Amazing Home in Boring, Oregon! On Almost 3/4 Acre.

Beautiful highly upgraded custom home on almost 3/4 acre! This home has it all! A highly upgraded kitchen with slab granite counter, upgraded tile floors, newer cabinets, a second kitchen, a covered rear deck, a private deck off the huge master suite, all on a very, private 3/4 acre lot! This one is truly amazing. Get all this for only $389,000!

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Mortgage Rate Fallout

Have you guys ever wondered how important it is to lock your rate when you go to buy? I just worked with a buyer that was worried their lender might not close in 30 days and they might not get the rate that they locked at!

Here's some info on how important it is.

So what's a half a percentage point or even three quarters of a point, when mortgage interest rates are still historically low? Well, apparently a lot.
I'm told that a lot of loan applications, and refis in particular, that are currently in the pipeline were submitted without a rate lock. Mark Hanson, of the Field Check Group says, "millions of refi applications presently in the pipeline, on which lenders already spent a considerable amount of time and money processing, will never fund."
He also points out that millions of borrowers already have 5.25 percent to 5.75 percent interest rates, thanks to all the refinancing done during the housing boom. The whole idea of the Obama administration's housing stimulus plan was to lower interest rates by buying up mortgage backed securities. Those low low rates would supposedly spur home buying as well as help troubled borrowers by refinancing them into lower rate loans. Oh well.

Hanson estimates that as much as 60 percent of loans in the system aren't locked. I asked why, and he cites several reasons:
a) turn times have been so long and it costs more to lock for 60-90 days
b) much cheaper rates at 12-21 day locks - about .25% better in rate from 60-90 days
c) everyone wanting 4.5% that is thought to be the prevailing rate. Loan officers say 'come on Ms Olick - do the application today. We will submit and get you all approved and then lock when 4.5% comes back.' Rates only came down to 4.5% and below for a few weeks in aggregate over the past several months, and it always happened suddenly. So loan officers take the application, turn it in to one or more lenders and wait for the spike downward to lock. It is a game that has been played for as long as I have been in the business. Rates have been creeping higher and that spike down has not come again so a massive amount of loans are unlocked.
d) mortgage brokers floating, hoping to make premium on the back side
e) rates have been consistently on the 'lower' side for months. The sense (moral hazard) is that the Fed had their back, so why not float the loan and wait for the lowest rates possible to come around.

In other words, the beat goes on.

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Another Amazing Gresham Home Just Listed by The Rian Group!

1266 NE Paloma Ave Gresham, OR

$236,888

Simply put, this home offers so much value for the money! This home has beautiful upgrades such as laminate wood floors, high ceilings, lots and lots of windows, and even boat/rv parking!

As we work to educate buyers we strive to show them the value in properties. and this home is loaded with value. This is one of our favorite homes that we have listed and just shows amazing! You can tell the owners of this home have a true pride of ownership!

For More pictures or to see a full virtual tour of this property please visit www.TheRianGroup.com

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Have a great weekend and as always if you need any information or have any questions please feel free to call us directly at 503-710-7584.

First Time Homebuyers May Be Eligible For US Loans

Thousands of first-time homebuyers will be able to get short-term loans so they can quickly make use of a new $8,000 tax credit to pay for some of the costs of buying a home purchase.
The Federal Housing Administration on Friday released details of a plan in which borrowers who use FHA loans can get advances from lenders that let them effectively receive the credit in advance, so they don't have to wait to get the money from the IRS.
Most borrowers will still have to come up with the FHA's required 3.5 percent down payment, unless they work through a state or local housing agency or an approved nonprofit. But there are many other potential uses, such as for closing costs and fees, or to beef up the down payment beyond the minimum level.

The FHA which insures about a quarter of new home loans, is projected to guarantee about 2.2 million loans in the next budget year.
Any buyer who has not owned a home in the past three years is considered a first-time buyer and eligible for the program. Borrowers can claim the credit by filing an amended 2008 tax return or can wait for their 2009 return.
The change "will present an enormous benefit for communities struggling to deal with an oversupply of housing," Housing Secretary Shaun Donovan said in a statement.
The tax credit was included in the economic stimulus package signed by President Barack Obama in February. It is not available to individuals with incomes above $95,000 or couples with incomes above $170,000 and expires Nov. 30.
Real estate agents and homebuilders generally welcomed the change. Jerry Howard, chief executive of the National Association of Home Builders, called it a "great step in the right direction." On Wall Street, shares of builders as Toll Brothers and D.R. Horton rose on the news.
Still, some real estate agents were concerned that many buyers won't benefit at all if can't use it for a down payment — a big hurdle for many first-time buyers.

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New Portland, OR Property For Sale! Timberland Condo $198,500.00

Beautiful 2 bedroom/ 2 bath condo in the amazing Timberland community. This project is located next to the new commercial facility that was expected to be anchored by Big Al's Bowling Center off Barnes Rd. This unit has Granit Counter, slate back splash, upgraded carpet, lighting and so much more! It is lightly lived in and looks almost Brand New! The living room and Master bedroom overlook a private peaceful greenspace for complete privacy! It also has a 1 car garage and is located close to the exclusive Bethany and Forest Heights area!

All of this for only $198,500! A great opportunity to use your $8,000 tax credit!

Call us today for a tour at 503-710-7584 or for more pictures or virtual tours please visit http://www.theriangroup.com/

New Home Sales Inch Upward In April

New U.S. home sales were almost flat last month, indicating that the housing market's recovery will likely be a slow and gradual process.
The Commerce Department said Thursday that sales rose 0.3 percent in April to a seasonally adjusted annual rate of 352,000. But the increase came from a downwardly revised rate of 351,000 in March.
April's results missed the expectations of economists surveyed by Thomson Reuters, who expected a sales pace of 360,000 units.

Click Here To Continue Reading: http://http://www.cnbc.com/id/30981204

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