Your Sandy, Oregon Gateway To Real Estate Information & Updates

Maybe we don’t always hear about it, but there is good news in the real estate market these days - even up in rural Sandy, Oregon. :)  Besides the fact that buyers have some great home deals to choose from at this time, there is also good news on the mortgage front.

Let’s first get out the not-so-good news from some.It seems as if there are many people who have misunderstandings about many facets of the current mortgage industry.  Certainly times are different.  Many of the loans people counted on to be there when their loans adjust or are called are simply not around anymore.  To the point, many programs involving investment/rental properties have changed so much or have been eliminated that those that were planning on re-financing these loans can’t do so.  Regarding owner-occupied properties, changes in these programs have eliminated the stated-income loans, non-conforming loans for the most part and cash-out refinances have seen the loan to value (LTV) lowered so that it doesn’t make sense (or they’re unable) to refinance even at today’s lower rates.  Unfortunately, the biggest issue people are facing is a lowering of their homes’ value making their LTV’s even higher than before.

Now for the good news: Today’s interest rates are lower than they have ever been in my lifetime.  Purchase programs are still available such as FHA, conforming 30 year fixed products and there is a wonderful rural program that is available through the government that is the best program on the market today.

The Rural Housing program is offering 100% loans WITHOUT mortgage insurance which is normal for any loan over 80% LTV. These loans are for rural properties and for simplicity, this means anywhere outside of the Portland/Eugene/Salem metropolitan areas.  Areas like Sandy, Estacada, Damascus, Coastal properties, etc. are included in this designation. Once the property is designated as eligible, these loans are relatively easy to qualify for.  There is an income limitation of around $77,710 for all incomes within the household but otherwise this is one of the best products I’ve have been associated with.  The rates are fantastic and as of this writing were around 5% for a 30 year fixed mortgage.  I must clarify that these loans are for home purchases only and one cannot own another residence.

Combining the above program with today’s relatively inexpensive home prices now is one of the best times to purchase a home. Please call if you have any questions and I would be happy to help you take advantage of this wonderful opportunity.

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