VA Maximum Loan Amounts for 2010

2010 VA loan limits: 2009 limit in black and 2010 in red

Davis County $423,750 $417,000
Morgan 423,750 417,000
Salt Lake 652,500 516,250
Summit 652,500 516,250
Tooele 652,500 516,250
Weber 423,750 417,000

Government Debt and the effect on Bond Pricing and Mortgage rates

As I have mentioned in previous Blog posts, I am going to be watching government spending and the increasing Federal debt and the effect on Bond prices and resulting effect on Mortgage rates.

The following is a very sobering commentary on the out of control Government spending going on that will have far reaching implications on our debt structure. Remember, future inflationary worries from Government spending will negatively effect Bond prices and increase mortgage rates.

The Senate was very busy in the season of giving, approving a 10-year, $871 Billion Bill yesterday that would extend health insurance to millions of Americans. The vote was split 60 to 39, down party lines. The Bill is being framed as the biggest change to the health care industry in decades, but it’s not a done deal yet. Now the Senate and the House must come together to hammer out a compromise between their two versions, which means more discussions, negotiations, and debates.

And the Senate wasn't done there – we of course have to pay for all the stimulus, benefits and programs, so they just voted to raise the “debt ceiling” for government debt by $290B to $12.4T. By our calculations, that’s over $40,000 dollars per American. Whoa. The amount of debt that our country is piling on is very concerning – our children and their children may have a different standard of living, as they carry more of a burden in the future. Now President Obama must sign this measure into law, which would permit the Treasury to issue enough Bonds to fund the government's operations and program until mid-February.

Call me if you would like to lock in on a historically low interest rate for a purchase or refinance need you have.

Tax Credit for existing home owners

Frequently Asked Questions
About the Move-Up/Repeat Home Buyer Tax Credit

The Worker, Homeownership, and Business Assistance Act of 2009 has established a tax credit of up to $6,500 for qualified move-up/repeat home buyers (existing home owners) purchasing a principal residence after November 6, 2009 and on or before April 30, 2010 (or purchased by June 30, 2010 with a binding sales contract signed by April 30, 2010).

The following questions and answers provide basic information about the tax credit. If you have more specific questions, call me and I will visit with you about your unique situation.

1. Who is eligible to claim the $6,500 tax credit?
2. What is the definition of a move-up or repeat home buyer?
3. How is the amount of the tax credit determined?
4. Are there any income limits for claiming the tax credit?

FAQ web site (in addition to the 4 questions above, 17 additional questions and answers): http://www.federalhousingtaxcredit.com/faq2.php

Fed MBS purchase program drawing to a close

Thu, Dec 17 - 3:17 PM ET
The Fed bought $16B in Mortgage Backed Securities (MBS) in the latest week bringing the total to $1.087T. There is $163B left to purchase until the end of the 1st quarter of 2010.

With approximately 14 weeks remaining in the Fed Bond purchasing program, no indication has been given that there will be an extension of the program. Without purchase of MBS by the Government, bond prices could begin to fall and mortgage rates could begin to increase.

I will watch this situation very closely and will make regular Blog Posts to update this important news. Call me with additional questions or if you would like to lock in a rate at these historically low rates for either purchase or refinance needs.

Ogden and Salt Lake were listed as No. 3 and No. 9 for foreclosure crisis recovery

Real Estate: Cities Recovering From The Foreclosure Crisis
By Francesca Levy, 12.10.09, 07:00 PM EST

In these metro areas, both modest incomes and stable real estate markets are improving the outlook for borrowers.

Ogden and Salt Lake were listed as No. 3 and No. 9 on Forbes's list of cities recovering from the foreclosure crisis.

For more information on the top 100 recovering cities go to: http://www.forbes.com/2009/12/10/recovering-cities-foreclosures-lifestyle-real-estate-housing-crisis-chart.html

(Thank you to Wendie Buttars for the information in this Blog Post. Wendie is a Realtor with the Franklin Group and can be contacted by e-mail at wendie.buttars@gmail.com and by phone at 801-710-7098 for more information on Real Estate in the Utah Market)

Josh and Carrie Bambrough Closing

Josh and Carrie Bambrough with kids Alexee, Winter, and Austin (out playing)
Loan closing March 2, 2009

Jared Steglich Loan Closing

Jared Steglich
Loan Closing March 1, 2009
Tyson Thornock, Equity Real Estate, 801-820-7772

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