Blue River, OR New Home Financing in Oregon
Somerset Investors Corp. can find Blue River, OR residents the perfect loan and start your home purchase off right. With hundreds of loan programs available, we’ll help Blue River, OR residents match your needs with a loan you’ll love for as long as you own your home. Somerset Investors Corp. can find Blue River, OR residents the perfect loan and start your home purchase off right. With hundreds of loan programs available, we’ll help you match your needs with a loan you’ll love for as long as you own your home.
Fixed Rate Loans
Several categories of conventional loans exist, the most common and familiar being the fixed rate mortgage. In the cases of fixed rate mortgages, the borrower will lock in an interest rate, and pay down both the principal and interest on the loan at that interest rate every month until the mortgage is paid off. The most typical term of a fixed rate loan is 30 years, though fixed rate mortgages can also be obtained for much shorter terms, the primary difference being in the size of the monthly mortgage payment.
Conforming Loans
Other conventional loans are known as conforming loans. In these cases, an arrangement is made between borrower and lender that comply with the stipulations of two federally run mortgage trading companies (or Government Sponsored Entities - GSEs) Fannie Mae (FNME) and or Freddie Mac (FHLMC).
Fannie Mae and Freddie Mac do not directly approve or deny loans. They buy and sell home mortgages, working with lenders to make home ownership easier for people to attain. Lenders like to sign up borrowers with conforming loan, because they can then sell these loans to Fannie May or Freddie Mac in order to more quickly receive the funds coming to them, and use those funds to make other investments. Fannie Mae and Freddie Mac, in turn, then repackage these loans to sell to investors as securities.
The current guidelines for a conventional Fannie Mae loan set a maximum purchase price for a single-family home at slightly above $415,000 (though residents of Alaska, Hawaii, or Guam may be able to qualify for an even larger loan).
The interest rate as well as the short- and long-term pricing on a conforming loan is determined primarily by the type of loan applied for. Also taken into consideration will be the amount of funds you already have to contribute to closing costs, your credit rating, credit score, and credit history, your employment history, and the type and location of the home in question.
Jumbo Loans
Other forms of conventional loans are nonconforming loan instruments that do not meet Fannie Mae or Freddie Mac loan qualifications, such as jumbo loans, or loans so large they fall outside the Fannie Mae and Freddie Mac loan limits (or purchase limits). Jumbo loans are provided by private investors and as such ordinarily come with much higher interest rates than conforming loans.
FHA Loans
Government entities from a local to a federal level and private entities alike have worked to develop loan programs that make home ownership a reality for many people considered under-qualified for traditional mortgages. These include loans for first-time homebuyers and people with a low-to-moderate income that are insured by the Department of Housing and Urban Development (HUD) via the Federal Housing Administration (FHA).
HUD and the FHA do not make loans directly, rather they insure loans, meaning that the lender still gets paid back even if you default on the home loan. Often, FHA insured loans are available with d
Return to new home financing in the state of OR
| Blue River, Oregon News |
Can you see town's future?
FINN ROCK: People with forward looking minds are being invited to a planning session at McKenzie High School. The meeting, sponsored by the Blue River Community Development Committee (CDC) and the Community and Economic Development Program of Lane County, will focus on ways area residents see the future of the Blue River area. A number of discussion topics have been proposed. Part of the planning will deal with impacts to the natural environment. Some people have suggested taking a "green" approach to a sustainable community that has been promoted by the state of Oregon. Organizers are asking what a greener, more sustainable Blue River community should look like?
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Find out how to cut your own Christmas tree for $5
Christmas tree permits are, or soon will be, available at Willamette National Forest Ranger District offices in Detroit, Sweet Home, McKenzie Bridge, and Westfir, as well as several businesses.
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Crash victim dies from injuries
A Bend-area man died Saturday afternoon at a Eugene hospital from injuries sustained Friday night in a car crash near Blue River, Ore.
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Search resumes for lost Oregon math professor
BLUE RIVER, Ore. - A Lane County search team will make another, and probably final, attempt to find Damaing Xu, a University of Oregon math professor missing in the Three Sisters wilderness since failing to ...
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River Walk plans moving forward
BLUE RIVER: The McKenzie River Ranger District is asking for public input on the portion of Blue River's proposed River Walk project that occurs on Forest Service lands. The proposal would define and maintain existing user trails on National Forest lands between Hwy. 126, and Blue River Drive, parallel to River Avenue. The location is at T. 16 5., R. 4 E., or county tax lot 700. According to district Ranger Mary Allison, the project proposes a short segment (approximately 1,000') of trail construction, as well as the installation of park benches and interpretive signs on Forest Service lands. Other activities include the removal of noxious and invasive weeds in the area and restoration work where resource damage has previously occurred. All improvements proposed that are located off National Forest lands will be approved by the appropriate landowner.
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Delays expected on Aufderheide Drive
BLUE RIVER: People driving through the Willamette National may encounter traffic delays due to two projects occurring along the scenic Aufderheide Memorial Drive. On Monday through Friday, travelers along the southern portion of the road (from Westfir to the crest) should be aware that over the next three months road construction may cause delays in their travels. Roadwork is occurring on Forest Road 19 between roads #1926 and #1940. Crews are stabilizing the roadbed, installing new culverts, and paving several sections of road. The work began Monday August 11th, and will be completed by the end of October.
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Ninth McKenzie Home & Garden Tour
Once every two years, the McKenzie Home and Garden Tour offers area residents an opportunity to see some of the McKenzie River Valley's most interesting and unique properties. Join friends and neighbors on Saturday, July 19, 2008, from 10 a.m. until 5 p.m. for this self-guided tour. Featuring beautiful homes and gardens from Leaburg to McKenzie Bridge, this event benefits the McKenzie River Medical Clinic. Tickets are $15 (children under 12 free) and are available at Walterville Feed & Tackle, Vida Community Market, McKenzie River Clinic, Harbick's Country Store, Meyers General Store and Spirit Shop, Ironwood Nursery, Down to Earth, Gray's Garden Centers, Shamrock Flowers & Gifts, Little Red Farm Nursery, or on the website www.McKenzieHomeandGardenTour.com
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Saanichton company to start sealcoating in Blue River and Avola
It appears that nearly all the roads in Avola and Blue River will be sealcoated this summer.
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Fire destroys Blue River home
BLUE RIVER: A structure fire in Blue River last Tuesday drew a response from nine fire departments. According to Blue River Fire Chief Gene Flint, "Responding crews totaled about 40 people and were from the Blue River Fire Dept. - 1 engine, Upper McKenzie RFPD - 1 engine and tender, McKenzie Fire and Rescue - 3 engines and a tender, additional personnel from McKenzie Fire and Rescue, Lowell FD, Pleasant Hill FD, Dexter FD, Santa Clara FD, Goshen FD, and Coburg FD." The fire was reported by the neighbor Monty Wilson at about 11:30 a.m., when smoke was showing from the roof of the manufactured home at 51211 McKenzie Highway. The home, owned by Brandon and Cindy Rux, was a total loss although some personal items were saved, according to Flint.
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Homestead Campground considered for closure
BLUE RIVER: Homestead Campground could be decom-missioned soon. Severe winter storms downed a number of large trees and left several hazard trees in and around the site last winter. In addition, camping facilities were damaged and access through the recreation area was blocked. Since April of 2007, the campground on Aufderheide Memorial Drive was gated and closed due to the hazards. During the Willamette National Forest's review of developed recreation sites Homestead Campground had been placed on a list for possible permanent closure. The evaluators based their rankings on factors such as the amount of use, location, and costs to operate. They determined Homestead receives low use and is located near several other recreation sites offering similar recreation experiences. The Red Diamond, Frissell Crossing, French Pete, and Roaring River campgrounds (all within a few miles of Homestead on Forest Road 19) are seldom used to capacity. Two dispersed camping areas are also located nearby providing a similar setting along the South Fork McKenzie River.
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Willamette Rafting Trip Turns Fatal
By Amy Phillips May 22, 2008 Blue RIver, Ore. -- A man is missing, and presumed dead, after attempting to float the Willamette River from Eugene to Portland.
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The people in Obama's army of small donors
"Anybody that contributes, we immediately call them and ask them if they would like to be part of our organization" Kriss Riggs isn't one to spend her money on politicians. "Even the place you can donate a dollar on your taxes, I refuse to do it," says the 60-year-old photographer from Blue River, Ore. via SignOnSanDiego.com
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With Somerset's many FHA home loan programs, owning your dream home is more than just a dream.
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"Our family would like to thank Somerset Mortgage Lenders for getting us out of foreclosure. Without your help we do not know what would have become of our family. When we first called, we were in Chapter 13 bankruptcy...Not only will we now be able to keep our home, but we'll be able to put ourselves on track financially, thanks to all the efforts of the wonderful people at Somerset. We will be forever grateful to you all." - Scott & Amy
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