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Hurry & Register Today The race will be here before you know it! And with each passing year, the Havasu Half Marathon gets bigger and better… If you haven’t registered yet, do so soon, remember register before April 1st and you’ll save $10… You also better register soon if you intend to make it under our field limit – it is looking like we will hit our participation cap this year… Woohoo!! Register Today through Active.com

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Volunteer Signup Meeting Are you in Lake Havasu City? Or do you have someone you can peer pressure that lives in Lake Havasu City? We’re having our SECOND volunteer signup meeting this Thursday (03/04/10) at our favorite brewery and restaurant. Mudshark Restaurant & Brewery 210 Swanson Avenue Lake Havasu City, AZ Meeting at 6:30pm Back Patio We simply cannot have enough volunteers from water stations, traffic safety monitors, litter control, to information and gear check in – Our volunteers truly make this event the huge success that it has become… Hope to see you this Thursday! Click here for more information…

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Become a Fan Facebook is an awesome way for us to share information with you and for YOU to share information with us! By becoming a fan of the Havasu Half Marathon it helps us learn how to put on the best races you’ll ever run – plus, it’ll enter you into our random drawings for prizes – so become a fan today!

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www.havasuhalf.com

Mobile Home Living Area: Eliminates conditional use permit requirement for living area expansion of mobile homes.

Height Exemptions for Solar Panels: Allows solar panels to exceed the underlying building height limit by up to 3 feet.  The panels must also be setback 2 feet from the roof edge.

Parking: Eliminates the requirement for RV parking within multi-family residential developments.

Lighting Wattage: Clarifies maximum unshielded lighting standards and listed types of bulbs in lumens.  The standard is 375 lumens which is equivalent to 25 watts incandescent or 7 watts compact fluorescent.

Courtyard walls: Allows courtyard walls up to 12 feet tall and maximum 20 feet wide to encroach within 10 feet of front property line.

Residential Setbacks: Allows RE, R1 and R2 properties a  20 foot front setback for non-garage structures and a 20 foot rear setback for up to 50% of the house width.

Second Utility Meter: Allows a second utility meter for residential accessory structures.

Pool Enclosure: Amended pool enclosure standards to clarify which types of barriers are required between the home and swimming pool.

For more information, Contact:

Lake Havasu City Planning Division, 2330 McCulloch Blvd N. Lake Havasu City, AZ 86403 Phone: 928-453-4148 http://www.lhcaz.gov

See the entire press release by clicking here.

This offer is good on Home Path homes.  If you are interested in viewing the available listings which qualify for this program, please contact our Team – The Concierge Service Team at Selman & Associates: 928-854-5511.

And, if you’d like to learn more about Home Path Financing, please contact our friend at Evergreen Home Loans, Lonnie Stevenson – Certified Mortgage Planning Specialist.  928-854-9400.

http://portal.hud.gov/portal/page/portal/HUD/press/press_releases_media_advisories/2010/HUDNo.10-011

As Lonnie Stevenson of Evergreen Home Loans points out, The new GFE (Good Faith Estimate) may have ramifications on the time frame in which a transaction can be completed and any changes that may affect the deal along the way.  Any “change” to rate, fees, extensions, sales price, credits etc. could impact the ability to close the loan on time.

It has never been more important to work with reputable real estate, title, and lending institutions.  This is no market to work with rookies.

To be connected with experienced professionals, contact The Concierge Service Team at 928-854-5511.

1. Increase the up-front Mortgage Insurance Premium from 1.75% to 2.25% - This will happen sometime this spring.

2. Increase Minimum FICO score to 580 – This will have no affect on you as most all mortgage servicers have already raised their minimum FICO score requirements to 620. This may however, trigger the servicer to increase their minimum FICO score to 640 as we’ve been hearing whispers of already.

3. Reducing the Seller concessions/contributions from 6% to 3% - This will be posted sometime in February and go into affect sometime the early part of summer.

4. Increased enforcement on FHA Lenders - There will be additional information posted along with the neighborhood watch starting in February. There will be additional enforcements. This affects mostly the way that lenders approve mortgages and we will see additional investor/industry guidelines because of this change.

With 3.5% down payment still allowed, up to 6% seller contribution, Upfront MIP only 1.75%, low interest rates (see below for our 2010 prediction on rates*), good inventory, and $8000 and $6500 Tax Credit through contracts written by April 30 2010……..NOW is the Time To Purchase.

Many thanks to Lonnie Stevenson at Evergreen Home Loans for the information above.  If you would like to contact him for loan pre-approval and prequalification, you may reach him at 928-854-9400 or lstevenson@evergreenhomeloans.com

Don’t forget to visit our MLS searching website http://HavasuHomesNow.com or click on our “Search The MLS” button on the top right hand side of our blog at HavasuHomeTalk.com

If You Don’t Buy a House Now, You’re Stupid or Broke
Interest rates are at historic lows but cyclical trends suggest they will soon rise. Home buyers may never see such a chance again, writes Marc Roth

By Marc Roth – Businessweek Dec 8, 2009
Well, you may not be stupid or broke. Maybe you already have a house and you don’t want to move. Or maybe you’re a Trappist monk and have forsworn all earthly possessions. Or whatever. But if you want to buy a house, now is the time, and if you don’t act soon, you will regret it. Here’s why: historically low interest rates.
As of today, the average 30-year fixed-rate loan with no points or fees is around 5%. That, as the graph above—which you can find on Mortgage-X.com—shows, is the lowest the rate has been in nearly 40 years.
In fact, rates are so well below historic averages that it should make all current and prospective homeowners take notice of this
once-in-a-lifetime opportunity.

And it is exactly that, based on what the graph shows us. Let’s look at the point on the far left.
In 1970 the rate was approximately 7.25%. After hovering there for a couple of years, it began a trend upward, landing near 10%
in late 1973. It settled at 8.5% to 9% from 1974 to the end of 1976. After the rise to 10%, that probably seemed O.K. to most
home buyers.
But they weren’t happy soon thereafter. From 1977 to 1981, a period of only 60 months, the 30-year fixed rate climbed to 18%.
As I mentioned in one of my previous articles, my dad was one of those unluckily stuck needing a loan at that time.

INTEREST RATE LESSONS

And when rates started to decline after that, they took a long time to recede to previous levels. They hit 9% for a brief time in 1986 and bounced around 10% to 11% until 1990. For the next 11 years through 2001, the rates slowly ebbed and flowed downward, ranging from 7% to 9%. We’ve since spent the last nine years, until very recently, at 6% to 7%. So you can see why 5% is so remarkable.
So, what can we learn from the historical trends and numbers?
First, rates have far further to move upward than downward; for more than 30 years, 7% was the low and 18% the high. The norm was 9% in the 1970s, 10% in the mid-1980s through the early 1990s, 7% to 8% for much of the 1990s, and 6% only over the last handful of years.
Second, the last time the long-term trends reversed from low to high, it took more than 20 years (1970 to 1992) for the rate to get back to where it was, and 30 years to actually start trending below the 1970 low.
Finally, the most important lesson is to understand the actual financial impact the rate has on the cost of purchasing and paying off a home.
Every quarter-point change in interest rates is equivalent to approximately $6,000 for every $100,000 borrowed over the course of a 30-year fixed. While different in each region, for the sake of simplicity, let’s assume that the average person is putting $40,000 down and borrowing $200,000 to pay the price of a typical home nationwide. Thus, over the course of the life of the loan, each quarter-point move up in interest rates will cost that buyer $12,000.

LOAN COSTS

Stay with me now. We are at 5%. As you can see by the graph above, as the economy stabilizes, it is reasonable for us to see 30-year fixed rates climb to 6% within the foreseeable future and probably to a range of 7% to 8% when the economy is humming again. If every quarter of a point is worth $12,000 per $200,000 borrowed, then each point is worth almost $50,000.
Let’s put that into perspective. You have a good stable job (yes, unemployment is at 10%, but another way of looking at that figure is that most of us have good stable jobs). You would like to own a $240,000 home. However, even though home prices have steadied, you may be thinking you can get another $5,000 or $10,000 discount if you wait (never mind the $8,500 or $6,500 tax credit due to run out next spring). Or you may be waiting for the news to tell you the economy is “more stable” and it’s safe to get back in the pool. In exchange for what you may think is prudence, you will risk paying $50,000 more per point in interest rate changes between now and the time you decide you are ready to buy. And you are ignoring the fact that according to the Case-Shiller index, home prices in most regions have been trending back up for the last several months.
If you are someone who is looking to buy or upgrade in the $350,000-to-$800,000 home price range, and many people out there are, then you’re borrowing $300,000 to $600,000. At 7%, the $300,000 loan will cost just under $150,000 more over the lifetime,
and the $600,000 loan an additional $300,000, if rates move up just 2% before you pull the trigger.  What I’m trying to impress upon everyone is that if you are planning on being a homeowner now and/or in the foreseeable future, or if you are looking to move your family into a bigger home, then pay more attention to the interest rates than the price of the home. If you have a steady job, good credit, and the down payment, then you really are being offered the gift of a lifetime.

This past April, my business partner from The Concierge Service Team, Mike Konen, who is an avid runner himself gave me a challenge.  He told me that he was going to sign me up for The Havasu Half Marathon in 2010 and that I had better start training.  Never having run more than a mile at one time in my life – I thought he was nuts.  But, with both diabetic parents and myself having ballooned to almost 230 pounds – I knew I needed to make a life change.  I accepted his challenge and I began walking.  Since April 29, I have been training for the half marathon which will take place next year.  Now, I’m over 50 pounds lighter than I was and I can now run 6 miles non-stop.  I’m excited to say that I feel like I’m definitely going to be ready to run this race come April.

I’m really excited that an event in our town of Lake Havasu City has been able to invoke such a change in my life.  And, I’m really thankful for a business partner who not only helps me to improve my business every day, but has improved my life and health and urged me to be a stronger and more active person.  If you would like more information about the Havasu Half Marathon, please visit www.HavasuHalf.com

If you have already gone under contract on a home under this program and you’ve taken the homebuyer class, then you’re in the clear.

If you were considering using the program but haven’t acted yet, then it is too late, but you may still qualify for the other program offering a Tax Credit to homebuyers.  Contact us for more information…  The Concierge Service Team 928-854-5511.

If you would like a PDF version of this document, please let me know.  Just give The Concierge Service Team a call at 928-854-5511 or email Dominic@TCSTnow.com

You can also contact Lonnie Stevenson, Certified Mortgage Panning Specialist at Evergreen Home Loans at 928-854-9400 or LStevenson@evergreenhomeloans.com

General Rules:

• A “first time home buyer” is defined as someone who has not owned a home in the last three years. If you are a “first-time home buyer”, your tax credit will amount to 10% of the purchase price of your new home not to exceed $8,000.

• A “long-time resident” is defined as someone who has lived in the same primary home for 5 out of the past 8 years. If you are a “long-time resident”, your tax credit will amount to 10% of the purchase price of your new home not to exceed $6,500.

• The tax credit does not need to be paid back if you continue living in the home as your primary residence for three years without selling it

• The home must be purchased for less than $800,000 before May 1, 2010. If you sign a binding contract to purchase a home before May 1st, you would need to close on the transaction before July 1, 2010.

• Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit

• You cannot purchase the home from a related party like a spouse, direct ancestor, or direct lineal descendent (child or grandchild); however, you can still qualify for the credit if you purchase a property from siblings, nephews, nieces, and others

• If you are married, both spouses must qualify for the credit

• If more than one unmarried individual is buying the property, the credit can be split up among all the individuals who qualify. However, the total credit taken cannot exceed $8,000 (or $6,500 for “long-time residents”).  Alternatively, if only one of the unmarried buyers qualifies for the credit based on their income or past home ownership status, the individual who qualifies for the credit can claim the full credit.

• The credit applies even if you have co-signers on your mortgage loan

• The credit applies to 1-4 unit homes as long as you live in one of the units as your primary residence – you could live in one unit and rent out the others

How does the tax credit work?
A tax credit is kind of like a gift certificate that you can use to pay your taxes – it reduces your income tax bill on a dollar for dollar basis. Imagine paying your bill at IRS Restaurant, and then later getting an IRS Restaurant gift certificate.
Normally, you would need to go back to IRS Restaurant and buy more food in order to use your new gift certificate. But what if IRS Restaurant allowed you to just turn in your gift certificate for cash? That’s how the home buyer tax credit works! All you need to do is file a form with the IRS after you buy your new home and they will send you a refund check for $8,000 (or $6,500) – just like the example of IRS Restaurant that allows you to exchange your gift certificate for cash! Remember though, you’ll receive the $8,000 (or $6,500) from the IRS AFTER you purchase your new home, so you cannot use the funds to help with your down payment.

For more information about the home buyer tax credit or other recent updates to the mortgage and real estate markets, just give me a call. I would be happy to assist you with your mortgage in the purchase of your new home!
To ensure compliance with requirements imposed by the Internal Revenue Service, we inform you that any U.S. federal tax advice contained in this communication (including any attachments) was not intended or written to be used, and cannot be used, by any person for the purpose of (i) avoiding tax-related penalties or (ii) promoting, marketing or recommending to another person any transaction or matter addressed in this communication. I recommend that you consult with properly licensed legal, tax and investment advisors for specific advice pertaining to your individual situation.