Oregon HomePath Property Alert for
Multnomah County Oregon

Homepath is a great program that allows homebuyers to purchase Oregon homes owned by FannieMae without an appraisal. Financing is relatively easy.

This program is available for Owner Occupied, Second Home and Investment purchases.

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.  To learn more about financing for Oregon HomePath properties, visit my website at www.PDX-Mortgage.com.

To speak with a Realtor about these properties, or any others, please contact Rick Talbott.

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, or recent changes to Oregon homes that have been on the market.

 

There are new properties that match your search criteria. MULTNOMAH COUNTY LISTINGS - 141 TOTAL 14737 NE MILTON ST PORTLAND, OR 97230 PRICE REDUCED List price: $111,780 1714 NW COUCH ST APT 20 PORTLAND, OR 97209 PRICE REDUCED List price: $86,589 5156 SW MULTNOMAH BLVD # 5156L PORTLAND, OR 97219 PRICE REDUCED List price: $129,900 Great new incentive! 3.5% toward closing costs or appliances for buyers who close before June 30, 2010. Click here for more details >>

Oregon USDA Guaranteed Rural Home Loan

Designed as a resource for low to moderate income homeowners in rural communities, the USDA Guaranteed Rural Home Loan has helped many Oregon families obtain financing for homes not only in rural areas, but also in cities such as Sherwood, Newberg, Wilsonville, Forest Grove, Canby, Coos Bay and Klamath Falls,

While the USDA has guaranteed this loan, the money actually comes from traditional lenders like Golf Savings Bank. We underwrite the loan based on USDA guidelines and then sell it on the secondary market, just like a traditional loan.

One of the most attractive characteristics of the USDA Guaranteed Rural Home Loan is that it is one of the last home loans with 100% financing. I have helped many home owners get into a home with no money down. In fact, they usually are able to get their Earnest Money back as well.

The program also allows for 6% Seller Concessions to help cover the cost of the Buyers Closing Costs. Rates are very competitive with conforming and FHA loans, and there is no monthly mortgage insurance payment.

The two main qualifiers of the USDA Guaranteed Rural Home Loan program are:

1. The Property must be within a qualified area. This is easy to determine based on a USDA online map.
2. The Adjusted Household Income must not make exceed the published income levels for the area. This takes a little more work as it is unique to the USDA.

The loan is undergoing some changes right now. Traditionally, the USDA will provide financing up to 102% of the appraised value of the home. This covers the 2% Guarantee Fee that is mandated by Congress to help repay the cost of this program. Historically, this program runs out of money every year and then is funded again by Congress. Over the last 2 years, the program has exhausted it's funds in the Spring. Last year it was quickly funded, this year, not so. The program is currently out of funds and is awaiting Congressional funding.

There is a Bill before Congress to make the USDA Guaranteed Rural Home Loan self-funding. This will enable the program to continue to exist without the need for Congress to continually allocate for funds. The Rural Housing Preservation and Stabilization Act increases the maximum loan guarantee fee that USDA's Rural Housing Service has authority to charge for new housing purchases from 2.0 to 3.5 percent and allows an annual fee of not more than 0.5 percent per year on the balance of the loan. This will result in a nominal increased monthly payment of around $8 per $100,000 at 5% Interest Rate.

A modified version of the Rural Housing Preservation and Stabilization Act  has been added to  H.R. 4899, the Disaster Relief and Summer Jobs Act of 2010 and will hopefully be voted on soon.

We are still accepting applications based on the 3.5% Guarantee Fee, underwriting them and then putting them in suspense until the USDA gives us further direction.

If you need to close soon, I suggest using an FHA or conforming loan. If you have the luxury of waiting a few more weeks or months, than this is still the best loan on the market if you don't have 20% down payment and you and your property qualify.

I just received the following update from the USDA regarding their popular USDA Guaranteed Rural Home Loan Program.

"Fiscal Year 2010 Appropriated Funds -
 Issuing Conditional Commitments once Appropriated Funds are Exhausted
 
The Single Family Housing Guaranteed Loan Program (SFHGLP) will issue Conditional Commitments once currently appropriated funds for FY 2010 are exhausted.  Conditional Commitments will be issued "subject to the availability of funds and Congressional authority to charge a 3.5 percent guarantee fee for purchase loans and a 2.25 percent guarantee fee for refinance loans." 

The good news is that this means that business moves forward as usual, HOWEVER, note that these Conditional Commitments will be subject to a 3.5% guarantee Fee for purchases and a 2.25% fee on refinances. This might cause some problems with loans that have been submitted with a 2% guarantee fee. Looks like I'm on the phone to get clarification.....