By Les Christie, CNNMoney.com staff writer
November 6, 2009: 3:18 PM ET
NEW YORK (CNNMoney.com) -- President Obama signed an extension and expansion of the first-time homebuyers tax credit on Friday.
The $8,000 credit was scheduled to lapse on Dec. 1 but will now be in effect through the end of June. Homebuyers must sign a contract before April 30 and close by June 30. The income limits were also raised: Single buyers can now earn up to $125,000 and still get the full credit while a married couple can earn $225,000.
The bill also made more homeowners eligible to claim the credit on their taxes. First-time buyers -- those who have not owned a home in the past three years -- still qualify for an $8,000 rebate. But now people who want to trade up can also qualify. Those who have owned and occupied a residence for at least five years out of the past eight can claim a $6,500 tax credit if they close on a purchase by the end of June.
"The new version of the tax credit has the potential to stimulate the housing market even more than the old version due to the fact that more people will qualify under the new rules," said Gibran Nicholas, chairman of the CMPS Institute, an organization that certifies mortgage bankers and brokers.
Who qualifies?
Nicholas provided four scenarios illustrating how the tax credit rules for existing homebuyers will apply:
• Harry owned a home in 2001 and 2002 but sold it to relocate for a job. He would qualify for the $8,000 first-time-buyer credit because he has not owned a home in the past three years.
• Sue purchased a home in 2004 and has lived there since. If she decides to buy a new home, she would qualify for the $6,500 tax credit because she has lived in the same residence for five consecutive years in the past eight.
• Jane purchased her home in 2002, lived there for five consecutive years before she rented it out in 2007. She would qualify because she was an owner/occupier for at least five consecutive years in the past eight.
• Mark purchased a home in 2006 and lived there for the past three years. He would not qualify because he is neither a first-time homebuyer nor someone who lived in the same primary residence for five consecutive years out of the past eight.
Saturday, November 7, 2009
Tuesday, August 11, 2009
Thursday, July 9, 2009
FHA ARMS priced very aggressively!
The Bond Market has been highly volatile this morning, as traders take profits from yesterday’s gains. I have seen several price changes for the worse.
FHA ARMS are pricing very aggressively. Take a look in the FHA section.
Have an amazing day!!
CONVENTIONAL ( Loan amounts up to $417,000)
30 yr. Fixed – 5.125% APR 5.345%
15 yr. Fixed – 4.750% APR 4.970%
JUMBO (Loan amounts above $417,000)
30 yr. Fixed – 5.375% APR 5.595% (to $625,500 10% down) SL, Tooele, Summit Counties)
30 yr. Fixed – 6.125% APR 6.345% (to $700,000 20% down)
30 yr. Fixed - 6.375% APR 6.595% (to $850,000 25% down)
30 yr Fixed – 6.625% APR 6.825% (to 1,500,000 35% down)
FHA (Loan Limits - SL $417,000, Davis $389,850, Utah $271,050)
30 yr. fixed - 5.000% APR 5.500% with 740+ FICO
30 yr. fixed – 5.000% APR 5.500% with 620+ FICO
15 yr. Fixed - 4.375% APR 4.875%
3 yr. ARM - 3.750% APR 4.250% with 740 FICO
5 yr. ARM - 4.125% APR 4.625% with 740 FICO
FHA JUMBO (above $417,000 to max limit – SL, Tooele, Summit Co)
30 yr. Fixed – 5.250% APR 5.750% with 660+ FICO
UTAH HOUSING
30 yr. Fixed - 5.430% APR 5.930% (Rates announced Friday afternoons)
RURAL HOUSING
30 yr. Fixed - 5.375% APR 6.000%
30 yr Fixed – 5.250% APR 5.750% with .25% discount
0 Home Run Grants remaining. *****
**Rates are subject to change with market and loan size.
**Rates are subject to credit qualifying and down payment.
**Rates are based on a 30 day lock period.
**Rates are based on a 740 FICO for Conventional Loans
**Rates are based on a 620/660/740 FICO for FHA Loans
Info provided by Graystone Mortgage
FHA ARMS are pricing very aggressively. Take a look in the FHA section.
Have an amazing day!!
CONVENTIONAL ( Loan amounts up to $417,000)
30 yr. Fixed – 5.125% APR 5.345%
15 yr. Fixed – 4.750% APR 4.970%
JUMBO (Loan amounts above $417,000)
30 yr. Fixed – 5.375% APR 5.595% (to $625,500 10% down) SL, Tooele, Summit Counties)
30 yr. Fixed – 6.125% APR 6.345% (to $700,000 20% down)
30 yr. Fixed - 6.375% APR 6.595% (to $850,000 25% down)
30 yr Fixed – 6.625% APR 6.825% (to 1,500,000 35% down)
FHA (Loan Limits - SL $417,000, Davis $389,850, Utah $271,050)
30 yr. fixed - 5.000% APR 5.500% with 740+ FICO
30 yr. fixed – 5.000% APR 5.500% with 620+ FICO
15 yr. Fixed - 4.375% APR 4.875%
3 yr. ARM - 3.750% APR 4.250% with 740 FICO
5 yr. ARM - 4.125% APR 4.625% with 740 FICO
FHA JUMBO (above $417,000 to max limit – SL, Tooele, Summit Co)
30 yr. Fixed – 5.250% APR 5.750% with 660+ FICO
UTAH HOUSING
30 yr. Fixed - 5.430% APR 5.930% (Rates announced Friday afternoons)
RURAL HOUSING
30 yr. Fixed - 5.375% APR 6.000%
30 yr Fixed – 5.250% APR 5.750% with .25% discount
0 Home Run Grants remaining. *****
**Rates are subject to change with market and loan size.
**Rates are subject to credit qualifying and down payment.
**Rates are based on a 30 day lock period.
**Rates are based on a 740 FICO for Conventional Loans
**Rates are based on a 620/660/740 FICO for FHA Loans
Info provided by Graystone Mortgage
Tuesday, June 30, 2009
Somewhat Good News in the Real Estate Market
The Bond Market is off a bit this morning after a better than expected housing reports. A report of the top 20 cities in the US indicated that the decline in housing prices may have leveled – and even begun to rise in Dallas and Denver. This is VERY good news and caused a run in the Stock Market. As you know, a run in the Stock Market often pulls money out of the Bond Market. However, we should be very happy to hear that kind of news.
CONVENTIONAL ( Loan amounts up to $417,000)
30 yr. Fixed – 5.250% APR 5.595% with .125% discount
15 yr. Fixed – 4.750% APR 4.970%
JUMBO (Loan amounts above $417,000)
30 yr. Fixed – 5.500% APR 5.720% (to $625,500 10% down) SL, Tooele, Summit Counties)
30 yr. Fixed – 6.125% APR 6.345% (to $700,000 20% down)
30 yr. Fixed - 6.375% APR 6.595% (to $850,000 25% down)
THERE ARE BIG VARIACES IN JUMBO PROGRAMS AND RATES.
CALL ME TO DISCUSS YOUR SCENARIO.
FHA (Loan Limits - SL $417,000, Davis $389,850, Utah $271,050)
30 yr. fixed - 5.250% APR 5.750% with 620+ FICO
30 yr. fixed – 5.000% APR 5.500% with 740+ FICO
15 yr. Fixed - 4.500% APR 5.000%
FHA JUMBO (above $417,000 to max limit – SL, Tooele, Summit Co)
30 yr. Fixed – 5.375% APR 5.875% with 660+ FICO
UTAH HOUSING
30 yr. Fixed - 5.350% APR 5.850% (Rates announced Friday afternoons)
RURAL HOUSING
30 yr. Fixed - 5.500% APR 6.000%
0 Home Run Grants remaining. *****
**Rates are subject to change with market and loan size.
**Rates are subject to credit qualifying and down payment.
**Rates are based on a 30 day lock period.
**Rates are based on a 740 FICO for Conventional Loans
**Rates are based on a 620/660/740 FICO for FHA Loans
Info provided by Graystone Mortgage
CONVENTIONAL ( Loan amounts up to $417,000)
30 yr. Fixed – 5.250% APR 5.595% with .125% discount
15 yr. Fixed – 4.750% APR 4.970%
JUMBO (Loan amounts above $417,000)
30 yr. Fixed – 5.500% APR 5.720% (to $625,500 10% down) SL, Tooele, Summit Counties)
30 yr. Fixed – 6.125% APR 6.345% (to $700,000 20% down)
30 yr. Fixed - 6.375% APR 6.595% (to $850,000 25% down)
THERE ARE BIG VARIACES IN JUMBO PROGRAMS AND RATES.
CALL ME TO DISCUSS YOUR SCENARIO.
FHA (Loan Limits - SL $417,000, Davis $389,850, Utah $271,050)
30 yr. fixed - 5.250% APR 5.750% with 620+ FICO
30 yr. fixed – 5.000% APR 5.500% with 740+ FICO
15 yr. Fixed - 4.500% APR 5.000%
FHA JUMBO (above $417,000 to max limit – SL, Tooele, Summit Co)
30 yr. Fixed – 5.375% APR 5.875% with 660+ FICO
UTAH HOUSING
30 yr. Fixed - 5.350% APR 5.850% (Rates announced Friday afternoons)
RURAL HOUSING
30 yr. Fixed - 5.500% APR 6.000%
0 Home Run Grants remaining. *****
**Rates are subject to change with market and loan size.
**Rates are subject to credit qualifying and down payment.
**Rates are based on a 30 day lock period.
**Rates are based on a 740 FICO for Conventional Loans
**Rates are based on a 620/660/740 FICO for FHA Loans
Info provided by Graystone Mortgage
Thursday, June 25, 2009
Interest Rates
CONVENTIONAL ( Loan amounts up to $417,000)
30 yr. Fixed – 5.375% APR 5.595%
15 yr. Fixed – 4.875% APR 5.095%
JUMBO (Loan amounts above $417,000)
30 yr. Fixed – 5.625% APR 6.095% (to $625,500 10% down) SL, Tooele, Summit Counties)
30 yr. Fixed – 6.125% APR 6.345% (to $700,000 20% down)
30 yr. Fixed - 6.375% APR 6.595% (to $850,000 25% down)
THERE ARE BIG VARIACES IN JUMBO PROGRAMS AND RATES.
CALL ME TO DISCUSS YOUR SCENARIO.
FHA (Loan Limits - SL $417,000, Davis $389,850, Utah $271,050)
30 yr. fixed - 5.375% APR 5.500%
30 yr. fixed – 5.250% APR 5.500% with 740+ FICO
15 yr. Fixed - 4.500% APR 5.000%
FHA JUMBO (above $417,000 to max limit – SL, Tooele, Summit Co)
30 yr. Fixed – 5.500% APR 6.000% with 660+ FICO
UTAH HOUSING
30 yr. Fixed - 5.350% APR 5.850% (Rates announced Friday afternoons)
RURAL HOUSING
30 yr. Fixed - 5.500% APR 6.000%
0 Home Run Grants remaining. *****
**Rates are subject to change with market and loan size.
**Rates are subject to credit qualifying and down payment.
**Rates are based on a 30 day lock period.
**Rates are based on a 740 FICO for Conventional Loans
**Rates are based on a 620/660/740 FICO for FHA Loans
Info provided by Graystone Mortgage
30 yr. Fixed – 5.375% APR 5.595%
15 yr. Fixed – 4.875% APR 5.095%
JUMBO (Loan amounts above $417,000)
30 yr. Fixed – 5.625% APR 6.095% (to $625,500 10% down) SL, Tooele, Summit Counties)
30 yr. Fixed – 6.125% APR 6.345% (to $700,000 20% down)
30 yr. Fixed - 6.375% APR 6.595% (to $850,000 25% down)
THERE ARE BIG VARIACES IN JUMBO PROGRAMS AND RATES.
CALL ME TO DISCUSS YOUR SCENARIO.
FHA (Loan Limits - SL $417,000, Davis $389,850, Utah $271,050)
30 yr. fixed - 5.375% APR 5.500%
30 yr. fixed – 5.250% APR 5.500% with 740+ FICO
15 yr. Fixed - 4.500% APR 5.000%
FHA JUMBO (above $417,000 to max limit – SL, Tooele, Summit Co)
30 yr. Fixed – 5.500% APR 6.000% with 660+ FICO
UTAH HOUSING
30 yr. Fixed - 5.350% APR 5.850% (Rates announced Friday afternoons)
RURAL HOUSING
30 yr. Fixed - 5.500% APR 6.000%
0 Home Run Grants remaining. *****
**Rates are subject to change with market and loan size.
**Rates are subject to credit qualifying and down payment.
**Rates are based on a 30 day lock period.
**Rates are based on a 740 FICO for Conventional Loans
**Rates are based on a 620/660/740 FICO for FHA Loans
Info provided by Graystone Mortgage
Saturday, June 6, 2009
Come and buy in Utah
This is a great time to buy again. Utah keeps growing and we are here to help buyers and sellers to reach their goals! Give us a call 801-372-7874
Thursday, May 28, 2009
Interest Rates (went up)
Wow – after closing at the lowest levels since October, the Bond market took a BEATING yesterday. It has lost 363 points since last Thursday.
The primary cause is OVER-SUPPLY. It was a sell-off of Mortgage Backed Securities. Although the Feds have been buying up MBS for many months, it cannot offset the sell-off of supply forever. This is exactly the reason I have been saying all along, we will likely never see rates at 4.0%. The intention of the Feds was to prolong the time frame that rates stayed around 4.75% to 5.00% - not force a 4% rate.
Now the question is: will rates move back down to where they have been? The answer is not certain, but it will be VERY difficult to do so.
The market is very volatile today and moving down. We have just received an “alert to lock” due to deterioration.
What a crazy ride.
I will keep you posted. I am here for you.
CONVENTIONAL ( Loan amounts up to $417,000)
30 yr. Fixed – 5.375% APR 5.595%
15 yr. Fixed – 4.875% APR 5.095%
JUMBO (Loan amounts above $417,000)
30 yr. Fixed – 5.625% APR 5.845% (to $625,500 10% down) SL, Tooele, Summit Counties)
30 yr. Fixed – 6.000% APR 6.220% (to $700,000 20% down)
30 yr. Fixed - 6.250% APR 6.470% (to $850,000 25% down)
THERE ARE BIG VARIACES IN JUMBO PROGRAMS AND RATES.
CALL ME TO DISCUSS YOUR SCENARIO.
FHA (Loan Limits - SL $417,000, Davis $389,850, Utah $271,050)
30 yr. fixed - 5.250% APR 5.750% with 740+ FICO
30 yr. fixed – 5.250% APR 5.750% with 620+ FICO
15 yr. Fixed - 4.500% APR 5.000%
FHA JUMBO (above $417,000 to max limit – SL, Tooele, Summit Co)
30 yr. Fixed – 5.375% APR 5.875% with 740+ FICO
30 yr. Fixed – 5.500% APR 6.000% with 660+ FICO
UTAH HOUSING
30 yr. Fixed - 6.375% APR 6. 875%
RURAL HOUSING
30 yr. Fixed – 5.500% APR 6.000%
455 Home Run Grants remaining.
**Rates are subject to change with market and loan size.
**Rates are subject to credit qualifying and down payment.
**Rates are based on a 30 day lock period.
**Rates are based on a 740 FICO for Conventional Loans
**Rates are based on a 620/660/740 FICO for FHA Loans
Info provided by Graystone Mortgage, Inc
The primary cause is OVER-SUPPLY. It was a sell-off of Mortgage Backed Securities. Although the Feds have been buying up MBS for many months, it cannot offset the sell-off of supply forever. This is exactly the reason I have been saying all along, we will likely never see rates at 4.0%. The intention of the Feds was to prolong the time frame that rates stayed around 4.75% to 5.00% - not force a 4% rate.
Now the question is: will rates move back down to where they have been? The answer is not certain, but it will be VERY difficult to do so.
The market is very volatile today and moving down. We have just received an “alert to lock” due to deterioration.
What a crazy ride.
I will keep you posted. I am here for you.
CONVENTIONAL ( Loan amounts up to $417,000)
30 yr. Fixed – 5.375% APR 5.595%
15 yr. Fixed – 4.875% APR 5.095%
JUMBO (Loan amounts above $417,000)
30 yr. Fixed – 5.625% APR 5.845% (to $625,500 10% down) SL, Tooele, Summit Counties)
30 yr. Fixed – 6.000% APR 6.220% (to $700,000 20% down)
30 yr. Fixed - 6.250% APR 6.470% (to $850,000 25% down)
THERE ARE BIG VARIACES IN JUMBO PROGRAMS AND RATES.
CALL ME TO DISCUSS YOUR SCENARIO.
FHA (Loan Limits - SL $417,000, Davis $389,850, Utah $271,050)
30 yr. fixed - 5.250% APR 5.750% with 740+ FICO
30 yr. fixed – 5.250% APR 5.750% with 620+ FICO
15 yr. Fixed - 4.500% APR 5.000%
FHA JUMBO (above $417,000 to max limit – SL, Tooele, Summit Co)
30 yr. Fixed – 5.375% APR 5.875% with 740+ FICO
30 yr. Fixed – 5.500% APR 6.000% with 660+ FICO
UTAH HOUSING
30 yr. Fixed - 6.375% APR 6. 875%
RURAL HOUSING
30 yr. Fixed – 5.500% APR 6.000%
455 Home Run Grants remaining.
**Rates are subject to change with market and loan size.
**Rates are subject to credit qualifying and down payment.
**Rates are based on a 30 day lock period.
**Rates are based on a 740 FICO for Conventional Loans
**Rates are based on a 620/660/740 FICO for FHA Loans
Info provided by Graystone Mortgage, Inc
Tuesday, May 19, 2009
Daily Interest Rates
CONVENTIONAL ( Loan amounts up to $417,000)
30 yr. Fixed – 4.750% APR 4.970% with .125% discount
15 yr. Fixed – 4.375% APR 4.595%
JUMBO (Loan amounts above $417,000)
30 yr. Fixed – 4.875% APR 5.095% (to $625,500 10% down) SL, Tooele, Summit Counties)
30 yr. Fixed – 6.000% APR 6.220% (to $700,000 20% down)
30 yr. Fixed - 6.250% APR 6.470% (to $850,000 25% down)
THERE ARE BIG VARIACES IN JUMBO PROGRAMS AND RATES.
CALL ME TO DISCUSS YOUR SCENARIO.
FHA (Loan Limits - SL $417,000, Davis $389,850, Utah $271,050)
30 yr. fixed – 4.750% APR 5.250%
15 yr. Fixed - 4.250% APR 4.750%
FHA JUMBO (above $417,000 to max limit – SL, Tooele, Summit Co)
30 yr. Fixed – 4.870% APR 5.375% with 660+ FICO
UTAH HOUSING
30 yr. Fixed - 6.250% APR 6. 750%
RURAL HOUSING
30 yr. Fixed – 4.875% APR 5.250%
650 Home Run Grants remaining.
**Rates are subject to change with market and loan size.
**Rates are subject to credit qualifying and down payment.
**Rates are based on a 30 day lock period.
**Rates are based on a 740 FICO for Conventional Loans
**Rates are based on a 620/660/740 FICO for FHA Loans
30 yr. Fixed – 4.750% APR 4.970% with .125% discount
15 yr. Fixed – 4.375% APR 4.595%
JUMBO (Loan amounts above $417,000)
30 yr. Fixed – 4.875% APR 5.095% (to $625,500 10% down) SL, Tooele, Summit Counties)
30 yr. Fixed – 6.000% APR 6.220% (to $700,000 20% down)
30 yr. Fixed - 6.250% APR 6.470% (to $850,000 25% down)
THERE ARE BIG VARIACES IN JUMBO PROGRAMS AND RATES.
CALL ME TO DISCUSS YOUR SCENARIO.
FHA (Loan Limits - SL $417,000, Davis $389,850, Utah $271,050)
30 yr. fixed – 4.750% APR 5.250%
15 yr. Fixed - 4.250% APR 4.750%
FHA JUMBO (above $417,000 to max limit – SL, Tooele, Summit Co)
30 yr. Fixed – 4.870% APR 5.375% with 660+ FICO
UTAH HOUSING
30 yr. Fixed - 6.250% APR 6. 750%
RURAL HOUSING
30 yr. Fixed – 4.875% APR 5.250%
650 Home Run Grants remaining.
**Rates are subject to change with market and loan size.
**Rates are subject to credit qualifying and down payment.
**Rates are based on a 30 day lock period.
**Rates are based on a 740 FICO for Conventional Loans
**Rates are based on a 620/660/740 FICO for FHA Loans
Wednesday, May 13, 2009
$8,000 Tax Credit soon to be use for down payment on FHA loans.
HUD Secretary Announces Monetization of Tax Credit at NAR Real Estate Summit
press release
May 12, 2009, 1:10 p.m. ESTWASHINGTON, DC, May 12, 2009 (MARKETWIRE via COMTEX) -- Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, said that the Federal Housing Administration is going to permit its lenders to allow homeowners to use the $8,000 tax credit as a downpayment.
Donovan's remarks came in an address to several thousand Realtors(R) gathered this morning at The Real Estate Summit: Advancing the U.S. Economy, a special daylong session at the Realtors(R) Midyear Legislative Meetings&Trade Expo here.
Secretary Donovan said that important changes, which the National Association of Realtors(R) has been calling for, will help consumers purchase a home. "We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a downpayment," Donovan said. According to Donovan, the FHA's approved lenders will be permitted to "monetize" the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table.
Donovan said the Obama administration plans to further stabilize the housing market. "I do think we have some early signs that the market overall is stabilizing," said Donovan. "Since January we've seen both home sales moving up and down around a relatively stable number and we are seeing the first signs that the rapid decline in home prices is starting to abate."
NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said, "As the leading advocate for housing issues and homeownership, NAR continues to take a leadership role in promoting ideas for improving our economy by stabilizing the housing and real estate markets. Today we have the best of the best to begin a dialogue, develop solutions and initiate action toward real estate and economic recovery."
press release
May 12, 2009, 1:10 p.m. ESTWASHINGTON, DC, May 12, 2009 (MARKETWIRE via COMTEX) -- Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, said that the Federal Housing Administration is going to permit its lenders to allow homeowners to use the $8,000 tax credit as a downpayment.
Donovan's remarks came in an address to several thousand Realtors(R) gathered this morning at The Real Estate Summit: Advancing the U.S. Economy, a special daylong session at the Realtors(R) Midyear Legislative Meetings&Trade Expo here.
Secretary Donovan said that important changes, which the National Association of Realtors(R) has been calling for, will help consumers purchase a home. "We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a downpayment," Donovan said. According to Donovan, the FHA's approved lenders will be permitted to "monetize" the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table.
Donovan said the Obama administration plans to further stabilize the housing market. "I do think we have some early signs that the market overall is stabilizing," said Donovan. "Since January we've seen both home sales moving up and down around a relatively stable number and we are seeing the first signs that the rapid decline in home prices is starting to abate."
NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said, "As the leading advocate for housing issues and homeownership, NAR continues to take a leadership role in promoting ideas for improving our economy by stabilizing the housing and real estate markets. Today we have the best of the best to begin a dialogue, develop solutions and initiate action toward real estate and economic recovery."
Monday, May 11, 2009
Interest Rates
CONVENTIONAL ( Loan amounts up to $417,000)
30 yr. Fixed – 4.750% APR 4.970%
15 yr. Fixed – 4.500% APR 4.720%
JUMBO (Loan amounts above $417,000)
30 yr. Fixed – 4.875% APR 5.095% (to $625,500 10% down) SL, Tooele, Summit Counties) with .25% discount
30 yr. Fixed – 6.000% APR 6.220% (to $700,000 20% down)
30 yr. Fixed - 6.250% APR 6.470% (to $850,000 25% down)
FHA (Loan Limits - SL $417,000, Davis $389,850, Utah $271,050)
30 yr. fixed - 4.750% APR 5.250%
15 yr. Fixed - 4.375% APR 4.875%
FHA JUMBO (above $417,000 to max limit – SL, Tooele, Summit Co)
30 yr. Fixed – 4.875% APR 5.375% with 660+ FICO
UTAH HOUSING
30 yr. Fixed - 6.250% APR 6. 750%
RURAL HOUSING
30 yr. Fixed – 4.875% APR 5.375% with .125% discount
799 Home Run Grants remaining.
**Rates are subject to change with market and loan size.
**Rates are subject to credit qualifying and down payment.
**Rates are based on a 30 day lock period.
**Rates are based on a 740 FICO for Conventional Loans
**Rates are based on a 620/660/740 FICO for FHA Loans
Info provided by Graystone Mortgage
30 yr. Fixed – 4.750% APR 4.970%
15 yr. Fixed – 4.500% APR 4.720%
JUMBO (Loan amounts above $417,000)
30 yr. Fixed – 4.875% APR 5.095% (to $625,500 10% down) SL, Tooele, Summit Counties) with .25% discount
30 yr. Fixed – 6.000% APR 6.220% (to $700,000 20% down)
30 yr. Fixed - 6.250% APR 6.470% (to $850,000 25% down)
FHA (Loan Limits - SL $417,000, Davis $389,850, Utah $271,050)
30 yr. fixed - 4.750% APR 5.250%
15 yr. Fixed - 4.375% APR 4.875%
FHA JUMBO (above $417,000 to max limit – SL, Tooele, Summit Co)
30 yr. Fixed – 4.875% APR 5.375% with 660+ FICO
UTAH HOUSING
30 yr. Fixed - 6.250% APR 6. 750%
RURAL HOUSING
30 yr. Fixed – 4.875% APR 5.375% with .125% discount
799 Home Run Grants remaining.
**Rates are subject to change with market and loan size.
**Rates are subject to credit qualifying and down payment.
**Rates are based on a 30 day lock period.
**Rates are based on a 740 FICO for Conventional Loans
**Rates are based on a 620/660/740 FICO for FHA Loans
Info provided by Graystone Mortgage
Introducing more home buyers!
They decided to take advantage of this great Salt Lake market with so many incentives such as low interest rates, tax credits, and Utah grant, plus $6,000 of more builder incentives.
The Tango Team is pleased to show them homes in Saratoga Springs, Lehi, Herriman and West Jordan areas.
Please email us or give us a call (801-372-7874) if you are in the market looking for a place to call home.
Thursday, May 7, 2009
Interest Rates
CONVENTIONAL ( Loan amounts up to $417,000)
30 yr. Fixed – 4.750% APR 4.970%
15 yr. Fixed – 4.375 APR 4.595%
JUMBO (Loan amounts above $417,000)
30 yr. Fixed – 4.875% APR 5.095% (to $625,500 10% down) SL, Tooele, Summit Counties)
30 yr. Fixed – 6.000% APR 6.220% (to $700,000 20% down)
30 yr. Fixed - 6.250% APR 6.470% (to $850,000 25% down)
FHA (Loan Limits - SL $417,000, Davis $389,850, Utah $271,050)
30 yr. fixed - 4.500 % APR 5.000%
15 yr. Fixed - 4.250% APR 4.750%
FHA JUMBO (above $417,000 to max limit – SL, Tooele, Summit Co)
30 yr. Fixed – 4.750% APR 5.250%
UTAH HOUSING
30 yr. Fixed - 6.125% APR 6. 625%
RURAL HOUSING
30 yr. Fixed – 4.875% APR 5.375%
839 Home Run Grants remaining.
**Rates are subject to change with market and loan size.
**Rates are subject to credit qualifying and down payment.
**Rates are based on a 30 day lock period.
**Rates are based on a 740 FICO for Conventional Loans
**Rates are based on a 620 FICO for FHA Loans
Information provided by Graystone Mortgage
30 yr. Fixed – 4.750% APR 4.970%
15 yr. Fixed – 4.375 APR 4.595%
JUMBO (Loan amounts above $417,000)
30 yr. Fixed – 4.875% APR 5.095% (to $625,500 10% down) SL, Tooele, Summit Counties)
30 yr. Fixed – 6.000% APR 6.220% (to $700,000 20% down)
30 yr. Fixed - 6.250% APR 6.470% (to $850,000 25% down)
FHA (Loan Limits - SL $417,000, Davis $389,850, Utah $271,050)
30 yr. fixed - 4.500 % APR 5.000%
15 yr. Fixed - 4.250% APR 4.750%
FHA JUMBO (above $417,000 to max limit – SL, Tooele, Summit Co)
30 yr. Fixed – 4.750% APR 5.250%
UTAH HOUSING
30 yr. Fixed - 6.125% APR 6. 625%
RURAL HOUSING
30 yr. Fixed – 4.875% APR 5.375%
839 Home Run Grants remaining.
**Rates are subject to change with market and loan size.
**Rates are subject to credit qualifying and down payment.
**Rates are based on a 30 day lock period.
**Rates are based on a 740 FICO for Conventional Loans
**Rates are based on a 620 FICO for FHA Loans
Information provided by Graystone Mortgage
Wednesday, May 6, 2009
Extasis - Astor Piazzolla
A little something for all our followers.
And remember: In real estate it takes two to tango.
Enjoy it!
And remember: In real estate it takes two to tango.
Enjoy it!
Monday, May 4, 2009
Foreclosure Prevention
Please call us if you need any help with this issue. We are Distressed Property Experts. 801-372-7874. Sometimes help is just a phone call away!
Tuesday, April 28, 2009
Interest Rates
As I prepare the rates today, I am getting an “alert to lock” due to a downward turn in the Bond Market. Rates will likely bump up a bit today.
CONVENTIONAL ( Loan amounts up to $417,000)
30 yr. Fixed – 4.625% APR 4.845%
15 yr. Fixed – 4.375% APR 4.595%
JUMBO (Loan amounts above $417,000)
30 yr. Fixed – 5.000% APR 5.250% (to $600,300 10% down) SL, Tooele, Summit Counties)
30 yr. Fixed – 6.000% APR 6.220% (to $700,000 20% down)
30 yr. Fixed - 6.250% APR 6.470% (to $850,000 25% down)
FHA (Loan Limits - SL $417,000, Davis $389,850, Utah $271,050)
30 yr. fixed - 4.500 % APR 5.000%
15 yr. Fixed - 4.250% APR 4.750%
FHA JUMBO (above $417,000 to max limit – SL, Tooele, Summit Co)
30 yr. Fixed – 4.750% APR 5.250%
UTAH HOUSING
30 yr. Fixed - 6.125% APR 6. 625%
RURAL HOUSING
30 yr. Fixed – 4.750% APR 5.250%
1061 Home Run Grants remaining.
**Rates are subject to change with market and loan size.
**Rates are subject to credit qualifying and down payment.
**Rates are based on a 30 day lock period.
**Rates are based on a 740 FICO for Conventional Loans
**Rates are based on a 620 FICO for FHA Loans
Info provided by Graystone Mortgage, LLC
CONVENTIONAL ( Loan amounts up to $417,000)
30 yr. Fixed – 4.625% APR 4.845%
15 yr. Fixed – 4.375% APR 4.595%
JUMBO (Loan amounts above $417,000)
30 yr. Fixed – 5.000% APR 5.250% (to $600,300 10% down) SL, Tooele, Summit Counties)
30 yr. Fixed – 6.000% APR 6.220% (to $700,000 20% down)
30 yr. Fixed - 6.250% APR 6.470% (to $850,000 25% down)
FHA (Loan Limits - SL $417,000, Davis $389,850, Utah $271,050)
30 yr. fixed - 4.500 % APR 5.000%
15 yr. Fixed - 4.250% APR 4.750%
FHA JUMBO (above $417,000 to max limit – SL, Tooele, Summit Co)
30 yr. Fixed – 4.750% APR 5.250%
UTAH HOUSING
30 yr. Fixed - 6.125% APR 6. 625%
RURAL HOUSING
30 yr. Fixed – 4.750% APR 5.250%
1061 Home Run Grants remaining.
**Rates are subject to change with market and loan size.
**Rates are subject to credit qualifying and down payment.
**Rates are based on a 30 day lock period.
**Rates are based on a 740 FICO for Conventional Loans
**Rates are based on a 620 FICO for FHA Loans
Info provided by Graystone Mortgage, LLC
Monday, April 27, 2009
More Buyers
The Tango Team showed them houses in Sandy, Draper, and South Jordan. Right now we are negotiating an offer on a beautiful home in a great Sandy neighborhood.
They have been looking for a while and settle with The Tango Team to help them find the right house to call home.
If you are lost and don't know who to contact, we are here to help. Send us an email or give us a call. 801-372-7874
Interest Rates
FHA (Loan Limits - SL $417,000, Davis $389,850, Utah $271,050)
30 yr. fixed - 4.500 % APR 5.000%
15 yr. Fixed - 4.375% APR 5.125%
CONVENTIONAL ( Loan amounts up to $417,000)
30 yr. Fixed – 4.750% APR 4.970%
15 yr. Fixed – 4.375% APR 4.595%
UTAH HOUSING
30 yr. Fixed - 6.125% APR 6. 625%
RURAL HOUSING
30 yr. Fixed – 4.875% APR 5.375% with .250% discount
1153 Home Run Grants ($6,000) remaining.
**Rates are subject to change with market and loan size.
**Rates are subject to credit qualifying and down payment.
**Rates are based on a 30 day lock period.
**Rates are based on a 740 FICO for Conventional Loans
**Rates are based on a 620 FICO for FHA Loans
Info provided by Graystone Mortgage, LLC
30 yr. fixed - 4.500 % APR 5.000%
15 yr. Fixed - 4.375% APR 5.125%
CONVENTIONAL ( Loan amounts up to $417,000)
30 yr. Fixed – 4.750% APR 4.970%
15 yr. Fixed – 4.375% APR 4.595%
UTAH HOUSING
30 yr. Fixed - 6.125% APR 6. 625%
RURAL HOUSING
30 yr. Fixed – 4.875% APR 5.375% with .250% discount
1153 Home Run Grants ($6,000) remaining.
**Rates are subject to change with market and loan size.
**Rates are subject to credit qualifying and down payment.
**Rates are based on a 30 day lock period.
**Rates are based on a 740 FICO for Conventional Loans
**Rates are based on a 620 FICO for FHA Loans
Info provided by Graystone Mortgage, LLC
Tuesday, April 14, 2009
Just Sold!
Congratulations guys!
First-time home buyers!
The Tango Team is eager to show them homes, negotiate in their behalf and keep them as clients for life!
Monday, March 30, 2009
Bank Own Properties (REO)
Thursday, March 12, 2009
Big News GRANTS IN UTAH
As the Utah Legislature wrapped up this week, there was some good news for Utah home buyers. On Monday, the Senate passed a bill that would provide a $6,000 grant to qualified buyers of a newly constructed home — funds in addition to the $8,000 federal tax credit — for a potential of $14,000 in home-buying incentives.
This housing stimulus grant program is called “Home Run,” and it aims to stimulate home sales and eliminate a large portion of unsold housing oversupply, which would help stabilize home prices and create jobs. At the time this article was written, the Utah House had not voted on Senate Bill 260 but was expected to by late Thursday. If passed and signed by the governor, there would be 1,666 grants available to buyers on a first-come, first-served basis — grants which would not have to be repaid. For more updated information on the bill’s final status, visit www.le.utah.gov.
“The idea behind this is we’re trying to get existing homes bought and off the market so they can start building new homes,” said the bill’s sponsor Sen. Scott Jenkins.
While the proposed grant program would be similar to the $8,000 federal tax credit for home buying, there are some notable differences. The first is that the Home Run grants can only be used for newly constructed, never-occupied residences in Utah. Dissimilarly, the federal tax credit applies to both new and existing homes. Utah buyers who purchase a new home could potentially qualify for both incentives.
Second, unlike the federal program which only applies to first-time home buyers, Home Run is available to any Utah buyer who meets the other qualifications, including existing homeowners. The intent is to clear the excess housing inventory in the low- and mid-range price categories. In order to do this, analysts felt the program could not be limited to first-time buyers.
The Home Run grant is $6,000 regardless of the home’s purchase price, while the federal housing tax credit is 10 percent of the home’s purchase price up to $8,000. The federal tax credit is available to anyone who purchases a home before Dec. 1, 2009, while Home Run grants are only available until they are gone, which could be much quicker. Some experts familiar with the bill are predicting all the grants could be given out in just a few months, which makes it imperative for anyone interested in the program to act quickly.
While both the Home Run grant and the federal home-buying tax credit have income limits (a single buyer’s income cannot exceed $75,000 and a married couple’s cannot exceed $150,000 to qualify for the full amounts), the federal program offers a partial tax credit that may be available to those who make more. A partial Home Run grant is not available to individuals and couples making more than $75,000 and $150,000, respectively.
The way in which the money is given varies as well. A Home Run applicant will make a reservation request through their mortgage lender who will contact Utah Housing Corporation, the program administrator. Buyers will then have 90 days to close the deal, with the money being credited to the buyer’s down payment or closings costs at closing. In contrast, those seeking the federal home-buying tax credit will claim the credit on their federal income tax return.
A final difference is that Home Run applicants must buy their home using a 30-year fixed-rate mortgage. Buyers can use any number of loan programs, including conventional, FHA, VA or USDA to name a few. Buyers can also use a Utah Housing loan, but this is not a requirement; any traditional 30-year fixed mortgage will qualify. Any lender authorized to make loans in Utah can help buyers apply for the grant.
Combined with the market’s other buying incentives, the Home Run program is expected to have a significant impact. The University of Utah’s Bureau of Economic and Business Research estimates Home Run will eliminate a large number of the 2,903 complete, unoccupied homes along the Wasatch Front, thereby creating 8,823 jobs and $27.7 million in projected tax revenue.
The money for the grants comes from funding Utah is slated to receive under the American Recovery and Reinvestment Act of 2009, which President Barack Obama signed into law last month. Utah Housing Corporation is expected to provide more information on their Web site, www.UtahHousingCorp.org, as details are finalized.
Information provided by Graystone Mortgage, LLC
This housing stimulus grant program is called “Home Run,” and it aims to stimulate home sales and eliminate a large portion of unsold housing oversupply, which would help stabilize home prices and create jobs. At the time this article was written, the Utah House had not voted on Senate Bill 260 but was expected to by late Thursday. If passed and signed by the governor, there would be 1,666 grants available to buyers on a first-come, first-served basis — grants which would not have to be repaid. For more updated information on the bill’s final status, visit www.le.utah.gov.
“The idea behind this is we’re trying to get existing homes bought and off the market so they can start building new homes,” said the bill’s sponsor Sen. Scott Jenkins.
While the proposed grant program would be similar to the $8,000 federal tax credit for home buying, there are some notable differences. The first is that the Home Run grants can only be used for newly constructed, never-occupied residences in Utah. Dissimilarly, the federal tax credit applies to both new and existing homes. Utah buyers who purchase a new home could potentially qualify for both incentives.
Second, unlike the federal program which only applies to first-time home buyers, Home Run is available to any Utah buyer who meets the other qualifications, including existing homeowners. The intent is to clear the excess housing inventory in the low- and mid-range price categories. In order to do this, analysts felt the program could not be limited to first-time buyers.
The Home Run grant is $6,000 regardless of the home’s purchase price, while the federal housing tax credit is 10 percent of the home’s purchase price up to $8,000. The federal tax credit is available to anyone who purchases a home before Dec. 1, 2009, while Home Run grants are only available until they are gone, which could be much quicker. Some experts familiar with the bill are predicting all the grants could be given out in just a few months, which makes it imperative for anyone interested in the program to act quickly.
While both the Home Run grant and the federal home-buying tax credit have income limits (a single buyer’s income cannot exceed $75,000 and a married couple’s cannot exceed $150,000 to qualify for the full amounts), the federal program offers a partial tax credit that may be available to those who make more. A partial Home Run grant is not available to individuals and couples making more than $75,000 and $150,000, respectively.
The way in which the money is given varies as well. A Home Run applicant will make a reservation request through their mortgage lender who will contact Utah Housing Corporation, the program administrator. Buyers will then have 90 days to close the deal, with the money being credited to the buyer’s down payment or closings costs at closing. In contrast, those seeking the federal home-buying tax credit will claim the credit on their federal income tax return.
A final difference is that Home Run applicants must buy their home using a 30-year fixed-rate mortgage. Buyers can use any number of loan programs, including conventional, FHA, VA or USDA to name a few. Buyers can also use a Utah Housing loan, but this is not a requirement; any traditional 30-year fixed mortgage will qualify. Any lender authorized to make loans in Utah can help buyers apply for the grant.
Combined with the market’s other buying incentives, the Home Run program is expected to have a significant impact. The University of Utah’s Bureau of Economic and Business Research estimates Home Run will eliminate a large number of the 2,903 complete, unoccupied homes along the Wasatch Front, thereby creating 8,823 jobs and $27.7 million in projected tax revenue.
The money for the grants comes from funding Utah is slated to receive under the American Recovery and Reinvestment Act of 2009, which President Barack Obama signed into law last month. Utah Housing Corporation is expected to provide more information on their Web site, www.UtahHousingCorp.org, as details are finalized.
Information provided by Graystone Mortgage, LLC
Tuesday, February 24, 2009
Taking Advantage of the $8,000 Tax Credit
Meet the Fredricksons. Bradon and Vanessa are an excited couple ready to pull the trigger and take advantage of the Economic Stimulus Package. They are first time home buyers working with The Tango Team. We are negotiating for them a Bank owned property. Here at The Tango Team, we are proud to show them properties they want to see and negotiate on their behalf!
Wednesday, January 28, 2009
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