You may have heard about the revision on the radio or in the news.  For the past two years many of us receive emails, phone calls or mail regarding this program which can also be known as the Making Home Affordable Refinance or the Relief Refinance.  The program was originally implemented in April 2009 and since then has only helped a mere 800,000+ of the more than 11,000,000 underwater homeowners.

If you have a conventional, conforming mortgage loan (serviced by Fannie Mae or Feddie Mac), you are current on your mortgage and your loan originated before June 1, 2009 then you may be eligible.

The revisions to the new program remove any loan-to-value restrictions that were previously part of the guidelines which will allow the new revamped program to help approximately double that of the last HARP go-around.  However, with that said, it’s still just a drop in the bucket of the huge population of underwater homeowners in the United States.

If you want to find out if you are eligible or want to learn a bit more please feel free to shoot me an email or give me a call (503.798.9183).

At this time Fannie and Freddie are working with banks to implement the guidelines for the program.  Soon we will have all the details program implementation.

For those of us in the industry this is yet another change we will welcome with open arms.

The CFPA is asking for consumer/industry votes on the two options they have laid out for the new mortgage disclosure.  Both options provide the same information with a variance in layout.  Personally I like less ink on the page and would like to see Option B make a run for office.  The CFPB has made themselves easily accessible through the interwebs.  Much like whitehouse.gov, consumerfinance.gov is linked up on Twitter and Facebook as well as a few other social sites.  You can view and vote on the new mortgage financing disclosure here: http://www.consumerfinance.gov/knowbeforeyouowe/.

REO (real estate owned) or foreclosure properties offer an amazing opportunity for you as a home buyer or investor.  If you are interested in purchasing a bank owned home then this program may be the right fit for you.  As a buyer looking to purchase this as a primary residence you have the first dibs on the property as it’s only available to those who will occupy the home for the first 15 days.  After 15 days the property becomes available for investors to write an offer.

Some benefits to you the borrower:

• Low down payment (at least 3% for primary residence or 10% for investor).
• No mortgage insurance.
• No lender-required appraisal.

For more information or to get your application started shoot me an email or give me a call at 503.798.9183.

Currently (March 28, 2011) there are 71 properties available in Marion County and 15 properties available in Polk County.

100% Financing!  No Mortgage Insurance!

Perfect for the Willamette Valley!

The Guaranteed USDA Rural Housing home loan is available for properties located in a rural area.  The USDA loosely defines a rural area as a town or area with a population of 25,000 or less.  In the mid-Willamette Valley these towns include, but are not limited to Stayton, Silverton, Aumsville, Monmouth and Independence.  All properties must be deemed eligible based on the USDA Rural Housing eligibility map.

Borrower eligibility is based on income and credit.  Income may not exceed 115% of the median income for a given area.  Credit histories must be reasonable (i.e. most banks are requiring a 640 minimum FICO score).

No minimum down payment is required.  Sellers can contribute up to 6% of the sales price towards closing costs/prepaid finance charges.

The application process for the USDA Rural Housing loan is very simple.  Give me a call (503.798.9183) or shoot me an email to get started on your application today.  As always, I’m available for questions.

To download a flier please click here.

Today, Landmark Mortgage merged with Professional Mortgage Corporation.  Both Landmark and Professional have been involved in local lending for over 20 years and have developed great reputations for quality, service and integrity.  Due to changes in the mortgage marketplace, we started a dialogue a few months back to explore how to be stronger moving forward.  After discussing business plans, strategies and our core values, it became clear that coming together would be the right opportunity for each of us to be able to best serve our past and future clients.  So, as of today, we will now be Landmark Professional Mortgage Company.

We have moved our offices to 1255 Lee St SE (on the corner of Lee and Mission St).  Phone numbers and emails will all remain the same for the near future.  This will eventually change once the dust settles.  I will keep you posted of the changes.  Also, the signage outside and on the building will reflect Professional Mortgage Corporation (PMC) for a couple of weeks while our sign is being finished.

We will continue to offer the best in local mortgage lending and look forward to serving you for years to come.

Monday evening I will be speaking at Salem Tribe. After taking the summer off, the group is back in action this Monday, November 15th at 6:30pm. We’ll be meeting at the West Salem Library on Glen Creek. Check out Salemtribe.com for more details:

Keeping It Real. Simple.
Market yourself and/or your business online by building (or building on) real relationships through the interwebs.

Description: Come and learn how to market you and/or your business online by building real relationships with your sphere of influence. Networking and marketing online can become overwhelming when you look at all the avenues that are now available. When it comes down creating a positive ROI (return on investment) for your time spent online it comes down to two things: being real and keeping it simple.

Conrad will share his experience from two perspectives: as a residential loan officer at Landmark Mortgage and as a grassroots marketer for Venti’s Cafe and Basement Bar.

NOTE: We have moved this month’s meeting to the West Salem Library’s Meeting Room located at 395 Glen Creek Road NW in West Salem on Monday, November 15, 2010 from 6:30pm to 7:30pm. Free sodas and water will be available and drinks are allowed in the room. You can get directions from the City of Salem’s website by clicking here.

FHA is making changes to the cost of mortgage insurance in a couple of weeks.  Learn how it will affect the payment and make a move by October 4th if necessary.  Rates are still very, very low.  Give me a call or shoot me an email to inquire about any of your mortgage finance related questions.

Initially I was a bit frustrated with this clip.  The mind is a powerful tool and if a seed is planted about business being slow in downtown Salem and you don’t work and/or live in downtown Salem then the perception may become a reality in one’s mind.  Downtown is busy and vibrant and is continuing to grow.  My office is close to downtown and I plan all my out of office business meetings in the core of downtown. I’d like to make clear that this video does not portray all business in downtown Salem.

The term “Buy Local” quickly came to mind.  As we begin to hear more news about the inevitable state budget woes and potential furlough and/or layoffs the theory of less money spent in our community will come to fruition.

Buy Local

Buying local has never been so much fun in the Salem area.  Specifically the core of downtown Salem has a very good thing going on right now.  Obviously I am partial to the food, drink and entertainment of Venti’s Cafe and Basement Bar, but there are many other great locally owned restaurants we can support in downtown Salem that are all focused on bringing quality food, service and entertainment to our community through their venue. Not to mention the involvement and focus from each owner to return the favor and buy local and pour love back into our community.

Some great places downtown that I adore, both from as a foodie and as an involved member in our community, include:

La Capitale: Chef/Owner David Rosales (@kidcapitale on Twitter) is an amazing contributor to our community.  Culinary expertise runs through his blood as his dad, Pedro Rosales, has owned/run La Margarita (also downtown), one of Salem’s best Mexican restaurants, for years.  David has done a great job of connecting with our community and obviously makes it a priority to integrate fresh, local ingredients into many of his menu and special items.

Wild Pear: Chefs/Owners/Sisters Jessica and Cecilia Ritter (@wildpear) truly care about our community.  I actually worked the catering side of things with Wild Pear right when I came on board with Landmark  in the summer of 2006 to help generate income for health insurance, etc while taking on a 100% commission career.  It was a great experience to work with Jessica and view how much she truly loves her community and every single one of her customers.

Downtown Waffles: Creator/Owner James Cloyd (@downtownwaffles)is the newest addition to my food entourage with his waffle cart on the corner of Liberty and Chemeketa downtown.  I’ve known James for years and I love his new venture.  James offers fresh waffles touting a variety of toppings including many great additions from the local farmer’s markets.

Venti’s Cafe and Basement Bar: Chef/Owner Dino Venti (@ventiscafe / @leslieventi / @conradventi) has never been more passionate about our community and the core of downtown Salem.  Dino is constantly looking for ways to improve the economics and livelihood of downtown Salem, not to mention his overwhelming passion for bringing good food, drink and atmosphere to his eclectic restaurant and bar.

Salem Saturday Market and the Wednesday Farmer’s Market: The Friends of Salem Saturday Market put a considerable amount of effort into planning and organizing the mid-valley’s most community centered market.  Both the Saturday Market and the Wednesday Farmer’s Market are hosted downtown and provide a connection between the residence and local farmers, artists and craftsmen.  Kari and I enjoy weekly outings with the kids to the market to hunt down produce needs and meet-up with friends.

There are many more community focused businesses, restaurants and organizations in the core of downtown Salem, but these stand at the top of my list as places I love and frequently visit.  The story aired by KATU packs a powerful punch in with the reality of our State’s budget crisis, but we can hedge the storm.  Each one of us can make an impact to avoid a “double dip recession” with a focus on our community and spending our money locally.