I just received an email from the USDA regarding the status of Funding. Based on available, unobligated funds, they are looking at Funds exhausting around 5/7/2010. HOWEVER, since there are 2 Bills before Congress, and Congress is very aware of the situation, there is a chance that the USDA will once again issue Conditional Commitments. 

April 27, 2010

 Notice of Funding

 This message is to notify you of the unobligated balances of fiscal year 2010 program funding for the Single Family Housing Guaranteed Loan Program.

 As of April 27, 2010:

Purchase:       $1,046,482,690.77

Refinance:           $84,377,998.61

Total:                $1,130,860,689.38

 We anticipate funding will likely be exhausted by May 7, 2010.  The Administration is aware of our funding shortfall.  Currently two Bills have been introduced in an effort to secure additional funding, H.R. 5003 and H.R. 5017.  The status of this proposed legislation is available to the public online at:  http://thomas.loc.gov/home/bills_res.html.

 Depending upon Congressional activity with the proposed legislation it is possible that the Agency may consider issuing Conditional Commitments.

This is good news. It looks like we will see this resolved soon. Now the question is will there be major or minor changes to this program? Will they affect existing loans with GUS Approvals but no commitment letter?

Only time will tell.

Homepath Property Alert in MULTNOMAH County, OR

Homepath is a great program that allows homebuyers to purchase homes owned by FannieMae without an appraisal. Financing is relatively easy. This is not an all-inclusive list of homes for sale in Multnomah County, but a list of some new homes coming on the market. If you are interested in one of these homes the best place to start is to get pre-approved for financing. Not all lenders are able to offer Homepath financing, so send me an email to get started. lmorris@golfsavingsbank.com.  Or, visit my website at www.PDX-Mortgage.com I work with some of the area's best Realtors and would be happy to give you a recommendation.
This is not an all inclusive list of homes available in Multnomah County. Make sure taht you visit the website for more. MULTNOMAH COUNTY LISTINGS - 127 TOTAL 5910 SE 84TH AVE PORTLAND, OR 97266 NEW 4029 SE 154TH PL PORTLAND, OR 97236 NEW 10905 SW BOONES FERRY RD PORTLAND, OR 97219 NEW List price: $449,900 4621 NE 13TH AVE PORTLAND, OR 97211 NEW 6456 NE 6TH AVE PORTLAND, OR 97211 NEW List price: $199,900 2501 NW 1ST DR GRESHAM, OR 97030 NEW 2246 SE 143RD AVE PORTLAND, OR 97233 NEW 3245 NE 78TH AVE PORTLAND, OR 97213 NEW List price: $165,000 11545 SW 27TH AVE PORTLAND, OR 97219 NEW 6346 SE 26TH ST GRESHAM, OR 97080 NEW List price: $250,000 Great new incentive! 3.5% toward closing costs or appliances for buyers who close before May 1, 2010. Click here for more details >> web: http://www.homepath.com

Homepath Property Alert in WASHINGTON County, OR

Homepath is a great program that allows homebuyers to purchase homes owned by FannieMae without an appraisal. Financing is relatively easy. This is not an all-inclusive list of homes for sale in Washington County, but a list of some new homes coming on the market. If you are interested in one of these homes the best place to start is to get pre-approved for financing. Not all lenders are able to offer Homepath financing, so send me an email to get started. lmorris@golfsavingsbank.com.  Or, visit my website at www.PDX-Mortgage.com I work with some of the area's best Realtors and would be happy to give you a recommendation.
These are just the most recent properties available. More are listed on the Homepath website. WASHINGTON COUNTY LISTINGS - 80 TOTAL 15901 SW SUNDEW DR PORTLAND, OR 97223 NEW 1313 S GINGER CT CORNELIUS, OR 97113 NEW 4665 SW SAUM WAY TUALATIN, OR 97062 NEW 735 SE CENTURY BLVD HILLSBORO, OR 97123 NEW 7294 NE SHALEEN ST HILLSBORO, OR 97124 NEW List price: $237,900 9290 SW 146TH TERRACE UNI BEAVERTON, OR 97007 NEW List price: $81,500 2395 SW 206TH PL BEAVERTON, OR 97006 NEW 20679 SW MARTINAZZI AVE TUALATIN, OR 97062 NEW 1952 NW 143RD AVE # 103 PORTLAND, OR 97229 NEW List price: $119,900 1039 SE LEANDER ST HILLSBORO, OR 97123 NEW Great new incentive! 3.5% toward closing costs or appliances for buyers who close before May 1, 2010. Click here for more details >> web: http://www.homepath.com

Homepath Property Alert in YAMHILL County, OR

Homepath is a great program that allows homebuyers to purchase homes owned by FannieMae without an appraisal. Financing is relatively easy. This is not an all-inclusive list of homes for sale in Yamhill County, but a list of some new homes coming on the market. If you are interested in one of these homes the best place to start is to get pre-approved for financing. Not all lenders are able to offer Homepath financing, so send me an email to get started. lmorris@golfsavingsbank.com.  Or, visit my website at www.PDX-Mortgage.com
I work with some of the area's best Realtors and would be happy to give you a recommendation.
YAMHILL COUNTY LISTINGS - 19 TOTAL 1236 SW FIR CT DUNDEE, OR 97115 NEW 22605 FINN RD SHERIDAN, OR 97378 NEW 127 N MORTON ST NEWBERG, OR 97132 NEW 3709 OAK GROVE ST NEWBERG, OR 97132 NEW 1206 NE EVANS ST MCMINNVILLE, OR 97128 NEW List price: $179,900 346 MONROE ST CARLTON, OR 97111 NEW List price: $120,000 20555 NE SUNNYCREST RD NEWBERG, OR 97132 NEW List price: $464,000 Great new incentive! 3.5% toward closing costs or appliances for buyers who close before May 1, 2010. Click here for more details >> web: http://www.homepath.com

Looking for some simple remodel ideas? There is a helpful article in MarketWatch today that gives some nice tips on how to inexpensively makeover your home. These are good ideas for homeowners, as well as those looking at selling their home.

Included are things as simple as replacing locks and doors, to the high return items like remodeling the kitchen. It's interesting to note that a basic kitchen remodel has a higher rate of return than a major remodel does. The key seems to be to keep it simple.

By remodelling your current home, you might find yourself content to stay put another 5-10 years.

Here's the link to the article. Sensible remodels for a flat housing market. Included is a link to a chart that can help you determine the rate of return on the remodel. Cost vs. Value Report

We offer both the FHA 203k program as well as a One Time Close program that can be used for remodels as well. Call me for details.

Based on a couple of Bills that are before Congress, it looks like we can expect to see the USDA's popular Guaranteed Rural Home Loan program have increased UpFrontMortgage Insurance Fees in the very near future. According to an article in the National Council of State Housing Agencies, two seperate Bills have been introduced to extend funding, AND to make it more self-sufficient. The Bills are in committee.

Since this isn't a simple extension of funding, I would be surprised to see it passed soon. Hope I'm wrong. We also don't know the details. Will they continue to wrap the increased fees into the loan? Will it continue to be 100% financing? Will they continue to allow 6% Seller Concessions?

Here's the full reprint of the article.

"Kanjorski and Capito Introduce Bills to Extend USDA's Rural Home Loan Guarantee Program

On April 14, Congressman Paul Kanjorski (D-PA), Chairman of the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, introduced the Rural Housing Preservation and Stabilization Act of 2010, H.R. 5017.  Housing and Community Opportunity Subcommittee Ranking Member Shelley Moore Capito (R-WV) introduced a similar bill, The Rural Housing Improvement Act,  H.R. 5003, on April 13.  Both bills would allow the Section 502 Single-Family Housing Guaranteed Loan Program to continue this year by increasing the annual commitment authority for the program, which USDA reported earlier this year would be exhausted by the end of April. 

Since this announcement, NCSHA and several other housing groups have been working with Congress and the Administration to extend the program. 

To make the program self-funding and avoid the need for Congress to appropriate more funds for the program this year, Kanjorski's bill would increase the current 2 percent upfront fee to 3.5 percent.  It would also authorize the Secretary of the Department of Agriculture to assess an annual fee of 0.5 percent on the outstanding balance of the loan.  Capito's bill would allow the Secretary to increase the upfront fee to between 3 and 4 percent, based on what fee level would cover the program's costs. 

Both bills have been referred to the House Financial Services Committee.  Committee Chairman Barney Frank (D-MA) stated that he hopes to bring up Kanjorksi's bill for consideration in the Committee as soon as possible.  Congressmen Ruben Hinojosa (D-TX), Paul Hodes (D-NH), Charles Wilson (D-OH), and Joe Courtney (D-CT) are co-sponsors of Kanjorski's bill."
 

It will be interesting to see how they "tweak" this program.