This Post is about some recent Updates On Home Mortgage Stuff In Salt Lake Utah!

Almost every day you can read about updates on home mortgages that could effect your ability to qualify for a loan on your New Salt Lake Home.

Some of the best mortgage and home loan updates come from our friend, associate and trusted lender Doug Walker @ Republic Mortgage.Home Loans.

We work closely with Doug and his staff, and have recommended him to clients that need help with rates, or qualifying for that new home loan. He's been doing this a long time, and you can count on what he says.

In the next couple of weeks you'll get to know Doug through a new Homes listing search tool that he is helping us install on our site to make your Utah property search more interesting, more usable and more fun. 

In the meantime. these are some Mortgage related updates Doug sent. We thought they might be helpful to you so were sending them on.

There are a few guideline changes I thought I would make you aware of. The attachment has more information than you want to know, but here are the highlights:

Fannie Mae loans 1. Borrowers may now use credit cards to pay for up to 2% of fees. They still need to have liquid funds available, but that can mean a 401k or other funds they don't want to liquidate. Think "Skymiles"! 2. Pre-approvals are now good for 90 days instead of 120 before we have to update the credit report. 3. Borrowers must re-qualify for long term financing on one-time close construction loans.

Appraisals 1. Lenders are now required to provide a copy of the appraisal to the buyers 3 days before closing. If this is not done, it could delay closing. There is an option for the buyers to waive this right, but lenders will be audited on how many times they rely on this waiver. Republic Mortgage has already put in place actions to perform and document this new requirement.

Refi - Plus 1. Certain Fannie Mae loans are eligible for 105% LTV on a refinance. Some can now even go to 125% LTV. It must be owned by Fannie Mae among other restrictions. The property can even be listed for sale!

Advertising 1. New Reg Z rules effective Oct 1, 2009. Details are outlined on the attachment. Not huge changes, but a good reminder of how to disclose properly when advertising payments. 

Summary - more fine print. I hope this is information is beneficial to you and your clients. If nothing else, it will make you look good around the water cooler!

We hope so as well ! In case you need more Mortgage Information or help in searching for your new home or condominium in Utah stop by our website @ Salt Lake Real Estate, You'll find lots of help and tools to use.

If you just have a question about Utah Real Estate, call us @ 801-567-0946.

We'd love to talk to you about Home buying/selling or updates on Home Mortgage Stuff in Salt Lake Utah. 

Published Saturday, July 04, 2009 9:36 AM by Corie Seymour