Don’t put off buying because of down payment!


Real Estate Agents
Don’t put off your next buyer because of Down payment, they can qualify now.
We are all looking for our next customer, some clients have been on our re-contact list for months waiting until they have enough money, for their down payment and closing cost to purchase the home they want.
The NHF Grant Program, can get your clients up to 5% in down payment and closing cost assistance,
The Program is designed to increase homeownership opportunities for low-to-moderate income individuals and families.

This is a great loan program for the buyers who have owned a home before and are just coming back into the market or the First Time Home Buyers.
This program will also work for the move up buyer, who currently has a home that they have out grown, program guidelines will also allow the buyers to keep their current home and convert it into an investment property and purchase a new primary residence.

The Federal Reserve last week has increased the rates at which the banks borrow money, they are planning on reviewing this every three months to increase the Prime Lending rates throughout 2016.
The NHF Grant Program is designed to help the current home buyer market now, we have all seen the housing market push this buyer out before, with the increase in building costs, interest rates and credit guidelines.

What this means for you and your client is that, we can help them apply and get approved for the NHF Grant, oac. and they can purchase a Home, Condo or Townhome with very limited funds on their part and become a homeowner.
I have listed some of the program details below, you can contact me for full program guidelines and how to turn your re-contact list into homebuyers now.
Maximum loan amount is the lesser of $417,000.00 or maximum loan amounts permitted by HUD in your area.
Down Payment Assistance (DPA) is available in the form stated below.
Up to 5% of the First Mortgage Loan amount.
Up to 3% of the First Mortgage Loan amount.
Fannie Mae:
Up to 3.00% of the First Mortgage Loan amount.
Proceeds may be used for down payment and/or closing costs;
There must be no cash back to the borrower from the Grant Fund proceeds;
Call me today for full program details.

Matthew Whetton Sr. Loan Officer NMLS #922108 DirectLine # 801-425-7920
Utah Mortgage Loan Corporation
NMLS#149160 488 East 6400 South Salt Lake City, Utah 84107

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Basic Home Loans


Basic Home Loans
That beautiful house just down the street, it’s the one you drive by and think to yourself, “If I had that house I would have a huge garden, swings for the kids and a garage to finally work on my bike.” Well, it just went on the market. There is a big, bright for sale sign in the front and on a whim you call the number for the asking price. Surprised at the price you begin to wonder if you could own it and think “Where do I start?”

Many people have driven by a house and wondered, “What if…” and that dream has been the motivation that pushed them into owning their own home. Most new home buyers start this way but don’t know where to start when they decide they are ready to own a home.
The best way to start shopping for a home is to first find out what you can afford and what program works best for you.
The conventional home loan is an option if you are able to afford a down payment of five to thirty percent of the price. Generally twenty percent or more will exclude the buyer from paying mortgage insurance. Less than twenty percent and the buyer will be required to pay mortgage insurance.

Just what is mortgage insurance you may ask? Mortgage insurance is a policy that will compensate a lender in the case a loan goes into default. In other words, if the buyer is unable to pay the loan, then the lender can get compensation back from the insurance.
If you’re a veteran, the best option would be to use your VA home loan guarantee. This is our preferred loan option because it has the best interest rates with the lowest amount of upfront costs.

The VA loan is a government backed loan program designed to ease the burden of purchasing a home for military veterans. The VA does not actually lend the money, it simply guarantees the loan for the lender. This allows lenders to give our veterans a chance to own their own home without having to pay a down payment or pay mortgage insurance – a huge savings!

Of course if you are not a veteran then you still have other options. The FHA loan is another Federal Government program that helps by lowering the down payment for a home to as low as three and a half percent. The mortgage insurance still applies though. The benefit is that the buyer can still make a purchase if all they can afford is three and a half percent.
There you have it! Three loan types, now all you have to do is contact us and we will help you find the best program for your individual situation.

The loan process is very simple. Either call or stop by as you will always find a real person to speak with and fill out an application. Your loan officer will then ask for things like work history, bank statements, income statements and look into your credit history. This is to ensure you get the best loan possible. After all, you just might be able to afford that cute little home down the street after all.

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Types of VA Loans


VA Purchase
A VA Purchase allows you to purchase a home using your VA benefit. The VA guarantees the loan up to 25%, which allows you to get highly competitive interest rates. Other loan types don’t get as competitive rates because the loan is not insured by such a reputable organization as the Veterans Affairs. We have a lot of valuable information that we want to share with you, like how you won’t need to be a first time home buyer to qualify, and that you can reuse your benefit multiple times. We can even let you know about assumability, which can add huge value to your home when it is sold.

VA 100% Rate and Term Refinance
The VA rate and term refinance is similar to the VA Streamline (IRRRL). There are a few more guidelines for what can be done with the money, but it allows you to borrow up to 100% of the value of your home! Doing a VA rate and term refinance means that you will probably get a new appraisal, have your assets and income re-evaluated, and try to adjust your interest rate and possibly the term of the loan. This is a great way to reduce payment amounts and make adjustments to who is on the title.

VA Cash-out Refinance 95%
The VA cash-out refinance is for Veterans who want to take cash out of their home equity to help pay for anything from home improvements to consumer debts. This particular VA cash-out refinance allows you to refinance your home for up to 95% of its value, and then any money you had built up from equity in the home is given to you. This is great for people who want to do a remodel or want to consolidate debt using a low interest rate. We have experts waiting to answer your questions and help you get things going with VA cash-out refinancing. To continue you can fill out the full application, contact us, or call; we’d be delighted to help!

VA Streamline (IRRRL)
The VA streamline refinance, also known as an interest rate reduction refinance loan (IRRRL), allows you to refinance your current loan for a better rate. The VA benefit allows you to refinance an existing VA mortgage or any other type of mortgage. These loans are highly competitive because the VA guarantees the loan up to 25%. That means that if for some reason you were to default on your mortgage, the lender can go to the VA for part of the balance of the loan. Obviously this makes lenders feel a lot safer about lending you money and so you get the advantage of lower interest rates. There is a lot of information about these loans and our VA loan specialists can help you understand exactly how to get the best rates.

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Home Property Values Went Up and Interest Rates Stayed Down


Ringing In The New Year for Home Mortgage Loans

Wow what a year I’m glad 2012 is over but at the same time I’m sad it went by so fast, it was a roller coaster year, property values went up and interest rates stayed down for the most part.

There are some major changes coming up in the market, we are still short on inventory for homes which is driving the prices up a little. If you’re looking to sell and move-up into a nicer home or if you’re a first time home buyer now is still the time to jump in and get going.

We still have great loan programs that you can take advantage of for FHA, you just need a 620 score 3.5% down and closing cost. Rates are still in the three’s so call me! Next they didn’t change the tax laws yet which means that you will still be able to write off that mortgage interest on your taxes! This coming year.

For those of you who wish to refinance, now is the time, you can do a FHA streamline with your current FHA mortgage if you took your loan out before June 2010 your MI rate will be grandfathered in, so it’s just .55% for you. But don’t forget you may also be able to do a fixed conv. Refi and not have MI any more if you have 20% or more equity.

What I’m trying to tell you is 2013 is not the year to sit back and wait, rates can’t stay this low give yourself time by checking into it now, it’s the old Boy Scout saying of Be Prepared!  On are next blog look for some great tips on how to get your home ready for the appraisal to see!

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FHA Loan Alert


FHA Loan Alert

Well it has not been a good year for FHA and things are going to change.

The first of Feb. they are looking at raising the MI or up front mortgage insurance again!

What this means to you is it now will cost 1.75% of the loan amount to get an FHA loan, so on a 200,000.00 house that’s $3500.00 out of pocket, this is on top of the monthly mortgage insurance your still going to have to pay along with your payment each month.

FHA is still trying to offset this by filling suit on several of the large banks one of them for a Billion Dollars but first you have to win and then be able to collect and we all know how backed up the courts are.

So first time home buyers get in get qualified and go shopping for a house, don’t wait make your dream of home ownership come true today.

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Pearl Harbor Day – A Time To Reflect


Pearl Harbor Day – A Time To Reflect

We’ve made it to December 7, Pearl Harbor Day, and for something totally unrelated to mortgages, so to end the work week.

I just want to say that we all need to take a few minutes and remember all of the service men and women who have given their lives for this country!

I hope we would all just take a little time to maybe seek out their family’s and tell them thank you and if there is something each one of us can do for them to make their holiday season a little better.

We still have a lot of soldiers serving overseas so contact your local National Guard ask for the Family Services Dir., Marines Toys for Tots, or Family Services at Hill AFB and give back to the service members. Having had many of our family members serve this county this is always a special day for us and we hope you will remember and it will be one for you too.

Sincerely, Matthew Whetton

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Home Mortgage Market Update


The holidays are fast approaching and so is more vacation time for congress, well they are still haggling over what to do about the so called Fiscal Cliff all I can say is be prepared!

As we all know every good Boy Scout has a back-up plan when they head out, that is why I want to give all of you a little advise…if you’re still thinking of refinancing your home you really need to get going on it now and this is why.

With Washington dragging its feet all of the tax credits are going to expire and no budget cuts will be made, this is not going to be a good day for the Stock Market! And we all know it is also tied into Bonds!

My point is when the Market tanks, Bonds get BETTER! when they get better interest rates get better I’m thinking that this will be a very short window when the rate drops to be able to lock in a great rate!

So get in now so we can start prepping your loan package, so when the market sours you will be able to save a ton of money on your rate.

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Homes Are Appreciating Again in Utah!


This is fantastic news, especially here in Utah! Homes are appreciating again.

Increasing values prompt more homeowners to refinance due to improved equity positions, thus creating  an option for homeowners to be able lower their interest rates on their current home they own with better financing terms.

For sellers these values have also motivate buyers to get off the fence and purchase before prices go up and rates increase.

We are looking forward to 2013 because this translates into a lot more home buyers in the market, we are seeing this across the state of Utah.

The first time home buyer is allowing the people who already own a home to be able and sell then move up to a larger property it’s nice to see us pulling ahead of some of the other states and put the rough housing market behind us.

Even though its getting ready to snow here are a few tips to help get your home ready to sell,

There’s one thing I really like about winter and all of the snow we get here in Utah, and that is as long my driveway is plowed and the sidewalk is shoveled my yard looks just as good as the rest of the block…..just kidding…

But now is the time to get rid of that junk by the side of the house so start your spring cleaning now and make one more run to the dump, and get ready to fill up the storage unit, most people like to walk into your home and envision how all of their things would look in it, so store what you’re not using, clean out the closets and extra bedrooms if you’re not using it now, store it for later or have that one last yard sale before the snow fly’s.

remember now is not the time to do a major remodel!

Your idea of what looks great may not be what someone wants in their new home so if you’re selling make sure it’s neat and clean and ready to show!

If you’re buying, get prequalified even if you’re looking, I have had clients who just thought they would hit some open houses and then fell in love with a new floor plan and wanted to purchase it, even though they had a house to sell.

This happens more than you think so call me and let’s get you ready today.

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This is not a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet LTV requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines, and are subject to change without notice based on applicant¹s eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over life of loan. Reduction in payments may reflect longer loan term. Terms of the loan may be subject to payment of points and fees by the applicant. Equal Housing Lender. Utah Mortgage Loan Corporation. Serving you in: Salt Lake City, Utah

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