Oregon Mortgage News: December 2008

 Sherwood OR Homes Qualify for 100% Financing Under USDA Program

It is becoming harder and harder for a home-buyer to purchase a home, yet there are still many affordable homes if you have a down payment or the advantage of a program that helps you qualify for more home.

Through a litle used federal government loan program, the USDA Guaranteed Rural Home Loan, we are able to offer financing up to 102% of the appraised price on the purchase of a new home in Sherwood, OR. This allows for the purchase price, seller contributed closing costs and the cost of the one time mortgage insurance.
 

Eligible Persons

• Have an adequate, documentable and dependable income.
• Must be a U.S. citizen or be legally admitted to the United States for permanent residence.
• An adjusted annual household income that does not exceed the published limits for Washington county . Call me for information on the income limits. Income includes the total gross income of the applicant, co-applicant, and any other adult in the household. It excludes certain expenses and adjustments. The larger the family, the more income is acceptable
• A credit history that indicates a reasonable willingness to meet obligations as they become due.
• Demonstrate repayment ability.
   

How to Apply

Click on the following link. Oregon Rural Loans

Homes that Qualify

• Guaranteed loans can be made on either new or existing homes.
• Plumbing, heating, water, waste disposal, and electricity must be certified as adequate and the dwelling must be free from termites and dry rot.
• No restrictions exist on the size or design of the dwelling financed, but must be considered modest.
• Must be a residence, not a farm.
• Dwellings with in-ground swimming pools, are prohibited.
• Homes must be located in rural areas. Rural areas include open country and places with a population of 10,000 or less and, under certain conditions, towns and cities with less than 20,000 population. Call me for a list of additional eligible areas..

Larry Morris is a Certified Mortgage Planning Specialist with American Nationwide Mortgage. in Newberg, Oregon. He can be reached at larry@PDX-Mortgage.net. His website is www.PDX-Mortgage.com. This material is copy protected 2008 by Larry Morris, Mortgage News that Matters. All Rights Reserved His opinions do not necessarily represent the views of Morgan Financial, Inc.

Licensed in: OR, WA.

3.9% of Oregon's 1st mortgages were at least 30 days late and 1.3% of Oregon homes were in foreclosure in the 3rd quarter of 2008 according to an article in today's Oregonian, More Oregonians late on Mortgages by Ryan Frank. While these are alarming figures, the upside is that we are still doing better than most of the rest of the country.

I tried to find information on how many of these homes are owned by senior citizens and was unsuccessful. However, I would imagine that the numbers are high. Many seniors are on fixed incomes and if this income is tied to investments, they have seen a reduction in their assets. Many who were able to live off of the interest from these accounts are now having to withdrawal principle.

One of the areas that we are a little luckier then the rest of the country is.. (click to read on my outside blog)