salt lake city: Here are the new FHA limits for Utah - 03/08/08 03:11 AM
Hopefully this table helps anyone who is looking for a FHA loan in Utah.  For those familiar with Utah will probably scratch their head and wonder how this was put together.  As you can see with the Median Price column, it's broken down by county and median price, and there are sections of Tooele that fall within the Salt Lake metro region, therefore giving that county a boost.  In reality, most homes that are not within the Salt Lake metro region will not come close to the new limit.  Finally, these limits are temporary.  December 31st 2008 is when these current … (0 comments)

salt lake city: Is FHA the new subprime option? - 03/07/08 02:01 PM
The Fair Housing Administration as part of the stimulus package that has been just passed, has raised limits in some markets to fantastic limits.  In reality, how many of these home owners can qualify with FHA guidelines, and what type of credit do these borrowers need to attain these loans.  Both questions are important, because limited information that's been available is now suggesting that there will be a number of conditions imposed by the lenders.  But these same lenders will also benefit from the protection these loan provide through FHA and the government.
The real question is if that 620 FICO score … (2 comments)

salt lake city: Mortgage witch hunt? The media is not your friend!! - 11/14/07 03:37 AM
Well the witch hunt has begun in Utah.  The media has jumped aboard the mortgage broker snipe hunt.  KSL TV, which is the highest rated media outlet in the Utah market just came out with a story that perhaps is correct in some accounts, but also irresponsible in other respects.
Here is the link.....Mortgage fraud story 
The important point to remember is that often the "facts" in a news story are often put aside for the drama.  I personally know the owners of New Concept Mortgage.  I'm also an employee of Envision Lending Group, another mentioned company in the story.  The real story … (7 comments)

salt lake city: Rubin~Prince~Mozilo Will they get their just desert? Or is Martha a bigger target? - 11/06/07 08:34 AM
Insider trading, something that Enron executives, and Martha Stewart know all about and have paid for it with real jail time.  But now the exec's at Citi and Countrywide are selling stocks day's before major announcements of doom and gloom, and no one is clamoring that they go to jail!
So why did Martha Stewart get hammered for a $60k stock indiscretion, but Anthony Mozilo, CEO of Countrywide, bail out on hundreds of thousands of stock during the summer, but at this point very few are calling for his head?  Now we find out that our former secretary of treasury, Robert Rubin … (6 comments)

salt lake city: Why are you in the business of real estate? - 11/05/07 04:57 PM
Sorry to get deep, but you can have the most interesting conversation in the Jacuzzi at the local gym.  I ran into an old associate of mine from several years ago.  He's put together a great company called Sendoutcard.com.  His name is Cody Bateman and he has a great story in regards to why he started his business.  I helped in the beginning, but because of my other work I have not been following his success as much as I would have liked.
When Cody was younger he had a brother die prematurely.  He never had a chance to say goodbye, and … (2 comments)

salt lake city: Don't think just your loan officer will get in trouble for fraud! - 09/27/07 04:43 AM
Call it Karma, or "what goes around comes around", but loan fraud isn't not just perpetrated by mortgage or real estate professionals.  The recent proliferation of investment guru education has brought "institutional" fraud to a whole new level.  The "students" of these schemes think their immune from the consequences of committing fraud, but the truth is that investigators are quietly and now publicly closing that perceived loop hole.
A local and well known TV personality in our community just plead guilty to one such fraud.   TV PERSONALITY STORY
 
The point to this story is to NOT COMMIT FRAUD...No exceptions and under no … (0 comments)