springfield Oregon’

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

Down Payment Assistance programs, like AmeriDream and Nehemiah, were done away with in August, although there is a movement that is trying to reinstate them. There was a lot of interest in what was going to be available for people that didn’t have money for a down payment at that time. The best 100% loan to value program, or no money down program, to my mind, is a VA loan for those that qualify. Here is what I wrote then:

There is quite a bit of concern regarding the elimination of the Down Payment Assistance programs and almost all other 100% purchase programs, so I want to spend a bit of time highlighting another 100% loan program. To my mind, this is the best 100% loan program, the VA loan. Read More

There are limited ways to buy a home with no money down in today’s mortgage environment. I have discussed VA loans and the USDA Rural Guarantee Loan Program, but there is another way for those of low to moderate income. The two programs outlined below are administered by the Cities of Eugene and Springfield to assist in the purchase of homes for these First Time Home Buyers.

The City of Springfield and the City of Eugene administer programs to help low to moderate income purchasers get into their first home. They are called SHOP and HAP, respectively. This is an acronym for Springfield Home Ownership Program and (Eugene) Homeowner Assistance Program. These assistance programs were created to encourage home ownership in Springfield and Eugene by assisting low income first time homebuyers with their real estate purchase.

The programs are designed to help first time home buyers with the down payment and closing costs in their purchase. A $10,000 interest free, payment free second mortgage is available for this purpose. The loan is accepted by FHA as a viable method of obtaining down payment money and is also accepted on some conforming products. Read More