Mike Harrison's Q&A

You will want someone to calculate a true interest break even point. It is fairly simple to get enough information to make a good financial decision.Hard costs / monthly interest saving = break even in monthsThen simply decide how long you plan to keep this loan. If your break even point is before you will payoff the loan. It is worth considering a refinance.What is nice is you can basically choose how much you would like to pay for closing costs by manipulating the interest rate up and down. This can be a great financial strategy.

Yes, there are several options in Utah. USDA Rural Housing is one of them that is extremely popular. There is no mortgage insurance with this program. You can also use Utah Housing loan it offers 100% financing with a first and second mortgage. Some information can be found here.  Utah Housing Loan: a consumer's guide to a Utah housing mortgage  You can also try a VA loan if you are a veteran. Some info can be found here www.va.gov Several cities and counties have grant money to help out first time homebuyers. This can be attached to almost any FHA loan to get you nothing down.

It will affect condos in a huge way. In my area you buy a condo when you can't afford a home.If a condo does not get approved FHA the value of the condo suffers greatly. Anytime you take financing options off the table you reduce your buying pool.

No, you can't push through a USDA loan that has too much income. All loans eventually go through the Utah SLC office for Rural Housing. Even if you found an underwriter that could make an exception and stretch it the SLC Rural Housing office will turn it down before funding.The key is to understand how RDA calculates income. There are several deductions that can be considered which may put your client in a position to qualify. You can find an easy to read chart here. How to calculate income for USDA Rural Development home loans.  Unlike any other loan, when calculating the maximum income USDA will take an estimated future income. If there is potential for future earning through bonuses/overtime so watch out for that especially when you are near the maximum.  

As long as he is licensed it should not be a problem. However someone local may be able to take care of you better. They will know the best service providers (appraisers, title, RE agents, ect.) ) to use and will have a personal relationship with them in case you need a favor.

The new regulations add about two weeks to the already tedious process.

Even though the government has made it possible to use the $8,000 for down payment I do not know of a lender in Utah who will allow you to do so.A national trainer wrote this article to explain the reason why.  The $8000 Tax Credit: Can A West Bloomfield MI First-Time Homebuyer Use It For A Down Payment?

USDA Rural Housing loans are great loans what did you want to know about them?

If the appraiser miscalculated or didn't include the 500sq feet call him and talk to him about it. HVCC or not if it is an inaccurate appraisal you can get it changed to be accurate.

Certain lenders have put restriction on VA Streamlines. For example a 620 fico score, some also need a valuation on the property. These are guidelines the lender has implemented not an actual VA requirement. To guarantee the loan, VA does not have a fico score requirement or valuation requirement. You do however need to be in good standing with your current mortgage.Currently I am able to follow VA guidelines and streamline your loan with no fico or valuation requirements.