Wednesday, April 8, 2009

$6,000 free??? Wait What??? Read on, my friend...

$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 residence in Utah. The Home Run Grant is funded by the Housing Relief Restricted Special Revenue Fund, established by Utah Gov. Jon Huntsman, the Utah State Legislature and Utah Housing Corporation.
When is the Home Run program being launched?
The governor has signed the bill into law and the program is now launched.
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 qualifications:o Single person, income not to exceed $75,000. o Married couple, income not to exceed $150,000.o 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.
How does a home buyer get the Home Run funds?
To get a first-come, first-served written commitment for the grant, home buyers must:
o Enter into a written contract to purchase a newly constructed home. o Contact a lender to obtain final underwriting approval for any needed financing. o Have their mortgage lender furnish required documentation to Utah Housing Corporation for the grant. o Utah Housing will reserve the $6,000 grant for 30 days.
What homes can be purchased with the $6,000 Home Run grant?
Homes must be recently constructed, single-family residences that have a certificate of occupancy or a final inspection. 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.
Do I have to be a first-time 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.
How does a buyer apply for a 6,000 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 (unless it is a cash buyer).
What type of loan can home buyers use to purchase a home?
If home buyers need 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:o Conventionalo FHA, VA or Rural Housingo Utah Housing Corporation's FirstHome and FirstHome Plus
What mortgage lenders can assist home buyers to secure a $6,000 Home Run grant?
Any mortgage lender qualified to make mortgage loans under Utah law can assist home buyers to secure the Home Run grant. Click here to see Utah Housing Corporation's list of currently approved lenders.
Can the $6,000 Home Run grant be combined with new the federal $8,000 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.
If I have additional questions who do I contact?
Contact an approved Home Run lender.

Tuesday, January 13, 2009

Avoiding Foreclosure

Today I was on a local radio show talking about ways to avoid foreclosure. This is a very widespread problem that may affect you or someone you know. Here are a few tips to help avoid foreclosure.
1. Stay in contact with your lender. If you are going to miss a payment you need to call your lender before it is missed. Many companies have programs in place to help with this.
2. Do not ignore notices from your lender. They will send you mail and post notices on your door. If you really want to save your home you need to make sure that you respond to these notices.
3. Do not pay for credit counseling. The government offers credit counseling for free. There is absolutely no reason to pay for it.
4.Visit http://www.hopenow.com/ it has several resources to help you avoid foreclosure.
5. Do not sign anything that you do not FULLY understand. There are some scammers out there that will take advantage of you and your situation. Try to surround yourself with people you can trust.

If you are interseted here is the link to the podcast from the show I did this morning.
http://a1135.g.akamai.net/f/1135/18227/1h/cchannel.download.akamai.com/18227/podcast/SALTLAKECITY-UT/KZHT-FM/Zoo%201%2013%2009%20Part%204.mp3?CPROG=PCAST&MARKET=SALTLAKECITY-UT&NG_FORMAT=chr&SITE_ID=1084&STATION_ID=KZHT-FM&PCAST_AUTHOR=97.1_ZHT&PCAST_CAT=Radio&PCAST_TITLE=Morning_Zoo_-_Show_Podcast

Sunday, December 7, 2008

Maybe It’s Time to Buy That First House

(I found this article on Yahoo and I thought it may be of interest...enjoy AG)

Ben Garvin for The New York Times
Jaime and Michael Proman put down 20 percent when they bought their home this fall in Lowry Hill in Minneapolis.


By RON LIEBER
Published: December 5, 2008
Five or 10 years from now, when the financial crisis has ended and housing prices are up smartly once more, we will look in the rearview mirror and realize that we missed a golden age for first-time home buyers.

Then, everyone who sat on their down payment savings accounts for a few years too long will kick themselves for not taking advantage of what may turn out to be the buying opportunity of a lifetime for those who can qualify for a mortgage.
Unfortunately, we do not know when this golden age will begin, because we will be able to identify a bottom to the housing market only with the benefit of hindsight. But as it does with the stock market, the moment will probably arrive when everyone is feeling the most pessimistic.
That moment is certainly getting closer. Housing prices have fallen drastically from their peak levels in many areas of the country. Rates on 30-year fixed-rate mortgages are already close to 5.5 percent, and this week there were suggestions that the federal government might try to drive them down to 4.5 percent, a truly incredible figure to be able to lock in for three decades.
Meanwhile, first-time home buyers have the same advantage they have always had, which is that they do not have to sell their old place before buying a new one. That is an added advantage in areas where many available houses simply are not moving, because the people trying to sell them will not be bidding against you.
If you’re hoping for a recovery in the housing market, you ought to be cheering on the first-time home buyers. When they purchase homes, their sellers are free to move on or move up, stimulating further sales.
But if you are a potential first-time buyer yourself, or lending or giving the down payment to one, you are probably as frightened as you are tempted by all the “For Sale” signs that have become “On Sale” signs. So let’s quickly review some of the still-grim pricing data in certain areas — and consider the reasoning offered up by first-time buyers who have forged ahead anyhow.
As is always the case with real estate, much depends on location. One study, “The Changing Prospects for Building Home Equity,” tries to predict where today’s first-time buyers in the 100 biggest metropolitan areas may actually have less home equity by 2012 as a result of continued price declines. The verdict was that buyers in 33 of the markets could see a decline by 2012, including potential six-figure drops on an average home in the New York City, Los Angeles, San Francisco and Seattle metropolitan areas.
This is obviously scary. (I’ve linked to the study, a joint effort of the Center for Economic and Policy Research and the National Low Income Housing Coalition, from the version of this article at nytimes.com/yourmoney.) It’s worth noting, however, that these predictions came before the government made its most recent move to reduce borrowing costs.
Also, the price projections in the study are based, in part, on the fact that the ratio of purchase prices to annual rents is still higher in many areas than the historical average, which is roughly 15 times rents. While past figures may well have some predictive value, I have never been convinced that first-time buyers compare a home that they could own and one that they would rent in purely or even primarily economic terms.
When Jaime and Michael Proman moved this fall to Minneapolis, his hometown, from New York City, they craved a different sort of life after two years together in a 450-square-foot studio apartment. “We didn’t want a sterile apartment feel,” said Mr. Proman, who is 28 (his wife is 26). “We wanted something that was permanent and very much a reflection of us.”
The fact is, in many parts of the country there are few if any attractive rentals for people looking to put down roots and enjoy the sort of amenities they may spot on cable television home improvement shows. Comparing a rental with a place that you may own seems almost pointless in these situations, especially for those who are now grown up enough to want to make their own decisions about décor without consulting the landlord.
Still, for anyone feeling the urge to buy, a number of practical considerations have changed in the last year or two. The basics are back, like spending no more than 28 percent of your pretax income on mortgage payments, taxes and insurance. Even if a lender does not hold you to this when you go in for preapproval, you should hold yourself to it.
You will also want to start now on any project to improve your credit score because it may take several months to get it above the 720 level that qualifies you for many of the best mortgage rates.
John Ulzheimer, president of consumer education for credit.com, a consumer credit information and application site, suggests starting to pay down and put away credit cards months before you apply for a loan. That is because the credit scoring system could penalize you if you use a lot of credit each month, even if you always pay in full. Also, check your three credit reports (it’s free) at annualcreditreport.com and dispute errors. While no one can easily predict the likelihood of losing a job, Friday’s startling unemployment figures suggest the need for caution if you think you might be vulnerable. A. C. Panella, who teaches communications at Pasadena City College in California, waited until she had a tenure-track job before buying a home in the Highland Park section of Los Angeles with her partner, Amy Goldman, a lawyer for a nonprofit organization. “We could afford the mortgage payment on one salary, were something to come up,” Ms. Panella, 31, said. “It’s really about being able to stay within our means.”

For many first-time home buyers, that philosophy stretches to the down payment, too. Ms. Panella and her partner put down 20 percent when they bought their home in September, as did the Promans when they bought their home in the Lowry Hill neighborhood of Minneapolis.
Alison Nowak, 29, put just 3 percent down on a Federal Housing Administration-backed loan last month when she and her partner, Lacey Mamak, bought a $149,900, 800-square-foot home several miles south of where the Promans live. “Anything that is an opportunity also has a bit of risk,” she said. Her house was in foreclosure before a plumber bought it and fixed it up. “One way we mitigated it was that we bought a really tiny house in a very good neighborhood.”
One other strategy might be to buy new instead of used. Ian Shepherdson, chief United States economist for the research firm High Frequency Economics, says he believes that a steep drop-off in inventory of new homes is coming soon, thanks to a rapid decrease in home builder activity.
Since prices generally soften in the winter, it may make sense to start looking seriously once the mercury bottoms out. “If you look at new developments next spring, you may not have the choice you thought you would have or be in the bargaining position you thought you would be,” Mr. Shepherdson said. Also, if you wait after June 30, you will miss out on a $7,500 federal tax credit for income-eligible first-time home buyers that works like an interest-free loan.
Finally, allow yourself to consider how it would feel if you bought and then prices dropped another 10 or 15 percent. It might not bother you if you plan to stick around. Plenty of people seem to be making a longer commitment to their homes. According to a survey that the National Association of Realtors released last month, typical first-time buyers plan to stay in their home 10 years, up from 7 last year.
Perhaps people are more aware that they will not be able to build equity as rapidly as others did in the real estate boom. Or they simply have more confidence in hard, hometown assets now than in other markets.
“We wouldn’t let another decline bother us,” said Michael Proman. “You can never time a bottom. This is a long-term investment for us, and it truly is the best investment we have in our portfolio right now.”

Ready to buy, or waiting it out? Post a comment at nytimes.com/yourmoney or write to rlieber@nytimes.com.

Thursday, December 4, 2008

Safe Holiday Decoration Hints



As the holidays approach, the Consumer Product Safety Commission (CPSC) is urging people to look for and eliminate potential dangers from holiday lights and decorations that could lead to fires and injuries. Each year, hospital emergency rooms treat about 10,800 people for injuries, such as falls, cuts and shocks, related to holiday lights, decorations and Christmas trees. In addition, there are 11,000 candle-related fires each year, resulting in 150 deaths and 1,200 injuries annually. Christmas trees are involved in about 400 fires annually, resulting in 20 deaths, 70 injuries and an average of more than $15 million in property loss and damage. Here are some CPSC tips to make your holiday a safe one


Safe Holiday Decoration HintsThe Consumer Products Safety Commission suggests following these tips to make your holiday a safe one.Trees:
When purchasing an artificial tree, look for the label "Fire Resistant." Although this label does not mean the tree won't catch fire, it does indicate the tree will resist burning and should extinguish quickly.
When purchasing a live tree, check for freshness. A fresh tree is green, needles are hard to pull from branches and when bent between your fingers, needles do not break. The trunk butt of a fresh tree is sticky with resin, and when tapped on the ground, the tree should not lose many needles.
When setting up a tree at home, place it away from fireplaces and radiators. Because heated rooms dry live trees out rapidly, be sure to keep the stand filled with water. Place the tree out of the way of traffic and do not block doorways. Lights:
Indoors or outside, use only lights that have been tested for safety by a recognized testing laboratory, which indicates conformance with safety standards. Use only lights that have fused plugs.
Check each set of lights, new or old, for broken or cracked sockets, frayed or bare wires, or loose connections, and throw out damaged sets. Always replace burned-out bulbs promptly with the same wattage bulbs.
Use no more than three standard-size sets of lights per single extension cord. Make sure the extension cord is rated for the intended use.
Never use electric lights on a metallic tree. The tree can become charged with electricity from faulty lights, and a person touching a branch could be electrocuted.
Before using lights outdoors, check labels to be sure they have been certified for outdoor use.
Fasten outdoor lights securely to trees, house walls, or other firm supports to protect the lights from wind damage. Use only insulated staples to hold strings in place, not nails or tacks. Or, run strings of lights through hooks (available at hardware stores).
Turn off all lights when you go to bed or leave the house. The lights could short out and start a fire.
For added electric shock protection, plug outdoor electric lights and decorations into circuits protected by ground fault circuit interrupters (GFCIs). Portable outdoor GFCIs can be purchased where electrical supplies are sold. GFCIs can be installed permanently to household circuits by a qualified electrician. Decorations:
Use only non-combustible or flame-resistant materials to trim a tree. Choose tinsel or artificial icicles of plastic or nonleaded metals. Leaded materials are hazardous if ingested by children.
Never use lighted candles on a tree or near other evergreens. Always use non-flammable holders, and place candles where they will not be knocked down.
In homes with small children, take special care to avoid decorations that are sharp or breakable, keep trimmings with small removable parts out of the reach of children to avoid the child swallowing or inhaling small pieces, and avoid trimmings that resemble candy or food that may tempt a child to eat them.
Wear gloves to avoid eye and skin irritation while decorating with spun glass "angel hair." Follow container directions carefully to avoid lung irritation while decorating with artificial snow sprays. Fireplaces:
Use care with "fire salts," which produce colored flames when thrown on wood fires. They contain heavy metals that can cause intense gastrointestinal irritation and vomiting if eaten. Keep them away from children.
Do not burn wrapping papers in the fireplace. A flash fire may result as wrappings ignite suddenly and burn intensely.Get a free brochure with more holiday decorating safety tips at CPSC's web site http://www.cpsc.gov/.
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Send the link for this page to a friend! The U.S. Consumer Product Safety Commission is charged with protecting the public from unreasonable risks of serious injury or death from thousands of types of consumer products under the agency's jurisdiction. The CPSC is committed to protecting consumers and families from products that pose a fire, electrical, chemical, or mechanical hazard. The CPSC's work to ensure the safety of consumer products - such as toys, cribs, power tools, cigarette lighters, and household chemicals - contributed significantly to the decline in the rate of deaths and injuries associated with consumer products over the past 30 years.
To report a dangerous product or a product-related injury, call CPSC's hotline at (800) 638-2772 or CPSC's teletypewriter at (800) 638-8270, or visit CPSC's web site at www.cpsc.gov/talk.html. To join a CPSC email subscription list, please go to https://www.cpsc.gov/cpsclist.aspx. Consumers can obtain this release and recall information at CPSC's Web site at http://www.cpsc.gov/.




Source-Home hints e-news

Friday, November 14, 2008

What is a Short Sale???




So I know that you have all heard the term "short sale" lately... I'm sure you are all wondering what that means. A short sale simply explained is when a bank takes less than they are owed on a property to aid in the sale of the property. Banks do this so that they don't have to go through the time and expense of forclosure.

So what do you do if you want to purchase a short sale??


  1. Find a qualified real estate agent.

  2. Find a great loan officer.

  3. Be open minded. Sometimes in order to get a good deal you may have to paint the walls or put in new carpet.

  4. Look at all of your options carefully.

  5. Be prepared to be patient. Often times short sales take much longer to get any kind of response from the bank. You have to remember makes typically have to take any kind of decision to loan committees. This process sometimes can take months.

  6. Once you get an accepted offer get a home inspection. The bank will not offer any warranties on the property. An inspection will cost anywhere from $250.00-$500.00. This may seem like a lot of money, but I think most people would agree that it is much better to find out the problems in a home before you purchase it.

  7. If all of your evaluations and inspections go well, now is the time to celebrate, you will soon be a homeowner...

Any other questions please feel free to email them to me...I will do my best to answer them timely. remaxadvanced@yahoo.com


Thursday, November 13, 2008

How to Winterize a Home

I have had many questions lately about how to winterize a home. I myself had no idea how to do this so I of course googled it...this is what I found at www.ehow.com

Step1--Check the heating system. All filters should be cleaned or replaced. Vents and the chimney need to be cleaned and checked by a professional. Program the thermostat to allow the temperature to be cooler when you are not at the house.
Step2--Caulk any gaps on windows or doors. Use a caulk gun to fill in any spaces that may have appeared over the summer.
Step3--Install storm doors and windows. You should have a set of each in order to protect the house from bad weather.
Step4--Turn off water to pipes that freeze. Drain the water from outdoor plumbing fixtures and turn the water off for the winter. Put away any outdoor hoses in a shed or garage.
Step5--Replace any shingles that have fallen off of the roof. Loose shingles should be restored as well.
Step6--Clean the gutters and roof. Remove any debris or branches and trim back any possible branches that may fall on the house during winter storms.
Step7--Cover or remove outdoor furniture. Umbrellas and seat covers should be placed inside. Bigger items should have a waterproof cover put over them.

In case you are wondering how to winterize a vacant home...I found this at http://www.workshoponwheels.com/winterize.html

How to winterize a vacant property
Make sure you read the whole article before starting.
Eventually you will need to drain all of the faucets, appliances and pipes in your plumbing system. When you make repairs or installations that call for cutting into the main pipes or when you need to drain and recharge water filled air chambers you must first shut off the incoming water and drain out the existing supply before you can start work. When you leave a house vacant and unheated for the winter you must also weatherproof the system to protect it from bursting in freezing temperatures.
Whatever the reason, save a few gallons of water for drinking or cooking before you shut off the supply. If you are about to winterize a summer home, draw enough extra water to prepare an antifreeze mix that you will need to protect the traps.
Most water heater manufactures recommend that you drain the sediments that build up at least once a year. This is a great time to do it. If you have not drained your tank in a long time, it is probably best to use house line pressure to help clear the drain valve when you first open it. (This means that you should have the house main valve open.) BE CAREFUL! Even though you have turned the electricity or gas off, the tank still has hot water in it. It is best to use a hose rated for hot water as ordinary garden hoses will swell and burst. If the valve does not seat tightly upon closing a hose cap, with rubber washer (about $1.00 at the hardware store) will hold back the drip until a repair can be made.
In order to drain your system efficiently follow this check list:
1. Shut off the house water supply by closing the main shut off valve.
2. Turn off the gas or electricity to the boiler and the water heater.
3. Siphon the water out of the tub of the clothes washer. If the drain hose can be lowered to a floor drain, it will usually drain itself.
4. If you have hot water heat, open the drain faucet on the boiler and let the water flow into the floor drain. Next, move an air vent from a radiator on the top floor so that air will replace the water as it drains into the boiler.
5. Working floor by floor, starting at the top, open all hot and cold water faucets – including all tubs, showers and outdoor faucets – and flush all toilets.
6. Open the drain faucets on the water heater (See note # 1) and the water treatment equipment if you have any.
7. Finally, open the drain faucet (if you have one) on the main supply line to release any water that may remain in the pipes. You may have to disconnect a meter connection to drain completely.
At this stage, your plumbing system will be adequately drained for repair or remodeling work. If you are closing the house for the winter, take additional precautions. Walk through the house to make sure every place where water can collect is drained. Attatch an air compressor to each faucet and give a low pressure blast of air to blow out any remaining water.
For cold weather protection, the water still remaining in the fixture and toilet traps as well as the main house trap, if you have one, must be replaced with an antifreeze solution to keep the traps from bursting while still functioning as a barrier against sewer gases. Get the nontoxic propylene glycol antifreeze sold for recreational vehicles, the ethylene glycol antifreeze used in automobiles is toxic (the manufacturer recommends that it not be brought in the house) and alcohol based products evaporate too fast.
Mix the antifreeze with water, as directed on the label, in the same proportions you would use to protect a vehicle in your climate. (If you do not want to mix it, pour if straight from the can into the trap.) How much antifreeze you need will depend on the proportions that are recommended and the number of traps to be winterized.
Prepare the lavatory, sink and tub traps first. Remove all the accessible cleanest plugs, drain the water from each trap into a pail or bucket and discard it, replace the plug. Pour at least a quart of the antifreeze solution into each trap. With traps you were unable to empty, pour the solution in slowly so that it will push the existing water ahead of it into the drain pipes.
Next, wipe up any water remaining in the bottom of toilet bowls with rags or newspapers. Pour at least a gallon of antifreeze mixture into each toilet tank, then flush the tank to dislodge water from the flushing channels of the toilet bowl. The antifreeze will collect in the toilet trap. Handi-wrap stretched over the bowl slows evaporation.
To complete the winterizing, remove either the inlet or outlet plug of the main house trap, if you have one, and siphon out the water in the trap. Pour about a quart of antifreeze into the trap and replace the plug. If you have your own well system, drain the water tap and dry off all parts of you pump unless it is a submerged one, which requires no special precautions.
In the spring or after the repair is completed, you will have to refill your system. First, close all the faucets and drain valves throughout the house including those on the boiler, hot water heat and water treatment equipment. If you have hot water heat, replace the vent on the radiator from which it was removed. Then open the main valve slowly to bring fresh water into the system. (I like to leave a laundry tub faucet open to allow the first wave of cloudy water to drain away before filling the house lines) Finally, turn on the gas or electricity supply to the boiler and the water heater and light the pilots on gas fired equipment.
Faucets will spray when you first use them because of air trapped in the lines, but this condition will correct itself quickly. Diminished flow can often be cured by cleaning out the aerator which is screwed in the end of the spout. (I try to take them off before using the faucet for the first time) The antifreeze mixture in the traps and toilets will flush away normally as the fixtures are used

Saturday, November 1, 2008

October Stats

O.K. another month is gone...How is the market looking? According to the stats provided by the WFRMLS there was a total of 40 single family homes and 1 condo sold in Tooele County in October... The average sales price of single family homes was $196,245...These numbers are down just a bit from September '08...

So what does this all mean for you? It means it is a great time to buy. Inventory is high (577 homes for sale in Tooele County)...rates are low...(mid 6% according to the amazing Jason Parman...) and there are still a bunch of great loans out there with low to no money down.

Right now you can get a great home for a very reasonable price. Sellers are anxiously awaiting offers and many are ready to negotiate. In October alone there were 121 new homes listed in Tooele County. If you are thinking of buying or selling give me a call...I can't wait to hear from you.