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Financing in Clackamas County : Real Estate Advice

  • All12
  • Local Info1
  • Home Buying7
  • Home Selling1
  • Market Conditions0

Activity 15
Fri May 15, 2015
Monamarie McCreary, SFR answered:
Dear Islandboy,

Have you considered a Reverse Mortgage?

You'll need to have some equity and everyone on title must be at least 62 years of age to qualify. I recommend you call a Realtor to complete a market analysis to see if you have equity to pursue a Reverse Mortgage. The County FMV isn't a reliable source to determine value but I would be happy to help with no obligation and no fee on your part. I specialize in the 97222 area and own property in the Hector Campbell district.

If you don't have equity you can talk to your lender to see if you qualify for a HARP refinance which may lower your payments. You can check out this website for more info on HARP:

THE WORST THING YOU CAN DO RIGHT NOW is to avoid your lender. Call them and let them know what's going on and see if they can help especially if you are behind on payments. I've seen some AMESOME loan modifications that have helped keep people on their feet and in their homes!

We are in a great SELLER's market because there are so few homes on the market. You might be AMAZED at all your options but first: let's see what the value of your home "truly" is!

Best wishes,
Monamarie McCreary, SFR
Principal Broker
M&M Real Estate Solutions, Inc - YOUR WAY HOME!
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Mon Apr 20, 2015
bjrhawks asked:
how much does term, buyer's credit, down payment and interest rate effect the percent?
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Sat Jul 5, 2014
Clint Elliott answered:
If you haven't secured your Construction Financing as of yet. I'd be happy to talk to you about your options. Axia Home Loans has several options that would accommodate your parameters.
Feel free to email me @ or call me at 503-577-2386.
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Wed Apr 9, 2014
aftervince1973 answered:
It's good to see buyers with recent foreclosure able to buy again. See Comstock if you have a buyer in need.
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Wed Apr 2, 2014
Natasha Ochs answered:
Wells Fargo has a special loan program called CDMP that only requires 2% down for those whose income is less than $56k. It is a 30 year fixed conventional loan. The best part is that there is no Mortgage Insurance Premium (MIP) so your payment will be lower than if you went with an FHA loan with 3.5 % down. Your Debt-To-Income Ratios will then be better and you will qualify for a higher purchase price. I had a couple last year that were only approved to $100k with an FHA loan and through this CDMP program they qualified for $125k, which was what they needed to find a home at that time.

Academy Mortgage has a Down Payment Assistance Program that will give you 3% or 5% that you could use towards the down payment, or to closing costs and prepaids. If your agent is able to negotiate that the Seller pays some of your closing costs then a buyer would have fairly little out of their pocket to close the transaction.
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Tue Jan 14, 2014
tellysavalis answered:
Between low risk buyers , members of your family..... at least for me -use the minimum applicable
federal rate, which changes frequently. Today three to nine years is at 1.75% rate. Contracts for deed
don't have closing costs, not a bloody mortgage. Mortgages and refinancing, I have discovered,
are necessary evils of house ownership, but negotiable. Everything is negotiable.
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Fri Jun 14, 2013
The Stephen FitzMaurice Team answered:
You pay personal property taxes (pretty reasonable).The moorage fees are based on their maintenance and shared utilities costs (pretty expensive) as well as a potential slip rental fee, unless you own the slip. Owning the slip is like owning the land under a regular home. ... more
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Wed May 8, 2013
Tom Inglesby answered:
The only reason a buyer took out an ARM adjustable rate mortgage was to qualify for a larger house payment and that got many buyers into trouble in the last 5 years. Today with interest rates at 50 year lows and ARM's at about the same rate there is no reason to take out an adjustable loan unless that you know the in the next 4 years you will be moving and getting rid of the loan and in this case you really might consider what the savings would be if the ARM adjusted up and to compare the savings over a fixed rate in the next 3-5 years. I have a feeling that rates will go back up because they are at a 50 year low and they cannot go down any further. If you would have taken out an adjustable loan in the past 15 years your payments would be lower with an ARM than a fixed because the rates have been coming down and the adjustable rates track down ahead of the fixed rates. Today though I would get a fixed rate loan.

Tom Inglesby, Broker
RE/MAX Equity Group
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Tue Mar 26, 2013
ellighome asked:
I am working with a potential buyer that is tyring to work up a 4/5 year balloon payment deal on a 300 acre property. I'm not sure where to get information on rates etc.
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Wed Oct 31, 2012
Douglas Bragg answered:
That is truly a quandry !

First off i suggest you ask lender #2 about the $8,500 closing costs. That to me seems high.

i suspect they added the down payment into the total to give you the $8,500.

That being the case both loans would probably be around the $4,500 mark or so.

Thus all things being equal ... I tend to like FHA. USDA can be troublesome depending

upon the county and the property you buy ... i.e. the home may need more repair than for FHA and may not even qualify after the appraisal is completed. Besides the Seller will have to pay some of the closing costs with FHA .. and should make your costs a bit less.

Good luck.


Douglas M. Bragg, Broker
Coldwell, Banker Seal

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Wed Oct 31, 2012
Douglas Bragg answered:
Thanks for the opportunity to reply !

At present the USDA i believe is at 3.5% on a 30 yr mortgage loan.

Thus ... $145,000.00 mortgage loan @ 3.5% for 30 yrs. = $651.11 per month. P. & I.

30% of your monthly income to qualify would be approx $2,170.00 per month ...

Thus the annual income would be about $26,040 to obtain that loan. Note .. other factors

might also apply and the 30 % est. might be 28% or so.

Hope this helps. Best Regards .. Doug Bragg, Broker; Coldwell Banker Seal. 503-826-9207
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Thu Sep 23, 2010
Corri Klebaum answered:
To further clarify... The closing costs structured with seller concessions with ANY loan program will usually mean an increase to the offer and/or accepted sales price. The difference being which program allows how much and value will always have to be there. FHA will currently allow up to 6% with talk of reducing it to 3%, VA allows 4%, USDA has no "limit" and conforming maxes out at 3% to 9% depending on the down payment amount%. Although USDA might be a good choice if you have no down payment to work with it also carries the Guarantee fee in place of mortgage insurance of 3.5% which is pretty hefty and is added into the loan if not paid in full at close by the buyer, seller paids on the guarantee fee is not typical in this area to which the appraiser would have to comment. Also the income is limited so you may not qualify if you make too much, $81,850/ year combined in Clackamas County. I recommend comparing both loan types to make sure you choose the one that works best for your situation.

Best wishes!
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Mon Feb 15, 2010
Hetherp answered:
I work for a local builder, Adair Homes. We have construction financing for our customers through our sister company Adair Financial Services. Depending on how well your future home appraises for, we can still do 100% financing in certain situations. Even though our business has slowed, and the economy has made it harder to obtain 2 step loans, we are still going strong. Feel free to give me a call (503) 678-5524 I can answer any questions regarding you siutation. Thanks, Hether ... more
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Thu Dec 3, 2009
William Polack answered:
Freddie Mac is the one that had a $2500 maximum amount of closing costs that could be rolled into the loan. That amounts has since been increased to $5000. What that means is that if the closing costs exceed $5000, you have to pay the remainder out of pocket. Fannie Mae doesn't have a limit. If your closing costs are $10,000 and there is room in the appraisal to cover the costs, so be it. The HARP program allows a person that is over 80% of the loan to value (LTV) to refinance without having to incur mortgage insurance (MI) if they didn't have it before. If the person had MI before and refinance to a higher LTV, then they have to get MI again and if the LTV is higher, they will pay the higher MI rate. Kind of confusing..sorry. Example: I bought a house for 100,000 and the value at that time was 130,000. I had an 80% LTV. Now I refinance. I owe 98,000 and the value dropped to $100,000. I'm at 98% LTV. I didn't have MI before, and I don't have to have it now (that's HARP). Now let's say that in the beginning I had MI and I had 10% equity when I bought the house. My MI rate would have been at .50% (.0050 X loan amount). Now I refinance and I have no equity. The MI rate will increase to 1.03% (.0103X loan amount). My MI payment has almost doubled (yikes). If you go over 100%, the lenders will charge on average 1.5% in discount points in addition to closing costs. Up to 125% is 3 discount points. ... more
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Fri Sep 5, 2008
Chris Courtney answered:
Hi Rick,

I have been a certified residential appraiser for near 17 years in Oregon and I do work in the Portland area. I have access to all data that is used to prepare a credible appraisal. I am approved with a majority of lenders and have the qualifications otherwise to become approved. A majority of underwriters presently are very scrutinous of appraisals to the point of classifying census tract code markets as declining markets, as well strict requirements for comparable distances from the subject, time of sale, and inclusion of listing & pending data. Some appraiser's just go through the process and keep it simple versus taking the time to put together a sound report. After many years in this business, I can only state that (in my opinion) I wish other appraisers would take what they do more seriously and with higher regard for the diligence in analysis. There are good appraisers out there, don't get me wrong...but it's the same for any industry.

Check out my bio in Trulia (click on the personal photo) and/or my website(s): for brokerage for appraisal


Chris Courtney
State Certified Residential Appraiser
(541) 912-1405 cell
(541) 345-7992 office
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