Just arrived home from the Camelot Resort, which is located just outside of Fruitland Utah. Here is the website link for Camelot Resorts.
Our extended family on my wife's side spent the last three days there, great environment for kids and families. Fantastic facility and the owners are very friendly as well.
We had 40 family members there and it didn't cost more then $1400 dollars to rent out the main lodge for two nights. The resort is withing 20 minutes of starvation reservoir, and 25 minutes from Strawberry reservoir. So if you like to water ski or fish this is the place! The rock formations that surround this property are simply stunning, the fresh air and amazing scenery are fantastic.
The best part was how close it was to the Wasatch front. Only an hour and fourty five minute drive from Salt Lake City or Provo Utah. I'll be posting some amazing night time photo's that my brother-in-law and I took one night during our short stay.
Finally, there are a number of wonderful lots in this area that are for sale. Not a bad summer cabin or winter cabin if you like to snowmobile or cross country ski.
The Fair Housing Administration as part of the stimulus package that has been just passed, has raised limits in some markets to fantastic limits. In reality, how many of these home owners can qualify with FHA guidelines, and what type of credit do these borrowers need to attain these loans. Both questions are important, because limited information that's been available is now suggesting that there will be a number of conditions imposed by the lenders. But these same lenders will also benefit from the protection these loan provide through FHA and the government.
The real question is if that 620 FICO score borrower will have more of a chance on their previously classified jumbo loan, and will a few bumps on their credit record not be a big issue with most of these lenders. The answer to this question is uncertain. Few lenders have even reacted quickly enough to the new limits, and with current underwriting back logs with FHA loans, these limits are yet to be tested with most wholesale lenders.
My bet is that underwriting guidelines will be still difficult. Regardless of the protection provided by the mortgage insurance on these accounts, my feeling is that due to liquidity issues and the fact that the banks have been burned with so many of these sub prime loans, that you have about a snow ball's chance in hades to get approved if your looking weak with your credit. I really hope that I'm wrong, but recent bank write offs are not a recipe for a reduction in underwriting standards. I actually think lenders will be more resistant to anyone they deem as a payment risk.
My recommendation is that you follow closely Jeff Belongers blog, and I will be posting more substantial updates in regards to underwriting issues regarding FHA loans. I don't want to discourage anyone but if you do have a questionable credit history, the best option would be to work really hard in correcting any mistakes that the bureau's could have made. Another trend I've noticed often is that a number of credit card companies are willing to remove late payments if their client is aggressive in making those missed payments. I've also noticed many more actual mistakes by creditors, so you really need to work closely with a credit specialist.
Finally, if your a consumer, make sure you work closely with someone who really understands the FHA process. I know my comments earlier in this post may not seem entirely positive, but in reality each underwriter is different, and each bank has it's own policies within FHA's guidelines. Therefore the door may slam shut at one bank but be wide open with another. It pays to be patient and persistent!
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Now more then ever you need and expert to guide you through the stormy sea of mortgage planning. Call me today for help with your next mortgage...801-599-4291
I'm on your team!!
The mortgage business is rapidly changing. The day's of anyone getting a loan are now gone. You should want someone on your side who truly understands today's ever changing market. Now more then ever a home buyer needs professional and EXPERIENCED advice.
Advice is not just a catch phrase, it can be critical to long term success in any market. Buying a home is not just finding some place to live, and if done incorrectly can put some buyers into bankruptcy and foreclosure.
I call myself a mortgage planner, because I look at the mortgage transaction as one piece of a many layered cake. It is often the foundation of future wealth for a family, but as demonstrated recently in news articles, it can also be the seeds of financial ruin. Therefore, working with a mortgage planner is critical in developing a long term management strategy in regards to your home.
In addition to helping people with mortgages, I also like to do the following;
Personally I love to swim laps, I do 3/4's of a mile 3 to 4 times a week. I also love golf, coaching my
kids little league teams, and watching sports on my big screen TV!
We love to vacation, San Diego being one of my favorite locations. My wife likes Hawaii, but either one is great. We also enjoy the mountains, lakes, and over all beauty of Utah.
The other day I drove from Phoenix Arizona to Provo Utah. I travelled up Route 89, and outside Page Arizona I had to wait 30 minutes at a construction site. I perhaps was a little impatient, but eventually a "pilot" truck arrived that then guided us up a steep gradient and through the construction site. If I had not stopped and waited for the "pilot", then there is a good chance that I could have ended up in an accident, along with a number of other travlers. My piont is that sometimes we need those pilots, and many home buyers today probably wish they had listened to some better advice before closing on their current mortgage!
For those whom want me to be more specific, my area expertise is in helping design strategic mortgage financing plans for my customers. These plans are designed with the motive of helping my client realize the power of their mortgage. Very few home owners understand the power that results from properly managing their mortgage. Freedom from debt, freedom to enjoy more of life's blessing, freedom to accomplish your desires, these are all a result of being able to say your truly FINANCIALLY FREE.
I work with a number of FIRST CLASS financial planners, insurance agents, tax specialists, and estate planners. My team of professionals will ensure your success and future freedom from debt and unnecessary taxes.
"If you need a mortgage loan talk to Karl. Karl is very knowledgeable about all the different mortgage products that exist in the market place and will give you all the best options for your individual situation based on your overall financial strategy." January 26, 2007 David Ahrens, President/CEO, Buyers Fund
Karl and Joel from the Legacy Team are the best. They sat down with my wife and I and helped us understand how our equity can be used as a tool to help us retire. They also saved me $50,000 dollars on a new purchase when the seller attempted to cancel the contract because they found another buyer that would pay more. Karl and Joel worked far and beyond what most mortgage lenders would do in a similar situation. We'll recommend all our friends to use Karl and Joel. Henry Villicana 08/06 Beaver Utah.
Karl helped us every step of the way. In allot of ways it was like going to school. Karl explained every aspect of the mortgage process to us, and event though there were a few bumps in the road, we closed on our investment home and will use Karl and his team from this point on! Neil Logan 12/07/06 Cedar City Utah.
Karl and Joel were great. They might be from the lower 48, but that doesn't matter. They understand my needs, and know how to get loans done..... Amir Azimi Tabrizi 09/12/2006 Anchorage Alaska
"Karl will take care of you without all the BS that is normally associated with getting a loan. He doesn't need all the back end tricks others play to make a good living. He is your man to get the best loan possible." January 25, 2007
Mike Lewis, VP of Sales, Home View Technologies
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