Morgage Rates Coming Down

It's Tuesday, November 25th and mortgage rates have come down dramatically today. A 30 year fixed is at 5.375% and a 15 year is at 5.25% (The spread between the two is smaller than it has been historically). But this is great news for home buyers and those interested in refinancing! Call me at 435-770-2709 if you would like to see if it makes sense for you to refinance.

Program of the Week: FHA

With the underwriting guidelines getting stricter, FHA is a program that is going to help a lot of borrowers that wouldn't otherwise be able to purchase a home. It is a government sponsored program that has no minimum credit score requirements, a minimum 3% downpayment that can be a gift from a family member, and mortgage insurance that is much cheaper than a conventional loan. As long as there is evidence that the borrower can pay back the loan (i.e. a job that provides sufficient income) and there haven't been any grievous credit sins (i.e. bankruptcies, foreclosures, serious judgements) within the past couple of years, than the borrower should qualify for an FHA loan. Give me a call at 435-770-2709 if you have any questions about this loan or others.

First Time Homebuyers Class

I will be teaching a First Time Homebuyers Class for all interested on November 19th, from 7:00 pm to 8:30 pm at the University Inn, conference room 510. I will be teaming up with Karen Stone, a realtor from ERA realty. Karen specializes in first time homebuyers and I am very excited to be teaching with her. We will be discussing changes in the mortgage industry and how they affect first time buyers, loan qualification guidelines and how to prepare, and red flags to be aware of in the home buying process, among other topics. The class is free and I hope that you'll invite family and friends. Hope to see you there!

Program of the Week: Rural Housing

There is really only one bad thing about the Rural Housing loan and it's that you have to live out in the boonies, meaning outside of Logan. In reality I do not consider Hyde Park, Smithfield, and Nibley as the "boonies" and yet those places would qualify for Rural Housing. This is truly a spectacular loan for a variety of reasons. It is 100% financing, the interest rates are typically lower than conventional home loans, and my favorite part: No mortgage insurance!! Yes...that is correct..No mortgage insurance!! This means that a borrower could purchase a home with no money down and have a monthly payment that is cheaper than what any other loan program can offer. So, if you don't have money for a downpayment and want to live outside of Logan, I highly recommend the Rural Housing Loan.