This is a must attend conference!

Sat Feb 12th 2011

9750 South 300 West

Sandy, Utah 84070

 

Credit In The New Economy

 

1. Credit Scoring Models Are Changing
2. Credit Scores Are USed For More Than Buying Homes and Cars
3. All Credit Profiles Are Subject To Indentity Theft!

 

Get a free eBook on Identity Theft for registering

Wow have I learned a lot about credit repair in the last couple of months. One of my mortgage partners and I have been really education ourselves in this arena because that is where the market is. Most of the US has seen a decrease in their credit score and the banks are raising their standards. 

Some banks are starting to tier price their FHA loans, although FHA is still not score driven, but the banks are. Between scores going down and criteria going up. It seems that the middle class of credit is being eliminated.

So, we started out looking for knowledge and maybe buying a credit repair franchise, we felt there were no real place to refer them to, they all just seem so slimy.

Then we found this company United Credit Education Services. 

 

Go check out their site. www.United-Credit.org read the FAQ's They have a A- BBB rating (those under 40, that's a good thing)

Contact my friend George at 801-550-1382 or email him at George.Andersen@YourMortgageKey.com 

 

What we have learned there is nothing that can't be removed, seriously. 

We are creating buyers and sellers.

 

True stories.

Folks had ran into some issues a couple of years ago, bunch of lates and other derogs. Well they have been back on track for quite some time and actually have a good chunk of equity. They would like to sell and trade up. BUT their credit is stopping them. They have been enrolled and are about 30 days away from being a great client. They will be selling a $250,000 house and trading up to about $450,000. 

 

Another gentleman knows it is time to buy and has a 580 mid score. Within 45 days, he is up to 610 and we expect him to be able to buy in 30 more days.

 

You can wait for the market to come to you or you can go get it.

 

See ya at the trough

 

Sellers Market

You have heard of a seller's market. Inventory is low demand is high prices are going up. Listings are getting multiple offers, sellers are netting more than list price even after paying commissions. Things are really good for a seller.

Buyers Market

Of course to be followed by a buyer's market. Inventory is up demand is low, buyers are getting concessions from sellers such as closing cost, down payments, appliances... Things are really good for a buyer.

Waiters Market

But this waiter's market, I never heard of it before. This is when the seller's market is over and inventories are high, interest rates are phenomenal, jobs are... continued

Just kidding, I figured it was a better Headline than, Local Realtor Gives Accurate Data.

I find it interesting that people will read a web site and it assume it is the truth, the whole truth and nothing but the truth.

According a gentleman name Adam that has commented recently on 3 Pounds that everyone should read a web site called http://www.housingtracker.net/ The disclosure at the bottom of the site is as follows.

"The numbers provided here are asking prices derived from Realtor MLS listings. The data is an aggregate representation of large markets and should not be used for valuation of individual homes. While every attempt is made to deliver accurate data, the information on this website is provided as-is. No warranty or guarantee of accuracy is offered or implied. This work is licensed under a Creative Commons Attribution-Share Alike 2.5 License."

According to this site there are 10,149 active single family and condo listings in Salt Lake City. Their claim is that the data is from Realtor Listings, when you click the link it is... continue

Republic Mortgage Insurance Company released in their notes yesterday, that they will not insure any loan with a greater than a 97% loan to value/ combined loan to value ratios (LTV/CLTV) regardless of any automated underwriting decisions.

Also any declining markets they are going to add a 5% margin so they will only insure loans in declining markets that have a 92% LTV/CLTV.

Usually when one player makes an announcement like that the rest follow suit. So you can expect this to be the new standard across the board.

Essentially there are no more 100% loans. So if a buyer does not have three percent of their own money then the only other option is a Down Payment Assistant (DPA) Program and an FHA loan. This will not put pressure on the prices but it will have an affect on the bottom line to the seller.

The way the DPA programs work is the seller agrees to "Gift" 3% plus a small administrative fee to a Non-Profit organization and then the Non-Profit organization turns around and gifts the money to the buyer at closing. Some of these organizations are AmeriDream and Nehemiah Corporation.

Our current market condition has sellers willing to pay 2-3% concessions for the buyer's loan closing cost. Now combine that with the DPA cost, prices won't really go down but it will come from the seller's bottom line. This could play out pretty good for the buyer that has their own money and will give some leverage to sellers in certain situations.

It seems like every time something happens in the lending world it gives another reason to use FHA.

FHA Loan limits are up to $729,750 in Salt Lake County which is just over 90% of the homes in Salt Lake County Listings of the WFR MLS.

You notice he said Co-Conspirator NOT Victim

Notice he said Co-Conspirator

 

Lee Stern Regional Director for Utah and Team Leader for Mighty Midvale Office.

Wearing her Tu Tu and Army Boots proudly showing the office our award.
Double Gold for Units Sold, Platinum for Profit Share, Platinum for Total Commissions Earned.

Enjoy

The Empress Theater

9104 West 2700 South Magna Utah 84044

(801) 347-7373

What an Awesome Story the Empress Theater has. From it's beginning in 1916 Entertaining the miners then silent movies.

Leo Ware toiled to and worked and spent a lot of blood sweat and tears, the county wanted to raze the building. His dream of live entertainment was carried forward by the Oquirrh Hills Performing Arts Alliance. The theatre reopened on 4 November 2006 with "Forever Plaid,".

For more details about the history of the Empress Theater and Leo W. Ware.

The Empress Theater 2008 Season schedule of shows

Click Photo For Tour

To arrange a preview call The Rob Aubrey Group at 801-694-4762 or Email Rob@Aubrey.net

I usually don't write about listings in the main blog page, but I had to show buyers what the current market looks like. Because of interest rates are so low. You can own a condo like this for right around a $1,000 per month including taxes, insurance and the homeowner fees.

Immaculate One Owner Condo

Built 1995

2026 W 3650 S, 84119 All New Paint, New Carpet, Laundry Room Gas Fireplace, Good Storage, Eat In Kitchen Large Master With Walk In Closet Refrigerator, Stove, Dishwasher $90 HOA Taxes $930 2 Car Garage With Opener To Search Over 15,000 Homes For Sale With Tours And Addresses