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Blog for North Utah Real Estate, North Ogden Real Estate, Pleasant View Real Estate, Harrisville Real Estate, Farr West Real Estate, West Haven Real Estate, Plain City Real Estate
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FHA Relaxes Anti-Flipping Rule
Beginning Feb. 1, the Federal Housing Administration will provide mortgage insurance for some purchases in which the seller bought the property and held it for fewer than 90 days.
The agency is changing what is known as the “anti-flipping rule” to speed up sales of renovated homes in communities with too many bank-owned and foreclosed homes, says FHA Commissioner David H. Stevens.
Waiving the 90-day rule will encourage private investors to buy vacant properties, fix them up, and quickly sell them to buyers who will be eligible to buy them using FHA financing.
FHA's change "is going to be absolutely terrific" for first-time home buyers hoping to take advantage of the tax credit, says Bobby Taylor, an associate with Coldwell Banker Mountain West Real Estate in Salem, Ore.
Source: Washington Post (01/30/2010)
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10 Home Features Buyers Want Home designers and builders speaking at the recent International Builders Show in Las Vegas say that buyers are seeking cost-effective features and rejecting things that don’t have lasting value.“It's all about family togetherness – casual living, entertaining and flexible spaces," says Carol Lavender, president of the Lavender Design Group in San Antonio. Paul Cardis, CEO of Avid Ratings, which conducts an annual survey of buyer preferences, identified these must-haves in new homes:- Large kitchens with islands
- Energy efficiency, including energy-efficient appliances, super insulation, and high-efficiency windows.
- Home offices
- Main-floor master suite
- Outdoor living space
- Ceiling fans
- Soaking tub in the master suite and/or an oversize shower with a seating area
- Stone and brick exteriors rather than stucco or vinyl
- Community walking paths and playgrounds
- Two-car garages, but three-car garages are even more desirable
Source: MarketWatch, Steve Kerch (01/30/2010)
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I am always on the look out for new guideline changes. Here is a recent report by Kevin Thompson who is a partner in finaning. This addresses the change in guidelines in the lending industry. I am including his remarks: In an announcement just released last week, FHA announced several guideline changes to up front mortgage insurance and monthly insurance, as well as down payment and seller paid closing costs changes. This is an effort to "balance between managing the FHA's risk, continuing to provide access to under served communities, and supporting the nations's economic recovery" - First step will be to raise the up-front MIP by 50 bps to 2.25%, Estimated date for change is May 2010.
- Annual MIP to be adjusted based on risk assessment, possible increase to monthly mortgage insurance.
- Seller paid closing costs to decrease to 3% from 6%
- Down payment requirements for borrowers with less than minimum FICO score of 580 will increase to 10%
Go here to read the HUD release: http://portal.hud.gov/portal/page/portal/HUD/press/press_releases_media_advisories/2010/HUDNo.10-016 How will this affect your business? With higher up front MIP and monthly MIP, it may cause debt to income issues. Will cost your buyers more to close. If you have clients that are still sitting on the fence looking for just that perfect home, now would be the time to get them moving before these proposed changes become a reality. $8,000 tax credit still available! WE CAN HELP, Bonneville Financial Services Inc, we can still offer the following programs - FHA/VA purchases with credit scores as low as 530! (3.5% down for a short time only)
- FHA Purchases for borrowers with NO SCORES
- FHA refinancing - 530 min score
- A paper programs!
- Debt to income ratios as high as 46.99 / 56.99
- ONE time close construction to perm loans for manufactured and modular homes
- Bankruptcy buyout's and purchases while in active chapter 13
- Manufactured home purchase for homes <10 years old. $65K Min loan amount.
- 203K rehabilitation loans for purchase and refinance. (Perfect program for purchases of bank owned properties) Both the FULL 203K and streamline.
Call Me Today! Kevin Thomson Bonneville Financial Services Inc. 801-486-2123 Lending in Utah an equal housing lender.
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The Utah Senate just passed a bill that would let home buyers receive a $6000 down payment grants using funds from the federal economic stimulus package. The grants would be available to ihome buyers that do not make over $150,000 a year. They would be required to obtain a 30 year fixed rate mortgage. You would be able to combine the $8000 federal tax credit and take advantage of the record low mortgage rates. You can contact a lender or as always give me a call at (801) 458-7215 or email Natalie Larsen at mail@NatalieLarsen.com Search the Utah MLS at www.NatalieLarsen.com
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4th-8th grade s leagues registration is going on March 7th and March 21st 2009 at the Washington Terrace Senior Center. The address is 4601 S. 300 W. It will be held 10am-2pm March 7th and 14th 2009. At the North Ogden City Offices. They are located at 505 E. 2600 N. , North Ogden. Times: 10am-1pm.
Registration is $45.00 Players are required to purchase their own equipment and field insurance. To obtain field equipment go to: www.uslacrosse.org Games begin April 18th 2009. For more information about fees, registration and coaches in your area call: 801-621-0401 Buying or selling a home? Call Natalie Larsen with Market Edge Real Estate. (801) 458-7215 or email her at mail@NatalieLarsen.com see all available homes on the Utah MLS: www.NatalieLarsen.com
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Sign up online at NorthOgdenCity.com Baseball and Softball sign-ups Monday-Friday MARCH 2-20-2009 7 am -5:30 pm Kindergarten (T-Ball) 1st grade - 3rd grade. $22.00 with last year's jersey or $34.00 with the jersey included. 4th-9th grade is Player Pitch $42.00 with the jersey included For more information call (801) 737-0587. North Ogden City offices are located at 2705 North 550 East, North Ogden. Register by March 20th to ensure placement on a team and to avoid a $10.00 late charge. North Ogden is in search for volunteer coaches. Your child can play for free if you coach.
Good luck and have a wonderful season! Information provided by Natalie Larsen with Market Edge Real Estate. If you wouldlike to see all available homes in Utah go to www.NatalieLarsen.com where you can search for homes on the Utah MLS.
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unnamed area Clearfield, Clearfield - Announcing a price reduction on 116 SYCAMORE CIR -HUD, a 1,848 sq. ft., 2 bath, 4 bdrm ranch. Now  MLS® $108,000 - . Property information
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• 1,038 sq. ft., 1 bath, 3 bdrm bungalow - MLS® $82,800 - HUD home, Great Price Ron Clare Village, Ogden - Ogden Hud home For Sale. To see this or any other home please contact Natalie Larsen with Market Edge Real Estate at ( 801) 458-7215 or email me at mail@NatalieLarsen.com.
This 3 Bedroom Bungalow is priced at $82,800.
HUDdisclaimer and information:
HUD HOME SOLD "AS IS" BY ELECT. BID ONLY FHA#521-505311 AVAIL. BEG. 01/16/09 BIDS DUE BY 01/20/09 @11:59 PM. OR DAILY TIL SOLD. MCB MAKES NO WARRANTY TO THE EXIST. OF MOLD IN PROP. & ISN'T LIABLE FOR HARMFUL EFFECTS. INSURED W/ESCROW $2,750. LBP ADDEN REQ Property information
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Ron Clare Village, Ogden - Announcing a price reduction on 684 E 1000 N -HUD, a 1,038 sq. ft., 1 bath, 3 bdrm bungalow. Now MLS® $82,800 - HUD home, Great Price. Property information
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unnamed area, Roy - Announcing a price reduction on 3800 S 4990 W, a 4,489 sq. ft., 3 bath, 4 bdrm single story. Now MLS® $365,000 - . Property information
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• 4,489 sq. ft., 3 bath, 4 bdrm single story - MLS® $365,000 unnamed area, Roy - Grand master on main level, maple cabinetry. Large corner lot, 3 car garage, Bank owned. Property information
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Lakeview Heights, North Ogden - Announcing a price reduction on 387 E 3550 N, a 2,040 sq. ft., 3 bath, 5 bdrm 5-level split. Now MLS® $248,000 - . Property information
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Wheatland Estates, Syracuse - Announcing a price reduction on 2030 Dahl Lane, a 2,029 sq. ft., 2 bath, 4 bdrm single story. Now MLS® $214,900 - Reduced Price!!!. Property information
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Unnamed Area, Ogden - Announcing a price reduction on 2145 S Madison Ave, a 1,630 sq. ft., 2 bath, 4 bdrm bungalow. Now MLS® $63,900 - . Property information
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Unamed Area, Ogden - Announcing a price reduction on 253 13th street- HUD, a 1,210 sq. ft., 1 bath, 3 bdrm bungalow. Now MLS® $44,000 - HUD home!. Property information
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