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

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."