With the Housing bill that just passed it eliminates down payment assistance that comes from the seller. Meaning that you'll have to come up with your 3% down payment, but here are some ways to get the down payment so your acentually back to 100% financing. Used in combination with the HR 3221 $7,500.00 tax credit you can essentially continue to qualify for $0 down FHA! 

Family Member Lending.  Family members (defined below) may help with the costs of acquiring a home in the form of a gift or a loan.  All such gifts must also meet the requirements of paragraph 2-10(C).  FHA permits family member to lend on a secured or unsecured basis, up to 100 percent of the homebuyer's required cash investment.  This lending may include the down payment, closing costs, prepaid expenses and discount points.  If the money lent by the family member is secured against the subject property, whether borrowed from an acceptable source or from the family member's own savings, only the family member provider(s) may be the note holder.  FHA will not approve any form of securitization of the note that results in any entity other than the family member being the note holder, whether at loan settlement or at any time during the mortgage life cycle.
Further, if the funds that are lent by the family member are borrowed from an acceptable source, the home buyer may not be a co-obligor on that note (e.g., the son and daughter-in-law may not be co-obligors on the note used to secure money borrowed by the parents that in turn was lent for the down payment). 
 
Other Organizations and Private Individuals.  Other organizations and private individuals may provide secondary financing under the following conditions:
The combined amount of the first and second mortgages do not exceed the applicable LTV ratio and the maximum mortgage limit for the area. 
Collateralized Loans.  Funds can be borrowed for the total required investment as long as satisfactory evidence is provided that the funds are fully secured by investment accounts or real property.  Such assets may include 401k, IRA, stocks, bonds, real estate (other than the property being purchased), etc.  We can also use funds that have been borrowed against collateralized assets such as a car, boat, etc.
 
Sale of Personal Property.  If the borrower intends to sell personal property items (cars, recreational vehicles, stamps, coins, baseball card collections, etc.) to obtain funds required for closing, the borrower must provide a satisfactory estimate of their worth, in addition to conclusive evidence the items have been sold. 
 
Gift Funds.  An outright gift of the cash investment is acceptable if the donor is the borrower’s relative, the borrower's employer or labor union, a charitable organization, a governmental agency or public entity that has a program to provide homeownership assistance to low- and moderate-income families or first-time homebuyer's, or a close friend with a clearly defined and documented interest in the borrower.  The gift donor may not be a person or entity with an interest in the sale of the property, such as the seller, real estate agent or broker, builder, or any entity associated with them.
 
Trade Equity.  The borrower may agree to trade his or her real property to the seller as part of the cash investment.  The amount of the borrower's equity contribution is determined by subtracting all liens against the property being traded (along with any real estate commission) from the lesser of that properties appraised value or sales/trade price.  Please be aware that there are additional industry restrictions to this provision- contact us for more information!
 
Employer Assistance Plans.  If the employer, to attract or retain valuable employees, pays the employee's closing costs, mortgage insurance premium, or any portion of the cash investment, this payment is considered employee compensation and no adjustment to the maximum mortgage amount is required.  If the employer provides this benefit after loan settlement, the borrower must provide evidence of sufficient cash for closing.  A salary advance, however, cannot be considered as assets to close since it represents an unsecured loan.
 
Cash Saved At Home.  Borrowers who have saved cash at home and are able to demonstrate adequately the ability to do so are permitted to have this money included as an acceptable source of funds to close the mortgage.  To include such funds in assessing the homebuyer's cash assets for closing, the money must be verified–whether deposited in a financial institution or held by the escrow/title company–and the borrower must provide satisfactory evidence of the ability to accumulate such savings.  Please be aware that there are additional industry restrictions to this provision- contact us for more information!
 
Rent Credit.  The cumulative amount of the rental payments that exceed the appraiser's estimate of fair market rent may be considered accumulation of the borrower's cash investment.  Both the rent-with-option-to-purchase agreement and the appraiser's estimate of market rent must be included in the endorsement package.
 
Sweat Equity.  Labor performed or materials furnished by the borrower before closing, on the property being purchased, may be considered as the equivalent of a cash investment, to the extent of the estimated cost of the work or materials.  (Sweat equity may be "gifted" subject to the gift requirements and additional requirements).
 
Commission from Sale.  If the borrower is a licensed real estate agent entitled to a real estate commission from the sale of the property being purchased, that amount may be used for the cash investment with no adjustment to the maximum mortgage required.  A family member entitled to the commission also may provide gift funds to the home buyer.
 
Borrowers 60 Years of Age or Older.  Borrowers 60 years of age or older may borrow the required cash investment for purchasing a principal residence, provided:
The donor or lender is a relative of the borrower, a close friend with clearly defined interest in the borrower, the borrower's employer, or an institution established for humanitarian or welfare purposes. 
The donor or lender’s interest is not solely in the sale of the property, such as a builder or seller, or any person or organization associated with builders or sellers.
The principal amount of the insured mortgage loan, plus the note or other evidence of indebtedness in connection with the property, may not exceed 100 percent of the value, plus prepaid expenses.
The note or other evidence of indebtedness may not bear an interest rate exceeding the interest rate of the insured mortgage.

There are also the options of rural housing which you can borrow up to 103% and Utah housing which can also borrow up to 103% of loan to value.

 Contact me today to discuss your options.
 

With everything that is going on in Washington and New York, many people are asking how this is going to affect them.  Let me first state that Real Estate is local, and the news you hear on TV is national based rather than local based. With that being said, your ability to obtain a loan is affected by what's happening nationally although you can get some loans  locally. With the government taking over Fannie Mae and Freddie Mac, they insured that people will still be able to get home loans, and it actually helped interest rates drop quite a bit. Some of the other firms and banks that you've heard in the news that are having troubles on Wall Street really haven't been giving loans to people because they have been so worried about their balance sheets, that it shouldn't affect most people unless you own stock in some of these companies. One of the other actions that the government has done is they passed a new housing bill which gives first time home buyers or someone that hasn't owned a home in the last 3 years are usually eligible for a $7,500 Tax Credit.

The Real Estate market here in Utah is doing well, there are a couple of areas that have been hit with foreclosures but for the most part Utah is doing great compared to the rest of the nation. There are also some great deals on homes out there right now. 

Did you know that Salt Lake City ranks number 6 on Forbes.com for future growth and appreciation?

Forbes stated these reason for putting Salt Lake City Number 6:

Housing starts in 2008: -40%

Housing starts 2009 increase: 9%

Single Family Increase: 1.8%

Multi-Family Increase: 29.1%

Job Growth 07: 4%

Average Job Growth 2008 - 2012: 2.4%

Amazing Home With a Great Yard

• 1,983 sq. ft., 1 bath, 4 bdrm 3-level split - MLS® $195,000

Katie's Place, Clearfield  -  Great home in an excellent location. Perfect for a first time home buyer, amazing neighborhood, with a fantastic yard, Rv parking, and a fully fenced yard.

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Well Cared for Home in Great Location

• 2,300 sq. ft., 2 bath, 4 bdrm single story - MLS® $283,500

Majestic Meadows, West Jordan  -  wonderful newly remoldeled home, that shows amazing. Awsome yard with RV parking, tile, pergo flooring, new stainless steel appliances, and a huge family rm w/ fireplace. Great quiet neighborhood, close to schools and parks. This is a must see!

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• 2,083 sq. ft., 2 bath, 4 bdrm single story - MLS® $324,900 - Great price for this area

Waterbury, South Salt Lake  -  Your little piece of paradise just minutes from downtown. The home backs Millcreek and is so peaceful. Tons of upgrades including: Granite counter tops, knotty alder cabinets / front door, slate tile, hardwood floors, surround sound, and alarm system. Amazing Master Suite with jetted tub and walk-in

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Here's what Forbes had to say about Salt Lake City.

© Jason Mathis/Salt Lake City Convention & Visitors Bureau

6. Salt Lake City, Utah

Median home price: +2.5%

Unemployment: 3.1% (from 2.6%)

Key growth: Education and health services, +5.5%

Though Salt Lake City's unemployment rate is rising, it's still among the lowest of the country's 50 largest cities (Washington, D.C., is second, but declining home prices kept it off our list). The state is still creating jobs, just not as quickly as its labor force is growing. A November 2007 report from the U.S. Conference of Mayors projected that Salt Lake City would be one of the few large cities in the country not to suffer a decline in gross metropolitan product from the mortgage crisis.

 

Remember Real Estate is Local, so you can't listen to all of the negative news reports nationally.

With all the negative news I thought I would write why I think Utah isn't positioned to have a massive down turn like other States. First off our economy and job growth is great as listed below according to the Governor's office.

Job Growth - Job growth rebounded form 0.0% in 2003 to 2.8% in 2004, 4.0% in 2005, and peaked at 4.8% in 2006. The job growth rate was estimated at 4.5%

Industry Focus - Natural resources and mining, construction, trade, transportation, and utilities, financial activity, and professional and business services all experienced job growth higher than the state average of 4.5%. All other sectors also experienced positive job growth form 2006 to 2007.

Unemployment - Utah's 2007 unemployment rate was 2.7%, down form 2.9% in 2006. On average, there were 34,000 Utahans unemployed in 2007.

Average Wage - In 2007, Utah's average annual nonagricultural wage was $36,500, an increase of 5.5% from 2006.

Population - The State's official July 1, 2007 population was estimated to be approximately 2.7 million, an increase of 3.2% from 2006. This is the highest growth rate Utah has experienced since the early 1990's.

Rate of population growth - According to the U.S. Census Bureau, Utah ranked third among state with a population growth rate of 2.6% from 2006 to 2007. The U.S. rate of growth was 1.0%.

With all of this growth and great employment, many people still need homes.

Second we didn't see as many years of appreciation like so many other state, and I don't think we will see as much of a down turn.

This is why I say it is a great time to buy a home, prices have become more reasonable, interest rate are great, and seller's are negotiable.

Short Sale subject to third party approv

• 4,417 sq. ft., 3 bath, 4 bdrm 2 story - MLS® $324,900 - Bring all offers!

City Center, Eagle Mountain  -  Short Sale bring all offers! Great custom home never been lived in on the 10th tee box of the Ranches Golf Course. Granite Counters, harwood floors, maple cabinets, Jetted tub, Walk- out basement, huge bonus room, lots of ceiling fans, amazing! Sq. ft. per county record. All offers submitted to the bank, subject to third party approval.

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The new FHA loan limits for Utah for 2008 only! This is just a temporary loan limit increase for the rest of this year. The new loan limits are as follows:

Salt Lake County $729,750.00

Weber County $379,500.00

Summit County $729,750.00

Tooele County $729,750.00

Washington County $372,500.00

If you have any questions on this please let me know

Jared Cook

801-671-3645

Jared@utahshomes.com

www.utahshomes.com

My Mission Statement:

My mission as your VIP Real Estate Agent is to roll out the red carpet for you. To show you only the best homes that fit your buying criteria. To help showcase your home to bring only the best qualified buyers, and to sell it for the most money. To me, being your VIP Realtor is about giving 110% to you, my client each and every day. My goal is to make a positive difference in your life by making your home buying and selling transaction as easy, and stress free as possible. This is my commitment to you: That I'll be the hardest working, caring, honest, loving, and giving Realtor you will find. Or fire me!

Remember if you know of anyone that could use my services please let help them. Any referrals would be greatly appreciated.

Jared Cook

801-671-3645

Here's what Forbes magazine had to say about Salt Lake City:

Every once and a while we get the Utah County Board of Realtors sending us (Realtors)”pump up” articles reminding us that the real estate market is NOT as bad as CNN (constant negitive news) tells us it is–At least for Salt Lake.  This really is positive news and I think many of us in the industry can see first hand what Jed and Tom are talking about.  Enjoy!

“Jed Boal and Tom Callan reporting for KSL–

Salt Lake real estate is a buyers’ market right now. In fact, a major business publication ranks it top in the nation. Forbes Magazine now lists Salt Lake City the best city for bargain house hunters.

The national housing market slump causes a lot of economic and emotional strain for home sellers and buyers, but the story on the Wasatch Front continues to be better than in most markets.

Here’s what Forbes says: “Of the major metros in the U.S., Salt Lake City is adding jobs faster than anywhere. The economic boom in SLC has drawn residents from all over the country. Housing supply has gone up quickly, and there hasn’t been a high rate of foreclosure.”

People are moving here for good jobs. Homes are available; and with the high job growth, high inventory, and low foreclosures, many buyers can dictate the terms of the sale.

“Now is really the time they should take advantage of the appreciation in their home and translate that into moving up into a new home. They can afford to move into a bigger home because interest rates are lower,” explained Dan Christensen, president of Coldwell Banker Residential Brokerage.

Home buyer Kevin Lund said, “There was lots of homes available and they were in an exciting place: Utah. We were excited to come here and enjoy the skiing and recreation and live here.”

Lund is moving from Nebraska and liked what he found. Buyers moving from the coasts will find homes more affordable than what they are used to.

While Forbes says Salt Lake City tops the list in the West, they also say Raleigh, N.C. tops the list in the East.”

Completly Remodeled Home

• 2,412 sq. ft., 2 bath, 3 bdrm ranch - MLS® $255,000

Central Heights, Bountiful  -  Beautifully remodeled home in a great neighborhood. New plumbing, hadwood, carpet, paint, tile, coutertops, appliances, and deck.

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Davis Townhomes, Bountiful  -  Announcing a price reduction on 45 E. 2200 S., a 2,278 sq. ft., 3 bath, 3 bdrm 4-level split. Now MLS® $214,900 - Short Sale.

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FAIRCLOUGH, East Millcreek  -  We invite everyone to visit our open house at 959 E. Montclair Dr. on August 4 from 11:00 AM to 2:00 PM.

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Amazing remolded home!

• 1,920 sq. ft., 2 bath, 3 bdrm bungalow - MLS® #708491   $299,900

FAIRCLOUGH, East Millcreek  -  Beautifully remodeled home! Excellent location in east millcreek. New plumbing, electrical, knoty Alder cabinets, granite counter tops, stainless steel appaliances, paint, carpet, tile, travertine, landscaping, and refinished hardwood floors. This is a must see, Don't miss out schedule your showing today. Call Jared at 801-671-3645

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