Karen Wright Closing

Karen Wright
Loan Closing February 24, 2009

Cole and Amber Hancock Loan Closing

Cole and Amber Hancock
Closing February 27,2009
Donald Mendenhall Realtor, Equity Real Estate, 801-628-7743

Steve and Ann Stokes Closing

Steve and Ann Stokes
Loan Closing February 19, 2009

Jeff Burkhalter Closing

Jeff Burkhalter
Loan Closing March 1, 2009

Melody and Reid Sweatman Thank You

Having participated in several buys and refinances, we can say without any hesitation, that working with Marty and his team on our latest refi was the easiest, most advantageous, and enjoyable home owners’ experience we’ve ever encountered.

We cannot recommend Marty more highly. He kept us in the loop, found the best deal for us, and made closing a breeze.

Reid and Melody Sweatman
Loan Closing March 3, 2009

Dan and Mischelle Ansley Thank You

Thank you for working so quickly on getting our loan processed. You made everything go so smoothly, you kept us up to date on the entire process and we greatly appreciated that.

We have worked with you in the past and as always you did a great job. We will definitely recommend you to others. Thanks again,

Dan & Mischelle Ansley
Loan Closing February 10,2009

DU making LTV adjustments for Duplex's

Desk top Underwriting (DU) is making a BIG adjustment on the LTV limits for 2-Unit homes (DUPLEX) effective Dec 12th, 2009.

2-Unit Primary Residence:

Purchases & Rate and Term refinances:
Old: 95% Loan to Value
NEW: 80% LTV

Cash out refinances:
old: 85%
NEW: 75%

2-Unit Investment Properties:

Purchases & RT refis:
Old: 85%
NEW: 75%

C/O refis:
old: 70%
NEW: Ineligible

Call me with any other questions on purchase
or refinance of multi unit, owner or non owner, properties.

FHA doesn't want to crowd out the return of the private market

FHA Shying Away from Risk-Based Pricing

December 2, 2009

The Federal Housing Administration wants to stay
away from traditional risk-based pricing for mortgage
insurance premiums, saying it doesn't want the government
to compete against private sector MI firms. Lowering prices
for the least risky borrowers could have the effect of
"potentially crowding out the return of a private market"
or delaying its return, HUD secretary Shaun Donovan told
a congressional panel. FHA officials are planning to raise
the upfront premium or the annual premium - or both. The agency
willunveil details of their proposal in January. In determining
the premiums, they want to employ some combination of credit
scores, loan-to-value ratios and other underwriting criteria
that would limit the entry of the riskiest borrowers into
the FHA fund. For example, FHA might raise the downpayment
for borrowers with low FICO scores. "We also have to be careful
about overpricing risk," secretary Donovan testified. He noted
new FHA originations are "quite profitable."

FHA Mortgages are Changing...

FHA Will Hike Premiums, Credit Scores and More

December 2, 2009

The Federal Housing Administration is asking for an increase in mortgage insurance premiums to replenish its diminishing capital reserves while hiking credit scores for applicants. Housing secretary Shaun Donovan will ask Congress Wednesday afternoon to raise the 55-basis point cap on annual government MI premiums. Administratively, FHA officials are expected to raise the 1.75% upfront premium and prohibit those points from being rolled into the loan amount. (The agency does not need Congressional approval to raise upfront premiums.) Even though it is hiking loan costs, HUD will allow the upfront premium to be priced into the interest rate. It also will allow home sellers to pay the premium. "The good news is that they are doing this administratively and taking leadership," said Brian Chappelle, a mortgage-banking consultant with Potomac Partners. As the health of the mortgage insurance fund improves, FHA can reduce the premiums and other restrictions, he added.

Sales of existing homes jump 4% along Wasatch Front

Sales of existing single-family homes across the Wasatch Front climbed 4% in the 3rd quarter compared to the same quarter a year ago, according to the Salt Lake Board of Realtors and Utah Association of Realtors.

The increase marked the first time in four years that home sales showed a year-over-year increase during the third quarter. Across the Wasatch Front there were 5,608 single family homes sold in third quarter, 2009. In Davis County sales surged and were up 9% in the third quarter.

The median home price for a Single Family Home sold along the Wasatch Front for the quarter was $213,250.

Source: The Enterprise Newspaper, SLC, UT, November 16-23, 2009

Renters Have Much to Gain

For immediate release November 18, 2009

A Qualified Mortgage Consultant Can Outline Your Options

Renters Have Much to Gain by Pursuing Home Ownership

By Loan Marty Qualls, Sr. Mortgage Loan Officer

Primary Residential Mortgage

Ogden, UT – Buying a home vs. renting is a big decision that takes careful consideration, as most mortgage consultants will agree. But the rewards of home ownership are great. For many years, purchasing real estate has been considered an extremely profitable investment. It is an achievement that offers a sense of pride, financial stability and potential tax advantages.

Yes, there are certain responsibilities associated with owning a home. Landlords will often argue the benefits of renting, and for obvious reason. If you are renting, you’re helping them make their mortgage payment.

The numbers are staggering if you look at it this way. If you are paying $1,000 per month for an apartment, and you know your rent will increase 5% every year, then over the next five years you will pay your landlord $66,309. If you are currently renting a house, you may be paying much more than that each month. Either way, you gain no equity by shelling out this monthly housing expense and you certainly won’t benefit when the property value goes up!

However, if you were to purchase your own home or condominium, you would be well on your way toward building equity within that same five-year period. By choosing a fixed-rate loan program, you can have the comfort of knowing that your monthly mortgage payment will never go up. In fact, you would have the option of refinancing to a lower interest rate at some point in the future should interest rates drop, and this would cause your monthly mortgage commitment to go down.

In addition to building equity, there are tax advantages that come into play with home ownership. Depending on your tax bracket, owning a home is often less expensive than renting after taxes. Interest payments on a mortgage below $1 million are tax-deductible, and your mortgage consultant should help you evaluate the tax advantages of various loan scenarios, and share this information with your tax consultant to glean feedback on your behalf.

To find the loan program that is right for you, your mortgage consultant will need to evaluate your monthly household income, current assets and savings, as well as any monthly obligations you may have for credit card payments, car payments, child support, etc. These prequalification factors, along with the report of your credit score, will determine how much house you can afford and what interest rate you will pay for financing. It is also important to let your mortgage consultant know what your future goals are, because this will help narrow down which loan option is the best fit for your long-term needs.

There are many different types of loan programs available, including “low” and “no” down payment mortgage programs. These types of programs require the borrower to provide less than 3 percent of the loan amount as down payment. FHA lenders rule that the mortgage payment, including principal, interest, taxes and insurance (PITI) should not exceed 31 percent of your gross income, and the PITI plus other long-term debt (car payments, etc.) should not exceed 43 percent of your gross income.

Housing is an expense that takes a big bite out of the monthly budget. If you are a renter and feel that “home” is more than just someplace to hang your hat, think about the advantages of purchasing real estate. It may be time to take the step into building your personal net worth as a home owner.