Darren and Ann Smith Closing-January 26, 2009

Ann and Boy's. Taylor, Tanner and Tyler-oldest to youngest! Dad, Darren, was off doing what he does best-Selling! :)

The Smith's wrote this message and sent it to me in LinkedIn:

"We have used Marty for mortgage loans and refinances more than once and have been extremely satisfied with our results each time.

We can always trust that if he says it will be done, it is done.

We will continue to use Marty for all our mortgage needs."

Service Category: mortgage loan officer
Year first hired: 2007 (hired more than once)
Top Qualities: Great Results, Personable, Expert

Home Run 2 Grant 2 Program: How long will it last?

This week, I have been watching the number of grants which are being reserved each day. Today there were 17 grants reserved and if I do the math at 20 grants per day, counting only work days of the week, the grants will be completely committed by November 30th!

Coincidentally, November 30, 2009 is also the expiration of the Grant Program! There are 54 working days remaining until November 30th so if the rate of reservations increases slightly, which is bound to happen, time is of the essence!

With this grant issue, the program requires an appraisal before we can get a reservation for the borrower. In order to quickly expedite the reservation process, here is what I need for an appraisal to be completed:

• Contract with the Builder with sales price and address
• Plans and Specifications
• Plot Plan
• Cost Breakdown

Once we have the appraisal and all of the signed Home Run 2 Grant Forms, I can get the reservation in place!

Utah Housing Equity NOW Program

Governor Gary Herbert announced today that first time home buyer's can now use their $8,000 tax credit for down payment and closing costs!

Utah Housing will give First Time Home buyer's, who meet the credit and income guidelines, a first mortgage loan and a small second mortgage loan for purchase of their home and also payment of closing costs and down payment.

The buyer then applies for the tax credit with an amendment to their 2008 tax returns and when received, can apply the money to their first or second mortgage used to purchase the home. If they apply the money to the 2nd mortgage within 6 months of the loan date, Utah Housing will credit them $100.

Here is the web link with all of the details:

http://b2b.utahhousingcorp.org/PDF/EQNborrower.pdf

I am an approved Utah Housing Lender and can help you with any questions which you have.

State of Utah Home Run 2 Grant Program

Great news! Today, Governor Gary R Herbert announced that there is new grant money available for purchase of a new construction home that has never been lived in before, a home that is being newly built, or a partially built home. There are 1,950 Grants ($7.8 Million).

Here is the Web site for FAQ's and I will be on the approved lender list for this Grant money, just as I was for the first Home Run Grant. Today the Utah Housing site is showing that the Approved Lender List is under construction. Call me and I can answer any of your questions! Here is the site for more information:

http://b2b.utahhousingcorp.org/PDF/HR2faq.pdf

Loved the book you gave me!

I finished the book, in about the two weeks I told you it would take me, and quite enjoyed it! I would definitely recommend it to anyone buying a home, it was so helpful and I feel educated about all the ins and outs of purchasing a house. Thanks!!

Keri Mathias

(I gave Keri the book, "100 Questions Every First Time Home Buyer Should Ask", which is part of my Planning for Success Program for First Time Home Buyer's)

Clearfield Grant Money Available as of 4/15/09

Clearfield Grant money is now available, but it is limited and going fast! There are only 14 more grants of $5,000 available as of today (4/16). I have the 52 page program guideline if you would like me to forward it to you. There are income limits on the program, the buyer needs to be a first time home buyer, there is a forgiveness of the grant over a 7 year declining period and there is a 3:1 matching required (if the buyer puts $1667 down, Clearfield will give $5,000).

FAQ on the 2009 $8,000 tax credit

Here is a useful site to answer Frequently Asked Questions about the First Time Home Buyer tax credit: http://www.federalhousingtaxcredit.com/2009/faq.php#10

$6,000 State of Utah Grant Money Now Available

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, but Utah Housing has a list of currently approved lenders. 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.

Housing Affordability Index at a Record High

The National Association of Realtors’ Housing Affordability Index has risen 13.6 percentage points to 166.8, a new record high (December 2008: 153.2 to January 2009: 166.8). A value of 100 means that a family with the country’s median income has exactly enough income to qualify for a mortgage on a median-priced existing single family home. The higher the index, the more income buyer's are making relative to home prices (and the better housing affordability is for the buyer).

The reading shows that the relationship between home prices, mortgage interest rates and family income is the most favorable since tracking began in 1970. “History suggests that home sales can rise even in times of job losses when housing affordability rises,” said Lawrence Yun, the association’s chief economist. (Source: The Enterprise March 16-22, 2009)

How long before our economy recovers?

IT MAY TAKE SOME TIME - The current bear market (defined as a drop of at least 20% of the S&P 500 stock index from a previous closing high) is the 9th bear market in the last 50 years and the 3rd where the loss has been at least 40%. The current bear’s “peak to trough” drop is 56.4%, the low close occurring just last Thursday (on 3/05/09). It took the S&P 500 index 70 months and 56 months to recover back to a new closing high following the 2 previous bears where the loss exceeded 40%. The S&P 500 is an unmanaged index of 500 widely held stocks that is generally considered representative of the US stock market (source: BTN Research).

Refinancing Initiative: 105% of Current Market Value

Refinance Opportunities Now Available
to Those Who Lack Sufficient Equity

Revised March 4, 2009

The Obama Administration unveiled the final details of its "Making Home Affordable Program," which is designed to help up to 9 million American families refinance or modify their loans to a payment that is affordable now and into the future.

One of the initiatives in this program is aimed at helping responsible homeowners "refinance" their loans to take advantage of historically low interest rates. Here are some common Questions and Answers about the Refinancing Initiative in the program.

REFINANCING INITIATIVE

Who is eligible?

You may be eligible if:

• You own and currently occupy a one- to four-unit home.
• Your mortgage is owned or controlled by Fannie Mae or Freddie Mac.
• You are current on your mortgage payments.
• The amount you owe on your first mortgage is about the same or slightly less than the current value of your house.
• And, you have a stable income sufficient to support the new mortgage payments.

How do I know if my loan is owned or controlled by Fannie Mae or Freddie Mac?

Simply call or email me. I'll help you determine if your mortgage is backed by Fannie Mae or Freddie Mac.

I owe more than my property is worth. Do I still qualify to refinance under the Making Home Affordable Program?

Eligible loans will include those where the first mortgage will not exceed 105% of the current market value of the property. For example, if your property is worth $200,000 but you owe $210,000 or less, you may qualify. The current value of your property will be determined after you apply to refinance.

If I am delinquent on my mortgage, do I still qualify for the Refinance Initiative?

No. But the good news is, you may qualify for the Modification Initiative. Contact me to discuss your situation and review your options.

I have both a first and a second mortgage. Do I still qualify to refinance under Making Home Affordable?

As long as the amount due on the first mortgage is less than 105% of the value of the property, borrowers with more than one mortgage may be eligible for the Refinance Initiative.

Will refinancing lower my payments?

That depends. If your interest rate is much higher than the current market rate, you would likely see an immediate reduction in your payment amount.

However, if you are paying interest only on your mortgage, you may not see your payment go down. BUT... you will be able to avoid future mortgage payment increases and may save a great deal over the life of the loan.

What are the terms of the refinance and what will the interest rate be?

All loans refinanced under the plan will have a 30- or 15- year term with a fixed interest rate.

The interest rate will be based on market rates at the time of the refinance. Currently, interest rates are at historical lows, which makes this a good time to examine your refinancing options.

Will refinancing reduce the amount that I owe on my loan?

No. Refinancing will not reduce the principal amount you owe. However, refinancing should save you money by reducing the amount of interest that you repay over the life of the loan.

Can I get cash out to pay other debts?

No. Only transaction costs, such as the cost of an appraisal or title report may be included in the refinanced amount.

How do I apply for the Refinance Initiative?

Call or email me today to discuss your specific situation and to examine your options. If this plan is right for you, we can begin working on your refinance immediately.

As part of the discussion, we may need to look at the following information:

• Recent 30 days pay stubs to help determine your gross (before tax) household income.
• 2008 and 2007 w-2's and if self employed, your most recent 2 years income tax returns.
• Information about any second mortgage on your house.
• Account balances and minimum monthly payments due on all of your credit cards.
• Account balances and monthly payments on all other debts, such as student loans and car loans.

As always, if you have any questions or would like to discuss how this may specifically impact you, I'd be happy to sit down with you. Just call or email me to set up an appointment.