Watch the video below from Brian and Frank. Feel free to share your thoughts in the comments below. Would love to know your opinion. Thanks!

Vincent van Gogh, Dutch painter (March 30, 1853 – July 29, 1890)
http://www.vangoghgallery.com/

Artists take risks. They pursue their vision, often without financial security, facing long odds while stewing in their own self-doubt. When the world tells them “it’s not safe,” they listen to their own voice despite “prevailing wisdom.” They have a vision and they pursue it.

Occasionally, if they’re very lucky, they get to look back on their life and see the path that lead them to create a masterpiece. At the time, the path wasn’t easy, yet in retrospect, it looks very much like the only possible path they could take.

I think in twenty years or even ten years, we’re going to hear the collective sound of people kicking themselves because they did not buy a home this year. As their teenage sons and daughters graduate and enter the future job market and begin searching for their first home, they’ll turn to their parents and say, “Seriously? You’re telling me when I was in middle school, you could get a 30-year fixed for under 5%?”

Too many remain terrified by the last great storm in the housing market. They stand now on the shores of incredible opportunity, but can’t shake the vision of all those values sinking into oblivion.

Think about the future. Who might need a home? Is there an opportunity to “be the bank” when the time comes? The descendants of those savvy collectors who bough a Van Gogh painting for mere dollars in 1885 are surely grateful for their grandparents’ eyes today, aren’t they?

Yes, there is uncertainty, but this is the calmest water you’re ever going to see. Set sail now and buy a home. Those that do will certainly be rewarded. As for the masterpiece? It will be the satisfaction of looking back and realizing they bought at just the right time.

There’s certainly no risk to exploring the opportunity. I’d love the opportunity to sit down with you and plot a possible course to the best investment you could make. Contact me today.

So let me ask you: Why would you wait for the housing market to improve before buying a house?

I understand there’s a lot of uncertainty out there. Job security is questionable, unemployment is high, and you’re not sure what it takes to get pre-approved for a home loan. It’s scary. But here’s the thing: Letting fear dictate your financial strategy for the future is a guaranteed way to pay too much for a house in the years to come.

Put fear aside for just a moment. Here are some facts:

• Interest rates are at or close to historic lows
• Prices for homes have plunged to the lowest levels we’ve seen in a generation
• Bank and government-owned property inventory is at an all-time high
• Rents are rising and rental inventory is shrinking (limited rental options!)

Shouldn’t you, rather than your landlord, be the one who benefits from owning a home? Right now is the “buy low” in the “buy low / sell high” cycle. Every day I help renters explore their purchasing power. You might be surprised just how qualified you are for home ownership.

If you’re curious simply contact me, or drop me a line and I’d be glad to have a no-obligation conversation about how you could own your own home.

IPCs provide an incentive for a borrower to purchase a particular property, and in certain real estate markets, IPCs may be used to artificially inflate or maintain the sales price of a property. Fannie Mae has established definitive terms for what constitutes an IPC, specific limits on the use and permissible amounts of IPCs, and how IPCs in excess of permissible limits must be treated. These guidelines are designed to help avoid practices that may distort or artificially inflate the market value of properties.

Convetional Conforming Limits

• If you are buying a home as investment property or rental, the maximum contribution allowed by and interested-party is 2% of the sales price
• If you are buying a home as your primary residence there is a little more flexibility. At 9.99% down or less the maximum contribution is 3%. Put 10% to 24.99% down the maximum contribution by an interested-party is 5%. Lastly any more than 25% down and the interested party can contribute 9%.

VA Home Loans

• VA is a 4% limitation towards prepaids, discount points and other sales concessions (such as debt payoff).  On a VA, the seller can pay unlimited closing costs (appraisal, title, recording, loan fee, etc). There are also certain fees the Veteran isn’t allowed to pay, be sure to check with your lender on current guidelines. It’s important to note VA home loans are for primary residences only.

FHA Home Loans

• FHA still allows for an IPC of 6% regardless of the down payment. It’s important to note FHA loans are for primary residences only.

USDA Home Loans

• USDA still allows for an IPC of 6% regardless of the down payment. It’s important to note FHA loans are for primary residences only.

When IPCs exceed these limits they are considered sales concessions. For underwriting and eligibility purposes, the lender must make a downward adjustment to the property’s sales price to reflect the amount of any contributions that exceed the maximum limits. The maximum LTV/CLTV ratios must then be calculated using the lesser of the reduced sales price or appraised value.When IPCs exceed these limits they are considered sales concessions.

The rate is 4.40% and 3% (of the Note amount) cash assistance is available for down-payment, closing costs, or prepaids.

Funds are limited so get your reservations in SOON!

Stop by my page www-Michael-Eiden.com and get prequalfied!

If you need to get prequalifed for a home loan would like to see if the Oregon Bond is for you, stop by my mortgage page to get prequalied. For more information on the Oregon Bond program, you can visit their site at www.oregonbond.us.

Borrower-paid MI premiums are tax-deductible through the year 2011. Below are answers to commonly asked questions regarding the law.

Borrowers should consult their tax advisors regarding MI tax deductibility. See disclaimer note below.

FAQs

Does the bill apply to MGIC mortgage insurance?

Yes, borrower-paid MI provided by MGIC qualifies for the deduction. This includes our Monthly, One-Time MI and Split Premium plans. There are varied opinions on the deductibility of lender-paid MI as the IRS has not yet clarified the deductibility. It is recommended that borrowers consult their tax advisors regarding the amount that is deductible.

What types of mortgage loans qualify for the MI tax deduction?

Loans used for “acquisition indebtedness” — that is, money borrowed to buy, build or substantially improve a residence — are eligible, as long as the debt is secured by the same residence. This includes purchase loans and refinance loans, up to the original acquisition indebtedness. (Money borrowed against the equity in a home or when refinancing a home for any reason other than to buy, build or substantially improve a residence is called “equity indebtedness.”)

When refinancing a piggyback loan originally used to acquire a property, is the original loan amount considered the sum of the two mortgages or only the primary mortgage amount without the second lien included?

The original acquisition indebtedness is considered to be the sum of the two mortgages.

Is deductibility applicable for all loan types?

There is no differentiation among loan types.

What types of properties are eligible for tax deductibility?

The deduction applies to “qualified residences,” as defined in the Internal Revenue Code. Generally, that includes the borrower’s primary residence and a nonrental second home. As with mortgage interest, borrowers can deduct mortgage insurance premiums paid on both their primary residence and one other qualified residence each year. Investor loans are not eligible.

Who qualifies for this itemized deduction?

Households with adjusted gross incomes of $100,000 or less will be able to deduct 100% of their MI premiums. The deduction is reduced by 10% for each additional $1,000 of adjusted gross household income, phasing out after $109,000. (Details below.)

Married individuals filing separate returns who have adjusted gross incomes of $50,000 or less will be able to deduct 50% of their MI premiums. The deduction is reduced by 5% for each additional $500 of adjusted gross income, phasing out after $54,500. (Details below.)

The deduction is not restricted to first-time homebuyers.

Is adjusted gross income calculated before or after deductions?

Adjusted gross income is calculated before itemized deductions, including the MI deduction.

How does the MI tax deduction work?

Borrowers who itemize deductions are able to reduce their overall taxable income in the same manner as mortgage interest.

Are borrower-paid, single premiums, which are paid up front in a lump sum, eligible for the deduction?

Yes, borrower-paid, single-premiums are eligible for the deduction under the new law. Borrowers should consult with a professional tax advisor to determine the amount of the MI premium eligible for the tax deduction.

If the single premium is financed, are both the mortgage insurance premium and the interest tax deductible?

We believe that if the loan is for acquisition indebtedness, both the interest attributable to the entire loan balance as well as the allocated portion of the mortgage insurance premium are tax deductible.

How would a premium refund issued during the tax year affect eligibility and the amount of the MI deduction?

Borrowers are only permitted to deduct that portion of their MI premium attributable to a tax year. If the MI is dropped, and a refund is paid, the amount refunded would reduce the amount of MI premium that could be attributable to that tax year and be deducted.

Note: MGIC cannot provide tax advice. Taxpayers should consult their tax advisor to ascertain if they are eligible to take this deduction. The answers to these questions are based on an interpretation of the language of the statute, the Joint Committee on Taxation’s Technical Explanation of the statutory language, and present law. The Internal Revenue Service (“IRS”) will issue guidance interpreting the new provision, and could reach different conclusions for some of the issues raised.

HomePath financing is only available on Fannie Mae owned homes. Checkout the listings at HomePath.com!

Here are some quick highlights:

• Low down payment and flexible mortgage terms. Available to both owner-occupants
and investors:
- Owner occupied – 3% down
- Second homes – 10% down
- Investment – 10% 1 -2 units; 25% 3-4 units

• Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer. You may qualify even if your credit is less than perfect.

• Seller contributions 6% for Owner occupied
• No mortgage insurance
• No appraisal

Incentive Offer Available!

Fannie Mae is currently offering buyers up to 3.5% in closing cost assistance through June 30, 2011. Buyers or their selling agents must request the incentive option upon submission of initial offer in order to be eligible. Initial offer must be submitted on or after April 11, 2011 and sale must close by June 30, 2011. Other restrictions apply. See Special Offers tab for full terms & conditions.

Click here to download a color flyer: Buyer Closing Cost Incentive

Excerpts from the article:

By Dr. Steve Sjuggerud
Wednesday, June 1, 2011

Now is literally the best time in recorded history to buy a house in America…

Right now – today – U.S. real estate is the most affordable it’s ever been. Ever.

When I say “affordable,” I’m looking at three things: house prices, mortgage rates, and incomes. With the Affordability Index near 200, the median family has 200% of the income necessary to buy the median home (or more specifically, to qualify for a conventional loan on the median home).

Right now, as you know, house prices are sitting near new lows for this cycle, down by roughly one-third (depending on who’s counting). And right now, mortgage rates – after ticking above 5% earlier this year – are all the way down to 4.5% again, near all-time lows.

So it’s simple: With the worst house-price crash in American history, combined with the lowest mortgage rates in history, you can now afford more home than ever. Meanwhile, hope is gone. Everyone thinks housing is hopeless. That is when a bear market ends and a new bull market begins.

At a conference I attended last month, some speakers spoke woefully of the large supply of houses for sale. That will take care of itself in time. Others bemoaned the certainty of higher interest rates in the future, which would hurt housing. But they shouldn’t be so certain…

Twenty years ago, Japan faced a housing bust similar to ours. Japan’s government has cut interest rates to near zero and printed money. And long-term interest rates in Japan currently sit around 1%. Even rising interest rates won’t kill housing… In the 1970s, interest rates were rising, and house prices outperformed stock prices.

The story is simple: House prices have fallen more than ever… And mortgage rates are lower than ever. If you can buy a house now (and want one), go for it.

Now is the best time in American history to do it.

Good investing,

Steve
http://www.dailywealth.com

Here are some quick excerpts from the article:

The era of get-rich-quick real estate is dead. The era of increasing long-term wealth in your home is back.

Historical data from the National Association of Realtors (and adjusted for inflation by Businessweek.com) show that in 18 of the 25 largest metro areas in the U.S., the value of homes purchased in 1990 had increased by 2010, often by double digits. And this in a year when real estate prices around the country have softened since their peak in 2006. These houses would have been worth even more a few years ago.

While that’s cold comfort for the many Americans whose homes have lost more than $1.7 trillion in value in 2010, according to a new report by Zillow.com, it underscores the fact that homeowners who buy for the long term have historically seen the value of their investment increase over the years. In inflation-adjusted terms, the median U.S. home sale price in the third quarter remains approximately 9.5 percent higher than in 1990, despite falling 26 percent from peak levels, according to calculations based on NAR data.

Says Greg Hebner, chief operating officer at Sorrento Capital, an Irvine (Calif.) asset management firm: “You should at least be looking at housing now,” especially as interest rates are low and homeowners can deduct mortgage interest from their income taxes. “It’s still a good game” if a buyer understands the risks, has consistent income, and purchases a house he can afford, Hebner says.

When Supply Is Limited

Based on data since 1968, nominal U.S. home prices have risen 5.5 percent annually and outpaced inflation by about 1 percent to 2 percent, says Lawrence Yun, NAR’s chief economist. The main reasons housing has grown faster than inflation, he says, are that more people wanted to buy in places with a finite supply of developable land, which drove up prices, and owners increased the value of their properties through home improvements.

Home prices followed this pattern through most the 1990s but started shooting up in the early 2000s. Between 2000 and 2006, nominal prices rose 89 percent, according to data from Moody’s Economy.com and Fiserv (FISV), a financial service company in Brookfield, Wis.

Economists from NAR, Fiserv, and Moody’s Analytics interviewed for this story expect home prices to continue to grow slightly more than inflation in the long term. Still, buyers are not likely to see prices skyrocket the way they did in the early 2000s, at least in the near future.

Up by Half, or More

In an analysis of the country’s 25 largest metro areas, Businessweek.com found that the Portland (Ore.) area had the largest real price gain since 1990, with the median sale price in this year’s third quarter ($242,100) up about 85 percent over 1990, in inflation-adjusted terms. Home prices in the Denver, Baltimore, and Seattle areas also made gains of more than 50 percent in that period.

As a Mortgage Banker/Broker for Pacific Residential Mortgage in Portland, OR I am happy to see a national news outlet confirming what I have been relaying to my clients. The get rich quick scheme for real estate has been dead for sometime and aruably should never have started.