FHA Monthly Mortgage Insurance Premium drops

January 26th is the official date for lower mortgage insurance premiums!!

This drop of .5% will help more homebuyers into their first homes.  FHA offers lower interest rates, 3.5% down payment and now the lower monthly mortgage insurance makes an FHA loan a more competitive option for home buyers.

If you are looking to purchase or even refinance an existing FHA loan, now is the time to call or email me for estimates to make sure this is right for you!  karen@landmarkprofessional.net or 503 581 8100


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 karen@landmarkprofessional.net

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 karen@landmarkprofessional.net.

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 karen@landmarkprofessional.net

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 karen@landmarkprofessional.net.

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.