www.UtahRealtorOpenHouse.com

Utah is participating in the National Open House Day on April 10th. Realtors across the state will be having open houses to promote their homes and to remind Buyers that the $8,000 tax credit will be expiring the end of this month. Now is such a GREAT time to buy!! Interest rates are lower than they have been for years and there are amazing deals to be had as home prices are low! For more information on the houses being held open on Saturday - go to www.UtahRealtorOpenHouse.com and check out the list - pick out the ones you want to see!! Happy House Hunting, and remember to call me if you need real estate assistance. 801-597-9254 (cell)

Home Owners Focusing on the Outdoors in Tight Economy

Homeowners love their yards! They plant gardens and create cozy areas for entertaining. In a recent survey of the American Society of Landscape Architects they found that most of the popular features this year include: outdoor seating and dining areas, including benches and seat-walls or weatherized outdoor furniture, as well as fire pits and fireplaces, the classic outdoor grill and outdoor counter space.

Vegetable gardens are also big as people are wanting fresh homegrown produce as well as saving money in their budget.

Water features and arbors are also popular as well as decks.

Popular Kitchen or Bathroom remodel features

This excerpt was taken from an article in Today's Real Estate Advisor and was written by Amy Hoak.

For the most part, kitchens are being upgraded with practical improvements and features to make the space more usable. “A lot of the upscale stuff, like double appliances—two dishwashers or two refrigerators—or over-the-top appliances seem to have disappeared,” Baker said (Kermit Baker is the Chief economist of the American Institute of Architects.)

The five most popular kitchen products and features, according to the survey include:
-Recycling center, a designated place to put cans, papers, etc., which could be in the form of a nook or even part of the lower cabinetry
-Larger pantry space
-Renewable flooring materials
-Renewable countertop materials
-Computer area/recharging stations, dedicated to such tasks as recharging laptops, cell phones and PDAs.

The same desire for practicality and less glitz can be found in the bathroom. People are moving away from steam showers and towel-warming drawers and racks, and instead focusing on features that will help them better control their utility costs, Baker said.

The five most popular bathroom products and features include:
-Water-saving toilets
-Radiant heated floors
-Accessibility/universal design, or features that are adaptable and allow homeowners to age in place
-LED lighting
-Doorless showers.

This is the latest on the subject, hopefully it won’t change again!

Breaking News: Borrowers With FHA Mortgages Can Use Tax Credit at Closing

Buyers must still contribute 3.5% downpayment.

By:

Alison Rice

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First-time buyers using FHA financing will be able to use their $8,000 federal housing tax credit at the closing table, rather than waiting for a tax refund, according to an FHA document released today.

The eagerly-awaited “mortgagee letter” spells out the details of the effort, which was first announced two weeks ago by HUD Secretary Shaun Donovan. This morning, Donovan spoke to the NAHB at its spring board meetings on the topic as well.

"This will assist home buyers at closing, but it will particularly benefit home builders across the country," Donovan said at the NAHB gathering.

Critically for builders, the program will allow all first-time buyers using FHA mortgages to apply their tax credit at settlement, not just FHA borrowers working with a state housing finance agency. (Many such agencies have already established programs that allow borrowers to do just that.)

Lenders, agencies, and others will be allowed to purchase the credit from buyers, who can then use the proceeds for closing costs or to boost their downpayment beyond the 3.5% required for an FHA mortgage. (Buyers cannot use the tax credit as part of that initial 3.5% downpayment.)

Lenders and agencies will then be able to convert the tax credit into a second lien on the property. If a borrower fails to repay the tax-credit advance by the agreed-upon date (i.e., sending a check after their federal tax refund arrives), then the loan will convert to a second mortgage. Lenders and agencies can either require monthly payments on this loan or simply hold it as a “soft” second, receiving the proceeds when the home is next sold.

There are other rules as well. Buyers cannot combine the tax credit advance and an FHA mortgage to get “cash back” on their loan. They also cannot borrow more for the tax-credit-funded second mortgage than the total required for their downpayment, closing costs, and prepaid expenses.

Alison Rice is senior editor, online, at BUILDER magazine.

More info from the Utah Housing Corp.

Hint of the week: There has been some confusion about the sequence of events in obtaining a $6,000 Home Run Grant. The following steps are outlined to clarify the sequence and emphasize the fact that the Home Run Grant Commitment must be received prior to closing.

Steps to obtain a Home Run Grant:
1. Buyer signs contract to purchase a newly-built, never-occupied home.
2. Buyer applies for mortgage loan and obtains written loan underwriting approval.
3. Buyer furnishes Certificate of Occupancy or Municipal Final Inspection to lender.
4. Lender submits a Home Run Grant Request to Utah Housing with the itemized documentation.
5. Lender receives from Utah Housing a written Home Run Grant Commitment authorizing the Grant for the specific Buyer.
6. The purchase closing is scheduled at a title company
7. As soon as closing documents have been signed, the title company faxes required documents to Utah Housing to request that a wire of $6,000 be sent to the closing

$6000 New Home Grant signed

I got this e-mail from the Utah Housing Corporation:
Tip of the Week: As announced late yesterday by Gov. Jon Huntsman, Utah S. B. 260 was signed authorizing a $6,000 grant (Home Run Grant Program) to assist home buyers with the purchase of a newly-constructed, never-occupied home that they will occupy. This cash grant, coupled with low interest rates, stable home prices and the recently-enacted $8,000 Federal Tax Credit will enable many Utahns to achieve the dream of owning a new home. Unlike the Home Run grant, the Federal Tax Credit is only for first-time home buyers.

$6,000 Housing Grant

The Utah State Legislature passed a bill, Senate Bill 260, on
March 12, which provides $6,000 grants to buyers of newly
constructed homes. The bill was approved by two/thirds of
both houses. It will become effective immediately if signed into
law by the governor.

This is the link to the Utah Housing Corporation website to give you up to the date information on the $6000 New Home Housing Grant money.

http://b2b.utahhousingcorp.org/cgi-bin/R?P=uhc_home.html