Yamhill County, Oregon is a special place. It has some of the most beautiful real estate in Oregon. While most of Yamhill County is rural with stunning vistas, it is also within an easy drive to Portland, with everything a big city has to offer. Drive the other direction and within an hour you are at the Oregon Coast.

McMinnville is the county seat and home to Linfield College and the Evergreen Air Museum. Newberg is the next largest town, and home to George Fox University. Yamhill County is world re-known for it's wine industry, rivaling Napa, Ca in quality.

If you are looking at purchasing a home in Yamhill County, you will find both opportunities and challenges.

Yamhill County Loan Programs

USDA Guaranteed Rural Home Loan - One of the best opportunities for home loan financing is that all of Yamhill County, except for the city limits of McMinnville, qualify for financing through the USDA Guaranteed Rural Home Loan program. The USDA Guaranteed Rural Home Loan is a special government insured home loan program for qualified borrowers with no down payment. For more information on the USDA Guaranteed Rural Home Loan for Yamhill County Click Here.

We are one of the Northwest's largest providers of USDA Guaranteed Rural Home Loans.

Hobby Farms - One of the challenges in financing a home in Yamhill County is that many of the rural properties have acreage and a small income producing component. Tax Code may allow for a tax break if a portion of the land is kept in production. i.e. raising a few cows, renting a stall out for a horse, or growing grapes. (Please consult a CPA or Real Estate attorney as I am neither).  Most lenders will not accept a loan with Schedule E income from the property.
 

We have 3 solutions for financing a Yamhill County Hobby Farm.

• If the loan is under $417,000 we may have the ability to get a variance from Fannie Mae to allow for a small amount of income to be derived from the property. The key is that it cannot be a farm.
• We also have an Industry leading Portfolio loan that goes up to $1.5 million with extremely competitive rates. Since it's our money and we service the loan, we will use common sense underwriting to assess the risk.
• We can also broker the loan to several lenders who specialize in rural properties.

HOMEBUYER TAX CREDIT CLOSING DEADLINE EXTENDED

From CMLA: After a close brush with the deadline, Congress has passed an extension of the Homebuyer Tax Credit closing deadline, the Homebuyer Assistance and Improvement Act (H.R. 5623). The extension applies only to transactions that have ratified contracts in place as of April 30, 2010 that have not yet closed.

The legislation is designed to create a seamless extension the new closing deadline for eligible transactions is now September 30, 2010. There is will be no gap between June 30 and the date the President signs the bill into law. CML America worked closely with Congressional leaders on both sides of the aisle to enact this important legislation. Extending the Tax Credit Closing deadline will help provide additional stability to the housing market across the nation.

Additionally, the United States Senate has passed the National Flood Insurance Program Extension Act of 2010 (H.R. 5569) an extension of the National Flood Insurance Program until September 30, 2010. This will allow transactions to move forward. The bill is retroactive and covers the lapse period from June 1, 2010 to the date of enactment of the extension.

Oregon HomePath Property Alert for
Yamhill 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.   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 Yamhill County, but a list of some new homes coming on the market under the HomePath program, or recent changes to Oregon homes that have been on the market.

	Sun, Jun 13, 2010 at 12:38 PM
YAMHILL COUNTY LISTINGS - 17 TOTAL 310 S HEMLOCK ST YAMHILL, OR 97148 NEW List price: $155,900

Oregon HomePath Property Alert for 
Washington 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.  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. Rick is an expert at representing homebuyers and will help structure the best deal for you.

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

	Mon, Jun 14, 2010 at 12:37 PM
WASHINGTON COUNTY LISTINGS - 81 TOTAL 7514 SW BARNES ROAD PORTLAND, OR 97225 PRICE REDUCED List price: $99,000

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

	Sun, Jun 13, 2010 at 12:38 PM
MULTNOMAH COUNTY LISTINGS - 127 TOTAL 3707 SE 42ND AVE APT C PORTLAND, OR 97206 NEW 1367 SW EDGEFIELD MEADOWS TER TROUTDALE, OR 97060 NEW

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.....

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