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Gary Kennard
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Posts Tagged ‘Buying a home in West Jordan’

Can you repair your credit? (Final Part)

Monday, March 22nd, 2010

Myth #8

If you get a derogatory item removed, it will just come back.  Not if it is removed legally.  When it is removed with cause under the Fair Credit Reporting Act it cannot legally be placed back on your credit report.  The same law that required its removal prohibits it from being placed back on.

Myth #9

The past equals the future.  This is the biggest myth of all.  The concept that once bad, always bad, or at least for 7 years is totally false.  Anybody can run into hard times or an emergency situation, but that doesn’t automatically mean that they are a poor credit risk for a magical 7 years.  The simple truth is, no credit report or scoring model can predict the future.

Myth #10

I cannot restore my credit on my own.  Yes, you can!  You can try to do it yourself (just like you can represent yourself as an attorney in a court of law).  But it is usually best to allow experienced professionals to educate you and assist you in restoring your credit profile.

Studies have revealed that millions of Americans (79% or more) have significant errors in their credit profiles.  These errors affected credit scores by 50+ points.  If you feel that you may have errors in your credit report, call me and I will refer you to those who may be able to help.

Can you repair your credit? (Part 3)

Friday, March 19th, 2010

Myth #7

Credit reporting and credit scoring were developed to educate and inform consumers.  False.  The Big 3 and FICO serve the banking community along with any other service provider looking for an excuse to “rate” their service to consumers.  Evidence: why do bankruptcies, parking tickets, public records, etc. report twice?

Who in the heck are the Big 3 and FICO?  The Big 3 are Equifax, Trans Union, and Experian.  FICO is a company that was founded in 1956 by Bill Fair and Earl Isaac.  FICO stands for Fair Isaac Company.  In 2007, FICO sold it’s 100 Billionth (that’s with a B) FICO score.

Surprise!  The Big 3 and FICO sell your credit scores to make a profit.

Can you repair your credit? (Continued)

Thursday, March 18th, 2010

Myth #4

The burden of proof rests with the consumer to validate information contained on your credit report.  The opposite is true under the Fair Credit Reporting Act, both federal and various state laws REQUIRE that the credit agencies bear the burden.

Myth #5

It is illegal or immoral to have the information on your credit report altered or removed.  Not only is it not illegal or immoral, but it is what the Fair Credit Reporting Act is all about.  It was enacted by congress for the very purpose of protecting consumers from the intrusion of the credit agencies into our lives

Myth #6

Paying a past due debt removes it from your credit report.  Just because you pay an old debt does not change or erase the fact that at one time you were not paying on it as you agreed.  Can this record be changed?  Absolutely!

Can You Repair Your Credit?

Wednesday, March 17th, 2010

I was in a Continuing Education class a week or so ago given by a mortgage company.  They gave 10 myths of credit repair that I thought you might find interesting and maybe valuable.  I’m going to give them over the next few days so the blog isn’t too long.  If you have any questions about repairing your credit, give me a call at 801-403-4965.

Myth #1

Credit agencies are empowered with some kind of governmental authority.  Credit agencies have no legal authority at all.  They are simply billion-dollor corporations who are in the business of gathering and selling credit information.

Myth #2

The credit agencies are required by law to keep derogatory items on your credit report for 7 to 10 years.  There is no law that the credit agencies report anything on you at all.  Just the opposite is true!  Credit agencies are required by law to automatically remove all derogatory items older that 7 years or in the case of a bankruptcy, 10 years.

Myth #3

It is impossible to remove an item of public record.  Bankruptcies, tax liens, etc. come off just like any other item that is incorrectly reported, obsolete, erroneous, misleading, incomplete, or that cannot be verified.  Remember, the nature of the item has nothing to do with its removal under the Fair Credit Reporting Act.

West Jordan Down-Payment Assistance

Thursday, January 21st, 2010

Down-payment assistance is a loan that is forgiven at twenty percent per year.  After five years, the loan becomes a grant and is fully forgiven.  Maximum Down-Payment Assistance: $5,000.00 (All reasonable closing costs and one half of required down payment).  Average loan is $4,100.  The homebuyer must invest a minimum of $2,000 cash at the time of purchase.  Property must be located within the City of West Jordan.  Only Single Family Homes, Condos, and Townhomes are eligible for consideration.  Persons currently living in a rental situation or similar situation are eligible for program assistance.  All homes must be owner occupied after purchase for a period of 5 years.  Co-signers are allowed.  If a co-signer will live in the house after purchase, then their income will be considered in the income review.  Household income includes every working person residing in the unit over the age of 16 years old.  Income limits for the program are based on a maximum of 80 percent of the median family income for West Jordan City:

Family Size                 1                 2                 3                4                 6                8

Income Limit – $38,000 $43,400 $48,850 $54,250 $62,950 $71,600

All applications will be subject to the following Debt Ration Reviews:

Housing Ratio – The combined monthly payment, taxes, insurance and Homeowners Association Fees, cannot exceed 35% of the applicants gross monthly income.

Total Debt Ratio – The total debt of the applicant cannot exceed 45% of the applicants gross monthly income.

Submission of the application does not automatically qualify the buyer for assistance.  A real estate purchase contract for the property must be included with the application.  This is different from the West Valley City program.  In West Valley City, you must be approved before making an offer on the property.  I have a copy of the application that I can fax or email to you if you’re interested in the West Jordan program.

Knowing about Radon Gas could save your life!

Monday, January 11th, 2010

Please read this article about radon gas and get a kit so you can check your home.  I think it’s important for you and for me.

 

Utahns urged to get homes tested for radon gas

Published: Wednesday, Jan. 6, 2010 6:06 p.m. MST

Laura Longhurst gets emotional talking about her treatment for late-stage lung cancer. She

never smoked and never lived in a home where anyone else did.

But she did breathe in radon gas — an odorless, tasteless, colorless poison — for years, not

knowing that the homes where she lived in childhood and as an adult all contained high levels

of the radioactive gas.

That same scenario is being lived by untold thousands of people in Utah who have no idea they

are being poisoned, officials say. Radon is the second leading cause of lung cancer both locally

and nationwide, after smoking. While Utah has the lowest rate of tobacco use in the nation, lung

cancer is the leading cause of cancer deaths in Utah.

“If I had only been aware, I may have a different life today,” Longhurst told reporters on

Wednesday as she choked back tears. “We need action and not just awareness.”

Her story was part of a press conference held in the Capitol rotunda, urging Utahns to have

their homes tested for the deadly gas.

Dr. Wallace Akerley, a medical oncologist at the Huntsman Cancer Institute, said each year

more than 20,000 Americans are diagnosed with lung cancer caused by radon gas exposure.

“That’s more than die from melanoma, ovarian cancer and lots of other kinds of cancers that

you hear a lot of warnings about,” he said.

“The difference is, with some of those like breast cancer, most people survive and participate in

marathons or other kinds of public events to raise awareness. With lung cancer, it’s usually

diagnosed in the late stages, and 85 percent of those with it die.”

Though Akerley didn’t know the number of Utahns whose cancer is caused by radon gas, he

did say the risk may well be higher here, because most homes have basements with bedrooms.

The gas seeps into homes from decaying uranium in the soil, and is especially dangerous for

children, whose bedrooms tend to be in the basement and “whose young lungs are at greater

risk for developing cancer” than adults whose lungs have stopped growing.

As construction techniques have improved over time, homes are more likely to be wellinsulated,

creating negative pressure inside which actually draws the gas in through small

cracks in a home’s foundation, he said. But homes of any age are affected.

Christine Keyser, the state’s radon control coordinator with the Utah Department of Health, said

education is the key to cutting the number of lung cancer deaths in Utah, both now and in the

future, since symptoms don’t usually occur until the disease is in its late stages. “This is totally

preventable if people will test their homes and take action,” she said.

Radon test kits are available for $6 at the state’s Web site —

 

 

www.radon.utah.gov

— and

include supplies to do a 48-hour test for the gas as well as the cost of having it processed at a

lab and receiving test results. Those without web access can call 1-800-324-5928.

Radon levels vary not only by geographic region, but from house to house, based on a number

of factors, Keyser said. “Just because your neighbor’s house has low levels of radon doesn’t

mean your house does. That’s why everyone needs to test it in their own home,” she said.

Deseret News | Utahns urged to get homes tested for radon gas Page 1 of 2

http://www.deseretnews.com/article/print/705356649/Utahns-urged-to-get-homes-tested-fo… 1/11/2010

The state’s Web site contains links that allow residents to see, by ZIP code, which areas have

been identified as having higher concentrations of the gas among the homes tested there. Gas

levels vary with the season and environmental conditions, so the EPA recommends testing

every two years.

Keyser said some people have been wary of testing, fearing that if they find high levels of the

gas, they won’t be able to either fix the problem or sell their homes in the future. Certified

contractors can fix the problem if one exists, usually for about $1,200, she said.

“That sounds like a lot of money, but if you compare it to the cost of treatment for lung cancer,

there’s no comparison,” Keyser said.

The U.S. Surgeon General has recommended that all homeowners test their homes. “That’s the

only way to know if you have a problem.”

After a recent survey done by the Huntsman Cancer Institute and the Utah Department of

Environmental Quality, officials learned that 59 percent of the 497 respondents had heard of

radon, but only 20 percent were able to answer four basic questions about it. Only 12.5 percent

said their homes had been tested for the gas.

Renters knew even less about radon, and none of those surveyed knew if the homes or

apartments they live in had ever been tested for it.

e-mail:

 

carrie@desnews.com

© 2010 Deseret News Publishing Company | All rights reserved

Deseret News | Utahns urged to get homes tested for radon gas Page 2 of 2

http://www.

Housing Market Still on Shaky Ground – Government Intervention Good or Bad?

Wednesday, January 6th, 2010

Washington – The number of people preparing to buy a home fell sharply in November, an unsettling new sign that the housing market may be headed for a “double-dip” downturn over the winter.  The figures Tuesday came after a similarly discouraging report on new home sales, illustrating how heavily the housing market depends right now on government help.  In October, buyers raced to get contracts signed in time to take advantage of a tax credit for first-time homeowners that was set to expire.  It has since been extended into spring–and now prospective buyers are taking their time.  The tax credit is worth up to $8,000 for first-time homebuyers and was set to expire Nov. 30.  Congress extended it through the end of April and broadened it to include a credit of up to $6,500 for buyers who relocate. (Alan Zibel, Associated Press)  Government intervention into the housing market and markets in general seems like a good idea at first, but in the long run, I think it does more harm than good.

The Recession is over! Or is it?

Wednesday, October 28th, 2009

A recession is popularly defined as two or more consecutive quarters of negative economic growth, or declining output.  The government releases third-quarter gross domestic product figures on Thursday.  Many forecasters say they will show GDP growing at an annual rate of about 3 percent, validating a widely held belief among economists that the recession ended in June or July.  But nobody is sugar-coating the statistics, especially in the administration, which agrees with private surveys suggesting that unemployment will hover near 10 percent through most of next year.  James K. Galbraith, an economist at the University of Texas at Austin, suggests too much attention is given to when recessions technically begin and not enough to other measures of the economy.  “It’s just a word.  A recession technically lasts during negative quarters.  But that does’t mean you’re back to prosperity once you have positive growth.  You’re back to prosperity when the unemployment rate is back around 4 percent,” Galbraith said.  And that, he said, could take years.  The national recession may be technically over, but the state of the economy remains in the eyes of the beholder.  Or, as Ronald Reagan liked to say, a recession is when your neighbor loses his or her job.  Depression is when you lose yours.  (Deseret News)  Lets hope that this economic growth is at least a step in the right direction.

Is FHA in trouble?

Monday, October 26th, 2009

News reports raising concerns that FHA might be the next major financial institution requiring a government infusi0n are based on misinformed comparisons with what happened in the subprime market, FHA Commissioner David Stevens said in an exclusive interview with REALTOR Magazine this week.  At their peak, subprime lenders commanded 40 percent of the residential mortgage market by making low-downpayment, no-document, interest-only, and other types of exotic loans to high-risk borrowers, investors, and speculators, a market that FHA sat out entirely, says Stevens.  Today, it’s FHA that commands 40 percent of the market, but that’s where the comparison ends.  The agency makes 30-year, fixed-rate, fully documented loans only for households buying their primary residence.  For each loan, the agency maintains capital reserves for the full 30 years of the loan rather than for the 1-2 years required of banks.  Today, the agency has more than $30 billian in reserves, including a fully funded loan-loss reserve.  All the talk in the media about reserves dipping below a 2-percent required threshold is about a secondary account that’s above and beyond the agency’s primary reserve.  Those two accounts together represent more than 4 percent of insurance in force, he says.  An acturarial audit of FHA finances due out in a few weeks from a non-governmental auditor is expected to find that FHA has sufficient capital to cover all forecasted losses, even assuming further declines in home prices, says Stevens. (Robert Freedman, Senior Editor, REALTORS Magazine)

Getting the Tax Credit Extended: Outlook

Thursday, October 15th, 2009

What are the chances of getting the first-time home buyer tax credit extended, particularly before its expiration Dec. 1?  No one can know that, of course, but what’s clear is that leadership in Congress wants it extended–and if you have the leadership on board, you’re in a stong position.  Yet with health care reform consuming Congress’ attention, even the leadership faces a challenge ensuring the tax credit gets the consideration it deserves.  After sitting down with Linda Goold, NAR’s director of tax policy, and Samuel Whitfield, an NAR legislative representative, I learned the tax credit has really been the economic recovery’s workhorse.  The IRS says 1.4 million households have used the credit.  What’s more, a number of independent looks at the credit, including one by Economy.com (owned by Moody’s) and Campbell Surveys, estimated that between 350,000 and 400,000 home purchases would not have happened without the credit.  NAR has come up with a similar estimate.  Goold and Whitfield say there’s bipartisan support for extension, and NAR is on Capitol Hill daily reminding lawmakers that the clock is running.  But it’s coming down to the wire.  (Robert Freedman, senior editor, REALTOR Magazine)  I would like to see it extended.  I would also like to see it expanded to include all home buyers rather than just first-time home buyers.   I think the economy still needs the boost.  I hope Congress doesn’t get so wrapped up with health care that they neglect other important matters.

Market Recap

  • Avg. Sales Price: $213,204

  • Avg. Days on Market: 99

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