More good news from the mortgage industry -----
Super Jumbo loan programs are back!!
Loan amounts to $2 million and Loan To Valuss to 80%. Available in 30-year fixed, 5-year ARM and 3-year ARM.
680+ FICO score will loan up to $650,000
700+ FICO score will loan up to $1.5 Million
720+ FICO score will loan up to $2 Million
Today's rates for example:
up to $1 Million, 30-year fixed, at 6.125% interest; or a 5-yr ARM at 5.25% interest
up to $1.5 Million, 30-year fixed, 6.0% interest; or a 5-yr ARM 5.125% interest
And don't forget-------conventional, conforming purchase requires 740+ FICO score, 80% Loan To Value, with a 30-yr fixed, is only 4.50% interest!!!!
First-time home buyers still get the federal tax credit up $8,000
and our new State incentive to purchase a new home (never lived in) will get $6,000.
Tuesday, March 31, 2009
Tuesday, March 24, 2009
Utah Is The Happiest State
Utah and Hawaii residents generate top scores in survey measuring health, happiness
By KEVIN FREKING | Associated Press | Mar 11, 09 6:40 AM
Looking for happiness. It's family-friendly communities for some, tropical paradise or the rugged West for others. A survey of Americans' well-being, conducted by Gallup in partnership with Healthways and America's Health Insurance Plans, gives high marks to Utah, which boasts lots of outdoor recreation for its youthful population.
Speaking of outdoor recreation, the islands of Hawaii took second place and Wyoming was third in the poll that rated such variables as mental, physical and economic health.
But fun outdoors obviously wasn't the only criteria _ "wild, wonderful" West Virginia was ranked last among the states.
And the bluegrass state of Kentucky was 49th, with Mississippi 48th on the list.
In general, highest well-being scores came from states in the West while the lowest were concentrated in the South. The happiest congressional districts were some of the wealthiest, while the lowest scores came in some of the poorest.
Jim Harter, a researcher at Gallup, said he was reluctant to explain regional differences without more study, but he suspected that some of the variations are explained by income. For example, when people were asked to examine their status in life now and five years from now, wealthier people tended to score higher.
The survey attempts to measure people's well-being. It examines their eating and exercise habits, work environment and access to basic necessities, just to name some of the criteria.
The massive survey involved more than 350,000 interviews. Examples of the questions include: Did you smile or laugh a lot yesterday? Are you satisfied or dissatisfied with your job or the work you do? Did you eat healthy all day yesterday? Do you feel safe walking alone at night in the city or area where you live?
Researchers hope the findings will help employers better understand what they can do to create more productive workers. Eventually, the data could even be used to compare health and happiness by ZIP code. The survey is going to be generated for 25 years, according to current plans.
By KEVIN FREKING | Associated Press | Mar 11, 09 6:40 AM
Looking for happiness. It's family-friendly communities for some, tropical paradise or the rugged West for others. A survey of Americans' well-being, conducted by Gallup in partnership with Healthways and America's Health Insurance Plans, gives high marks to Utah, which boasts lots of outdoor recreation for its youthful population.
Speaking of outdoor recreation, the islands of Hawaii took second place and Wyoming was third in the poll that rated such variables as mental, physical and economic health.
But fun outdoors obviously wasn't the only criteria _ "wild, wonderful" West Virginia was ranked last among the states.
And the bluegrass state of Kentucky was 49th, with Mississippi 48th on the list.
In general, highest well-being scores came from states in the West while the lowest were concentrated in the South. The happiest congressional districts were some of the wealthiest, while the lowest scores came in some of the poorest.
Jim Harter, a researcher at Gallup, said he was reluctant to explain regional differences without more study, but he suspected that some of the variations are explained by income. For example, when people were asked to examine their status in life now and five years from now, wealthier people tended to score higher.
The survey attempts to measure people's well-being. It examines their eating and exercise habits, work environment and access to basic necessities, just to name some of the criteria.
The massive survey involved more than 350,000 interviews. Examples of the questions include: Did you smile or laugh a lot yesterday? Are you satisfied or dissatisfied with your job or the work you do? Did you eat healthy all day yesterday? Do you feel safe walking alone at night in the city or area where you live?
Researchers hope the findings will help employers better understand what they can do to create more productive workers. Eventually, the data could even be used to compare health and happiness by ZIP code. The survey is going to be generated for 25 years, according to current plans.
Friday, March 20, 2009
Grant to purchase NEW homes
Governor signs bill for new homes grant
Gov. Jon Huntsman Jr. signed a bill yesterday that will provide $6,000 grants to buyers of newly constructed, never-occupied homes. Upon his signature, he immediately directed the Utah Housing Corporation to begin dispersing grants under the “Home Run” program to buyers who finance a recently constructed home with a 30-year (or less) fixed-rate mortgage and meet other qualifications.
Senate Bill 260 created a fund that will use federal stimulus dollars to provide about 1,600 grants to be distributed through Utah Housing Corporation to home buyers on a first-come, first-served basis.
To apply for the grant, home buyers should work through their lender. Any mortgage lender qualified to make mortgage loans under Utah law can assist home buyers to secure the Home Run grant. Lenders will work directly with Utah Housing Corporation to apply for the grant money. Examples of qualifying mortgages include conventional, FHA, VA, Rural Housing and Utah Housing loans. Cash buyers should work directly with Utah Housing.
Consumers do not have to be first-time buyers to qualify for the program but incomes cannot exceed $75,000 for singles and $150,000 for married couples. Buyers who qualify for both programs can take advantage of the $8,000 federal home-buyer tax credit as well as a Home Run grant.
“It is up to the states to use the federal stimulus money in a way that truly has a beneficial impact on our economy. This is an immediate stimulus targeted at the weakest area of Utah’s economy,” Huntsman said in a press release. “This investment of $10 million will result in 8,800 jobs in the market and $324 million in wages into our economy. This boost is critical for us to reverse our current position.”
To learn more about program details and how buyers can apply, visit www.UtahHousingCorp.org . Also visit www.UtahHousingFacts.com for information about both the Home Run program and the $8,000 federal first-time home buyer tax credit.
Gov. Jon Huntsman Jr. signed a bill yesterday that will provide $6,000 grants to buyers of newly constructed, never-occupied homes. Upon his signature, he immediately directed the Utah Housing Corporation to begin dispersing grants under the “Home Run” program to buyers who finance a recently constructed home with a 30-year (or less) fixed-rate mortgage and meet other qualifications.
Senate Bill 260 created a fund that will use federal stimulus dollars to provide about 1,600 grants to be distributed through Utah Housing Corporation to home buyers on a first-come, first-served basis.
To apply for the grant, home buyers should work through their lender. Any mortgage lender qualified to make mortgage loans under Utah law can assist home buyers to secure the Home Run grant. Lenders will work directly with Utah Housing Corporation to apply for the grant money. Examples of qualifying mortgages include conventional, FHA, VA, Rural Housing and Utah Housing loans. Cash buyers should work directly with Utah Housing.
Consumers do not have to be first-time buyers to qualify for the program but incomes cannot exceed $75,000 for singles and $150,000 for married couples. Buyers who qualify for both programs can take advantage of the $8,000 federal home-buyer tax credit as well as a Home Run grant.
“It is up to the states to use the federal stimulus money in a way that truly has a beneficial impact on our economy. This is an immediate stimulus targeted at the weakest area of Utah’s economy,” Huntsman said in a press release. “This investment of $10 million will result in 8,800 jobs in the market and $324 million in wages into our economy. This boost is critical for us to reverse our current position.”
To learn more about program details and how buyers can apply, visit www.UtahHousingCorp.org . Also visit www.UtahHousingFacts.com for information about both the Home Run program and the $8,000 federal first-time home buyer tax credit.
Monday, March 16, 2009
Unable to Make Your Payment?
If you are unable to make your mortgage payment:
1. Don't ignore the problem.
The further behind you become, the harder it will be to reinstate your loan and the more likely that you will lose your house.
2. Contact your lender as soon as you realize that you have a problem.
Lenders do not want your house. They have options to help borrowers through difficult financial times.
3. Open and respond to all mail from your lender.
The first notices you receive will offer good information about foreclosure prevention options that can help you weather financial problems. Later mail may include important notice of pending legal action. Your failure to open the mail will not be an excuse in foreclosure court.
4. Know your mortgage rights.
Find your loan documents and read them so you know what your lender may do if you can't make your payments. Learn about the foreclosure laws and timeframes in your state (as every state is different) by contacting the State Government Housing Office.
5. Understand foreclosure prevention options.
Valuable information about foreclosure prevention (also called loss mitigation) options can be found on the internet at: Hud.gov
6. Contact a HUD-approved housing counselor.
The U.S. Department of Housing and Urban Development (HUD) funds free or very low cost housing counseling nationwide. Housing counselors can help you understand the law and your options, organize your finances and represent you in negotiations with your lender if you need this assistance. Find a HUD-approved housing counselor near you or call (800) 569-4287.
7. Prioritize your spending.
After healthcare, keeping your house should be your first priority. Review your finances and see where you can cut spending in order to make your mortgage payment. Look for optional expenses-cable TV, memberships, entertainment-that you can eliminate. Delay payments on credit cards and other "unsecured" debt until you have paid your mortgage.
8. Use your assets.
Do you have assets-a second car, jewelry, a whole life insurance policy-that you can sell for cash to help reinstate your loan? Can anyone in your household get an extra job to bring in additional income? Even if these efforts don't significantly increase your available cash or your income, they demonstrate to your lender that you are willing to make sacrifices to keep your home.
9. Avoid foreclosure prevention companies.
You don't need to pay fees for foreclosure prevention help-use that money to pay the mortgage instead. Many for-profit companies will contact you promising to negotiate with your lender. While these may be legitimate businesses, they will charge you a hefty fee (often two or three month's mortgage payment) for information and services your lender or a HUD approved housing counselor will provide free if you contact them.
10. Don't lose your house to foreclosure recovery scams!
If any firm claims they can stop your foreclosure immediately if you sign a document appointing them to act on your behalf, you may well be signing over the title to your property and becoming a renter in your own home! Never sign a legal document without reading and understanding all the terms and getting professional advice from an attorney, a trusted real estate professional, or a HUD approved housing counselor.
1. Don't ignore the problem.
The further behind you become, the harder it will be to reinstate your loan and the more likely that you will lose your house.
2. Contact your lender as soon as you realize that you have a problem.
Lenders do not want your house. They have options to help borrowers through difficult financial times.
3. Open and respond to all mail from your lender.
The first notices you receive will offer good information about foreclosure prevention options that can help you weather financial problems. Later mail may include important notice of pending legal action. Your failure to open the mail will not be an excuse in foreclosure court.
4. Know your mortgage rights.
Find your loan documents and read them so you know what your lender may do if you can't make your payments. Learn about the foreclosure laws and timeframes in your state (as every state is different) by contacting the State Government Housing Office.
5. Understand foreclosure prevention options.
Valuable information about foreclosure prevention (also called loss mitigation) options can be found on the internet at: Hud.gov
6. Contact a HUD-approved housing counselor.
The U.S. Department of Housing and Urban Development (HUD) funds free or very low cost housing counseling nationwide. Housing counselors can help you understand the law and your options, organize your finances and represent you in negotiations with your lender if you need this assistance. Find a HUD-approved housing counselor near you or call (800) 569-4287.
7. Prioritize your spending.
After healthcare, keeping your house should be your first priority. Review your finances and see where you can cut spending in order to make your mortgage payment. Look for optional expenses-cable TV, memberships, entertainment-that you can eliminate. Delay payments on credit cards and other "unsecured" debt until you have paid your mortgage.
8. Use your assets.
Do you have assets-a second car, jewelry, a whole life insurance policy-that you can sell for cash to help reinstate your loan? Can anyone in your household get an extra job to bring in additional income? Even if these efforts don't significantly increase your available cash or your income, they demonstrate to your lender that you are willing to make sacrifices to keep your home.
9. Avoid foreclosure prevention companies.
You don't need to pay fees for foreclosure prevention help-use that money to pay the mortgage instead. Many for-profit companies will contact you promising to negotiate with your lender. While these may be legitimate businesses, they will charge you a hefty fee (often two or three month's mortgage payment) for information and services your lender or a HUD approved housing counselor will provide free if you contact them.
10. Don't lose your house to foreclosure recovery scams!
If any firm claims they can stop your foreclosure immediately if you sign a document appointing them to act on your behalf, you may well be signing over the title to your property and becoming a renter in your own home! Never sign a legal document without reading and understanding all the terms and getting professional advice from an attorney, a trusted real estate professional, or a HUD approved housing counselor.
Foreclosure Fraud
Fight Foreclosure fraud
The Utah Division of Real Estate is offering advice on how to avoid foreclosure scams in light of Utah's rising foreclosure rate.
The division has compiled the "Top Five Common Foreclosure Frauds" as well as "Five Ways Consumers Can Protect Themselves against Foreclosure Fraud" lists for the public.
Top Five Common Foreclosure Frauds
Consumers should be wary of any offers that include the following language:
*Save Your Credit: "Pay us a fee and sign your house over to us. The foreclosure will be recorded against us, not you." In this scheme, the lender will record the foreclosure against the homeowner who does not pay as promised under a mortgage.
*Lease-Back Repurchase Schemes: "We'll buy your property, lease it to you, and you have the option to buy it back!" Fraudsters prey on trusting individuals to get access to their home equity, title to property, credit, or money. Legitimate lease-back or lease-option agreements exist, but consumers must closely scrutinize the deal.
*Bank Relationships: "We have a special relationship with banks and can solve your problem quickly with no harm to your credit!" There are no easy solutions when you are facing foreclosure.
*Guaranteed Short Sale: "A short sale can save your credit, guaranteed!" Short sales can be a legal, effective method for preventing a foreclosure, but they are not guaranteed to be accepted by your lender, and they can affect your credit.
*Claim Bankruptcy: "Stop foreclosures with bankruptcy!" Financial advisers typically recommend bankruptcy only when all other avenues have failed so consumers should weigh all options before pursuing this path.
Five Ways Consumers Can Protect Themselves against Foreclosure Fraud
Below are tips to assist consumers who may be facing foreclosure:
1. Contact your lender as soon as you become delinquent. It costs lenders a significant amount of money to foreclose on a property, and many lenders have programs to help consumers.
2. Seek the advice of a competent professional, recommended by someone you know and trust. Real estate licensees, attorneys, and mortgage licensees can help you identify options for your situation. Make sure you are working with a licensed professional.
3. Do not transfer the title to your home to a third party. Individuals who are truly working in your best interest will want to help you keep your home or help you evaluate your best options.
4. Contact government agencies that can help you. Many agencies provide services for those facing foreclosure. The U.S. Department of Housing and Urban Development provides a list of HUD approved housing counseling agencies. They can be found at www.hud.gov.
5. Report any person or company who guarantees they will solve your problem. Your awareness may help government agencies prevent others from being harmed. You can report real estate fraudsters to the Utah Division of Real Estate at 801-530-6747 or by filing a complaint form: www.realestate.utah.gov.
The Utah Division of Real Estate is offering advice on how to avoid foreclosure scams in light of Utah's rising foreclosure rate.
The division has compiled the "Top Five Common Foreclosure Frauds" as well as "Five Ways Consumers Can Protect Themselves against Foreclosure Fraud" lists for the public.
Top Five Common Foreclosure Frauds
Consumers should be wary of any offers that include the following language:
*Save Your Credit: "Pay us a fee and sign your house over to us. The foreclosure will be recorded against us, not you." In this scheme, the lender will record the foreclosure against the homeowner who does not pay as promised under a mortgage.
*Lease-Back Repurchase Schemes: "We'll buy your property, lease it to you, and you have the option to buy it back!" Fraudsters prey on trusting individuals to get access to their home equity, title to property, credit, or money. Legitimate lease-back or lease-option agreements exist, but consumers must closely scrutinize the deal.
*Bank Relationships: "We have a special relationship with banks and can solve your problem quickly with no harm to your credit!" There are no easy solutions when you are facing foreclosure.
*Guaranteed Short Sale: "A short sale can save your credit, guaranteed!" Short sales can be a legal, effective method for preventing a foreclosure, but they are not guaranteed to be accepted by your lender, and they can affect your credit.
*Claim Bankruptcy: "Stop foreclosures with bankruptcy!" Financial advisers typically recommend bankruptcy only when all other avenues have failed so consumers should weigh all options before pursuing this path.
Five Ways Consumers Can Protect Themselves against Foreclosure Fraud
Below are tips to assist consumers who may be facing foreclosure:
1. Contact your lender as soon as you become delinquent. It costs lenders a significant amount of money to foreclose on a property, and many lenders have programs to help consumers.
2. Seek the advice of a competent professional, recommended by someone you know and trust. Real estate licensees, attorneys, and mortgage licensees can help you identify options for your situation. Make sure you are working with a licensed professional.
3. Do not transfer the title to your home to a third party. Individuals who are truly working in your best interest will want to help you keep your home or help you evaluate your best options.
4. Contact government agencies that can help you. Many agencies provide services for those facing foreclosure. The U.S. Department of Housing and Urban Development provides a list of HUD approved housing counseling agencies. They can be found at www.hud.gov.
5. Report any person or company who guarantees they will solve your problem. Your awareness may help government agencies prevent others from being harmed. You can report real estate fraudsters to the Utah Division of Real Estate at 801-530-6747 or by filing a complaint form: www.realestate.utah.gov.
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