8 things you should know about down payments

8 things you should know about down payments

Troy Batson is a licensed broker in the State of Oregon ~ troybatson.com ~ Duke Warner Realty ~ 1033 NW Newport Ave. Bend, OR 97701 ~ (541)382-8262

Bend, Oregon - Hottest Market In The Next Five Years!

Here is a link to an article regarding the Bend, Oregon Real Estate Market for the next five years.

Troy Batson is a licensed broker in the State of Oregon ~ troybatson.com ~ Duke Warner Realty ~ 1033 NW Newport Ave. Bend, OR 97701 ~ (541)382-8262

Bend Oregon Real Estate Trends - December '11

Open publication - Free publishing - More bend

Troy Batson is a licensed broker in the State of Oregon ~ troybatson.com ~ Duke Warner Realty ~ 1033 NW Newport Ave. Bend, OR 97701 ~ (541)382-8262

Bend Oregon Real Estate Trends - November '11

Open publication - Free publishing - More bend

Troy Batson is a licensed broker in the State of Oregon ~ troybatson.com ~ Duke Warner Realty ~ 1033 NW Newport Ave. Bend, OR 97701 ~ (541)382-8262

The New Home Affordable Refinance Program (HARP)

The new Home Affordable Refinance Program (HARP) that will allow many underwater homeowners to refinance their homes is being modified. HARP was first introduced in 2009; however, not many homeowners utilized its benefits. The new HARP program will allow more underwater homeowners to qualify and take advantage of the program.

What are the qualifications?

• Borrowers must be current on the mortgage at the time of the refinance, with no late payments in the past six months and no more than one late payment in the past 12 months;

• Fannie Mae or Freddie Mac must back your loan;

• You must be currently employed and have a steady income;

• The mortgage must have been transferred to Fannie Mae or Freddie Mac no later than May 31, 2009; and

• The mortgage must be on a one-to four unit dwelling that serves as your primary residence.

You are not eligible for HARP if your mortgage is FHA, USDA, or a jumbo mortgage.

It’s important to remember that HARP will not delay or stop foreclosure on your home. HARP is meant to give homeowners who are currently employed, current on their mortgages, and have lost home equity a chance to refinance at the current low mortgage rates.

Borrowers will be able to take advantage of HARP even if they owe more than what their house is worth. The previous version of HARP only allowed borrowers to refinance up to 125 percent of the home's appraised value. Millions of borrowers couldn't benefit from HARP when it was first introduced because of that cap.

HARP has been extended through Dec. 31, 2013. Fannie Mae and Freddie Mac will send instructions to lenders by November 15, 2011. Some lenders may start offering refinances under the improved HARP by December 1, but the timing may vary, according to the FHFA.

If you're an underwater homeowner, this new version of HARP could finally allow you to refinance your mortgage at an all-time low interest rate you’ve heard about but couldn’t qualify for.

Troy Batson is a licensed broker in the State of Oregon ~ troybatson.com ~ Duke Warner Realty ~ 1033 NW Newport Ave. Bend, OR 97701 ~ (541)382-8262

Latest Bend Oregon Real Estate Trends

Open publication - Free publishing - More bend

Troy Batson is a licensed broker in the State of Oregon ~ troybatson.com ~ Duke Warner Realty ~ 1033 NW Newport Ave. Bend, OR 97701 ~ (541)382-8262

Ready to Buy? What Should I Do?

Getting preapproved for a home loan is the first step you should take before searching for a new home. If you haven’t already been pre-approved for a home loan, make sure you get pre-approved before searching for a home or contacting a real estate agent so you have an idea of what you can afford and what you should (or should not) be looking for.

Around 80% of all home searches begin on the Internet. Through all the resources available, homebuyers can conveniently search through hundreds of online listings, view virtual tours, and sort through dozens of photographs and street views of neighborhoods and homes. You've probably defined your goals and have a pretty good idea of the type of home you want. By the time you reach your real estate agent's office, you are halfway to home ownership.

Good real estate agents will listen to your wants and needs and arrange to show you only those homes that fit your particular parameters. Your agent should preview homes before showing them to you as well. If you are a motivated buyer, it shouldn’t take too long for you to find your new home.

When rating the inventory of homes you are shown:

• Bring a digital camera and begin each series of photos with a close-up of the house number to identify where each group of home photos start and end.




• Your agent can provide you with a print out of the listing for you to make notes on. Ask for a listing print out for every home you view to help you stay organized.




• Take notes of unusual features, colors, and design elements.




• Pay attention to the home's surroundings. What is next door? Do larger homes tower over your single story? What is the parking situation like if you want to have guests over? Does the neighborhood seem well kept?




• Do you like the location? Is it near a park or a power plant?




• Immediately after leaving, rate each home on a scale of 1 to 10, with 10 being the highest.

When you know how to start your search for a new home and you have a good agent to assist you, the home buying process should be enjoyable, and you can feel confident in your decision.

Troy Batson is a licensed broker in the State of Oregon ~ troybatson.com ~ Duke Warner Realty ~ 1033 NW Newport Ave. Bend, OR 97701 ~ (541)382-8262