Do you have an FHA mortgage or know someone who does?


Beginning June 11th, FHA is lowering their mortgage insurance premiums significantly for refinances. This could mean a much lower payment if you currently have an FHA mortgage.

How it works:

You simply do a FHA Streamline Refinance. This will allow you to take advantage of the super low interest rates and the lower mortgage insurance premium. With a FHA Streamline there is NO APPRAISAL and NO INCOME VERIFICATION and the costs are very minimal.

The rules:

Your current FHA mortgage must have closed before May, 2009.
You must be current on your mortgage.

If you know anyone who has a FHA mortgage have them call me.
It is an opportunity not to be missed! Call or email me to see if you qualify.
Karen 503 581-8100 or

Extended HARP Program

On Monday, Oct. 24, the Federal Housing Finance Agency (FHFA), Fannie Mae and Freddie Mac announced several enhancements to the Home Affordable Refinance Program (HARP) to attract more eligible borrowers who may benefit from refinancing their mortgage.

We are currently assessing the announcement and impacts. The industry expects more operational details for HARP II to be published by the FHFA, Fannie Mae and Freddie Mac by Nov. 15, 2011. More information will be provided as it is received. Once this information is out, its expected that the program will be ready for implementation by the first of the new year.

FHFA announced the following enhancements expected in HARP II:
· Removing the current 125 percent loan-to-value ceiling on fixed rate refinanced mortgages.

· Waiving risk-based fees on borrowers who take shorter term mortgages and reducing those fees for others.

· Eliminating the need for a new property appraisal where there is a reliable AVM (automated valuation model) estimate provided by the Fannie Mae and Freddie Mac

· Extending availability of the program through the end of 2013.

Watch for additional information in the future about dates, delivery details and specific changes. Until official notice of the effective date for the HARP enhancements, We will continue to follow the existing polices and processes for Freddie Mac Relief Refinance MortgageSM and Fannie Mae DU Refi PlusTM.

These enhancements are not available for borrowers that currently have a VA or FHA loan or any other loan that Fannie or Freddie do not currently service.

This may help a few more borrowers in the fact that the LTV limitation will be removed. Borrowers will still need to be current in their mortgages and have jobs to qualify for the refinance.

Watch for more details as they are released!
Call me with any questions. Karen 503 385-4050 or email at

USDA Loans – Still Funding!

We are still closing and funding the USDA RURAL HOUSING GUARANTEED LOAN PROGRAM! 100% Financing in Rural Areas

Last month the United States Department of Agriculture Rural Development Administration issued a Single Family Housing Guaranteed Loan Program Fiscal Year 2012 Commitment Notice.

Funding for the Single Family Housing Guaranteed Loan Program will not be available for a short period of time at the beginning of Fiscal Year 2012, which started October 1, 2011. During this temporary lapse of funding, Rural Development has been issuing Conditional Commitments “subject to the availablity of commtment authority” for purchase and refinance transactions.

Some lenders are currently not closing loans with a conditional commitment issued by Rural Development if the commitment is subject to the availability of commitment authority.

Landmark Professional will close and fund a USDA loan once the loan is cleared to close if the conditional commitment is subject to the availability of commitment authority subject to all other closing requirements.

As a reminder, the announcement also included the FY 2012 fee structure which will be as follows for all loans that receive a conditional commitment from Rural Development on or after October 1, 2011:

2 percent up-front fee for purchase transactions;
1 percent up-front fee for refinance transactions; and
0.3 percent annual fee based on the average scheduled unpaid principal balance of the loan, for both purchase and refinance loans transactions.
Please contact me if you have any questions in regard to this notice.
Karen Cox 503 385-4050 or at

Excellent Rates!

The turmoil in Washington has certainly produced one
There are really 3 factors that have pushed mortgage rates back to
historically low levels.
1. US Debt Ceiling Uncertainty

The debate in our government on how much to cut or not to cut, to raise or not to raise has everyone on edge and preferring safe haven securities over stocks.

2. European Debt Issues

What started in Greece has now spread to Italy, Portugal and Spain
and more European countries. As the debt that these countries owe
loses value it has driven investors to treasuries as well.

3. A Slowing US Economy

Recent reports have the US economy losing steam. Earlier in the
year positive reports had mortgage rates on the move higher. The last
month has had the opposite affect: poor economic data has mortgage
rates moving down.

If you have been thinking of purchasing or refinancing now is the time to act.
Whether you think you cannot qualify or have no equity I am willing to exhaust every option we have to try and lower your mortgage
payment. We know rates are headed up. Let me help you before they do.

Call me today at 503 -385-4050 or email at

Make the Move

Start enjoying all the rewards of homeownership!

There is great personal satisfaction in having a home you can call your own and pass on to future generations. I am committed to helping you enjoy the benefits of homeownership.

Homebuying makes sense for many reasons; here are just a few.

Tax advantages- The interest paid is typically tax deductible. (consult your tax advisor for full details)

Security- unlike rent, a homeowner’s fixed rate principal and interest payments cannot increase.

Investment- Homeowners can make renovations that reflect their personal style.

I can provide a broad range of programs that may help you to achieve your goals-including low down payment programs, programs for clients with non traditional credit and more! Whatever your home financing needs, I’m ready to help you with the personalized service you deserve! Call me at 503 385-4050 today for your free consultation.

What Makes a House a Home

You’re sure of one thing.You want to buy or build a home.
Perhaps you’re someone with an “I’ll know it when I see it”
attitude, but most people have very specific ideas.Now is the
time to add dimension to your dream. Begin by:
• Getting preapproved to help you and your Real Estate Agentor Builder choose the right house in the right price range.
• Completing the “Home Features Wish List” to help you get a better picture of what you want in a home.

It’s worth your time, and it’s fun!

Home Features Wish List
1. What age home would you like?
❏ Older Home ❏ Newer Home ❏ New Construction
❏ Other _____________________________________________________
2. What style of home appeals to you most?
❏ Rambler/Ranch ❏ Traditional ❏ Two Story ❏ Split Level
❏ Contemporary ❏ Manufactured Home ❏ Other _________________
3. What type of construction do you prefer?
❏Wood Siding ❏ Vinyl Siding ❏ Aluminum Siding ❏ Brick
❏ Stucco ❏ Stone ❏ Other ____________________________________
4. What size lot are you looking for?
❏ Small ❏ Medium ❏ Large ❏ Not Important
5. How many bedrooms do you need/want?
❏ 1-2 ❏ 2-4 ❏ Other______
6. How many bathrooms do you need/want?
❏ 1-2 ❏ 2-3 ❏ Other______
7. Is having a separate laundry room important? ❏Yes ❏ No
8. Is having a separate dining room important? ❏Yes ❏ No
9. Is having a fireplace important to you? ❏Yes ❏ No
10. Is having a garage important to you? ❏Yes ❏ No
11. If having a garage is important to you, do you want a:
❏ One-car Garage ❏ Two-car Garage ❏ Three-car Garage
❏ Garage With Workstation ❏ Attached Garage
❏ Detached Garage
12. Is central air conditioning an important feature?
❏Yes ❏ No ❏Wall Units Okay ❏Window Units Okay
13. Do you prefer gas, oil, or electric heat?
❏ Gas ❏ Oil ❏ Electric ❏ Doesn’t Matter
14. Do you need a fenced yard? ❏Yes ❏ No
15. Is it important that you be near public transportation?
❏Yes ❏ No
16. Do you want to be in a specific school district?
❏Yes. Name of school_________________ ❏ No ❏ Not Important
17. Howclose do you want to be to your place of employment?
_____Miles _____Hours ❏ Not Important

With the wish list complete, the hunt is on.Knowing what is important to you will save time and make finding your dream a pleasurable experience.

If you would like a copy of this checklist in PDF, please call or email me at or 503 385-4050.

Happy House Hunting!!

Memorial Day

I wanted to take a moment to wish everyone a safe and Happy Memorial Day. Memorial Day is a good chance to pay our respects to all those who have ginven the ultimate sacrifice in defending our country. A special Thanks to all of you have dedicated a portion of your life to this special call.

A reminder-my office will be closed on Monday. If you have something come up and want to talk I can be reached by email at

Have a great weekend!


The home buying process will go smoothly when you work with me!

1. Individualized—I work directly with you, the home buyer to put together financing plans that fit your unique needs and expectations.
2. Local presence—I have been serving Salem for the past 17 years. Landmark Professional has been here for the past 25 years!
3. Communication—Staying connected to each other is integral to our success. I maintain an “open door” policy when it comes to contacting me whenever you need assistance.
4. Integrity—You will always be updated and know just where your file is in the process. If a challenge arises, I will face it head on and keep you informed the entire way.
5. Great Team—You can be assured that you will be working with the best individuals in the industry.
6. Smooth transitions—There will not be any surprises at the closing table.
7. Personal connections—You will have a “first name” working relationship with me and my team, we are dedicated professionals who share your goals.
8. Peace-of-mind—You will be in great hands and will receive the kind of care and attention that you deserve.
9. Mutual benefit—I understand the importance of closing on time—and am committed to supporting you and your timelines.
10. Professional—I adhere to a strong code of ethics and personal standards of excellence.
11. Products—I have flexibility with a number of top-quality mortgage products, lenders and services.
12. Referrals—You will tell your friends and neighbors about the top-notch service that you received—a positive reflection is what I strive for. My business is referral based, so your referral is the highest compliment I can receive.

Call or email me anytime, I look forward to working with you on the most important financial decision of your life.
or 503-385-4050