I saw a blog a few months ago with a claw foot tub in the bedroom and thought that was rather strange. Then a client recently contacted my company, The Notably Well-Dressed Home in Eugene OR for an owner-occupied staging where the master bedroom had a vanity and sink in it - with a separate small room for the toilet and shower. When I first walked in the bedroom, my eye was immediately drawn to the white sink and I thought, "how strange". I took some of the emphasis off this 'not so great' feature by placing a green plant on the end of the vanity, closest to the door. Now, as you walk into the room, the first thing you see is the bed and wall decor, taking a bit of the "sting" from the oddly placed vanity. The new online pictures also focus the eye differently. No need to start scratchi... 11/22/2008

I know this is going to be a company by company thing, however, my company has announced that they will not be accepting loan locks on FHA "increased" loan limits after December 5, 2008. This means that any FHA Real Estate Loans going into our system after that date must conform with the 2009 FHA Loan Limits. Since Lane County will be falling under the new minimum FHA Loan Limit of $271,050, from our current limit of $343,750, this will be a reduction of $42,700 in loan amount. At this time, I am not aware of other lenders cut off date for acceptance of the enhanced loan limit. I am sure this information will be forthcoming. I expect most lenders will be following pretty closely to this announcement. Customers on the fence regarding their purchase in this price range should make certain... 11/20/2008

The City of Springfield administers a program to help low to moderate income purchasers get into their first home. It is called SHOP which stands for Springfield Home Ownership Program. This assistance program was created to encourage home ownership in Springfield by assisting low income residents with their first-time home purchase. The Springfield home ownership program is designed to help first time home buyers with the down payment and closing costs in their purchase. A $10,000 interest free, payment free second mortgage is available for this purpose. The loan is accepted by FHA as a viable method of obtaining down payment money and is also accepted on some conforming products. Prospective SHOP recipients are required to complete The ABC's of Homebuying seminar. The course is design... 11/17/2008

I got an interesting e-mail this weekend from the Federal Bureau of Investigation. I was really surprised to find out (according to the e-mail) that they had an AOL address. I guess they needed the SPAM protection. Anyway, the e-mail proceeded to tell me that they had been monitoring an illegal transaction between me and a Nigerian entity. Then gave me instruction on what I needed to do to keep out of trouble with the FBI and help with our national security. Of course, I followed their instructions to the letter (tongue in cheek time) and sent my financial information as soon as I could so that we could capture these bad guys. Really, what I did was forward the e-mail to the FBI which is at FBI.gov, not an AOL address afterall. It is really interesting what one of the last paragraphs ha... 11/17/2008

Inventory, listings, sales, and sale prices decline for the October 2008 reporting period. Each month the RMLS (Regional Multiple Listing Service) publishes market statistics for it's service area. As a Eugene area Realtor I focus on the data for Lane County. Being intimately familiar with these numbers helps me to better serve my clients, both buyers and sellers, in a changing market. For the month of October, total inventory stood at 9.2 months, down from 10.2 in September and up from 7.2 one year ago. This means at the current rate of sales, with no new listings entering the market, it would take over 9 months to sell all of the approximately 2,307 residential properties currently listed. New property listings have decreased 18.5% and closed sales are down 17.2% compared to October 2... 11/16/2008

I got the news yesterday that Frontier Home Mortgage was closing in Eugene. Since they are in the same building as us, that was communicated though the grapevine that all buildings seem to have. I am not sure how long Frontier was in business but I know they were in operation when I started as a lender in Eugene and that was in the Stone Age. They had management change when the owner of the company Jay Dent, a Eugene mortgage pioneer, died a few years ago. Helping with the operation was his son, Mark Dent, and then Mark passed away also. I just wanted to take a moment and say goodbye to a loyal competitor. You will be missed and I am sorry to see you go. Authored by Fred Chamberlin, a senior mortgage consultant, Eugene/Springfield Oregon, 541-342-7576. 11/14/2008

All of us on Active Rain want the Real Estate market to turn around. We want to see homes selling. We want people to be taking out mortgages. But, we also want to have our clients well served by what we do and in this, I want to suggest Cash Flow as a method of determining suitability. By this, I mean if you are a renter or have a renter for a client, is it really a good move for you and them to think of buying in this market. In many cases, the answer is yes. In some, the answer may be no. So, how do you determine the cash flow of a home? One of the easiest tools is the rent vs buy mortgage tool. If you don't have access to one, feel free to give me a call and I would be happy to run the numbers for you. Today, I want to run a few numbers just to give you a clue about this process. Let... 11/13/2008

Fannie Mae and Freddie Mac have announced they are working on a mass loan modification program to rework hundreds of thousands of delinquent mortgages. Loan modifications are a way to bring delinquent mortgages back to producing status from the lenders "toxic" mortgage pool. This came on the news that Citi Group was imposing a moratorium on most "new" foreclosures in an effort to help people stay in their homes. It almost makes me feel like someone was listening to me. I have been saying that the best way to get through this mess was through loan modifications directly with the lenders. Now, maybe we have a chance of that happening. According to Fox Business News, the announcement from Fannie and Freddie are due by 2 p.m. EST. The Wall Street Journal says that the modification effort ha... 11/11/2008

Oregon seniors have a new way of buying property as of January 1, 2009. They will be able to use the FHA Reverse Mortgage Program (HECM).  These loans were authorized by the Housing and Economic Recovery Act of 2008 (HERA). HERA  defines "HECM (Reverse Mortgage) for Purchase" as a real estate purchase where title to the property is transferred to the HECM (Reverse Mortgage) mortgagor, which the mortgagor will occupy as a principal residence, and, at the time of closing, the HECM (Reverse Mortgage) first and second liens will be the only liens against the property." Buyers must also occupy the property in the first 60 days and the FHA case number cannot be assigned prior to Jan. 1. The Reverse Mortgage is only available on completed homes, so construction loans are not available, however... 11/10/2008

To me, it's a thing of beauty when energy conserving "green" alternatives can end up conserving that other green - money! I've been using two pellet stoves to heat my century old farmhouse for over four years now, and while it involves considerably more labor than adjusting a thermostat and writing a check to the power company, I do enjoy the money savings and the satisfaction of using a carbon-neutral heat source to keep my home comfortable. Pellet stoves aren't the only way to conserve resources and cash. This series of articles from This Old House shows how eight homeowners slashed a combined $12,000 off their energy bills. Stay warm!Bobby   11/10/2008

I know there are a lot of reasons for buying a home. I also know there may be a lot more than three for buying now with an FHA real estate mortgage. First time homebuyers could be making a mistake by waiting to purchase their new home. (Maximum FHA loan amount, down payment & tax credit.) Those reasons are: January 1, the maximum loan amount in most areas will be reduced for FHA loans. For instance, in Lane County, the maximum loan amount will go from $343,750 to $271,050. January 1, the minimum down payment on FHA loans will go from 3% to 3.5%. On a $200,000 purchase, this is a difference of $1,000, a significant number if you are already thin on down payment. July 1, 2009, the $7,500 tax credit goes away for first time homebuyers. This credit is temporary, and depending on action of C... 11/09/2008

In my former career as a licensed contractor, I ordered light fixtures for several clients online at csn lighting. I was pleased with the quality of the company's products as well as their customer service, so when they recently offered to author the following piece on the benefits of lighting, I was happy to partner with them and provide the information on my blog: When it comes to putting your house on the market, there's no question that your interior space has got to look its best. But what about your exterior? A poorly landscaped or lit exterior really can make or break a potential sale, which makes sense, considering that first impressions are everything! In a housing marketing as volatile as today’s it's important that you maximize your home's value wherever you can. While the ve... 11/08/2008

HUD has announced the new FHA loan limits for 2009 and they are lower than I expected for Lane County. The new loan limit is $271,050 versus the current "temporary" loan limit of $343,750, a reduction of over $70k. There are a few Oregon counties that have higher loan limits, but the majority of the counties are limited to this same number. $271,050 is the magic number nationwide. To take advantage of the current loan limit, a property must have an accepted offer and an FHA case number assigned prior to the end of the year. Like what happened with the phase out of DPAs, individual lenders may have their own rules. If you, or a client, has been fence sitting about buying in this price range, it is time to get off of the fence and onto the bull. Real Estate is selling well below where it ... 11/07/2008

The following is a news release from the Federal Housing Finance Agency regarding loan limits for conforming loans across the United States. High cost states will continue to be above the maximum but, at least for now, the maximum conforming loan for most of the country will stay at $417,000. High cost areas, which does not include any of Oregon, can be found here. CONFORMING LOAN LIMIT FOR U.S. TO REMAIN $417,000 IN 2009; DIFFERENT LIMITS IN SOME AREAS WASHINGTON, DC - The Federal Housing Finance Agency (FHFA) today announced the conforming loan limit will remain $417,000 for 2009 for most areas in the U.S. but specified higher limits in certain cities and counties. The conforming loan limit is the maximum size of loans that Fannie Mae and Freddie Mac can purchase in 2009. According t... 11/07/2008

I just have a few random thoughts this morning about what is happening right now in our economy. First of all, the election is over and win or lose for your candidate, get over it! We are all Americans, and America needs all of our help, not just the left or the right or the center. That said, lets talk about one of the most troubling reports, at least for me, and that is Consumer Confidence. This report measures the level of confidence individual households have in the performance of our economy now and in the future. A couple of years ago, this number was in the 90s. Now, it has sunk to the lowest level I have ever seen, 38.0! Experts are always making predictions of what some report or another and the prediction for this was 52.0, down from 61.4 the month before. Now, my definition o... 11/06/2008

So, what is a Reverse Mortgage? Maybe, a better, more specific question is: What the heck is a HECM? Well, HECM stands for Home Equity Conversion Mortgage. It is a way for seniors to tap into the equity in their property without taking on payments that will cause them difficulty in the future. The HECM FHA insured reverse mortgage can be used by senior homeowners age 62 and older to convert the equity in their home into monthly streams of income and/or a line of credit to be repaid when they no longer occupy the home. Borrower Requirements:   Age 62 years of age or older   Own your property   Occupy your property as primary residence   Participation in a consumer information session given by an approved HECM counselor Mortgage Amount Based On:    Age of the youngest borrower   Current i... 11/06/2008

JP Morgan Chase, the bank that took over Washington Mutual (WaMu) recently, had announced that it will halt foreclosures for the next 90 days, according to an article in the San Diego Mail today. During this period, the bank will attempt to re-negotiate loans with delinquent borrowers. Since WaMu was big into the "option ARM" program, this is exceptionally good news for WaMu customers. The "option ARM," also known as the "pay option ARM," is a potential negative amortization product that was used extensively through the WaMu retail outlets. The main difficulty with the "option ARM" is that the loan program had a minimum payment that allowed accrued interest to be added to the loan balance each month. As long as property values were increasing, this didn't cause much of a problem, the ho... 11/03/2008

My hard work this summer has translated into a lot of business (and more hard work) this fall. It feels good to be managing 4 pending deals, working with great buyers and sellers, and having the satisfaction of succeeding in a challenging market. I now it's not fashionable to wax positive in our current climate, but I have much to feel good about and I can't resist making a list of the things I'm thankful for: My home, and the good old fashioned 30 year fixed note that allows me to keep it! 20 years of companionship with a wonderful woman. My darling (above average;-), daughter - the second love of my life! My dogs, cats, chickens and the various wild critters we enjoy in our area. My extended family and friends. The opportunity to work with wise and lovely people at a great real estate... 10/29/2008

As we approach Veteran's Day (Nov. 11), I felt the need to pass on some information about VA loans that many people are not aware of. As a veteran, and a VA Home Loan participant, I believe one of the greatest things the country has done for veterans, is the VA Guaranteed Loan Program. One of the little known portions of recent housing changes was Public Law 110-389, the Veterans' Benefits Improvement Act of 2008. This law does three things: EXTENSION OF ADJUSTABLE RATE MORTGAGE AUTHORITY: VA's authority to guarantee adjustable rate mortgages (ARMs) and hybrid adjustable rate mortgages (HARMs) was scheduled to expire on September 30, 2008. Section 505 of Public Law 110-389 extended this authority through September 30, 2012. All VA program requirements related to ARMs and HARMs remain in... 10/27/2008

Last Friday, I had the pleasure of dining at the Red Agave Restaurant prior to attending Hal Holbrook's presentation of Mark Twain at the Hult Center. The ambiance of the restaurant was open without being like a warehouse. The noise level was quite low and we didn't have to shout to be heard. The wait staff was attentive and responsive. Then we come to the food. The Red Agave explains, in their words: "We create a unique cuisine derived from daydreams of Oaxaca, Havana, Buenas Aires and myriad places in between." The restuarant is located just up the street from the Eugene Amtrak Depot at 454 Willamette St. If no other parking is available, there is plenty of pay to park at the depot. We started with an exceptional Caesar Salad with a very tasty dressing. My companion had the Lamb Birri... 10/25/2008