The Real Estate Report Card

Trying to buy your first home? Or just trying to get your spending under control? FHA has just raised their minimum credit score requirement to a mid FICO score of 620! I have posted a pdf file from MGIC with some tips and tricks on creating a budget . Now, more than ever it is neccessary for all of us to evaluate our spending and saving. If you are thinking of buying your first home in the Salt Lake City area, this will be a great article for you to use while planning what you want for a mortgage payment. Please contact me anytime if you have questions on purchasing a home in the greater Salt Lake City area, or if you need a recommendation to get pre-approved for a mortgage. Dan Walker 801-288-2260 RE/MAX Associates http://www.athomeutah.com/

$8,000 First-Time Home Buyer Tax Credit at a Glance The tax credit is for first-time home buyers only. The tax credit does not have to be repaid. The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000. The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009. Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.To see answers to frequently asked questions to the $8,000 tax credit, visit this link: http://www.federalhousingtaxcredit.com/2009/faq.php $7,500 First-Time Home Buyer Tax Credit at a Glance First-time buyers who purchased a home between April 9, 2008 and January 1, 2009 may be eligible for a federal tax credit of up to $7,500.The tax credit is available for first-time home buyers only. The maximum credit amount is $7,500. The credit is available for homes purchased on or after April 9, 2008 and before January 1, 2009. Single ta...

I don't have a crystal ball, but if I did, this is what I think I would see for the upcoming year. If you have been shopping for a home or showing homes you will have to admit there are quite a few short sales on the market. It doesn't appear that these short sales are moving very quickly. I think that many of these short sales will end up going to auction, or end up as a foreclosure back on the market with a REALTOR. The number of these that are already listed coupled with the number of ARM's that will adjust will just add fuel to the fire. There's no way we can absorb more of these properties on the market and not have price drop further. I see more foreclosure properties ocming on the market and more people trying to get a short sale done. Our prices in the greater Salt Lake City market area and all of Utah for that matter will continue to drop. The price range for first time buyers will be impacted the least due to a larger demand for these properties. Homes priced ...