Agent Profile
My job is service...service to you and your real estate transactions! How can you benefit from my 25 years of experience and expertise? What can I offer to make the process more productive?
* Current information on available housing...comparative and competitive market pricing and analysis
* Daily involvement in the local real estate marketplace.
* Thorough, comprehensive knowledge reflecting years of helping others complete their real estate business.
* Extensive network of professional resources to make the process as smooth as possible.
My commitment is to you! Being available to you...returning your calls...answering your questions...addressing your concerns...respecting your money...matching your timeline...meeting your expectations...helping accomplish your real estate goals!!
JANEESE JACKSON: 503-709-0802 or jj@janeesejackson.com
There is another LOAN PROGRAM available now that again rewards first-time homebuyers in the Portland area. And, remember if 1st-time homebuyers purchase then 2nd time homebuyers move on and 3rd time homebuyers get an opportunity to move up. Hopefully, it’s a “trickle up” effect and can be another way to stimulate the local housing market!! The definition of “first-time home buyer” for this particular program is not having owned a home in FIVE YEARS. This interest rate coupled with the $8000 tax credit for first-time buyers plus lower housing prices should make a real estate purchase look very attractive:
Up to 80% loan-to value (in other words: 20% down or more)
$417,000 maximum loan amount ($521,250 purchase price)
3.75% initial fixed rate for two years
5.75% fixed rate for years 3 – 30
Prepayment penalty if the property is refinanced within 1st 4yrs
NO prepayment penalty if home is sold in 1st 4yrs
Minimum credit score of 700
Single-Family homes and Duplexes only.
No manufactured homes or new-construction
For 80-85% loan-to-value (in other words: 15-20% down)
Add 0.50% to rate for mortgage-insurance
Mortgage Insurance (required by lenders if less than 20%down) falls off after value is 80% or less (minimum 12mo from purchase date)
Obviously, this would mean you would definitely have one year (the 3rd year) of an (at present) over market interest rate of 5.75% (they’ve presently been hovering plus or minus 5%). In my mind, this would only be prudent if you knew this was a short-term purchase due to a known move OR plans to move up OR move down due to expanding/contracting family plans, etc. Otherwise, if you had that kind of money for a downpayment and a credit score of 700 (or better), you’d do better obtaining a typical conventional loan with an interest rate of around 5%. But, it could make a short-term difference for a first-time buyer struggling to purchase their first home with plans to move onward & upward. And, of course, you could refinance without penalty after 4 years or sell the home anytime within that 4 year period (but , we don’t know what interest rates will be in 4 years). Call or write for more info OR just to brainstorm…..jj
About the Author | Janeese Jackson
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