This house really caught my eye from the moment I stepped on the front porch. Here is a photo gallery of pics I snapped with my phone while I toured the house with Joe:
The owners have taken great care in restoring and remodeling this house, with a great mix of classic and modern elements. Joe even told me how much time he spent filling the original posts on the porch, and it is a lot!
Financing for 5775 Ne Garfield
There are a range of home loan options available for this property. As I said in the video, it does qualify for FHA financing, which has flexible credit guidelines and financing for up to 96.5% of the home’s value. To learn more about financing this property, or any other in Oregon and Washington, feel free to contact me at 503.799.4112 or email firstname.lastname@example.org
You can learn more about this great home at the following website:
There are lots of terms we use in the mortgage industry that aren’t part of everyday parlance. Today, I’ll talk a little bit about “loan-to-value”, or LTV for short.
In fact, I have a video that’s less than 90 seconds long if you’re in a hurry:
So, just to recap what I said in the video, your loan-to-value is the percentage of your home’s value that you finance with your home loan.
Whether you a purchasing a home, or refinancing your existing mortgage, LTV is an extremely important factor in making an educated decision about your home loan.
I’ll give you an example:
FHA – When purchasing a home using an FHA home loan, you can finance up to 96.5% of the appraised value of the property. If you are refinancing, you have two options: “rate & term” or “cash-out”. Rate & term means you are refinancing to lower your rate or change the length of your loan. A rate & term refinance is capped at a 97.75% LTV for FHA. Cash-out FHA refinances are limited to 85 per cent of the value of your home. If your current mortgage is an FHA loan, you can refinance with an FHA streamline, which does not have an LTV limitation.
So your needs define your loan-to-value, which helps define what home loan program you are going to apply for.
If you would like to learn more about loan-to-value, other mortgage terminology, or home loans in Oregon and Washington, I invite you to visit my site or contact me. I am long on answers and short on sales pitches 🙂
If an interest rate below 4% is appealing to you, you should consider the Oregon State Bond Loan as an option in your next home purchase.
Yes – it can be used in a “next” situation. Though the program is a first time home buyer program, there are options for previous home owners to use this program. The Bond Loan defines a first time home buyer as someone who hasn’t owned a home in the last three years. So, if you owned a home, but sold it prior to 2007, it’s possible that you could qualify for this loan.
Currently, the State Bond Loan has an interest rate of 3.875%* and an APR of 4.721%*. These low interest rates might be a once in a lifetime opportunity.
The program is underwritten to FHA guidelines so it’s a pretty easy program to qualify for. FHA allows for less than perfect credit, and has flexible debt-to-income guidelines as well.
There are income limitations, but they are quite generous. You should plan on being a long term owner due to the potential “recapture” tax penalty (which isn’t automatic, nor is it as bad as many loan officers make it out to be).
Any “first time” home buyer should be considering this tool to minimize their housing expense!
*Based on a $200,000 sales price and $194,930 loan amount. Finance Charge $157,406.55, Amount Financed $190,935.08 and Total of Payments $348,341.73. Credit on approval. Terms subject to change without notice. Not a commitment to lend. Call for details. Equal Housing Lender.