Rural Guaranteed Housing Loan

Are you thinking about buying a home with no down payment?  The Rural Guaranteed Housing Loan may be for you!

The USDA has specific guidelines as to income limits, location and property type that can qualify for the Rural Guaranteed Housing Loan.

Don't miss an opportunity to buy a home in this excellent housing and interest rate market.

Please contact David Wood or Ann Shipley at 503-385-1791 for further information.

FHA Mortgage Insurance Rates to Change

Effective April 1st, FHA will increase the Upfront Mortgage Insurance Premium from 1.00% to 1.75%. The Annual Mortgage Insurance Premium will change from 1.15% to 1.25% for loans greater than 95% of the sales price. For loans 95% or less of the sales price, the change will be from 1.10% to 1.20%.

The change was made by HUD (Housing and Urban Development) to increase the funds needed by HUD to operate. This will also increase the cost for buyers using the FHA loan program.

Please contact Ann Shipley at ann.shipley@mannmortgage.com or 503-385-1791 for further information.

Higher Credit Scores is the Norm Even at FHA

Figures compiled by the Department of Housing and Urban Development show that the average credit score on an FHA-backed single-family loan is now at 700.

Just 3.3% of FHA-insured loans originated in the third quarter went to borrowers with 580-619 credit scores. Back in 2009, nearly 20% of FHA borrowers had credit scores in the 580-619 range.

Lenders have many reasons for tightening their underwriting and credit standards: they are under heightened scrutiny because of the housing bust, secondary market buyers are slamming them with buying back loans they have originated that are considered "high risk", and there are multiple investigations into their servicing and lending practices.

How can you know if your credit will be a concern in getting qualified for a home loan? Please contact us at 503-385-1791 (Equity Loans) or visit us at www.equityloansoregon.com.