Oregon Mortgage News: March 2010

Starter Townhome in Beaverton OR

Close to Parks and Tualatin Hills Nature Park

2Bd/1.5 Bth for $145,000 RMLS # 10019384

15240 SW Jaylee Street, Beaverton OR 97007

 This Beaverton, Oregon Townhome qualifies for FHA Financing

Beautiful 2 bedroom, 1.5 bath townhome close to a many community parks; including Tualatin Hills Nature Park. This Beaverton townhome is close to Farmington Rd and Murray Blvd. Pictures and words do not do this townhome justice.

This is a MUST SEE.

The Beaverton/Alhoa area is an excellent place for first time homebuyers. It has a beautiful, small town feel yet it's in the heart of Washington County. It's close enough to Portland to take advantage of all that Portland has to offer, but far enough away for home prices to be reasonable.

Listed by:

Jim Corbett
Windermere Cronin & Caplan Realty Group, Inc.

Contact Broker

This Beaverton Townhome qualifies for FHA and Conventional financing with as little as 5% down.
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Find out if YOU qualify..

Get Pre-Approved today!!
OR
Local Clients Call: 503-421-0096 or 503-291-6550
Not in the Area? Call: 1-888-660-2842 and Ask for Larry

Use our FREE Search Engine to find your Oregon Home.

 

Fannie Mae HomePath Buyer Incentive for Oregon Foreclosures

Effective for Oregon HomePath properties where the purchase and sale agreement is signed on or after 01/28/2010, Fannie Mae is offering the following sales initiative:

Oregon Buyers will be offered an incentive of up to 3.5% of the final sales price to be used towards one of the following:

• Closing Costs
• The purchase of new Whirlpool appliances by Fannie Mae
• A mix of closing costs and appliances, at the buyer's discretion, up to the maximum 3.5%

To be eligible for the incentive, the following conditions apply:

• The offer must be accepted on or after 01/28/2010
• Property sale must close before 05/01/2010
• Buyer must be an owner-occupant. Second homes are eligible as long as they are owneroccupied (as opposed to second homes where someone is buying a home for someone else to live in: e.g. a parent/child scenario). Investment properties are excluded.

For owner occupied HomePath properties in Oregon, there is currently a 6% seller contribution limit, but those funds can only be used for closing costs. This incentive will allow Oregon buyers some options when negotiating a purchase.  The Fannie Mae announcement can be found here: http://www.fanniemae.com/newsreleases/2010/4923.jhtml?p=Media&s=News+Releases

Additional Information

For those of you who are unfamiliar with the FNMA HomePath product: it is special financing for FNMA REO properties. No appraisal is needed and no mortgage insurance is required, regardless of the LTV. Only certain properties are eligible and can be found at http://www.homepath.com. Renovation mortgages are not eligible.

Call me to get started.

Golf has a few new products that we are offering.  We have come out with a 7/1 ARM for our Premier Tier.  Our Premier Tier is a basic jumbo product intended for high quality loan purchases.  We are also offering a 5/1 and 7/1 ARM product for refinances. 

So contact me for more details about these products and how they can help you make your dreams of homeownership come true.

Have a great week!!

** Subject to Credit Approval** Golf Savings Bank Member FDIC  

I just received notification from the USDA that their funds are set to exhaust by the end of April. Usually, they issue a "Conditional Commitment "subject to receipt of appropriate funds". They are indicating that this year they will not be doing so as they are not certain when additional funding will be available.

So, if you are looking for a home now and planning on using a USDA Guaranteed Rural Home Loan to purchase it, you better act quickly!!

Usually funds run out in September or November and new funding is allocated quickly. The fact that they are running out in April attests to the growing popularity of this program. Congress will allocate new funds, and it might be quickly, but, do you really want to wait?

Call me if you have any questions on this.