Jeramy Jones

One of a kind custom log cabin with lake & golf course views. Immaculate down to the details! Vaulted ceilings, master suite w jetted tub & privite deck. Rock fire place, tiled floors, scribed logs, year round access. Lavishly furnished & Decorated.

To Schedule a showing, please call 801-721-7100, ask for Jeramy!

Yes, Ogden is ranked #11 in the nation as "Best Places for Business & Careers." If you want to read the full article, please follow the link below:

http://www.forbes.com/lists/2007/1/07bestplaces_Best-Places-For-Business-And-Careers_Rank.html

CITY OF OGDEN, UTAH

Own in Ogden is an Ogden City, a Utah Municipal Corporation program designed to increase home ownership in specific targeted neighborhoods. Persons buying primary residence homes in the overall Own in Ogden Target Area (see map) can qualify for a $3,000 zero interest, deferred payment, declining loan to assist with that purchase. Specified Target Neighborhoods receive $5,000 loans (see page 2). Income qualified, sworn Ogden City Police Officers and Ogden City Fire Fighters receive $10,000 loans when buying a primary residence within the overall target area.

Own in Ogden loans can only be used at the time of closing for down payment, closing costs, or, if funds are remaining, a principal reduction toward the first mortgage loan. Own in Ogden funds are available on a first come first serve basis.

II. PROCEDURE

When Buyers find a home and complete negotiations using a Real Estate Purchase Contract, they submit for assistance with the following initial requirements; (1) Own in Ogden Application, (2) Own in Ogden Commitment Letter, (3) Real Estate Purchase Contract, (4) Picture Identification and (5) Income information (most recent tax returns and pay-stubs for all household members over the age of 18).

Non US citizens must also provide documentation of legal residency at the time of application. Buyers will also be required to provide a completion certificate from the HUD-approved home buyer class prior to closing. After the application is received, the Program Administrator coordinates the finalization of file requirements, approvals and funding.

III. REQUIREMENTS

Household Income Qualifications:

Income information in the form of pay-stubs and recent tax returns are required to qualify for the Own in Ogden Program. Every member of the household over the age of eighteen must submit income information regardless of their participation in the real estate purchase. The annual household income (all members over the age of 18) cannot exceed 80% of the area-wide median income. These income limits, based on household size, are listed below:

Persons in Household Maximum Income

1 $36,400

2 $41,600

3 $46,800

4 $52,000

5 $56,150

6 $60,300

7 $64,500

8 $68,650

Effective 070108

2

Property Location: (Target Neighborhoods)

Properties must be located within the Own in Ogden target area. The current target area is from the south side of Twelfth Street (north boundary) to the Ogden River and from the west side of Monroe to the east side of Wall Avenue, then from the Ogden River to the north side of 36th Street (which is the south boundary) and from Harrison Blvd. (both sides) west to the City limits (please refer to map).

The loan amount in the overall target area is $3,000.

Specified Target Neighborhoods: (where $5,000 loans are available):

East Central, the city blocks from 20th Street on the north to 30th Street on the south between Washington Boulevard and Harrison Boulevard, including both sides of those four streets.

Ownership/Residency:

Buyers must be taking fee simple title to the property upon closing, and using the property as their primary residence throughout the term of the Own in Ogden loan. Ownership in title of persons who do not primarily reside in the property is not allowed.

Purchase Price:

Dependant on the source of funding, the initial purchase price of the property cannot exceed $397,500 for single unit, $508,850 for a duplex, $615,100 for a triplex, and $764,400 for a four-plex. Multi-unit dwellings are allowed only if the Buyer(s) intent is to reside in one of the units and an existing tenant is not evicted without just cause or through mutual written agreement with their current landlord (Seller). Property values will be confirmed by an appraisal submitted to the Own in Ogden Administrator.

Zoning:

The home must be located in an area that is zoned residential, allowing the use of the property as a primary residence. Non-conforming uses or other types of property zoning will not be allowed. Buyers purchasing properties with unresolved code enforcement citations will not be eligible to receive Own in Ogden assistance until after all citations have been resolved.

Manufactured Housing:

Manufactured housing must be located on a permanent foundation, connected to utility hookups and in compliance with Ogden City Code requirements.

IV. PROPERTY STANDARDS

Housing habitability and safety issues

: Own in Ogden requires that homes being purchased using down payment assistance meet basic HUD/FHA requirements for habitability, with no major structural damage or negative conditions representing a threat to resident health and safety.

Permission to conduct an Ogden City Housing Safety Inspection:

Permission to conduct a housing safety inspection is required from the property owner of record (enclosed). This housing safety inspection addresses safety issues, and must be conducted, and any required repairs completed, prior to Own in Ogden funding. To address any other property concerns, a formal property inspection conducted by a private inspection firm may be conducted at Buyers' expense.

Minimal FHA 203K escrowed repairs:

Repairs that will be completed after closing may be allowed, provided the repairs that are specified in the Ogden City Housing Safety Inspection are included in the approved outline of repairs, and that all work is conducted by a licensed contractor. Funds for approved repairs must be held in escrow and disbursed only to the licensed contractor upon satisfactory completion.

Lead Base Paint:

Any deteriorated paint surfaces that are found during the Ogden City inspection will require testing, and need to be repaired prior to funding if the surfaces are found to be positive for lead. A licensed and certified lead base paint contractor must perform all work involving the stabilization of Lead Base Paint in compliance with HUD guidelines. After repairs, a certified Lead Base Paint Risk Assessor must provide all associated clearance reports. Effective 070108 3

V. FIRST MORTGAGE FINANCING / OWN IN OGDEN REPAYMENT TERMS:

Loan approval:

Documentation from the Mortgage Lender regarding the mortgage loan must be provided to the Own in Ogden administrator. Only fixed-rate FHA, VA, or conventional financing is allowed. Purchases involving other down-payment assistance programs are not allowed. Rent to buy and lease to buy contracts are not allowed. Adjustable rate mortgages, balloon payment mortgages and interest only mortgages are not allowed. Seller carry financing is not allowed. 2/1 buy downs may be accepted upon review, on a case-by-case basis, when used in conjunction with a fixed-rate mortgage, and when the Lender provides written documentation stating loan qualification has been approved at the highest rate of the mortgage buy down plan

Expense to Income Ratio:

Documentation from the Mortgage Lender regarding expense to income ratios must be provided to the Own in Ogden administrator. Borrower(s) whose expense to income ratio exceeds 45% will not qualify for Own in Ogden down payment assistance.

Buyer's Cash Contribution:

Borrower(s) must provide at least $500.00 of his/her own money toward the purchase. This is usually in the form of earnest money. Fees paid for appraisals or termite inspections may be submitted, provided a receipt confirming direct payment from the Buyer to the vendor is provided. This $500.00 contribution is to be verified prior to the allocation of funds and cannot be included in the mortgage loan.

Lien position:

Own in Ogden Loans are secured by a Promissory Note and Trust Deed. The City prefers that Own in Ogden loans occupy second position. Third position Own in Ogden loans may be considered on a case by case basis.

Repayment Requirements:

Effective August 28, 2002, all new Own in Ogden loans will be forgiven at a declining rate over a five-year residency requirement period. During the required time of residency, 10% for each year of residency will be forgiven over a period of four years with the remaining 60% balance credited after the full five years of residency is completed. To receive these credits, Buyer(s) are required to provide proof of residency for each year. This is to be in the form of standard monthly billings, mailed to the property address, in the name of the buyer. No Own in Ogden loan credits can be awarded without proof of residency.

Refinancing:

The general policy of Ogden City Community & Economic Development is not to subordinate loans. Subordinations will not be granted to assist with debt consolidation or payment of personal debt. Loan subordinations will be considered strictly on a case by case basis under certain circumstances. These circumstances may include (1) streamline first mortgage refinancing to lower monthly payments, (2) protection of Ogden City interests, or (3) escrowed funds for property repairs being performed by a licensed contractor under a scope of work approved by Ogden City. For further details please refer to Policies Regarding Loan Subordinations, page 12.

For more information about the Own-in-Ogden Program, call or write:

Ogden City, a Utah Municipal Corporation

2549 Washington Blvd., Suite 120

Ogden, UT 84401-1333

(801) 629-8906

TDD (801) 629-8949

Effective 070108

OWN IN OGDEN APPLICATION PROCESS

ITEMS NEEDED TO SUBMIT AN OWN IN OGDEN APPLICATION:

1. COMPLETED OWN IN OGDEN APPLICATION

2. SIGNED OWN IN OGDEN COMMITMENT LETTER

3. COMPLETE REAL ESTATE PURCHASE CONTRACT INCLUDING A LEAD BASE PAINT DISCLOSURE IF THE HOME WAS BUILT BEFORE 1978.

4. CURRENT TAX RETURN FOR ALL HOUSEHOLD MEMBERS OVER THE AGE OF 18.

5. CURRENT PAY STUB FOR ALL HOUSEHOLD MEMBERS OVER AGE 18.

6. PICTURE IDENTIFICATION (to be copied by Own in Ogden Administrator)

7. NON CITIZENS - DOCUMENTATION OF LEGAL RESIDENCY

8. PROOF OF $500 CONTRIBUTION TOWARD THE PURCHASE.

ADDITIONAL ITEMS NEEDED FOR FINAL APPROVAL:

9. HOUSING CODE INSPECTION PERMISSION FORM FROM SELLER.

10. HOUSING CODE INSPECTION COMPLETED (Ogden City)

11. LEAD BASE PAINT INSPECTION COMPLETED (Ogden City) Any defective and deteriorated paint surfaces will require testing, and will have to be repaired prior to funding if the surfaces are found to be positive for lead.

12. TITLE WORK FOR THE PROPERTY.

13. TERMITE INSPECTION FOR THE PROPERTY

14. LENDER'S LOAN APPROVAL LETTER - Indicating (1) loan approval status, (2) loan amount, (3) loan terms, (4) interest rate and (5) verification of debt to income ratio not exceeding 45%.

15. LENDER AFFIDAVIT

16. HUD APPROVED HOMEBUYER CLASS CERTIFICATE.

17. SELLER'S AFFADAVIT OF OCCUPANCY

18. APPRAISAL OF THE PROPERTY.

19. SETTLEMENT STATEMENTS.

Effective 070108

Submit subordination requests to: Cheryl Hurley / Project Coordinator

(Please allow five days for processing) Community Development Division

2549 Washington Boulevard Suite 120

Ogden, Utah 84401

Phone: 801-629-8906 Fax: 801-629-8996

The End of Down Payment "Charities"

The nine lives of down-payment assistance groups - controversial players in the housing industry - appear to have run out.

Federal rules require that only a charity, family member or employer can gift a down payment to a buyer who uses mortgages insured by the Federal Housing Administration. That rule spawned a cottage industry of down payment "charities" that gave down payments to home buyers and were then reimbursed by the home seller, typically a home builder.

(Since 2002, The Wall Street Journal has published three Page One stories pointing out some of the risks of the down payment gifts. See U.S. Backed Mortgage Program Fuels Risks, Scrutiny of Down-Payment Gifts Threatens Charitable Movement, and Home Buyers' Down Payments Are Now Paid by Some Builders.)

In May 2006, the Internal Revenue Service ruled that these groups were essentially funneling down payments from the builder to the buyer, while also collecting sizable fees from the builders, and thus were not bona fide nonprofits. Despite the ruling, these groups kept giving out gifts, mostly to low-income buyers who would not be able to afford a house without them.

A year later, the Department of Housing and Urban Development proposed a rule that banned seller-funded down payment assistance. But a federal judge stayed the ban, and the charities lived on.

The final nail could be the mammoth housing bill that's expected to emerge from Congress in the coming days. It would end seller-funded down payment assistance starting in October.

HUD officials, who have been warning for years that such down payment gifts lead to higher default rates, are no doubt cheering. But it's very bad news for home builders, which have been relying more on the gifts to boost flagging home sales in the absence of subprime loans. Miami-based builder Lennar Corp., for example, said recently that 33% of the mortgages it originated used down payment assistance, according to a research note by J.P. Morgan analyst Michael Rehaut.

"We believe the legislation's elimination of seller-funded down payment assistance program.....represents a material negative for the housing market and hence the overall bill could result in more harm than good near term,'' Mr. Rehaut says.

Readers, do you agree that eliminating these programs would hurt the housing market or is this a bit of "near-term pain" for long-term gain in reducing the default risk to government-backed loans.

7500 Tax Credit FAQ

Information for First Time Home Buyers. The following are questions and answers regarding the Tax Credit

Who is eligible to claim the $7,500 tax credit? First time home buyers purchasing any kind of home-new or resale-are eligible for the tax credit. To qualify for the tax credit, a home purchase must occur on or after April 9, 2008 and before July 1, 2009. For the purposes of the tax credit, the purchase date is the date when closing occurs. What is the definition of a first-time home buyer? The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse. For example, if you have not owned a home in the past three years but your spouse has owned a principal residence, neither you nor your spouse qualifies for the first-time home buyer tax credit. Ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time home buyer. How do I claim the tax credit? Do I need to complete a form or application? Participating in the tax credit program is easy. You claim the tax credit on your federal income tax return. No other applications or forms are required. No pre-approval is necessary; however, prospective home buyers will want to be sure they qualify for the credit under the income limits and first-time home buyer tests. What types of homes will qualify for the tax credit? Any home purchased by an eligible first-time home buyer will qualify for the credit, provided that the home will be used as a principal residence and the buyer has not owned a home in the previous three years. This includes single-family detached homes, attached homes like townhouses and condominiums, manufactured homes (also known as mobile homes) and houseboats. Instead of buying a new home from a home builder, I have hired a contractor to construct a home on a lot that I already own. Do I still qualify for the tax credit? Yes. For the purposes of the home buyer tax credit, a principal residence that is constructed by the home owner is treated by the tax code as having been "purchased" on the date the owner first occupies the house. In this situation, the date of first occupancy must be on or after April 9, 2008 and before July 1, 2009. In contrast, for newly-constructed homes bought from a home builder, eligibility for the tax credit is determined by the settlement date. What is "modified adjusted gross income"? Modified adjusted gross income or MAGI is defined by the IRS. To find it, a taxpayer must first determine "adjusted gross income" or AGI. AGI is total income for a year minus certain deductions (known as "adjustments" or "above-the-line deductions"), but before itemized deductions from Schedule A or personal exemptions are subtracted. On Forms 1040 and 1040A, AGI is the last number on page 1 and first number on page 2 of the form. For Form 1040-EZ, AGI appears on line 4 (as of 2007). Note that AGI includes all forms of income including wages, salaries, interest income, dividends and capital gains. To determine modified adjusted gross income (MAGI), add to AGI certain amounts such as foreign income, foreign-housing deductions, student-loan deductions, IRA-contribution deductions and deductions for higher-education costs. If my modified adjusted gross income (MAGI) is above the limit, do I qualify for any tax credit? Possibly. It depends on your income. Partial credits of less than $7,500 are available for some taxpayers whose MAGI exceeds the phaseout limits. The credit becomes totally unavailable for individual taxpayers with a modified adjusted gross income of more than $95,000 and for married taxpayers filing joint returns with an AGI of more than $170,000. Can you give me an example of how the partial tax credit is determined? Just as an example, assume that a married couple has a modified adjusted gross income of $160,000. The applicable phaseout to qualify for the tax credit is $150,000, and the couple is $10,000 over this amount. Dividing $10,000 by $20,000 yields 0.5. When you subtract 0.5 from 1.0, the result is 0.5. To determine the amount of the partial first-time home buyer tax credit that is available to this couple, multiply $7,500 by 0.5. The result is $3,750. Here's another example: assume that an individual home buyer has a modified adjusted gross income of $88,000. The buyer's income exceeds $75,000 by $13,000. Dividing $13,000 by $20,000 yields 0.65. When you subtract 0.65 from 1.0, the result is 0.35. Multiplying $7,500 by 0.35 shows that the buyer is eligible for a partial tax credit of $2,625. Please remember that these examples are intended to provide a general idea of how the tax credit might be applied in different circumstances. You should always consult your tax advisor for information relating to your specific circumstances. Does the credit amount differ based on tax filing status? No. The credit is in general equal to $7,500 for a qualified home purchase, whether the home buyer files taxes as a single or married taxpayer. However, if a household files their taxes as "married filing separately" (in effect, filing two returns), then the credit of $7,500 is claimed as a $3,750 credit on each of the two returns. Are there any circumstances for which buyers whose incomes are at or below the $75,000 limit for singles or the $150,000 limit for married taxpayers might not be able to claim the full $7,500 tax credit? In general, the tax credit is equal to 10% of the qualified home purchase price, but the credit amount is capped or limited at $7,500. For most first-time home buyers, this means the credit will equal $7,500. For home buyers purchasing a home priced less than $75,000, the credit will equal 10% of the purchase price. I heard that the tax credit is refundable. What does that mean? The fact that the credit is refundable means that the home buyer credit can be claimed even if the taxpayer has little or no federal income tax liability to offset. Typically this involves the government sending the taxpayer a check for a portion or even all of the amount of the refundable tax credit. For example, if a qualified home buyer expected, notwithstanding the tax credit, federal income tax liability of $5,000 and had tax withholding of $4,000 for the year, then without the tax credit the taxpayer would owe the IRS $1,000 on April 15th. Suppose now that taxpayer qualified for the $7,500 home buyer tax credit. As a result, the taxpayer would receive a check for $6,500 ($7,500 minus the $1,000 owed). What is the difference between a tax credit and a tax deduction? A tax credit is a dollar-for-dollar reduction in what the taxpayer owes. That means that a taxpayer who owes $7,500 in income taxes and who receives a $7,500 tax credit would owe nothing to the IRS. A tax deduction is subtracted from the amount of income that is taxed. Using the same example, assume the taxpayer is in the 15 percent tax bracket and owes $7,500 in income taxes. If the taxpayer receives a $7,500 deduction, the taxpayer's tax liability would be reduced by $1,125 (15 percent of $7,500), or lowered from $7,500 to $6,375. Can I claim the tax credit if I finance the purchase of my home under a mortgage revenue bond (MRB) program? No. The tax credit cannot be combined with the MRB home buyer program. I live in the District of Columbia. Can I claim both the DC first-time home buyer credit and this new credit? No. You can claim only one. I am not a U.S. citizen. Can I claim the tax credit? Maybe. Anyone who is not a nonresident alien (as defined by the IRS), who has not owned a principal residence in the previous three years and who meets the income limits test may claim the tax credit for a qualified home purchase. The IRS provides a definition of "nonresident alien" in IRS Publication 519. Does the credit have to be paid back to the government? If so, what are the payback provisions? Yes, the tax credit must be repaid. Home buyers will be required to repay the credit to the government, without interest, over 15 years or when they sell the house, if there is sufficient capital gain from the sale. For example, a home buyer claiming a $7,500 credit would repay the credit at $500 per year. The home owner does not have to begin making repayments on the credit until two years after the credit is claimed. So if the tax credit is claimed on the 2008 tax return, a $500 payment is not due until the 2010 tax return is filed. If the home owner sold the home, then the remaining credit amount would be due from the profit on the home sale. If there was insufficient profit, then the remaining credit payback would be forgiven. Why must the money be repaid? Congress's intent was to provide as large a financial resource as possible for home buyers in the year that they purchase a home. In addition to helping first-time home buyers, this will maximize the stimulus for the housing market and the economy, will help stabilize home prices, and will increase home sales. The repayment requirement reduces the effect on the Federal Treasury and assumes that home buyers will benefit from stabilized and, eventually, increasing future housing prices. Because the money must be repaid, isn't the first-time home buyer program really a zero-interest loan rather than a traditional tax credit? Yes. Because the tax credit must be repaid, it operates like a zero-interest loan. Assuming an interest rate of 7%, that means the home owner saves up to $4,200 in interest payments over the 15-year repayment period. Compared to $7,500 financed through a 30-year mortgage with a 7% interest rate, the home buyer tax credit saves home buyers over $8,100 in interest payments. The program is called a tax credit because it operates through the tax code and is administered by the IRS. Also like a tax credit, it provides a reduction in tax liability in the year it is claimed. If I'm qualified for the tax credit and buy a home in 2009, can I apply the tax credit against my 2008 tax return? Yes. The law allows taxpayers to choose ("elect") to treat qualified home purchases in 2009 as if the purchase occurred on December 31, 2008. This means that the 2008 income limit (MAGI) applies and the election accelerates when the credit can be claimed (tax filing for 2008 returns instead of for 2009 returns). A benefit of this election is that a home buyer in 2009 will know their 2008 MAGI with certainty, thereby helping the buyer know whether the income limit will reduce their credit amount. For a home purchase in 2009, can I choose whether to treat the purchase as occurring in 2008 or 2009, depending on in which year my credit amount is the largest? Yes. If the applicable income phaseout would reduce your home buyer tax credit amount in 2009 and a larger credit would be available using the 2008 MAGI amounts, then you can choose the year that yields the largest credit amount. Is there any way for a home buyer to access the money allocable to the credit sooner than waiting to file their 2008 tax return? Yes. Prospective home buyers who believe they qualify for the tax credit are permitted to reduce their income tax withholding. Reducing tax withholding (up to the amount of the credit) will enable the future home buyer to accumulate cash by raising his/her take home pay. This money can then be applied to the downpayment. Buyers should adjust their withholding amount on their W-4 via their employer or through their quarterly estimated tax payment. IRS Publication 919 contains rules and guidelines for income tax withholding.