Michelle Johnson - direct 1.503.320.5141

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A local Sherwood family shares their experience of hiring the Johnson Team. 

It's about serving Sherwood families with the same care you would your own family" - Michelle Johnson 

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The Advantages of FHA Loans

In many regions of the US, FHA loans have not been utilized for years, so a lot of real estate agents and mortgage originators aren't familiar with this great resource. The following are a just a few of the recent changes that have made FHA loans a more attractive option again for some consumers looking to buy a new home or refinance an existing one:

1) Congress passed the Stimulus Act of 2008. During the recent housing boom, home values surpassed FHA loan limits in many regions of the US. The recent enactment of this important legislation, however, increased FHA loan limits up to $729,500 in many high-cost regions of the US through the end of the year. FHA loan limits vary by county, so give us a call for loan limits in your area.

2) The FHA changed its appraisal and fee negotiating guidelines. In the past, many sellers steered clear of FHA loans because the appraisals were too strict and certain fees were non-negotiable. The FHA has greatly loosened these guidelines to make it easier for both buyers and sellers.

3) FHA loans are much cheaper now. Because FHA loans are federally insured, they tend to trade at a higher premium in the secondary market. This means lenders can often charge a lower rate.

Other FHA Benefits:
1) FHA loans are typically not credit-score driven. Borrowers usually can have a lower score than with other products and still qualify for a good rate.

2) FHA loans require as little as 3.5% down, and allow a) Sellers to finance up to 6% of the buyer's costs to close; b) Homeowners to take cash out up to 95% of the home's value; and c) Homeowners to consolidate first and second mortgages up to 97% of the home's value.
 
3) FHA loans allow down-payment assistance programs that are not seller-funded. *It is important to note that there are 22 ways in which FHA allows the funds for buyer contribution, including relative gifts and loans.

4) FHA loans allow non-occupying co-signers (i.e., mom/dad) to co-sign on the mortgage, even if the occupying signer (i.e. son/daughter) has no income. Note that specific restrictions apply.

Please let me know if I can assist you in any way.

Michelle Johnson / Broker

direct: 1.503.320.5141

via email : michellejo@johnlscott.com

via web: www.johnlscottsherwood.com


 

Good Afternoon,

Mortgage rates are slightly higher this week. On Wednesday The Fed voted to keep the benchmark rate between banks in a range of zero to 0.25 percent. Consumer spending reports came in better than expected and showed the biggest gain in two years. Despite rising unemployment and falling home prices, consumer confidence was up in April. Record low mortgage rates, moderate gasoline prices and surging stock prices are providing some relief for consumers and improving their confidence. Confident consumers are spending consumers—and spending consumers will play a huge part in pulling the economy out of its current situation.

Our local Oregon Real Estate Team welcomes the opportunity to serve you.

Take a moment and visit our services pages:

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Buyer Premium Services

First-Time Home-Buyers Services

Our Raving Fans - Testimonials

Call Michelle direct - 1.503.320.5141 

via email michellejo@johnlscott.com

You have a friend in the real estate business.