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Buying a Home
How Much Down Payment Do I Need to Buy a Home
It’s easier than you might think to buy a home in Portland. There has been so much news about stricter lending requirements over the past few years. Many folks who could be first time home buyers think they are unable to buy right now. Some folks think you need 10% or 20% of the sales price to buy a home now. Some think there are no loans for first time home buyers. Well I’m here to tell you that is just wrong information. You too can take advantage of historic low interest rates and low prices for Portland real estate. 3.75% is the current FHA loan interest rate for buying a home. (Click here to get more complete information including APR.) Call me...
Read MoreHow to Buy Distressed Properties
Thinking of buying a home in Portland? These days some of Portland’s best real estate values come from buying properties that have issues. We’re talking buying a home in distressed condition (fixer-uppers) or distressed terms (short sale ). Frequently it’s both (cash only terms due to condition). Here’s more about buying Foreclosures. Here’s more about buying Short Sale Properties. Maybe the home needs a new roof and electrical panel. The owner took the furnace with him when he was forced to leave. And the septic system is “iffy.” (I don’t have to make this stuff up. Reality is crazy enough.) Possibly the seller needs his lender to go...
Read MoreBuying a home in Portland? See how to buy more home with less money
Quick before it’s gone.. Attention Portland home buyers. Here’s a great opportunity to make buying a home in Portland affordable. You’ll need to be a first time home buyer and you’ll need to act now to take advantage of the Oregon Bond Loan program. If you qualify and want to search for homes in Portland, use this link to see all the Portland homes for sale in the MLS. Rodd Miller of Pacific Residential Mortgage, LLC sent me the information about this state program. It’s only available for a little while, so call me or call Rod quickly to see if you qualify. Here’s what Rod has to say: The Oregon Bond Loan helps consumers in Oregon buy...
Read MoreWhy do Portland home buyers prefer foreclosures?
Portland real estate buyers are choosing bank owned properties over all other types of sales. For January 2011 Bank Owned or foreclosure properties were 11% of homes for sale in Portland yet they were 28% of all transactions in escrow. Why? Buyers may perceive foreclosure properties as the best value without the hassles and uncertainty of buying short sales. Non-distressed sellers need to fight for attention in today’s housing market. They are 70% of the market and 58% of the sales. (See below for definitions of types of sellers.) Why is this important to know? Sellers should know who their competition sellers are. Buyers should know which market segments have...
Read MoreBuying a home in Portland–new FHA rules
Question: Aren’t there some changes to FHA loan costs that start in October? Do they make it harder for people buying Portland real estate? Answer: from Tim Vanderburg, Northwest Mortgage Group tvanderburg@nwmortgagegroup.com Yes, there are new rules. They’ll make your monthly payment very slightly higher. But once you understand the numbers you’ll see that the changes are manageable and allow you to start out with more equity in your home as soon as you purchase. Don’t let the changes in FHA keep you from making the best investment possible in your future! To understand the recent changes let’s talk about what the Federal Housing Administration (FHA) does....
Read MoreBeautiful Belmont Condo
If you’re looking for Portland real estate and want to be close to all that Portland has to offer, have you considered the Belmont District? My client has her home for sale in Portland at 2518 SE Belmont, Portland 97214. (Scroll down to see the flier.) To download a flier of this great piece of Portland real estate Click Here. This is a beautiful property at an awesome price ($285,000). Here are the highlights: The charm of a 100 year old building. It has leaded glass window, wood burning fireplace, and claw foot bathtub. The formal dining room has pocket doors, a bay window and built-in cabinet. The ease and efficiency of living in a remodeled building. In 2005...
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