In order to help stimulate sluggishness in the high cost real estate markets, Fannie Mae and Freddie Mac had increased their loan limits for the second ½ of 2007 and for 2008 to $729,750. Based on declining values, they are adjusting these limits downward accordingly.

The new maximum conforming loan limit for the continental U.S. will be $625,500 for 2009

Here in Southern Oregon, this loan limit will cover most of our properties, as our medians are well below this limit. But, our neighbors to the South in the high-cost markets of California may still find these loan limits restrictive.

With the relocation of these California folks to the Rogue Valley, their buyers may find their financing choices will be a bit more expensive and can be pretty limited with the mass exodus of investors from the Jumbo Loan market.

Options are still available to you. For more information on financing alternatives for your Oregon/California purchase, like a great portfolio fixed program for Oregon buyers/ homeowners in need of a loan up to $600,000 that is usually priced only 1/2 % higher than conforming loans to $417,000 AND has options available that may take you up to 90% (with self-insured mortgage insurance!) or to higher loan amounts, contact us at (541)608-6003 (Oregon) or (661)478-7564 (California).

See you at the closing table!

Karen Cooper - OR/CA Mortgage Consultant - www.Quality4Loans.com

Home Buyers - Forget Wall Street and Main Street, How About Opportunity Street?

This week has made me feel a bit like this hamster. Running, running, running…but still in basically the same place. Trying to re-boot this mentality, I thought I’d do some market research for this gorgeous area I live and work in, Southern Oregon.

Just out of curiosity, I thought I would go explore how many homes are on the market in the Rogue Valley that might suit the entry-level buyer. Imagine my surprise when I had to cut the criteria back over and over again after finding 700+ homes for sale under $200,000! Narrowing in to categories, I found:

75 homes on the market priced from $ 90,000-135,000
73 homes on the market priced from $135,000-155,000
118 homes on the market priced from $155.000-170,000
302 homes on the market priced from $170,000-200,000

When was the last time Southern Oregon buyers have had the opportunity to find homes - this many homes! - available in these price ranges? My criteria stipulated 2+ bedrooms and residential, so this includes houses, townhomes/condominiums, and manufactured homes on land. It also includes a home for $154,900 in Ashland Oregon! And 8 homes built in 2003 or later in Medford Oregon priced from $170,000-200,000!

I saw so many potential buyers miss the boat in Southern California after the market picked up again after the Northridge Earthquake in 1994 and again after the 2001-2002 market slow down. I sure hope home buyers looking to purchase in our many fine Southern Oregon Cities – Ashland, Talent, Phoenix, Jacksonville, Medford, Central Point, White City, Eagle Point, Shady Cove, Gold Hill, Rogue River, Grants Pass, Merlin, Cave Junction, and Applegate/Ruch – don’t miss the boat this time around, while sidelined by the often times inaccurate portrayals they are reading/hearing/seeing in the news!

Tools are available, like Oregon Bond Loan and USDA Guaranteed Rural Housing Loan. Financing IS available.

http://activerain.com/blogsview/746737/Can-Ashland-Oregon-Buyers-Still-Get-100-Financing-in-October-2008
http://activerain.com/blogsview/726683/Oregon-Jumbo-Real-Estate-Loans-Still-Available
http://activerain.com/blogsview/635993/Seventy-Five-Hundred-Reasons-for-First-Time-Home-Buyers-to-Buy-NOW
http://activerain.com/blogsview/208966/Oregon-Bond-Loan-Still-the-Best-Deal-In-Town


See you at the closing table!

Karen Cooper – OR/CA Mortgage Consultant – http://www.quality4loans.com/