Southern Utah First TIme Home Buyers

Some of the Hidden Cost of Your first Home Purchase…

The time seems ripe to become a first-time homeowner. Real estate prices are down, mortgage rates are at historic lows and there are huge tax credits on the table. As well as some regional incentives…for instance the “Home Run Grant” is a mortgage assistance program that grants $6,000 to home buyers who purchase a newly-constructed, never-occupied, primary, single-family residence in Utah. The Home Run Grant is funded by the Housing Relief Restricted Special Revenue Fund, established by Utah Governor Jon Huntsman, the Utah State Legislature, and Utah Housing Corporation.

With all of these incentives one still needs to consider the following cost of buying their first home:

YOUR FICO SCORE» Start the process by improving your credit report. While the cost can be comparatively minor, it’s important now that banks are being more selective about making loans. A higher FICO score also gives you greater negotiating power over mortgage terms. A stellar score ranges from 760 to 850, while scores below 640 might mean you have to pay a significantly higher interest rate. You’re entitled to a free annual credit report from each of the three major credit bureaus. Getting your FICO score costs $15.95 at www.myFICO.com.

HOW MUCH DOWN» Rates on 30-year fixed mortgages are at a record low of 4.78 percent, but more lenders are demanding bigger down payments of 20 percent or more. If your down payment is less than 20 percent you generally need to pay for mortgage insurance. This could cost $100 or more a month depending on the nature of your loan.

NEW FANNIE & FREDDIE FEES» New fees introduced by Fannie Mae and Freddie Mac in the past year will likely push the price of a mortgage higher for many people. The fees are based on credit profiles, the amount of the loan in relation to property value and the type of home you’re buying. As such, they’ll vary greatly, but could total as much as 3 percent of the mortgage.

HOME INSPECTIONS » There are plenty of inspections to consider, including home inspection after making a verbal offer that can costs hundreds of dollars. Other inspections might be for lead paint, pests or radon gas. Some of these checks might be required by the lender and included in the closing costs.

REMEMBER MAINTENANCE » Don’t focus on the monthly mortgage costs alone. It’s easy to forget all the maintenance costs and that your utility costs will likely go up significantly. There are bigger maintenance matters to consider, as well, such as repainting the house periodically. You’ll also be on the hook for any repairs for your home.

All of that being said… today is 5.15.09, In an attempt to keep up with the many request for different types of Southern Utah Real Estate Listings, I keep these live links posted for the different search criteria that I receive the most requests for.

• Southern Utah Foreclosures
• Southern Utah Adult Communities
• Southern Utah Golf Homes
• Washington City Utah Homes & Condos
• Santa Clara Utah Homes & Condos
• Southern Utah Horse Property
• Washington County Board Of Realtors Hot Sheet

This last handy little link will pull you into The Washington Country Board of Realtors MLS system. From there you can see the newest MLS listings on the WCBR MLS system as well as all price reductions…Knowledge is Power!

As of today May15, 2009 there are currently on the Washington County Board of Realtors MLS system…

• 84 Active Southern Utah Foreclosures in Saint George Utah on the WCBR MLS system
• 173 Closed Southern Utah Single Family Homes & Condo’s in St George Utah, on MLS from 4/15/09 thru 5/15/09.
• 1,606 Active Single Family Homes & Condo’s in the Greater Saint George area of Southern Utah on WCBR MLS
• 290 Southern Utah Single Family Homes & Condos in the Greater Saint George area currently under contract or “pending”

In any event its off to Twitter…I have few Twitter names, and here are two: StGeorgeHomes or EquityStGeorge. I post these same stats there if you would like to get…”Just The Fact’s” Till Tomorrow. Saint George Homes.