Eugene Mortgage News


Now, along with 1st time home buyers, buyers will have more flexibility to invest in a duplex, triplex or fourplex. AND they can earn income as they pay off their mortgages.

Advantages:

  1. Low down payment option for 2–4-unit properties.
  2. At least 1 unit must be used as a primary residence.
  3. A part of your future rental income can be used to help you qualify for your loan.
  4. You do not have to have rental income history
  5. Potential expense write offs may be available if your rental(s) produce income.  Rely on a tax professional for more specific advice.

 

It’s a great time for borrowers to explore their options and we can help!  Give us a call at 541-683-3300

Posted by Mike Herborn on December 13th, 2023 9:26 AM

We can answer your questions on How seller concessions can and will help with your home loan purchase.  Give us a call at 541-683-3300.  

  • Sellers can pay your closing costs up to a certain percentage of the purchase price, which include:
    • Appraisal Inspection
    • Inspection fees
    • Title and Escrow fees
    • Property taxes
    • Homeowner’s Insurance
    • Points towards buying down your interest rate 
  • With the seller paying all or a portion of your closing costs, this allows you to keep money in your savings or put in a higher down payment.
  • The seller cannot contribute to your down payment.

 

Stepping Stone Mortgage, Inc. is a qualified mortgage lender with all loan officers and processing staff trained to handle your questions. Our dedicated staff will help you through the loan process in a very efficient manner for you to purchase or refinance your home.

Posted by Mike Herborn on November 28th, 2023 1:53 PM

Ever wonder how much home you can afford? Before you start searching home listings, give us a call at 541-683-3300.  We can run the numbers and help you identify a budget you can live with!

  • We will explain closing costs and what you can afford
  • We will answer your questions on home buying and what programs will fit your needs: USDA 100% financing, FHA, VA 100% financing, and Conventional
  • We can go over any questions in regard to your credit rating

 

Stepping Stone Mortgage, Inc. is a qualified mortgage lender with all loan officers and processing staff trained to handle your questions. Our dedicated staff will help you through the loan process in a very efficient manner for you to purchase or refinance your home.

Posted in:MortgagePosted in:home loans and tagged: mortgagehome loansrenting
Posted by Mike Herborn on August 15th, 2023 12:54 PM

100% Financing is not just for VA and USDA!
Achieve No Down Payment Financing with a DPA- Down Payment Assistance.
No down payment required-How you ask?

CALL TODAY!!

541-683-3300

DPA Highlights

  • 3.5% or 5% Down payment Repayable or Forgivable DPA Options
    • Forgivable 30YR Second
    • Repayable 10YR Second
  • DPA May be Used for Down Payment and/or Closing Costs
  • Ask for the Seller to pay concessions and bring little or no money to closing
  • Primary Only (SFR, 2 Units & Manufactured Housing Allowed)
  • A minimum credit score of 600 for FHA 
  • A minimum credit score of 640 for the USDA
  • Must receive housing counseling from a HUD-approved non-profit housing counseling agency

DPA can provide the possibility of homeownership to more people.  Please contact Stepping Stone Mortgage at 541-683-3300 for more details.

**Programs for qualified borrowers. All borrowers are subject to credit approval, underwriting approval, and product requirements, including loan-to-value, credit score limits, and other lender terms and conditions. Fees and charges may vary by state and are subject to change without notice. Some restrictions may apply. Not a commitment to lend.** 

Posted by Mike Herborn on August 15th, 2023 12:53 PM

Can’t find a house you can afford in the area you want to live in? Offering a solution to the lack of affordable housing, manufactured homes can include high-end materials and features such as granite countertops, spa-style bathrooms, and even custom fireplaces! We have available loan programs for affordable Manufactured homes.

Manufactured Home Loan Highlights

  1. Minimum of 580 credit score for FHA, USDA, and VA home loan program
  2. Minimum of 620 credit score for a Conventional home loan program
  3. Permanently affixed to the foundation and taxed as real property
    1. NOT available for Lease land or Manufactured Home Parks
  4. Manufactured Home NOT previously installed or occupied at another site/location
  5. Singlewide, and multi-wide available
  6. Must be a primary residence
  7. One-time closed construction loan available 
    1. FHA minimum credit score of 620
    2. USDA minimum credit score of 640
    3. VA minimum credit score of 620
    4. Conventional
      1. a minimum credit score of 700 for Fannie Mae
      2.  a minimum credit score of 720 for Freddie Mac

Manufactured homes can provide the possibility of homeownership to more people.    Manufactured Housing has evolved quite a lot in recent years, and so have the ways homeowners can finance these homes.

Please call Stepping Stone Mortgage at 541-683-3300 for your Manufacture Home loan questions!

**Programs for qualified borrowers. All borrowers are subject to credit approval, underwriting approval, and product requirements, including loan-to-value, credit score limits, and other lender terms and conditions. Fees and charges may vary by state and are subject to change without notice. Some restrictions may apply. Not a commitment to lend.
Posted by Mike Herborn on March 20th, 2023 11:07 AM

Save your money and roll your renovation costs into your affordable mortgage loan. Combines home and renovation costs into one mortgage loan, available for Purchases and Refinances.

  • Minimum 580 credit score with a loan-to-value of 96.5% on purchase and 97.75% on refinance
  • Eligible properties include 1-2 unit Primary Residences, Manufactured Housing, FHA Approved Condominiums and PUDS.
  • Must work with a Licensed General Contractor -DIY projects are ineligible

FHA Limited 203k

  • Cost of work cannot exceed $35,000-no minimum repair costs
  • Can make minor remodel/fixes or repairs -
    • Upgrade plumbing/electrical system
    • Replace/Repair the roof
    • Purchase and installation of appliances
  • Cannot make any structural changes
  • Up to 3 months to complete the project
  • No Hud consultant required

FHA Standard 203k

  • Renovation costs must be at least $5,000-NO maximum repair amount
  • Extensive renovation and/or structural repairs-
    • New roof,
    • Modern kitchen
    • Add a master suite
  • Required use 203k HUD consultant-an expert involved throughout the process, including estimating the cost of repairs and inspecting the work performed
  • Must begin work within 30 days of execution of the agreement
  • Up to 6 months to complete the project

 
 **Programs for qualified borrowers. All borrowers are subject to credit approval, underwriting approval, and product requirements, including loan-to-value, credit score limits, and other lender terms and conditions. Fees and charges may vary by state and are subject to change without notice. Some restrictions may apply. Not a commitment to lend.

Posted by Mike Herborn on March 14th, 2023 3:56 PM

We can give our clients extra flexibility with a lower monthly payment by offering a Temporary Rate Buydown to lower their interest rate at the start of their loan. It’s a great option for our clients who expect an increase in their income in the next few years or who have excess seller concessions to use — and want to take advantage of a low fixed rate.

Seller-paid 1- and 2-year buydown options

  • 2-1 buydown of 2% in the first year and 1% in the second year. By the third year, they are at the full rate.
  • 1-0 buydown of 1% in the first year. By the second year, they are at the full rate.
  • See an example of the potential savings on a 2-1 temporary buydown:
  • Our clients must qualify for the full monthly payment (before the buydown rate is applied)
  • Seller concessions are deposited as a lump sum into a buydown account. A portion of this sum is released each month to reduce the borrower’s monthly payments.

We have other suggestions as well.  Please contact Stepping Stone Mortgage at 541-683-3300 with any questions you may have about mortgage home loans.

Posted by Mike Herborn on March 8th, 2023 1:16 PM

One-Time Close Construction Loan-OTC

Easy all-in-one financing that benefits you, the borrower.   Allows you to purchase the land, construct the home and roll into permanent financing, with a one-time close construction loan program.

Construction Loan Highlights

  • Low or no Down Payment options are available
  • Less out-of-pocket expense. The borrower doesn’t have to pay for the build and then get a mortgage. The mortgage pays for the build!
  • Initial interest-only payments. During the build period, the borrower can enjoy a lower, interest-only payment.
  • Up to 12 months build period

Construction Loan Programs

  • Conventional as low as 3% down on primary residence with a minimum credit score of 720 and as low as 5% down with a 700 minimum credit score. Loan up to $726,200
  • FHA-96.5% financing with a minimum credit score of 620-Loan up to $472,030
  • VA -up to 100% financing not including VA funding fee-with a minimum credit score of 620
  • USDA -up to 100% financing of market value-with a minimum credit score of 640
  • Primary, Second Home, investment properties, and 1-4 units
  • Single-family residence and multi-wide manufactured home

Call us with your construction loan questions at 541-683-3300. 

Stepping Stone Mortgage, Inc. is a qualified mortgage lender with all loan officers and processing staff trained to handle your questions. Our dedicated staff will help you through the loan process in a very efficient manner for you to purchase or refinance your home.

Posted by Mike Herborn on March 8th, 2023 12:46 PM

Many new home-buyers make the mistake of rushing out to buy things to fill their home as soon as the seller says "yes" and the loan is approved. There are still a few major hurdles to jump before closing. Here is a list of things to avoid when buying a home:


 

  1. Don’t buy luxury items

    Fight the urge to go out and buy your new home furniture, electronics, or appliances. Opening new credit could put your credit worthiness at risk when you will need it the most. Using cash to buy things can also be a bad idea because most lenders look at your cash reserve when approving you for a loan.

  2. Don’t go searching for a new job

    Lenders will want to see a consistent job history on your application. Getting a new job before you apply for a mortgage may not jeopardize your approval. But in some cases, changing jobs during the mortgage approval process could raise concern and delay your application.

  3. Don’t move money around or change banks

    Most lenders will have you submit recent bank statements for accounts in your name: savings, checking, money market, and other assets. Your lender needs to see a consistent rise and fall of your funds each month. Even for innocent reasons, transferring money or switching banks may make it more difficult for your lending institution to document your account history.

  4. Don’t spend your savings

    Avoid spending the money you have set aside for closing costs. Keep these funds untouched in your savings until closing time.

  5. Don’t give Earnest money directly to seller

    Your Earnest money deposit does not belong to the seller: it remains yours until closing. The Earnest money is to be applied to your down payment and expenses upon closing. It's wise to put the funds into a trust account with the Title and Escrow Company or your Real Estate Company’s trust account.

  6. If you are currently renting before you purchase your new home 

Do not give 30-day notice until the inspections have been completed and you have negotiated any repairs that you want to have done. You also want to make sure that the appraisal has been completed and it made the value that you are paying. 

Posted by Mike Herborn on February 14th, 2023 12:54 PM

Rents in Oregon will be increasing soon!  

In the State of Oregon, Starting Jan. 1, 2023, landlords in Oregon are allowed to legally increase rents by up to 14.6%.  If you are paying $1600 in rent, it could increase to $1833 a month.

We do have a few home loan programs that could get you out of renting and into a home.  

  • Down Payment Assistant Program - Down payment assistance is in the form of a grant,
  • equal to either 2% or 3.5% of the purchase price, combined with 6% seller-paid concessions
  • 100% Financing – 2 programs
    • USDA financing in eligible rural areas and meeting the income eligibility
    • VA-100% financing for military veterans
  • Low 3.5% Down Payment Programs-FHA and Conventional Programs

Please give us a call at 541-683-330 with your questions or click on the link below and apply!

Applying for your loan is easy!

 

Stepping Stone Mortgage, Inc. is a qualified mortgage lender with all loan officers and processing staff trained to handle your questions. Our dedicated staff will help you through the loan process in a very efficient manner for you to purchase or refinance your home.

Posted by Mike Herborn on February 14th, 2023 12:06 PM

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Stepping Stone Mortgage

NMLS-235749 ML-3770

1140 Willagillespie Rd., Suite 13
Eugene, OR 97401