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As we head into the busiest time of year to purchase a home, perhaps you thought you wouldn’t be able to qualify for a loan, therefore you put your search on hold? Here are some programs you probably can qualify for.  If you need additional help, give me a call or email, and let’s get started with your search. Or if there is additional financing you would like to know about, I can give you that information too.

Lake Oswego Real Estate Clackamas County Low Income Buyer Purchase Programs

Clackamas Home Buyer Assistance Program

Detail Verified 6/1/2018 – Last Updated 4/10/2018

Clackamas Homebuyer Assistance Program is a zero-percent interest deferred-payment loan for up to $14,000 to help qualified first-time homebuyers pay for down payment and reasonable closing costs.

FHA 203(b) Loan

Detail Verified 6/1/2018 – Last Updated 3/21/2014

A standard fixed rate loan for 1-4 family owner occupied houses with 3.5% down payment.

Good Neighbor Next Door

Detail Verified 6/1/2018 – Last Updated 8/11/14

A program for law enforcement officers, pre-kindergarten through 12th grade teachers and firefighters/emergency medical technicians. They can contribute to community revitalization while becoming homeowners through the Housing and Urban Development (HUD) Good Neighbor Next Door Sales Program. Single family properties owned by Housing and Urban Development (HUD) as a result of foreclosure of Federal Housing Administration (FHA)-insured mortgages and located in a Revitalization Area are eligible for sale through special programs at discounts. These Housing and Urban Development (HUD) programs include the Good Neighbor Next Door. Housing and Urban Development (HUD) offers a substantial incentive in the form of a discount of 50% from the list price of the home. In return you must commit to live in the property for 36 months as your sole residence. Housing and Urban Development (HUD) requires that you sign a second mortgage and note for the discount amount. No interest or payments are required on this “silent second” provided that you fulfill the three-year occupancy requirement.

HUD 203(K) Rehabilitation Loan

Detail Verified 6/1/2018- Last Updated 6/12/12

A government sponsored program designed to allow owner-occupants to obtain one loan for the purchase of residential property (1-4 units) in need of rehabilitation, repair, or and/or modernization. Loans include funds for rehabilitation work.

HUD Streamlined 203(K) Limited Repair

Detail Verified 6/1/2018 – Last Updated 6/12/12

A program that permits homebuyers to finance up to $35,000 into their mortgage for home improvements or upgrades before move-in. Property repairs to be identified by a home inspector or Federal Housing Administration (FHA) appraiser.

Oregon State Bond Cash Adv. Home Loan

Detail Verified 6/1/2018 – Last Updated 11/3/14

A program that helps eligible families increase their home purchasing power and lower their monthly house payments to be affordable. Eligible borrowers receive cash assistance to assist with closing costs.

Oregon State Bond Rate Advantage Home Loan

Detail Verified 6/1/2018 – Last Updated 11/3/14

A program that provides eligible borrowers with the lowest fixed rate possible to maximize their home purchasing power.

Section 184 Indian Home Loan Guarantee Program

Detail Verified 6/1/2018 – Last Updated 1/22/2018

A program that provides home ownership opportunities to Native Americans, Tribes, Tribally Designated Housing Entities (TDHEs), through a guaranteed mortgage loan program available through private financial institutions.

USDA Single Family Housing Guaranteed Loan Program

Detail Verified 5/8/2018 – Last Updated 3/4/15

A loan program that provides up to 100% financing for households with an income up to 115% of the median income for the area. The Guarantee eliminates the need for a down payment. Customers receive 30-year loans with fixed interest rates. Guaranteed Single Family Housing Loans are originated by approved mortgage lenders to assist qualified low to moderate income households in eligible rural areas.

USDA Single Family Housing Direct Home Loans

Detail Verified 5/8/2018 – Last Updated 1/22/2018

Also known as the Section 502 Direct Loan Program, this program provides Single Family Housing loans in rural areas to eligible moderate, low, and very low-income applicants who are unable to obtain credit elsewhere. Under this program, low and very low income applicants may obtain 100% United States Department of Agriculture (USDA) direct financing to purchase and/or repair a home. Payment assistance is available. The amount of United States Department of Agriculture (USDA) subsidy varies based on an annual review of household income. The loan may be to purchase and/or repair existing housing, purchase a building site and construct a dwelling, purchase a newly constructed dwelling, or new manufactured housing. These homes must be owned and occupied by the borrower and be in a rural area.

USDA Single Family Housing Repair Loans and Grants

Detail Verified 5/8/2018 – Last Updated 3/4/15

Also known as the Section 504 Home Repair program, this program offering grants and 1% fixed interest rate home repair loans to very low-income homeowners in rural areas and communities with a population of 35,000 or less. Program funds may be used to improve or modernize a home or to remove health and safety hazards for owner-occupied single-family residences.

Thinking of Selling Your Lake Oswego Home?

Prices are increasing at a fast pace in Lake Oswego. Interest rates are still low and there is a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

SEARCH FOR REAL ESTATE

There are links above to search for real estate.  I have a new website where you can search or you can use my mobile phone app as well. My website and mobile app provide you with access to all listings available on the RMLS™ system regardless of who the listing agent or brokerage may be. Listings are updated frequently throughout the day giving you the information you need, when you need it.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is “hot” here in the Portland metro area and Lake Oswego. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2018. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

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Oregon Financing Update

The job numbers for March give us another indication of where our economy is headed in the short-term. The headline numbers showed 103,000 jobs added and an unemployment rate of 4.1%. While the number of jobs added was disappointing, the report followed a very high number of jobs added for the previous month which was not revised downward. In addition, each month we look at wage growth to see whether inflation is starting to rear its ugly head. March saw wage inflation in line with expectations — a good sign.

The markets are also watching for movements in the labor participation rate, as this measure tells us where there is potential for growth in employment. Even though the headline numbers say that we are at full employment, there are millions who are available to come back into the workforce. When there is more demand for workers, those who are not participating are more likely to become employed, thus raising the labor participation rate. In March, the labor participation rate fell slightly from a five month high and thus there continues to be room for improvement within this indication.

Considering that the markets have turned much more volatile since the first of the year, what do these numbers tell us? To answer that question, we must understand why the markets seem to be uneasy. It is very easy to blame rising interest rates and certainly the movement of rates is a factor. But we must also remember that the markets have had quite a run and there is always a concern as to when the markets might lose some energy. In reality, there are several factors at work and the jobs numbers only serve to put one other factor into the pot which is being stirred enthusiastically this year.

RISING INTEREST RATES – WHERE ARE WE HEADING?

All good things come to an end—even low interest rates on home loans. They’ve been steadily rising and are poised to climb even higher this year. When they do, the cost of buying a home will rise as well. This could make the challenges of today’s buyer’s market even worse for some prospective purchasers—particularly first-time buyers, having to settle for smaller abodes, fixer-uppers (in the real sense, not the TV sense), and homes farther out where real estate is cheaper. Rates on home loans are expected to go up even more as the Federal Reserve raises short-term interest rates.

The new Fed chairman, Jerome H. Powell, says the Fed is likely to gradually increase them this year. It is expected to bump up rates at least three times this year, in 0.25% increments. “For the bulk of buyers, it’s not going to kill their decision to purchase a home. If anything, it will get them off the fence by creating a sense of urgency,” says Rick Palacios Jr., director of research at John Burns Real Estate Consulting. Higher rates are “a kick in the pants for you to start thinking seriously about buying.” “Buyers thought they could wait forever because rates were going to stay low forever,” says Palacios. “They’re starting to realize if they’re going to buy they should probably buy now.” Source: Realtor.com®

There was a lot of flipping in 2017 with 207,088 single-family homes and condos flipped nationwide, 5.9% of all homes sold. It was a 1% rise in flipping year-over-year and meant an 11-year high in volume terms, and 4-year high in share of sales, according to a report from ATTOM Data Solutions. There was also a 10-year high in the number of entities doing the flipping; a total of 138,410 individuals or institutions, up 4% from 2016. Despite the rise, ATTOM’s senior economist Daren Blomquist says that, rather than mirroring the frenzy of just over a decade ago, this was more considered.

“Flippers are behaving more rationally, as evidenced by average gross flipping returns of 50% over the last three years compared to average gross flipping returns of just 31% between 2004 and 2006 — the last time we saw more than 200,000 home flips in consecutive years,” he said. Source: ATTOM Data Solutions

Foreign Investors Coming To U.S.

Residents from other countries are increasingly eyeing U.S. real estate as a good investment, and they’re making up a significant portion of buyers in some markets. But who is coming is changing.

Chinese buyers have been the biggest portion, spending the most of any foreign group on U.S. real estate. They spent $31.7 billion on residential real estate in the U.S. between April 2016 and March 2017, according to the National Association of REALTORS®. But mainland China has since tightened restrictions on how much capital residents can spend outside the country. That has caused some markets to see a drastic decrease of Chinese buyers. “You turn off one faucet, and another one opens,” says Jonathan Genton, the founding partner and CEO of the Genton Property Group. Buyers from other countries have been coming in to fill the gap. For example, Genton is seeing more buyers coming in from Taiwan, Vietnam, and Thailand and more investors from Dubai, Kuwait, Georgia, and Turkey. “

Everyone recognizes the stability and security of the U.S. market more than ever before,” Genton says. “Foreign buyers make up a significant presence in the U.S. luxury market that will only increase as generations come here to study and geopolitical and safety factors continue to play a role,” Shahab Karmely, the CEO of KAR Properties, a New York-based development firm, told Mansion Global. Source: Mansion Global

Thinking of Selling Your Lake Oswego Home?

Prices are increasing at a fast pace in Lake Oswego. Interest rates are still low and there is a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

SEARCH FOR REAL ESTATE

There are links above to search for real estate.  I have a new website where you can search or you can use my mobile phone app as well. My website and mobile app provide you with access to all listings available on the RMLS™ system regardless of who the listing agent or brokerage may be. Listings are updated frequently throughout the day giving you the information you need, when you need it.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is “hot” here in the Portland metro area and Lake Oswego. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2018. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

Economic Commentary

As I have mentioned previously, it has already been a busy year with major storms, wildfires that turned into mudslides, a new tax plan and the in-fighting in Washington seemingly getting worse. And that is just the first month of the year. We end the first month and start the second month with another busy week, at least on the economic front. This week we have the first meeting of the year for the Federal Reserve Board and also the first reading on jobs which contains 2018 data.

Thus far this year it seems that the economy continues to move forward, even without the anticipated effects of the tax plan. Of course, the anticipation itself has fueled much optimism which can be seen in record stock market closes. The performance of the economy is all about optimism. Since the Fed just raised their benchmark rates in mid-December, most analysts are not expecting another increase so soon. However, even if they do not raise short-term rates at this meeting, they will be discussing how much and how quickly they will be raising rates this year.

How much and how fast will depend upon the strength of the economy. And major evidence of this strength will be released a few days after they meet in the form of the January employment report. December’s job gains were a bit under forecast, and thus we will be looking at not only January’s numbers, but revisions to the previous months’ data. A really strong report could move the Fed to raise rates at their next meeting in March. Even if they do not, one thing is certain — unless something happens to derail the economy, their only move is up this year.

Rental Market

Renters are feeling the financial pinch in housing. Median rent across the nation rose 2.6 percent since last December, the fastest pace of appreciation since June 2016, to a median payment of $1,439 per month — the highest median rent Zillow has ever reported. Zillow also noted there was synergy between rent prices and incomes, with the latter increasing 2.5 percent year-over-year. “After about a two-year slowdown, rent growth is starting to pick back up across the nation,” said Zillow Senior Economist Aaron Terrazas. “The slowdown in rental appreciation, combined with consistent income growth, gave renters some reprieve from worsening rental affordability over the past few years. But as rental growth begins to catch up with income growth, affordability will deteriorate, placing a squeeze on budget-constrained renters. Looking into 2018, rent is expected to continue gaining steam in growing employment centers.” Source: Zillow

National Real Estate Market

A vast majority of Americans are confident that they will be able to pay off their home loans and achieve other long-term financial goals, according to the results of an Investor Pulse Poll released by Morgan Stanley. The survey revealed that 91% of respondents believed that they are on track to achieve their long-term financial goals. Paying off a home loan was revealed to be a priority long-term goal for the respondents at 32%. Other top long-term goals were saving for retirement at 35% and transitioning wealth to the next generation at 33%. Slightly fewer millennials, or those between 25 and 35, were confident that they were on their way to reaching their long-term financial goals; 88% of respondents in the age group said they believed they were on track. Their long-term financial priorities were similar with those of all respondents, with 42% saying paying off a mortgage was a top goal. Other priorities were saving for retirement at 44% and paying for the education of a child or grandchild at 35%. Source: Morgan Stanley

American Enterprise Institute’s Center on Housing Markets and Finance Co-director Edward Pinto gave four points he expects to see from the housing market in 2018. Many of his predictions, including low inventory and rising home prices, are shared by other housing experts. However, Pinto forecasted home prices will increase at a faster rate in 2018, while other experts expect they will slow down.

  • The historically tight supply of single-family homes will tighten further in 2018 after hitting a record low in November 2017.
  • The national home price boom that began in mid-2012, will continue, and given the unprecedented low levels of inventory, will even accelerate further:
  • First-time buyers will face even higher home price gains for entry level homes and first-time buyers will continue to take on even more leverage in an effort to keep up with the home price gains on entry level homes. Source: HousingWire

Thinking of Selling Your Lake Oswego Home?

Prices are still increasing in Lake Oswego. Interest rates slowly increasing but there is a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods!

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2018. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

Lake Oswego Real Estate Oregon Financing Update

We had a few housing data points out this past week which are important to note. First off, the FHFA’s monthly Home Price Index provided some further evidence of the continued increase in home prices, even amidst the extreme lack of inventory. The monthly increase for April was .7%, bringing the year-over-year increase to 6.8%. If we take a look at the individual numbers, the best performers continue to be the Mountain (+8.9%), South Atlantic (+8.0%), and Pacific (+7.5%) regions.

In other news, New Homes Sales for May rose by 2.8% to a seasonally adjusted rate of 610k. April’s rate of 569k (-11.4%) was revised up to 593k (-7.9%). Apart from volatility in March and April, primarily due to pretty wild sales swings in the West, new home sales have been on a steady average of 605k per month over the past four months.

In a Thursday interview with the Wall Street Journal, St. Louis Fed President Bullard said he supports beginning the process of trimming the Fed’s balance sheet, however he sees no reason for the Fed’s projected rate path to be so steep. Regarding the balance sheet, Bullard would like the Fed to start the cash flow roll-off “sooner rather than later,” adding “We’ve outlined an approach that is going to be very much a go-slow approach, and so I think we could start the ball rolling. It’s going to roll very slowly anyway.” Addressing the recent inflation weakness, he said, “I’m open to the idea that maybe there was just some noise in there, that’s possible, but it looks more broad-based to me, and now with other corroborating factors like the 10yr yield coming down to low levels, oil prices falling, it just doesn’t look like there’s a lot of price pressure.” This is why he says the 3 hikes-a-year pace the Fed continues to project is “unnecessarily aggressive.”

As we look at the markets, interest rates continue to grind sideways, as equities have seen a slight decline to end the week, while crude prices continue to hover near their lowest levels in ten months. Looking at Treasury yields, the 10yr continues to trade our short-term range of ~2.13-2.22% and we expect this range to continue until the next ‘bigger’ headline hits the newswires.

Our bias remains neutral for the time being, however, technical charts still suggest a trade to lower rates is very possible. A break under 2.13% brings the talks of a 2% yield back to the table. If we see the market consolidate and we trade up through the 2.22% level, you can expect the next line in the sand to come in around 2.30%.

Until we have a bigger headline event, we expect to chop throughout the range with possible tests on either extreme. Looking ahead to this week, we have a healthy mix of Fedspeak, along with a few top tier data points with Durable Good and GDP.

SEARCH FOR REAL ESTATE

There are links above to search for real estate.  I have a new website where you can search or you can use my mobile phone app as well. My website and mobile app provide you with access to all listings available on the RMLS™ system regardless of who the listing agent or brokerage may be. Listings are updated frequently throughout the day giving you the information you need, when you need it.

Thinking of Selling Your Lake Oswego Home?

Prices are increasing at a fast pace in Lake Oswego. Interest rates are still low but are increasing, and there is still a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is “hot” here in the Portland metro area and Lake Oswego. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2018. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is in violation of federal copyright laws.

 

Lake Oswego Real Estate Oregon Financing Update

Oregon Financing Update

What a wild ride this week has been.  New low yields on the 10 year note. Housing Starts fell 5.5% in May, worse than market consensus.  Permits were also weak, dipping 4.9%.  All components showed declines with single family starts off 3.9% with permits for single family off 1.9%.

Part of this is due to a shortage of lots and labor. Jobless Claims fell 8K to 237K with the 4 week moving average now at 243K which were right in line with May. This should produce strength in the June Employment Report.

The Philly Fed Business Outlook fell sharply from 38.8 to 27.6 in June yet the May figure looks like an outlier to us.  New orders continue to hold up at 25.9 versus 25.4 with backlogs rising 5 points to 14.  Solid results out of the Philly market.  The Empire State (NY) Manufacturing Survey jumped from -1 to 19.8 which may be the largest one month jump in the history of the index.

With the Fed and most of the high tier data out of the way for the week, we’re seeing a new range trade developing between 2.08% and 2.18%.  Currently we are testing the upper limit of this range at 2.164%. At the same time, we see the FOMC raising rates by .25%.  They have telegraphed this to the market for months and with 88% of participants expecting it, we see it as a done deal.

We also feel that this will be the last hike this year, forgoing any additional hikes in 2017 given the current state of the economy.

 

SEARCH FOR REAL ESTATE

There are links above to search for real estate.  I have a new website where you can search or you can use my mobile phone app as well. My website and mobile app provide you with access to all listings available on the RMLS™ system regardless of who the listing agent or brokerage may be. Listings are updated frequently throughout the day giving you the information you need, when you need it.

Thinking of Selling Your Lake Oswego Home?

Prices are increasing at a fast pace in Lake Oswego. Interest rates are still low but are increasing, and there is still a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is “hot” here in the Portland metro area and Lake Oswego. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2018. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is in violation of federal copyright laws.

Lake Oswego Real Estate Oregon Financing Update

After equities rebounded in Thursday’s session, we opened Friday morning with most major indices across Asia, Europe, and the U.S. posting more positive results. In turn, Treasury yields have traded back higher, as we close out what has been a rather volatile week. After the continued “political bombs” hit the tape one after the other this week, Friday gave us a bit of breather with an empty-data day.

Looking ahead to next week, the calendar will include a good mix of eco data and Fed activity, primarily starting with Wednesday’s release of the FOMC Minutes, followed by GDP and Durable Goods Orders on Friday.

Interest Rates

Looking at interest rates, it’s probably a little too early to tell what exactly lies ahead in the coming week(s). We think a slight consolidation was justified, especially after seeing such a strong move lower in yields primarily driven off of political headlines. Going forward, we think the market will now work itself more into a “sideways” motion, that is, until the next big headline hits the newswires. We are marking a short-term range for the 10yr at ~2.17-2.26% and we can expect that range to continue into next week. While we see the 2.17% mark as more of a “minimum” target, the larger time frame charts point to a ~1.92% low.

Given all of the crosscurrents in DC, combined with a lot of very mixed economic data on a global basis, we wouldn’t at all be surprised to see another stronger push lower in rates. That said, we all need to be careful with how volatile this market is and how fast it can turn … keep in mind that we are only one headline from going the other direction to higher rates. Bottom line and our current bias, when the market gives you an opportunity, take it and move on.

https://lakeoswegorealestateblog.wordpress.com/

SEARCH FOR REAL ESTATE

There are links above to search for real estate.  I have a new website where you can search or you can use my mobile phone app as well. My website and mobile app provide you with access to all listings available on the RMLS™ system regardless of who the listing agent or brokerage may be. Listings are updated frequently throughout the day giving you the information you need, when you need it.

Thinking of Selling Your Lake Oswego Home?

Prices are increasing at a fast pace in Lake Oswego. Interest rates are still low but are increasing, and there is still a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is “hot” here in the Portland metro area and Lake Oswego. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2018. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is in violation of federal copyright laws.

 

Lake Oswego Real Estate Oregon Financing Update

If we take a quick recap of the past week, there were three top headlines that consumed the newswires. We saw the FOMC statement on Wednesday, the House passing the Health Care Reform Bill on Thursday, and the Non-farm payroll report for April on Friday. Starting with the FOMC on Wednesday, there was little excitement that came from the Official Statement. The Fed Funds rate was left unchanged with no signals of any definite rate hike coming in the June meeting. The Fed did note that the economic data of late has been on the softer side, specifically with consumer spending weakening. Inflation, although still below the 2% target, is still expected to reach that mark within the next 12 months. There were no comments made about the balance sheet reinvestment except that the Fed will continue to buy MBS as they invest the proceeds of the current book. Overall, no real changes out of the Fed and market reaction was overly muted.

Thursday, we saw the House vote and pass the Health Care Reform bill by a vote of 217-213. As expected, the new bill would eliminate many of the provisions of the Affordable Care Act. President Trump promised that premiums and deductibles will be coming down under the GOP plan and said that he feels “confident” the measure will make it through the Senate. Bottom line is that both parties agree that if something is to be done, it’s going to be a long road ahead.

Finally, non-farm payrolls for April were released Friday, showing 211k new jobs. The headline was better than market expectations of a 190k increase. Diving into the number, the government saw a strong showing for April as jobs grew by 17k in that sector. Private payrolls grew by 194k, which was close to market consensus. Looking at revisions, the March report was actually revised even lower on the headline number, down to only 79k new jobs from a previously reported 98k. If we look at the total now between March and April, the data shows a 290k job creation which is back in line with what economists are projecting. To conclude, the unemployment rate surprisingly dropped to 4.4%, average hourly earnings rose .3%, while the average workweek notched up from 34.3 to 34.4. Overall, the April data is unlikely to change any of the Fed’s outlook and does not remove a June rate hike from the cards.

Looking at the market and interest rates, the 10yr note has made its way back toward support around ~2.35/36% this week. A push through that level would suggest yields test a ~2.39%, then ~2.45% level in the week(s) ahead. For us to have a shot at lower rates again in the short-term, 10s would have to see a strong push back through resistance around ~2.24%. Until that time, a defensive strategy is what we continue to suggest, meaning lock in your loans and move on down the road. Looking ahead to next week, the overall schedule is on the lighter side to start us off, but CPI and Retail Sales data will come into play on Friday.

SEARCH FOR REAL ESTATE

There are links above to search for real estate.  I have a new website where you can search or you can use my mobile phone app as well. My website and mobile app provide you with access to all listings available on the RMLS™ system regardless of who the listing agent or brokerage may be. Listings are updated frequently throughout the day giving you the information you need, when you need it.

Thinking of Selling Your Lake Oswego Home?

Prices are increasing at a fast pace in Lake Oswego. Interest rates are still low but are increasing, and there is still a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is “hot” here in the Portland metro area and Lake Oswego. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2018. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is in violation of federal copyright laws.

 

 

Lake Oswego Real Estate FHA Financing Credit Requirements

The busy buying season is here!  If you are thinking of purchasing a new Lake Oswego home or Portland home in any of the metro areas, now is the time to get your financing in order and obtain your pre-approval to buy.

While there are many ways to finance a new home purchase, here is one possibility – an FHA loan.  What is required to get a pre-approval?  Some of the guidelines are below or I would be happy to refer you to one of my experienced loan officers to start your process.  Just give me a call at 503-804-9685.

Credit Requirements for FHA Loans

Good Credit History Makes it Easier to Qualify

FHA loans provide great assistance to many first time home buyers by offering mortgage loans with lower down payments. While this is a benefit for many people, recent changes in policy may have put the loans just out of reach for some would-be homeowners with questionable credit history.

Credit History and Score Requirements

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For those interested in applying for an FHA loan, applicants are now required to have a minimum FICO score of 580 to qualify for the low down payment advantage, which is currently at around 3.5 percent.

If your credit score is below 580, however, you aren’t necessarily excluded from FHA loan eligibility. Applicants with lower credit scores will have to put down a 10 percent down payment if they want to qualify for a loan.

So if you’re planning to buy a Lake Oswego house, and your credit score doesn’t meet the minimum, you should weigh the advantages and disadvantages of putting down a larger down payment or using those funds to try and improve your credit score first.

Benefits of an FHA Loan

The reason why FHA loans are so popular is because borrowers that use them are able to take advantage of benefits and protections unavailable with most traditional mortgage loans. Loans through the FHA are insured by the agency, so lenders are more lenient. Here are a few benefits you can enjoy with an FHA loan:

  • Easier to Qualify

    While most loans exclude applicants with questionable credit history and low credit scores, the FHA makes loans available with lower requirements so its easier for you to qualify.

  • Competitive Interest Rates

    You’ve heard the horror stories of subprime borrowers who couldn’t keep up with their mortgage interest rates. Well, FHA loans usually offer lower interest rates to help homeowners afford housing payments.

  • Lower Fees

    In addition to lower interest rates, you can also enjoy lower costs on other fees like closing costs, mortgage insurance and others.

  • Bankruptcy / Foreclosure

    Just because you’ve filed for bankruptcy or suffered a foreclosure in the past few years doesn’t mean you’re excluded from qualifying for an FHA loan. As long as you meet other requirements that satisfy the FHA, such as re-establishment of good credit, solid payment history, etc., you can still qualify.

  • No Credit

    An FHA loan usually requires two lines of credit for qualifying applicants. If you don’t have a sufficient credit history, you can try to qualify through a substitute form.

For many Lake Oswego home buyers, using an FHA loan can really make the difference between owning your dream house comfortably or turning it into a financial nightmare. The FHA provides a wealth of benefits for applicants that qualify, so make sure you’re making full use of them.

Source:  https://www.fha.com

 

SEARCH FOR REAL ESTATE

There are links above to search for real estate.  I have a new website where you can search or you can use my mobile phone app as well. My website and mobile app provide you with access to all listings available on the RMLS™ system regardless of who the listing agent or brokerage may be. Listings are updated frequently throughout the day giving you the information you need, when you need it.

Thinking of Selling Your Lake Oswego Home?

Prices are increasing at a fast pace in Lake Oswego. Interest rates are still low but are increasing, and there is still a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is “hot” here in the Portland metro area and Lake Oswego. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2018. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is in violation of federal copyright laws.

Here’s a loan program you may not know about. Are you a physician looking to purchase a home?

Lake Oswego Real Estate The Physician Home Loan Program. Are you a Doctor wanting to buy a home?

The Physician Home Loan Program from PrimeLending:
It’s Just What the Doctor Ordered
 

Are you a medical professional and  thinking about buying luxury homes, the Physician Home Loan Program can provide the solution to your jumbo housing needs.
Down payment options as low as 10%*

Loan amounts up to $1.5 million • No mortgage insurance required

Exclusive Benefits for Medical Professionals:

  • Available for first-time and seasoned homebuyers
  • Medical school loans waived from qualifying ratios*
  • Projected income allowed for qualifying purposes**
  • Gifted down payment options available
  • 1-unit, primary residence only
  • Borrowers can close on loan up to 60 days before starting new employment
Since 1986, PrimeLending has stood for strength and commitment to customer care. We’re committed to helping make the dream of homeownership a reality for those who work to help others. You can count on us to listen to your needs and prescribe the loan program that’s best for you.
Get in touch today to learn more about
all the financing options today!

Prime Lending Logo
Donald MacKay
Senior Loan Originator
NMLS: 120906
503.716.3715(direct)
503.975.1532(cell)
866.574.6439(fax)
5800 Meadows Road Suite 160
Lake Oswego, OR 97035
don.mackay@primelending.com
www.MacKayTeam.com

 

SEARCH FOR REAL ESTATE

There are links above to search for real estate.  I have a new website where you can search or you can use my mobile phone app as well. My website and mobile app provide you with access to all listings available on the RMLS™ system regardless of who the listing agent or brokerage may be. Listings are updated frequently throughout the day giving you the information you need, when you need it.

Thinking of Selling Your Lake Oswego Home?

Prices are increasing at a fast pace in Lake Oswego. Interest rates are still low but are increasing, and there is still a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is “hot” here in the Portland metro area and Lake Oswego. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2018. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is in violation of federal copyright laws.

 

FHA Loans IncreaseCurb_Appeal

Lake Oswego Real Estate FHA Loans Increase For More Buying Power

The Federal Housing Administration (FHA) announced the agency’s new schedule of loan limits, and due to an increase in housing prices, most areas in the country will see a slight increase in loan limits in 2017 These loan limits are effective for case numbers assigned on or after January 1, 2017, and will remain in effect through the end of the year.

Portland Metro and Lake Oswego Loan Amounts Rise

The new FHA Loan Limits effective in 2017 rose to $408,250 for a single family home, $522,600 for a duplex (2 family), Tri-Plex (3 family) $631,750 and a 4-family (Fourplex) to $785,100.

A property that consists of more than 4 families, i.e. a 6-plex, is considered a commercial loan.

How FHA Determines Mortgage Limits

FHA calculates forward mortgage limits based on median house prices in accordance with the National Housing Act. FHA’s Single Family forward mortgage limits are set by Metropolitan Statistical Area and county. Loan limits for reverse mortgages are also calculated but these do not vary by MSA or county; instead, a single limit applies to all mortgages in the regardless of where they are originated.

SEARCH FOR REAL ESTATE

There are links above to search for real estate.  I have a new website where you can search or you can use my mobile phone app as well. My website and mobile app provide you with access to all listings available on the RMLS™ system regardless of who the listing agent or brokerage may be. Listings are updated frequently throughout the day giving you the information you need, when you need it.

Thinking of Selling Your Lake Oswego Home?

Prices are increasing at a fast pace in Lake Oswego. Interest rates are still low but are increasing, and there is still a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1978 and have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is “hot” here in the Portland metro area and Lake Oswego. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2018. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is in violation of federal copyright laws.

 

Contact Betty Jung

Betty Jung, Broker
REALTOR®
CRS, GRI, ABR, SRES, CNHSS

MORE Realty, Inc.
14945 SW Sequoia Parkway, #150
Portland, OR. 97224

503-804-9685 Cell

or email:betty@bettyjung.com

"Selling Real Estate Since 1978. There Is No Substitute For Experience!"

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