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Eugene, OR Real Estate News

By Fred Chamberlin, Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant
(Guild Mortgage Co - Oak Harbor WA)
FHA, Federal Housing Administration, is, in my opinion, the main resource of the Department of Housing and Urban Development (HUD). As a lender, they are the part of HUD I most often have dealing with because most other areas are involved in community grants and the like. FHA insured loans come in several varieties, from the most well known, 203(b) to the more obscure 203(h). The 203(b) is used for purchase and refinance in the normal course of affairs. The 203(h) is mortgage insurance for disaster victims. I am going to go through some of the different programs and how they can affect borrowing programs in our area of Eugene and Springfield and Lane County. To begin with, FHA does not make loans, they insure loans. Whether it is a 203(b) or a 203(c), condo loan, FHA gives the lender th...
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By Fred Chamberlin, Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant
(Guild Mortgage Co - Oak Harbor WA)
Got a wonderful, inspirational e-mail today that includes a link to a short movie entitled, "Finish Strong." It is about people that have gone through problems but worked their way back to "Finish Strong." Since the producer said to share it with my friends and family, I couldn't think of a better place than here,  or better people to share it with than with my friends at Active Rain. We are going through adversity right now and it may or may not last for some time in the future, but the important thing is that we persist and preserver and "Finish Strong." Click on the graphic below to view the movie. I hope you enjoy it. I certainly did. Enjoy the music with the movie. Who doesn't like "Eye of the Tiger." I may put it on a continuous loop on my computer just for the music.
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By Fred Chamberlin, Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant
(Guild Mortgage Co - Oak Harbor WA)
NEDCO, Neighborhood Economic Development Corporation, in Eugene and Salem is a non-profit Community Development Corporation that helps neighborhoods and families. NEDCO is a HUD Approved Housing Counseling Agency and has help hundreds of people prepare for home ownership. The Springfield Home Ownership Program and the Eugene Homeowner Assistance Program both require counseling and training prior to receiving one of their no interest loans. I have had my clients attend the course and come away much more prepared for the huge step of purchasing a home. The program they offer is called the "ABC's of Homebuying." It is a one day class designed to help understand the entire home buying process.  They also offer the Threshold Homeownership Education & Counseling Program (http://www.nedcocdc.o...
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By Fred Chamberlin, Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant
(Guild Mortgage Co - Oak Harbor WA)
I have been reading everything I can find about the new housing bill and trying to find out what everything means. How are we going to help all of these people that are upside down in their homes because of falling real estate values? How do we get them into so much better program because of unscrupulous lenders? How do we help them make their payments when they can't now because the rate just went up when their ARM reset? The answer seems to be FHA Secure. The end all, cure all of the Real Estate world. Tie it in with a "Short Sale" refinance and all the troubles are over, right? Not so says this voice from the wilderness. The stories I am hearing is #1, the FHA Secure is not that easy to get. Yes, HUD will insure the loan, but there are a lot of provisions for buyback on that insuranc...
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By Team Thayer Key Realty Group Inc, We will sell your house faster for more money
(Key Realty Group Inc.)
Completely remodeled 20's beauty retains original charm & character. Many parks & rest within walking dist. Includes 1344 sq ft unfinished basement, built-ins & refinished wd flrs. New: vinyl wind, tile flrs in kitch-bths & utility, silestone counters in kitch, cabinets, stainless appliances, paint in & out, heating & air cond, light fixtures, insullation, electrical & plumbing.  This would make a great home office or business. 2538 Sq ft 6 bedroom 2.5 baths,Built in 1925, Price: $574743 Justin Thayer Team Thayer www.teamthayer.com Keller Williams 541-543-7287
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By Thomas Hargreaves
(TriStar Financial Services)
          It has been a long time coming, but baseball is back at the University of Oregon.  Back when I was in High School in the mid 70's, I used to enjoy going to the University of Oregon Baseball games at Howe Field.  Howe Field, located right next to Mac Arthur Court is a centerpeice on the University of Oregon Campus.  From the seats you could see Mac Court as well as the Famed Hayward field, the location for several Olympic Trials.  For years the University of Oregon has been the only team in the Pac-10 conference to not have a baseball team.  Last year the new Athletic Director decided it was about time.         I want to post  a Picture of some of the overhauls that will be happening over the next few years in Eugene, Oregon.  A new Basketball Arena for the Basketball team, and...
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By Fred Chamberlin, Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant
(Guild Mortgage Co - Oak Harbor WA)
  I don't think there is anything that says EXCLUSIVELY EUGENE more than Saturday Market. And, what describes Saturday Market more than a street musician with a fan watching in a tie dye tee shirt?     The Eugene Saturday Market is held every Saturday from April 5 to November 15, rain or shine. The venue is at the intersection of Oak and 8th Streets. It is open from 10 a.m. to 5 p.m. It is the "flavor" of Eugene. Other places, like the small community to our north, Portland, may have Saturday Market, but it definitely isn't Eugene.   Tie dye is (at least by local legend) is EXCLUSIVELY EUGENE and was founded here. True or not, it definitely is an art form here. Colors, colors and more colors are available in tie dye. You really aren't "Eugene" until you have at least one tie dye outfit...
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By Fred Chamberlin, Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant
(Guild Mortgage Co - Oak Harbor WA)
There certainly aren't any of the people reading this posting that has ever spent any time in a bar talking and drinking with the patrons. Since I grew up watching, picking up and waiting for my father in several, I have some experience in the bar mentality phenomenon. It is really amazing the things that you can see when you are alert and not fogged while spending your time in the local watering hole. Of course, sometimes there are things to be said for not noticing what is going on too. One of the first things that I learned at my father's bar stool is: don't play the others guy's game. It became pretty obvious that if someone proposed a bet about something for drinks or the like, the one proposing the bet generally had a reason for suggesting that particular bet. For instance, I knew...
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By Fred Chamberlin, Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant
(Guild Mortgage Co - Oak Harbor WA)
Yesterday marked a pretty bleak day for the Eugene economy. For the news, please check out the following news release: TITLE Hynix Semiconductor Inc. Announces Closure of Eugene Fabrication Plant DATE 2008/07/24 Seoul, July 24, 2008 - Because of short- and long-term market conditions, which include a steep reduction in the price of memory chips worldwide and accelerated technological migration towards next-generation production standards, Hynix Semiconductor Inc. has decided to close its Eugene fabrication facility. The production of the fabrication plant will be eventually stopped by end of September. As part of the deliberations that led to this shutdown, Hynix Semiconductor Inc., the parent company of Hynix Semiconductor Manufacturing America Inc., is seriously considering options to...
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By Fred Chamberlin, Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant
(Guild Mortgage Co - Oak Harbor WA)
I have had something in my craw for some time and it has to do with people that are both Realtor and Loan Officer. I don't know about other states, but in Oregon it is perfectly legal to represent the client as both the Realtor and Loan Officer. If you throw in both listing and selling Realtor, they you really have an interesting mix. I have read posts from Realtors that are concerned about the appearance of conflict of interest when representing the buyer on their own listing and can't begin to understand how they can not be concerned about, at least, the appearance of conflict if they represent the buyer as their loan officer too. Maybe it is just me, but how can this be a good situation? I used to work for a captive mortgage broker (one owned by the Real Estate Company), and there we...
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By Bobby Stevens, Realtor, Eugene, Oregon
(Windermere Real Estate/Lane County)
My life for the last ten years has been punctuated by a series of home improvement projects, and while the results are ultimately satisfying, the process can be filled with surprises (not the good kind), and costly (concealed conditions anyone?). So it is with excitement that I report on one of the most recent enhancements to our century old farmhouse outside of Eugene – exterior accent lighting! My designing wife called from the warehouse store the other day excited about a great value on a brushed nickel yard light set - six etched-glass accent lights and two halogen spots of decent quality for a great price. An hour later I was unloading three cartons from the back of our Subaru and, with the help of our four year old daughter, unwrapping and assembling the contents. It was easy to p...
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By Fred Chamberlin, Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant
(Guild Mortgage Co - Oak Harbor WA)
OK, there are people that will say that I stole this from Jeff Belonger (http://activerain.com/blogsview/600662/-Kiddie-Condo-FHA) and they would be absolutely right. However, Jeff doesn't post to the Oregon sites and this information is just too good not to forward. I have done this in the past and it really works. Thanks Jeff for your hard work on this information. Are you always looking for a great investment?  Do you have any kids going to college or in college, especially the University of Oregon?  Well, don't let the picture to your right scare you. Just as many of us can relate to the movie Animal House and James Belushi, especially in Eugene where Animal House was filmed, we all know that is not what college is about. But, it is darned expensive. How about another way to help pa...
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By Fred Chamberlin, Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant
(Guild Mortgage Co - Oak Harbor WA)
Be careful, I just received this e-mail and I know it is a SPOOF. Sunday, July 20, 2008 5:55 PM From: "service@irs.gov" Add sender to Contacts To: undisclosed-recipients  Over 130 million Americans will receive refunds aspart of President Bush program to jumpstart the economy.Our records indicate that you are qualified to receive the2008 Economic Stimulus Refund.The fastest and easiest way to receive your refund is bydirect deposit to your checking/savings account.Please click on the link and fill out the form and submitbefore July 25th, 2008 to ensure that your refund will beprocessed as soon as possible.Submitting your form on July 25th, 2008 or later means thatyour refund will be delayed due to the volume of requests weanticipate for the Economic Stimulus Refund.T...
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By Fred Chamberlin, Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant
(Guild Mortgage Co - Oak Harbor WA)
HERE'S THE INSIDE SCOOP ON HOW TO DO IT RIGHT!First: make sure you are working with an experienced, professional loan officer. The largest financial transaction of your life is far too important to place into the hands of someone who is not capable of advising you properly and troubleshooting the issues that may arise along the way. But how can you tell?Here are FOUR SIMPLE QUESTIONS YOUR LENDER ABSOLUTELY MUST BE ABLE TO ANSWER CORRECTLY. IF THEY DO NOT KNOW THE ANSWERS...RUN...DON'T WALK... RUN...TO A LENDER THAT DOES!1) What are mortgage interest rates based on? (The only correct answer is Mortgage Backed Securities or Mortgage Bonds, NOT the 10-year Treasury Note. While the 10-year Treasury Note sometimes trends in the same direction as Mortgage Bonds, it is not unusual to see them ...
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By Fred Chamberlin, Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant
(Guild Mortgage Co - Oak Harbor WA)
I have been telling everyone that would listen that "NOW" is the time to buy the house you want. Interest rates are great, prices have leveled off or dropped a bit (in the Eugene area), and even if the price on a $250,000 home dropped another $10,000, a rate change of 3/8 of a percent would make nearly the same payment anyway. Well, we have just seen mortgage bonds fall to their worst levels in 2008. We have also seen rates increase about 3/4 of a percent, instead of 3/8. So, has it done any good to wait? Being an Oregon boy, I was raised to hunt and fish and often watched the sportsman shows on TV. It always amazed me when someone would pass up a 5 point buck because they wanted something bigger. I hunted for food and knew that the 2 point buck was probably better eating anyway. So, w...
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By Fred Chamberlin, Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant
(Guild Mortgage Co - Oak Harbor WA)
I know that as a lender, I always want an accept/eligible (Fannie Mae) or an accept/accept (Freddie Mac) when I submit an FHA borrower for automated (AUS) decision, but that doesn't always happen. So, here are some things to remember about your clients that have to have a manual underwrite: Ratios above 31/43 will cause you problems. Look for a great compensating factor. AUS may give you a 50% approval. Be prepared to explain any gap in employment of more than one month. AUS, 6 months without explanation. Major derogatory credit requires a written explanation. Again, not so with AUS. Consumer Credit Counseling is treated like a Chapter 13 BKO and requires proof of timely payments and permission of the CCCs agency. Not so with AUS, considered part of overall score. Must provide a 12 mont...
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By Fred Chamberlin, Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant
(Guild Mortgage Co - Oak Harbor WA)
OK gang, I want to see lots of responses to this posting. Where do you like to get your lunch? Where do you think the best value for your money is? Who has the best tasting fare? Why??? OK, here are my choices and they are not all inclusive, there may be others. First, for the best value, no place in the area offers a better one than Costco. Where else can you get an all beef quarter pound hot dog and a soda for only $1.50. Plus you can add your own toppings, including sour kraut. So, there is value #1. I think value #2 is also at Costco. You can get a 3 pound rotisserie bar-b-que chicken for only $5.99. Add a bag of chips and you can feed 3 or 4. Or just feed yourself and use the rest to make sandwiches or Caesar salads. Next on my list of great deals with good taste, would be Sukaru i...
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By Fred Chamberlin, Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant
(Guild Mortgage Co - Oak Harbor WA)
I have received comments lately from Realtors about how they read that jumbo loans were hard to get. To this, I have to answer in the affirmative. Jumbo loans are more stringent in their underwriting than they were just about a year ago. The loan to value is lower than it was a year ago. The interest rate is higher than it was a year ago. The number of lenders offerring jumbo loans is lower than it was a year ago. With all of that, the good news is that there are still jumbo loans available. The cut off point for jumbo loans is now different depending on where you live. In Lane County, jumbo loans still start at $417,001. In the Portland and Seattle areas, that number is higher. These areas also have higher FHA limits. But lets talk about jumbo loans in Lane County for now, the only dif...
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By Bobby Stevens, Realtor, Eugene, Oregon
(Windermere Real Estate/Lane County)
In the early days of our nation the practice of Real Estate (along with most other professions) was only minimally regulated. Back then, Real Estate agents typically only represented the interests of sellers. For purchasers of Real Estate it was literally caveat emptor (buyer beware). The industry has come a long way since those days, and the National Association of Realtors (the worlds largest professional association) maintains and enforces a strict code of ethics for its members – known as REALTORS. These ethics, and the supporting standards of practice were created to protect the interests of buyers and sellers of Real Estate. By law, Oregon Real Estate agents must provide a copy of the Oregon Real Estate Agency Disclosure Pamphlet to represented parties at first contact. The agent ...
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By Fred Chamberlin, Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant
(Guild Mortgage Co - Oak Harbor WA)
Many years ago, if you borrowed money from someone, you shook hands on the transaction and that was often the extent of the deal. Then things started to change, not necessarily due to a lack of trust, but in many ways that was the final result. I remember when I started in the mortgage business, back when we used stone instead of paper. Seriously, when I started, I was told that it would only be a few years before the whole process would be paperless. That was a couple of decades ago, so a few years have stretched to a score of years to use Lincoln's terms. The funny thing about this is that there are probably 15 more documents involved with a mortgage loan today than there was back then. So instead of going paperless, we have gone papermore, and there isn't a lot we can do about it. Ho...
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