Cache County Utah Real EstateMortgages

Utah Real Estate Mortgage Information » Rural Housing Will Soon Have Money Again

Alan Barker — Mon, 02 Aug 2010 16:39:15 +0000

If you’re looking to buy a homes in a rural Cache Valley, with no money down, and no mortgage insurance, you may soon have that option again. The Rural housing program, which has been out of funds for month, should be given new life pretty soon. With the additional funding there may actually be some changes to the program. Here are the details provided by Realtor.org

The restoration of the single-family rural housing program that would guarantee home loans for rural buyers was passed by the Senate today and is on its way to President Obama. The National Association of REALTORS® has vigorously lobbied to restore funding for the rural program since last March, and hailed this development as a great victory for rural home buyers. “This is going to be a great lift for thousands of rural home buyers who need to close on their home purchases before Sept. 30 to take advantage of the home buyer tax credit,” said NAR President Vicki Cox Golder. “Many rural families would have been left out in the cold without these guaranteed loans. Increasing the commitment authority will help rural families, support local housing markets, create jobs and generate new tax revenues.” “The rural housing program is a good example of the kind of program needed for responsible and qualified home buyers who bring common sense to the housing market,” said Golder. The legislation increases the guarantee fee for borrowers, but allows the fee to be financed. “This change will make the program completely self-sufficient,” she said. Golder thanked Sen. Michael Bennet D-Colo., and Reps. Paul Kanjorski D-Pa. and Shelley Moore Capito R-W.Va. for moving the bill to passage in both houses. The legislation was part of H.R. 4899, “The Emergency Supplemental Appropriations Act” that the Senate passed today. The measure increases the Rural Housing Service commitment authority allowing guaranteed loans; previously, RHS has been providing conditional commitments. The RHS is expected to announce new guidelines shortly after the president signs the bill. via REALTOR® Magazine-Daily News-Congress Restores Rural Mortgage Help.

via Utah Real Estate Mortgage Information » Rural Housing Will Soon Have Money Again.

How Appraisers Determine Market Value in Cache Valley « Logan Utah Real Estate Blog

Alan Barker — Wed, 17 Mar 2010 17:03:17 +0000

There is a difference between the way Realtor’s pull comparable homes, and the guidelines appraisers must use for determining appraised value of homes. Here are a few insights of the things appraisers look at in determining home values in Logan Utah.Appraisers really work for, and are trained by underwriters. It is the underwriter’s guidelines they must meet, so those are the standards they use in determining market value. Their job is to satisfy the underwriter, who ultimately pays them. Real Estate Agents are looking for market value based on what buyers will consider market value.While underwriters guidelines can be strict, sometimes they aren’t possible to meet, especially for Cache Valley Real Estate. As long as he explains different comparables, and why they were used, he can usually get away with things beyond the standard guidelines for properties that don’t have ideal comparables.

via How Appraisers Determine Market Value in Cache Valley « Logan Utah Real Estate Blog.

30 Year Mortgage Rates Slightly Down

Alan Barker — Mon, 18 Jan 2010 22:57:08 +0000

Good news. Mortgage rates dropped a little bit again. Great news if you’re looking to buy Logan Utah Real Estate soon.

Long-term mortgage interest fell for the second-straight week as the 30-year fixed rate settled at an average of 5.06 percent compared to 5.09 percent a week ago, according to Freddie Mac.Other rates decreased as well: Fifteen-year fixed loans dipped from 4.50 to 4.45 percent, and five-year ARMs sank from 4.44 percent to 4.32 percent. However, rates for one-year ARMs rose to 4.39 percent from 4.31 percent

via REALTOR® Magazine-Daily News-30-Year Mortgage Rate Dips Slightly.