No Money Down OR – WA – CA

Posts Tagged ‘urban growth boundary’

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

The Oregon USDA Rural Guaranteed Home Loan limits have been raised for 2009.  Now, home buyers with higher incomes can qualify for a USDA Rural Guaranteed Home Loan in Oregon.  This USDA home purchase program is one of the very few No Money Down Payment programs available. The USDA Rural Guaranteed Mortgage Loan has lower monthly payments than an Oregon FHA Mortgage Loan because it has no mortgage insurance. Be sure and check the chart to have the confidence that your income is within the Oregon USDA Rural Guaranteed Mortgage Income Limits for 2009.  Read More

My Friend and Internet mentor, Danny Thornton has penned an article defending 100% financing that I think is a must read for anyone that thinks that 100% financing does not belong in today’s Real Estate Environment.  The USDA Rural Guaranteed Loan Program and VA 100% financing are two of the very few ways that someone can purchase a home in today’s mortgage environment with no money down. Both are excellent options and should be used whenever it makes sense for the customer to do so.

Please follow this link to read Danny’s article. I don’t think you will be disappointed. Please contact me at 541-342-7576/541-221-3455 (cell) or my e-mail at eugeneloanguy@gmail.com if you have any questions about either program. Read More

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