In Ogden, the Weber Housing Authority has begun a home down payment assistance program for qualifying county residents.
Household incomes ranging from $38,550 for one person to $75,700 for a family of eight may qualify for $5,000 in assistance.
Funding totals are sufficient to assist up to 45 families. Home purchases must not exceed $180,000 and the home must be within Weber County but outside Ogden City limits.
Contact me for additional information on qualification guidelines for the Grant.
Great news for First Time Home Buyers and for those buyer's needing flood insurance to close on their loans! Here are the latest updates from Congress.
Tax credit processing extension
oThe Congress has passed H.R. 5623, the Homebuyer Assistance and Improvement Act, which extends the tax credit closing deadline until September 30th. There will also be no gap between June 30th and the date the President signs the bill into law. The extension only applies to transactions in which the purchase contract was signed by April 30th. Please note this bill is pending the President’s signature.
Flood insurance extension
oThe Senate has passed H.R. 5569 which extends the National Flood Insurance Program until September 30, 2010. The bill is retroactive from June 1, 2010 to the date the President signs this bill. Please note this bill is pending the President’s signature.
Here is a sampling of news I watch during the day so that I can advise my clients on when it is a good time to lock or float their interest rate. With the information I gather, I am able to provide information to my clients so they can make an educated decision about when they would like to lock their rate.
It is interesting to note how the Government is agreeing on the US economy strengthening (10:58 a.m.) right in the midst of a weak consumer confidence report (10:01) and the stock market worried about a double dip recession (3:09 at which time stocks are off 268 at close). 3:09 PM ET - Equity investors fret over a chance of a double dip recession.
10:58 AM ET - President Obama and Fed Chairman Bernanke are in the Whitehouse this morning agreeing that the US economy is strengthening.
10:01 AM ET - Consumer Confidence plunges in June to 52.9 vs the 62.0 expected.
Fannie Mae (FNMA-any loan that is run through DU-Desktop Underwriter-which includes Conventional AND FHA loans) no longer approves loans with just a Verification of Deposit (VOD). If we use a VOD we must also have a 30 day bank statement in file. Here’s the catch:
• If a bank statement shows ‘Large’ deposits (other than payroll) they MUST be explained and documented. (‘Large’ is a little interpretive: so it depends on borrower situation, but usually anything over $500-$1000)
• Also investor overlays are that if there are Overdraft or Non-Sufficient Funds on a bank statement that is in file – it shows a demonstration of living beyond their means and is an automatic ‘Decline’.
So the moral of the story is: Borrowers must provide 2 months of bank statements on EVERY file and we need to make sure that buyers and borrowers are aware that they will need to be on best behavior (no over drafts or NSF's) before they supply bank statements to the lender!
• Lenders have gotten stricter in response to the mortgage meltdown.
• If you want to implode your impending mortgage, get a new credit card or auto loan.
• Changing jobs is another good way to derail a mortgage before closing.
Want a lender to delay or even cancel your mortgage closing? Then change your "borrower circumstances" between the day you apply for and the day you close a home loan.
Lenders have gotten stricter in response to the mortgage meltdown. The latest tightening of the screws comes from Fannie Mae. The mortgage titan's Loan Quality Initiative, which went into effect June 1, requires lenders to track "changes in borrower circumstances" between application and closing.
The rules aren't new, but Fannie will enforce them more vigorously. For borrowers, it means certain actions are likely to delay or otherwise mess up a mortgage closing. "Any change in circumstance could affect and delay a borrower's closing on a transaction," says David Adamo, CEO of Luxury Mortgage of Stamford, Conn.
Following are three things borrowers can do to mess up their next mortgage closing.
June 18, 2010 Perspectives by Joel Pate When Will This Change? Over the years, I have given advice to a number of friends and associates who have gone through some trying times. Everyone always asks, "When will this change?" Always remember-nothing will change until you change it! To me, this is the good news. At least it's up to me and I won't be waiting around for somebody else to find the time to help me. I can do it myself. Of course, we are talking about issues like money, credit, lifestyle, people, etc. Some things you just have to accept and the acceptance of them will determine how you deal with them so then we are right back on topic. But, you can change so many things that at this moment are causing you a great deal of difficulty. Several years ago, my first unofficial mentor gave me this advice when I was going through my first financial crisis. I say first because there have been a number of them over the years. Every time I go through a problem or have a crisis, I remember his words: "You are earning exactly what you are worth. If you want to earn more, become 'worth' more."
Credit Reports: When One May Not Be Enough
Effective June 1, 2010 Fannie Mae has instructed lenders that they should adopt a new policy that could involve a second review of an applicant's credit report just prior to closing. When reviewing defaulted loan files, they have determined that the credit profile of a borrower may have changed from the time of the initial review of the credit report and at the time of closing.
The potential impact to a borrower who has utilized credit to make significant purchases after the initial credit report could include a delay in closing, increase of closing costs and/or interest rate or a decreased loan amount. In the worst case scenario, it could even result in a loan being denied, even after an original approval had been granted.
In order to eliminate any possibility of potential problems before closing, anyone in the application process should use credit sparingly and make sure they adhere to the tips provided below by credit expert, Linda Ferrari of Credit Resource Corp.
I would encourage you to click on Linda's name or Company link, but her advice found on her website is for those who are NOT in the middle of getting a mortgage loan! I strongly recommend the following 5 tips for those who HAVE made their mortgage application.
For more tips on what you should not do regarding credit during the mortgage application process, contact me. Top 5 Tips for Preserving Your Credit and Mortgage Application
Don't do anything that causes a red flag to be raised by the scoring system.
Don't apply for new credit of any kind.
Don't pay off collections or charge offs.
Don't max out or over charge on your credit accounts.
Don't consolidate your debt onto one or two credit cards.
This list is not comprehensive but does give you a peek into situations that could create issues and could also be contrary to some ideas you have read previously.
If you were offered the chance to buy dollars for $0.70 a piece, how many would you buy?
When you compare today's home loan rates to the average in effect for the last 10 years, that is approximately what you are paying. And given lower home prices, there has never been a better opportunity to buy a home than today.
Home Affordability: The Key to Your Market
Mark Zandi, Chief Economist for Moody's Analytics stated recently in an audio interview with MarketWatch Radio that he has never seen a better time to buy a home, with low interest rates and affordability being one key component. When people decide to buy a home, the monthly payment is a crucial factor.
Six Money Mistakes of Newlyweds
By Erin Burt
Kiplinger.com
Whether you're planning a walk down the aisle soon or you've already gotten hitched, watch out for these financial pitfalls that can strain even the strongest marriage.
Four words no one wants to hear soon after his or her wedding day: "We made a mistake."
I'm talking about financial choices - not your choice of spouse. Unfortunately, many newlyweds set themselves up for failure soon after they say "I do." If you bring bad money habits to the marriage or fail to come up with a plan to merge your financial lives, you could potentially doom your relationship to money trouble - and endless arguments. Not exactly "happily ever after."
However, nothing says "I love you" like the desire to start your marriage on the right financial foot (roses, schmoses).
Here are six common pitfalls that trip up new couples. Steer clear of these, and you'll decrease the money tension and increase the harmony in your new life together.
I meet and learn from Champions every day. Not just in locker rooms but in classrooms, hospitals, homeless shelters, homes and office buildings. I've learned that to be a champion you must Think Like a Champion. Champions think differently than everyone else. They approach their life and work with a different mindset and belief system that separates them from the pack.
1. Champions Expect to Win - When they walk on the court, on the field, into a meeting or in a classroom they expect to win. In fact they are surprised when they don't win. They expect success and their positive beliefs often lead to positive actions and outcomes. They win in their mind first and then they win in the hearts and minds of their customers, students or fans.
2. Champions Celebrate the Small Wins - By celebrating the small wins champions gain the confidence to go after the big wins. Big wins and big success happen through the accumulation of many small victories. This doesn't mean champions become complacent. Rather, with the right kind of celebration and reinforcement, champions work harder, practice more and believe they can do greater things.
3. Champions Don't Make Excuses When They Don't Win - They don't focus on the faults of others. They focus on what they can do better. They see their mistakes and defeats as opportunities for growth. As a result they become stronger, wiser and better.
4. Champions Focus on What They Get To Do, Not What They Have To Do - They see their life and work as a gift not an obligation. They know that if they want to achieve a certain outcome they must commit to and appreciate the process. They may not love every minute of their journey but their attitude and will helps them develop their skill.
5. Champions Believe They Will Experience More Wins in the Future - Their faith is greater than their fear. Their positive energy is greater than the chorus of negativity. Their certainty is greater than all the doubt. Their passion and purpose are greater than their challenges. In spite of their situation champions believe their best days are ahead of them, not behind them.
If you don’t think you have what it takes to be a champion, think again. Champions aren’t born. They are shaped and molded. And as iron sharpens iron you can develop your mindset and the mindset of your team with the right thinking, beliefs and expectations that lead to powerful actions.
Newsletter / Article Reprint Permission:
We grant you permission to post and reprint this newsletter in your publication, on your blog or in your company newsletter with the stipulation that you credit Jon Gordon as the author and you provide a link to www.JonGordon.com.
Sometimes when you have a home for sale, it may seem like eternity before that one offer comes in. I want to share a few quick tips gathered from Realtor Magazine to help you increase value in your home.
Buff up curb appeal—You’ve heard it before, but it’s critical to get buyers to want to look on the inside.
Enrich with color—Paint is cheap and soft colors will welcome buyers as they walk through.
Upgrade the kitchen and bathroom—These may be the 2 most important rooms in the house and even updating just one appliance can be enough sometimes.
Add old-world patina—Maybe a little crown molding can do the trick.
Screen hardwood floors—Without a full stripping and refinish you can lightly sand and add a new coat of finish to do the trick.
Clean out, organize closets—Time to DECLUTTER!!!
Update window treatments—Open up and let a little light in on the subject.
Hire a home inspector—Since a buyer will have your home inspected, it may be good to do it first and get a jump on any problems that may arise
As a member of theUtah Pros Business Network International Chapter, I have experts I can refer to help with any of your home fix ups and improvements. Give me a call and I can discuss your needs and refer you to the professionals I endorse and recommend.
