Just Listed!

4075 W. Scorpio Drive

Salt Lake City, UT 84118

$159,900

-.15 acres

-1,810 sq. ft

-4 Bedrooms

-2 Bathrooms

-Tile

-Granite countertops

-Stainless Steel appliances

-New Carpet

-Wood burning stove

-2 Tone Paint

For more information and more photo's click here

NEW LISTING!!

7523 S. Park Maple Drive

West Jordan, UT 84081

$238,000

(Price subject to 3rd party approval)

- 3,168 Sq. Feet

- 4 Bedrooms

- 2 Full Baths, 1 Half Bath

- Loft

- Formal Living Room

- Main Floor Family Room With Beautiful Rock Fireplace

- Knotty Alder Cabinets

- Corian Countertops

- Stainless Steel Appliances

- Laminate Hardwood Floors

- Main Floor Laundry Room

- Tile

- Wood & Wrought Iron Railings

- Large Master Suite

- Oversized Jetted Tub

- His & Her's Sinks

- Large Shower

- Walk-in Closet

This home shows just like a model!

For more information click HERE

Insurance Rates to Rise on FHA Loans

FHA Gives Home Buyers One-Month Window

September 1, 2010--The Federal Housing Administration (FHA) is giving homeowners and buyers until October 4 to lock in a low monthly insurance premium, according to Gibran Nicholas, chairman of the CMPS Institute, an organization that trains and certifies mortgage bankers and brokers. “After October 4, the monthly insurance premiums on FHA loans will increase by over 63%.”
What does this mean for home buyers?
A home buyer purchasing a $200,000 home using a $193,000 FHA mortgage before October 4 would pay an insurance premium of $88.46 per month. If the same home buyer waits until after October 4, the insurance premium would jump to $148.01.

“In this example, the home buyer would lose $59.55 per month, or $7,146 over a 10-year timeframe,” Nicholas said. “Although the upfront mortgage insurance premium is going down after October 4, the real impact to the home buyer is actually a net increase in their out of pocket costs because the monthly premium is going up by 63%. Remember, sellers can pay the upfront premium or it can be financed into the loan amount, so homebuyers rarely pay the upfront premium out of pocket. On the other hand, the increase in the monthly premiums will be paid right out of the home buyer’s pocket with their mortgage payment each month.”

Ironically, home buyers who plan to be in the mortgage for less than three years and decide to pay the upfront fee themselves (instead of having the seller pay it for them), may actually save money by waiting until after October 4 to apply for an FHA loan.
“Home buyers with a short term time horizon may actually benefit from this change because the upfront premium will be reduced to 1% from 2.25%,” Nicholas said. This change will impact over 30% of the home buyers in today’s market who use FHA-insured financing. Home buyers considering an FHA loan should find and contact a CMPS professional in their area to discuss their options and what this means for their situation.

Information Provided By:

NEW LISTING!!

1146 W. MUSTANG CIRCLE

WEST JORDAN, UTAH

ONLY $237,900

-2258 SQ FEET

-3 BEDROOMS

-2 BATHROOMS

-HARDWOOD FLOORS ON MAIN FLOOR

-NEW KITCHEN WITH HICKORY CABINETS

-GRANITE COUNTERTOPS

-STAINLESS STEEL APPLIANCES

-NEW CARPET THROUGHOUT

-TILE IN BATHROOMS

-BACKS ELEMENTARY SCHOOL

-LOCATED IN A CUL-DE-SAC

-RV PARKING

-FULLY FENCED

-BUILT IN 1991

FOR MORE INFORMATION AND PHOTO'S CLICK HERE

Why You Should Shop Your Loan

For Your Clients: 6 Reasons it Pays to Shop Around Before Choosing a Mortgage

By Paige Tepping

RISMEDIA, August 26, 2010--You wouldn’t buy a house without shopping around first, right? Then why would you commit to the loan you use to buy that house without making sure you’re getting the best deal possible? From the experts at LendingTree, here are six reasons why it’s essential to take a few minutes to browse before you borrow:

1. To get the best interest rate possible
Over the life of a $200,000, 30-year fixed rate loan, a one-tenth of a point difference in interest rate could save or cost you thousands of dollars.

2. To pay lower loan fees
Once your loan application is accepted, the lender will get back to you with a good-faith estimate (GFE), including an itemized list of all the costs associated with the loan. If there are any parts of the GFE that you don’t understand, don’t be afraid to ask the lender to explain each fee that is listed.

3. To avoid a prepayment penalty
In these transient times, it seems no one stays in their home long enough to pay down their mortgage the old fashioned way: in monthly increments over a period of decades. So you’ll want to be clear on whether the terms of your loan include a penalty if you pay off your mortgage early—either because you move or refinance.

4. To find a lender you feel comfortable with
You don’t want any surprises popping up at closing time. Get a lender who is responsive to your questions and is willing to give you the details in writing.

5. To find a lender that specializes in your situation
Recent volatility in the mortgage markets means that people with bad credit or little money for a down payment might have to look a little harder to find a lender.

6. To get the rate lock period you want
Once you’ve found the lender offering the best mortgage rate and terms, you’ll want to get a written commitment, known as a “lock” that puts in writing that the lender will make the loan to you at that the specified interest rate. The length of the lock can vary from 30-90 days, but many lenders will charge a fee for a rate commitment of longer than a month. Negotiate the lock period that is right for you, depending on when you plan to close on your new home and if interest rates are expected to creep higher during that time.

NEW LISTING!!

7496 PARK MAPLE DRIVE

WEST JORDAN, UTAH

ONLY $264,900

-3,038 SQ FEET

-6 LARGE BEDROOMS

-3 BATHROOMS

-FORMAL LIVING ROOM WITH FRENCH DOORS

-MAIN FLOOR FAMILY ROOM WITH FIREPLACE

-STAINLESS STEEL APPLIANCES

-CORIAN COUNTERTOPS

-LAMINATE HARDWOOD FLOORS & TILE

-LARGE MASTER SUITE WITH WALK IN CLOSET

-JETTED TUB & SEPARATE SHOWER

-FINISHED BASEMENT WITH FAMILY ROOM AND KITCHENETTE

-BACKYARD PLAYSET

-FULLY FENCED

-BUILT IN 2005

FOR MORE INFORMATION AND PHOTO'S CLICK HERE

OPEN HOUSE

Join us for an open house at a beautifully completely remodeled home in Kearns.

Saturday, May 1st, 10-2

This home has a brand new kitchen with granite counter tops, stainless steel appliances and tile flooring. New bathrooms with granite and tile. Fresh 3-tone paint, new carpet, new water heater and a newer roof. Four bedrooms and two full baths.

5507 W. Falstaff Drive (5290 S.)

Get Your Tax Credit

You have just two weeks left to have an offer submitted and accepted by the sellers to capture the tax incentive. Closing/Funding must take place by June 30th. So don't delay!!

Remember: First time homebuyers $8000, current homeowners $6500!!

The Crisis of Credit by Johnathan Jarvis

Obama Signs the Tax Credit Extension

On Friday, President Obama signed into law an extension and expansion of the home buyer tax credit.

A tax credit of $8,000 currently exists for first-time homebuyers who will close on a home by November 30, 2009. This credit was set to expire on December 1, but because of a continued weak economy and the efforts of Realtors, it will now remain in effect through the end of June 2010. To qualify, buyers must sign a contract before April 30, 2010 and close on the property by June 30, 2010. This opens up several new possibilities for buyers and sellers for the upcoming winter and spring seasons. It continues to be a buyer’s market even though the housing market has improved significantly since October 2008.

Additionally and perhaps of even greater consequence, the signed law offers a new $6,500 tax credit for current homeowners looking to buy up. This new credit is intended to reach those who have patiently waited for the right time to buy. Those who have used their home as their primary residence for five consecutive years our of the last eight can claim the credit. They must also close by the end of June, 2010. Coupled with the extension of the first-time home buyers’ credit, this additional provision should boost the real estate market in ways beneficial to buyers, sellers, and the real estate industry.

Congress substantially increased the income limits on the tax breaks as well. Individuals earning less than $125,000 will now be eligible (currently $75,000), and married couples with income less than $225,000 who file jointly are eligible (up from $150,000). One item to note, the tax credit can only be used to purchase homes that cost less than $800,000.

The National Association of Realtors (NAR) also breaks down the new law in a concise and simple way.

If you have already purchased a home and intend to use the tax credit, don’t forget to file. Visit www.irs.gov to find the necessary forms to receive the tax credit.

First-Time Buyer Tax Credit Extension Possible

Bills to extend the maximum $8,000 tax credit for first-time home buyers, which expires Nov. 30, are pending in both the U.S. House and the Senate.

Sen. Christopher J. Dodd, a Connecticut Democrat and chairman of the Senate Banking, Housing, and Urban Affairs Committee, is co-sponsor of a bill with Georgia Republican Sen. Johnny Isakson that would raise the credit amount to a maximum of $15,000.

Senate Majority Leader Harry M. Reid of Nevada favors an extension of the current credit. He was quoted by the Las Vegas Sun saying, "It's something we can get done."

Odds are that the credit will be extended and broadened to cover all buyers next year, but the chances of the amount increasing aren’t as good, observers say.

Source: Washington Post Writers Group, Kenneth R. Harney (08/22/2009)

REALTOR® Magazine-Daily News-6 Reasons Why Some Homes Sell

REALTOR® Magazine-Daily News-6 Reasons Why Some Homes Sell

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REALTOR® Magazine-Daily News-Pending Home Sales Rise Again

Pending home sales show a sustained uptrend, rising for four consecutive months with very favorable housing affordability and a first-time buyer tax credit boosting activity, according to the National Association of REALTORS®.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in May, increased 0.1 percent to 90.7 from an upwardly revised reading of 90.6 in April, and is 6.7 percent higher than May 2008 when it was 85.0. The last time there were four consecutive monthly gains was in October 2004.

Lawrence Yun, NAR chief economist, cautions that there could be delays in the number of contracts that go to closing.

“Closed existing-home sales have improved but are coming in lower than expected because some contracts are delayed or falling through from the application of new appraisal rules for many transactions,” he says. “Rises in contract activity show buyers are becoming more active even as they face much more stringent loan underwriting standards. Speedy clarification of the appraisal rules could smooth a housing market recovery and support the overall economy.”

Region

• Northeast: The Pending Home Sales Index in the Northeast rose 3.1 percent to 80.9 in May and is 6.8 percent above a year ago.
• Midwest : In the Midwest, the index slipped 1.3 percent to 89.2 but is 11.4 percent above May 2008.
• South: The index in the South declined 1.7 percent to 92.6 in May but is 7.9 percent higher than a year ago.
• West: In the West, the index rose 2.2 percent to 96.9 and is 0.7 percent above May 2008.

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On February 18, 2009, President Obama announced his Making Home Affordable Program (MHA), designed to help up to 7-9 million families avoid foreclosure by restructuring or refinancing their mortgages. In doing so, the plan not only helps responsible homeowners behind on their payments or at risk of defaulting, but prevents neighborhoods and communities from being pulled over the edge too, as defaults and foreclosures contribute to falling home values, failing local businesses, and lost jobs.

For more detailed information, visit MakingHomeAffordable.gov. 

Welcome To Our Team

We would like to welcome Andrea Henich, Realtor, to our team!

$6,000 Home Run Grant

What is the $6,000 Home Run Grant?

The Home Run Grant is a mortgage assistance program that grants $6,000 to home buyers who purchase a newly-constructed, never-occupied, primary, single-family residence in Utah. The Home Run Grant is funded by the Housing Relief Restricted Special Revenue Fund, established by Utah Governor Jon Huntsman, the Utah State Legislature, and Utah Housing Corporation.

Who is eligible to receive a $6,000 Home Run Grant?

Home buyers must meet the following income restrictions:
-Single person, $75,000
-Married couple, $150,000
-If more than one unmarried person is taking title to the Eligible Home, each such single person is subject to the $75,000 income limit.
-Home buyers must occupy the purchased home as a primary, permanent residence no later than 30 days after closing.
-If home buyers need a mortgage loan to purchase the home, the loan must be a fixed interest rate, amortizing mortgage loan with a term of 30 years or less. Cash buyers can also qualify by contacting Utah Housing Corporation directly.
-The Home Run Grant Program is effective for home purchases closed after a Home Run Grant Commitment has been issued for that specific transaction. Unfortunately the funds may not be used for homes purchased without the Home Run Grant Commitment.



What homes can be purchased with a $6,000 Home Run Grant?

Homes must be newly-constructed, single-family residences that have a Certificate of Occupancy or a Final Inspection from an applicable municipality. They cannot be previously-occupied. Eligible property types include single-family detached homes, condominiums, planned unit developments (PUD), twin homes, town homes and manufactured homes permanently affixed to a foundation.

How does a home buyer apply for a $6,000 Home Run Grant?

Home buyers should tell their home builder, realtor and mortgage lender that they want to apply for a Home Run Grant. Mortgage lenders are the key link between a home buyer and the Home Run Grant. The mortgage lender assists a home buyer to provide necessary information to secure the grant from Utah Housing Corporation. A home buyer does not work directly with Utah Housing Corporation (unless it is a cash buyer). 

How does a home buyer get the Home Run Grant funds?

To get a first-come, first-served written commitment for the Grant, a home buyer must:
Enter into a written contract to purchase a newly-constructed, single-family home.
Contact a lender and obtain final underwriting approval for any needed financing.
Have your mortgage lender furnish required documentation to Utah Housing Corporation for the Grant. Utah Housing will reserve the $6,000 Grant for 30 days.

What type of loan can a home buyer use to purchase the home?

If a home buyer needs a mortgage loan, it must be a fixed interest rate loan with a term of 30 years or less. Loans may be obtained from any lender qualified to make mortgage loans under Utah law. Examples of qualifying loans include:
* Conventional
* FHA, VA, or Rural Housing
* Utah Housing Corporation’s FirstHome and FirstHome Plus


Do I have to be a first-time home buyer to get a Home Run Grant?

No. Home Run Grants are available to all home buyers who meet the income restrictions of $75,000 for singles, $150,000 for couples and, if more than one single person takes title, the $75,000 limit applies to each such single person. 

Can the $6,000 Home Run Grant be combined with the new $8,000 federal tax credit?

Yes, if a home buyer is a first-time home buyer and meets the independent criteria of both the federal and Home Run programs, they may take advantage of both. The $6,000 Home Run Grant is available to both those who are first-time home buyers as well as those who previously owned a home. The $8,000 federal tax credit is available only to first-time home buyers.

How many Home Run Grants are available to home buyers?

A total of approximately 1,600 grants are available. Each grant is $6,000. Only one grant can be used for the purchase of each home. Home Run Grants are distributed on a first-come, first-served basis to qualified home buyers. The approximate number of remaining grants will be posted on the UHC web page at www.utahhousingcorp.org.


Is the Home Run Grant taxable?

The Home Run Grant may be taxable as income under federal and state tax laws. UHC has requested a ruling from the Internal Revenue Service (IRS) about whether or not a Home Run Grant will be taxable. UHC does not give tax advice and home buyers should review the ruling and other pertinent tax information in connection with the preparation of their 2009 tax returns.

Welcome To Our Team

Blackstone Real Estate would like to welcome Sue Hildreth, Realtor!

Home Maintenance Tips -

Repair the Ravages of Winter

As Spring approaches, keep these tips to freshen the outside of your home.

• Prune your trees and shrubs.
• Head to the shed and do a “tool inventory” to make sure you have all the items you'll need in the months ahead. Inspect the tools you already have. For example, test your hoses for leaks.
• Spring is a good time to paint fences and the exterior of your home, especially wood surfaces, to protect them from summer heat and sun. Wood decks should also be sealed once a year.
• Now that the heating season is over, have a chimney sweep clean fireplaces and flues.
• Inspect door and window screens for tears. You can often repair small tears using a kit from your local hardware store. This will prevent insects from getting into your home, and keep you comfortable on the screened porch.
• Have your gutters cleaned.

Excerpted from www.pueblo.gsa.gov

$6,000 Home Run Grant

         

What is the $6,000 Home Run Grant?

The $6,000 Home Run Grant is a mortgage assistance program that grants $6,000 to home buyers who finance the purchase of a newly constructed, never occupied residence in Utah using a 30-year fixed rate mortgage.  The Home Run Grant is funded by the Housing Relief Restricted Special Revenue Fund, established by Utah Governor Jon Huntsman, the Utah State Legislature, and Utah Housing Corporation.   

 

Who is eligible to receive a $6,000 Home Run Grant?

·        The Home Run Grant is available to any Utah home buyer who meets the following income restrictions:

o       Single person, $75,000

o       Married couple, $150,000

·        Buyers must occupy the purchased home as a primary, permanent residence no later than 30 days after closing.

 

What homes can be purchased with a $6,000 Home Run Grant?

Homes must be recently constructed. They cannot be previously occupied.

 

 

How does a home buyer apply for a $6,000 Home Run Grant?

Home buyers should tell their home builder, realtor and mortgage lender that they want to apply for a Home Run Grant. Mortgage lenders are the key link between the home buyer and the Home Run Grant. The mortgage lender assists the home buyer to provide necessary information to secure the grant from Utah Housing Corporation.   The home buyer does not work directly with Utah Housing Corporation.     

 

What type of loan can home buyers use to purchase the home?

Buyers must qualify for a 30 year, fixed interest rate loan of their choice to finance the purchase of the home.  Examples of qualifying loans include:

*        Conventional

*        FHA, VA, or Rural Housing

*        Utah Housing Corporation’s FirstHome and FirstHome Plus

*        Federal Home Loan Bank’s HomeStart

 

What mortgage lenders can assist homebuyers to secure a $6,000 Home Run Grant?

Any mortgage lender qualified to make mortgage loans under Utah law can assist homebuyers to secure the Home Run grant.

 

Can the $6,000 Home Run Grant be combined with the new federal $8,000 tax credit?

Yes.  Home buyers can take advantage of both the Home Run $6,000 Housing Grant and the $8,000 federal tax credit.  The $6,000 grant is available at the time the home is purchased.

 

How many Home Run Grants are available to home buyers?

A total of 1,666 grants are available. Each grant is $6,000.  Only one grant can be used for each home purchase.  Home Run Grants are distributed on a first-come first-serve basis to qualified home buyers through the home buyer’s mortgage lender. 

What to Do When the Sale Price Leaves You Short

If you're thinking of selling your home, and you expect that the total amount you owe on your mortgage will be greater than the selling price of your home, you may be facing a short sale. A short sale is one where the net proceeds from the sale won't cover your total mortgage obligation and closing costs, and you don't have other sources of money to cover the deficiency. A short sale is different from a foreclosure, which is when your lender takes title of your home through a lengthy legal process and then sells it.

1. Consider loan modification first. If you are thinking of selling your home because of financial difficulties and you anticipate a short sale, first contact your lender to see if it has any programs to help you stay in your home. Your lender may agree to a modification such as: Refinancing your loan at a lower interest rate; providing a different payment plan to help you get caught up; or providing a forbearance period if your situation is temporary. When a loan modification still isn’t enough to relieve your financial problems, a short sale could be your best option if:

• Your property is worth less than the total mortgage you owe on it.
• You have a financial hardship, such as a job loss or major medical bills.
• You have contacted your lender and it is willing to entertain a short sale.

2. Hire a qualified team. The first step to a short sale is to hire a qualified real estate professional and a real estate attorney who specialize in short sales. Interview at least three candidates for each and look for prior short-sale experience. Short sales have proliferated only in the last few years, so it may be hard to find practitioners who have closed a lot of short sales. You want to work with those who demonstrate a thorough working knowledge of the short-sale process and who won't try to take advantage of your situation or pressure you to do something that isn't in your best interest. A qualified real estate professional can:

• Provide you with a comparative market analysis (CMA) or broker price opinion (BPO).
• Help you set an appropriate listing price for your home, market the home, and get it sold.
• Put special language in the MLS that indicates your home is a short sale and that lender approval is needed (all MLSs permit, and some now require, that the short-sale status be disclosed to potential buyers).
• Ease the process of working with your lender or lenders.
• Negotiate the contract with the buyers.
• Help you put together the short-sale package to send to your lender (or lenders, if you have more than one mortgage) for approval. You can’t sell your home without your lender and any other lien holders agreeing to the sale and releasing the lien so that the buyers can get clear title.

3. Begin gathering documentation before any offers come in. Your lender will give you a list of documents it requires to consider a short sale. The short-sale “package” that accompanies any offer typically must include: 

• A hardship letter detailing your financial situation and why you need the short sale
• A copy of the purchase contract and listing agreement
• Proof of your income and assets
• Copies of your federal income tax returns for the past two years

4. Prepare buyers for a lengthy waiting period. Even if you're well organized and have all the documents in place, be prepared for a long process. Waiting for your lender’s review of the short-sale package can take several weeks to months. Some experts say:

• If you have only one mortgage, the review can take about two months.
• With a first and second mortgage with the same lender, the review can take about three months.
• With two or more mortgages with different lenders, it can take four months or longer.

When the bank does respond, it can approve the short sale, make a counteroffer, or deny the short sale. The last two actions can lengthen the process or put you back at square one. (Your real estate attorney and real estate professional, with your authorization, can work your lender’s loss mitigation department on your behalf to prepare the proper documentation and speed the process along.)

5. Don't expect a short sale to solve your financial problems. Even if your lender does approve the short sale, it may not be the end of all your financial woes. Here are some things to keep in mind:

• You may be asked by your lender to sign a promissory note agreeing to pay back the amount of your loan not paid off by the short sale. If your financial hardship is permanent and you can’t pay back the balance, talk with your real estate attorney about your options.
• Any amount of your mortgage that is forgiven by your lender is typically considered income, and you may have to pay taxes on that amount. Under a temporary measure passed in 2007, the Mortgage Forgiveness Debt Relief Act and Debt Cancellation Act, homeowners can exclude debt forgiveness on their federal tax returns from income for loans discharged in calendar years 2007 through 2012. Be sure to consult your real estate attorney and your accountant to see whether you qualify.
• Having a portion of your debt forgiven may have an adverse effect on your credit score. However, a short sale will impact your credit score less than foreclosure and bankruptcy.