Have you always dreamed of buying a Sunriver Vacation home? Do you need more room than you can afford? This may very well be your answer... newly renovated and ready to be enjoyed - 25% deeded interest in this beautiful Sunriver Home located close to Ft. Rock Park - great location to both main entrance and Cottonwood entrance of Sunriver - at this price these shares should go fast. Make your appointment to see this beauty today.
5 comments • Central Oregon Real Estate | Broker Thesa Chambers, Licensed in Oregon • August 20 2008 12:35AMJeff is a very knowledgeable guy who knows FHA better than anyone I have encountered - I will be adding some of his posts that will help buyers understand the ins and outs of FHA loans and how they work.
As many of you are aware, the mortgage industry has been going through some major changes in the last 6 months. Well, get ready for some more changes. In my honest opinion, many of the changes are for the worst. Sorry, but it's reality and we need to pay attention more than ever.
I am going to list the important changes next. I will list from the most important to least, but based on my opinion.
1. Seller funded downpayment assistance programs - Know as DPA's or Downpayment assistance programs. Seller's can't participate as of October 1st, 2008, unless the borrower is approved prior to this. FHA confirmed the definition of "borrower approved" by stating that cases run through the FHA scorecard, eligibility will be determined by the date of the last scoring time. For manually underwritten loans, the eligibility will be determined by the date of the underwriter's signature on the MCAW or the loan transmittal form. ** Ask your loan officer for definitions in what was just mentioned. ** FYI - Even though the new bill was passed by Congress, Bill HR 3221, there is a new bill that will hit the floor soon to oppose the banning of DPA programs.
2. Cash Investment from borrower - Not only do they kill the DPA program, which helps buyers to purchase a home with little or no money out of pocket, but HUD now raises the cash requirement. The previous requirement was 3% from the buyer and the new investment from the buyer is now raised to 3.5%. FHA should be publishing a mortgagee letter in the next 30 to 60 days and this should go into effect on January 1st, 2009. My opinion? It's tough to save as it is. On a $200,000 property, the buyer will now need an additional $1,000. You will still be able to get 100% gifted to you by a relative and still be able to get 6% seller contributions.
3. Risk base pricing - FHA is going back to the old method of upfront mortgage insurance premiums. The new changes were mentioned here : http://www.fhaloansfhamortgages.com/fha-mortgage-insurance-new-risk-based-pricing-guidelines-effective-07-14-08 So, FHA will be going back to the old method, which is just one calculation. This will go into affect with new FHA case numbers assigned on or after October 1st, 2008.
4. Mortgage Limit Decrease - As many of us know, when the Stimulus package was approved and signed by the president, FHA loan limitswere increased, but only up until December 31st, 2008. The mortgage limits will be lowered in high cost areas to 11% of the area median sales price up to a maximum of $625,000. HUD is still trying to decide whether it is $417,000 across the board, $417,000 "floor" and higher limits in high cost areas or $625,000 across the board.
Overall, as you can see, there are some important changes in the mix. And in my opinion, this will hurt real estate more than help it. But nothing is confirmed until FHA publishes their mortgagee letters to reflect the changes.
For those that of you that want to help save the DPA program, Gerry Suarez wrote this post. http://activerain.com/blogsview/621419/we-have-one-more Please read this and vote, let your government officials know how you feel. Voice your opinion.
4 comments • Central Oregon Real Estate | Broker Thesa Chambers, Licensed in Oregon • August 10 2008 06:07PM
When purchasing a lot to build your dream home there are many things to consider. Most of people will think about where the driveway will go, the septic and well and all the other things that make this property your dream home.
A lot of time and frustration can be saved to know what is expected by the community. Let's say your dream home is a simple small vacation spot which you find the perfect plans for - but it is 950 square feet. You have all your excavation lined out - your builder is on board and you apply for the permits. Then you discover the minimum square footage is 1200 square feet.
Although most of your leg work can still be used for a larger home, you will have to revise your original plans. When writing an offer on a property in Oregon you have a specific amount of time to approve or disapprove of the CC&R's this time frame expires and when it does you have accepted them. To withdraw your offer you must do so in writing. If you have read the CC&R's at the time they are delivered to you... you will know right from the start the minimum square footage allowed in the area you have chosen to be your dream home.
Not all communities have a minimum square footage, but when they do, it is helpful to know prior to putting everything in place for your home. Some communities have a maximum square footage too.
4 comments • Central Oregon Real Estate | Broker Thesa Chambers, Licensed in Oregon • August 10 2008 02:10PM
La Pine has a new pub in town. The locals have been talking about it a lot. Wickiup Station opened a week or two ago. Located right on Hwy 97, and next to the very busy Les Schawb Tires it is very easy to find.
Smoke free and ready to serve the locals and visitors alike, I have not had the opportunity to try this spot just yet. But today when I was picking up clients from having a tire repaired I did spot these locals. Seems they are more interested in the landscaping than what might be offered inside.
There were 3 bucks and a doe that made a quick lunch out of the brand new landscaping.
9 comments • Central Oregon Real Estate | Broker Thesa Chambers, Licensed in Oregon • August 08 2008 11:46PM
Buyers this is for you!!!! This property is not my listing - however, the price, the setting and the finishes of this home is beyond what anyone would expect.
4365 Square foot home on The Big Deschutes River, overlooking Pringle Falls. Over 2000 sq ft of decking to enjoy the outdoor living that we all enjoy.
Kitchen is open, with granite counter tops and a wood burning pizza over. The kitchen, dining room and living room overlook the river and open up to the decking.
Game room is large enough for a bar, shuffle board and a pool table with seating for all your guests too.
2 Master suites and a third bedroom make this a great family retreat. This River Front home is outstanding.... and priced at $499,000 with comments stating will consider all offers...hurry and make your appointment to see it.
9 comments • Central Oregon Real Estate | Broker Thesa Chambers, Licensed in Oregon • August 05 2008 01:34AMContent © 2009 'Frequent Contributors'. Design © 2009 ActiveRain Corp.
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