Tuesday, September 28, 2010

General Elections on November 2nd

General Elections are on November 2nd. Voting will be for Governor, Lieutenant Governor, U.S Senate, House of Representatives, Judicial Retention, and State School Board.

Things Happening in Our Area

1.Huntsman World Senior Games Starts October 4th runs till October 16th
2.What Women Want Expo October 22nd and 23rd
3.Sons of Utah Pioneers October 21st-23rd .
4.General Elections November 2nd.
5.Thriller will play at Tuacahn on October 22nd through October 30th

Tuesday, September 21, 2010

The average interest rate for a 30-year loan was 5 percent over the last 12 months. The average over the last 10 years was 6.13 percent. The highest rate since January 1964 was 18.45 percent in October 1981. The lowest rate since January 1964 was 4.71 last December. That is some history lesson. No matter how you slice it, today’s home prices and mortgage rates represent an HISTORIC OPPORTUNITY that cannot be ignored. Whether you are seeking to purchase a home or refinance, now is your chance. Information courtesy of Jeanne Wall/WJ Bradley Mortgage Capital Corp.


Most mortgage financing plans provide only permanent financing. That is, the lender will not usually close the loan and release the mortgage proceeds unless the condition and value of the property provide adequate loan security. When rehabilitation is involved, this means that a lender typically requires the improvements to be finished before a long-term mortgage is made.
When a homebuyer wants to purchase a house in need of repair or modernization, the homebuyer usually has to obtain financing first to purchase the dwelling; additional financing to do the rehabilitation construction; and a permanent mortgage when the work is completed to pay off the interim loans with a permanent mortgage.
The Section 203(k) program was designed to address this situation. The borrower can get just one mortgage loan, at a long-term fixed (or adjustable) rate, to finance both the acquisition and the rehabilitation of the property. To provide funds for the rehabilitation, the mortgage amount is based on the projected value of the property with the work completed, taking into account the cost of the work. To minimize the risk to the mortgage lender, the mortgage loan (the maximum allowable amount) is eligible for endorsement by HUD as soon as the mortgage proceeds are disbursed and a rehabilitation escrow account is established.
The Section 203(k) program is HUD’s primary program for the rehabilitation and repair of single family properties (to be eligible, the property must be a one to four family dwelling that has been completed for at least one year). Homes that have been demolished, or will be razed as part of the rehabilitation work, are eligible provided some of the existing foundation system remains in place.
Many lenders have successfully used the Section 203(k) program in partnership with state and local housing agencies and nonprofit organizations to rehabilitate properties. These lenders, along with state and local government agencies, have found ways to combine Section 203 (k) with other financial resources, such as HUD’s HOME, HOPE, and Community Development Block Grant Programs, to assist borrowers.
The Section 203(k) program is an excellent means for lenders to demonstrate their commitment to lending in lower income communities. HUD is committed to increasing homeownership opportunities for families in these communities. www.hud.gov

Thursday, September 9, 2010

Homeowners Current on payments but Negative Equity get help

The Obama Administration on Tuesday unveiled a new plan to help homeowners who are underwater on their mortgages, according to a story in the Wall Street Journal.
The program targets between 500,000 to 1.5 million negative equity mortgages, where the homeowner owes more than his or her home is worth.
The first initiative of the program is for homeowners who are current on their mortgages but at risk of default because of sinking home values, the Journal said.
Under the program, banks and lenders will write off the home's value to less than the value of the property and then hand off the reduced loan to the government. The program essentially refinances underwater homeowners into loans backed by the Federal Housing Administration.
About 11 million mortgages or 23 percent of U.S. households with a mortgage are in a negative equity position, according to CoreLogic.