Proposed Changes for FHA Loan Program

FHA has proposed several changes to their current loan requirements, which may make it more difficult for some borrowers to receive an FHA loan in the future. The good news is that now is an excellent time to move on a new home, before changes take effect and while you can also take advantage of generous Federal Tax Credits.

Proposed changes include:
Reducing the maximum permissible seller concessions from 6% to 3%
Raising the minimum FICO score (credit score) for new FHA borrowers
Increasing the amount of up-front cash that a borrower has to bring to closing

Details and public guidance for these changes should be available by the end of January.

Time Running Out for Grant & Tax Credit

The November 30th deadline for those looking to take advantage of the $8,000 Federal Tax Credit for new homeowners is quickly approaching. Only 44 days remain until the $8,000 disappear. For most this is not nearly enough time to negotiate and wait on a short sale listing, which can take up to 6 months!

The $4,000 Utah Home Purchase Grant 2 is also running out quickly. As of today only 876 grants remain. The funds will continue until all grant funds are committed or November 30, 2009 WHICHEVER COMES FIRST. This means that up to $12,000 in free money for the purchase of a new home in Utah will disappear after November 30th.

McArthur Homes has 10 beautiful brand new homes that will be completed in time for the November 30th deadline. On most you can even choose your own carpet and appliances! Contact kristi@mcarthurhomes.com for more information.

Home Run 2 Grant Announced, $4000 for Purchase of New Home!

Fantastic news! Governor Herbert has just announced the Home Run Grant 2 Program. Similar to the original Home Run Grant, this program will offer $4,000 grants to those purchasing a new home. The even better news is that this grant can be used for homes that are under construction or for a new contract on a home to be constructed.

Here are some facts about the new grant:

What is the $4,000 Home Run 2 Grant?
The Home Run 2 Grant is a mortgage assistance program that grants $4,000 to home buyers who wish to: (A) have a new home constructed, (B) have a partially-constructed home completed, or (C) purchase a newly-constructed home. It must be the primary residence of the home buyer. Homes that have been previously occupied do not qualify.

How is Home Run 2 different from the first Home Run program?
The first Home Run program, which ended in June 2009, provided a $6,000 grant to eligible home buyers. Home Run 2 provides a $4,000 grant. The first program required that homes be ready for occupancy upon closing. Home Run 2 buyers have two additional options. They can purchase a home that is contracted for construction or partially finished and contracted for completion. Homes that have been previously occupied do not qualify.
When a Home Run 2 Grant Commitment is issued, if the Eligible Home is fully constructed, the Commitment expires 10 calendar days after the date of issuance (unless that day falls on a weekend or holiday and then it is the following business day). If the Eligible Home is somewhere in the construction process, the Commitment expires on June 30, 2010.
All other aspects of the program are materially the same as the first Home Run program, as summarized below.

Who is eligible to receive a $4,000 Home Run 2 Grant?
•Home buyers who did not receive a $6,000 grant under the previous $6,000 Home Run Grant Program.
•Home buyers (any person taking title) must meet the following income restrictions:
Single person, maximum income, $75,000
Married couple, maximum income, $150,000
If more than one unmarried person is taking title to the Eligible Home, each such single person is subject to the $75,000 income limit.
Income calculations will be determined by the Adjusted Gross Income as verified by the Approved Lender using the 2008 IRS Federal Income Tax transcript obtained directly from IRS or from an authorized third-party vendor.
•Home buyers must occupy the purchased home as a primary, permanent residence.
•If home buyers need a mortgage loan to purchase the home, the loan must be a fixed interest rate, amortizing mortgage loan with a term of 30 years or less.
•The Home Run 2 Grant Program is effective only for home purchases closed after a Home Run 2 Grant Commitment has been issued for that specific transaction. The grant funds may not be issued for homes purchased prior to obtaining the Home Run 2 Grant Commitment.

For more information, contact an approved lender or check the McArthur Homes website for updates.

Realtor VIP Club

Tips for Building Your 1st ( or 2nd or 3rd) New Home

My friend Adele is about to start the exciting process of building her 1st brand new home. Like most people, she is thrilled and also a little nervous. Actually, in her own words she is "seriously nervous to make all those decisions" and "freaking out about building!!!" She asked for a little advice and this got me thinking. With all the experience I've had working with new home buyers at the McArthur Homes Design Studio and building two homes for myself, what advice would I give to Adele and others who are building a new home? Here's what I came up with...

#1 The best thing you can do is to start with a great builder. Check customer reviews and make sure that current home owners are happy with their home and the design process. The builder you're looking at should have an in-house Design Studio so that you don't have to drive all over town picking up samples and comparing items. Most builders will let you visit the Design Studio before even signing a contract so that you can see the quality of the products that they offer. McArthur Homes, the builder I work for, offers an award-winning Design Studio. We have many full-sized kitchens and baths so that you can actually see how different combinations would look in your home. We also brought in large samples of every product so that you can really feel confidant in the selections that you have made. You can click here to check out more on the McArthur Homes Design Studio.

#2 Take the time to identify your own personal style. Most people just don't know where to start. At the McArthur Homes Design Studio I've noticed that people can easily get overwhelmed by the details when they don't have a vision of what they want their home to look like when all is said and done. I strongly recommend taking pictures of model homes, homes of friends or family that you like, finding pictures online and in magazines (I love checking out HGTV's Rate My Space for inspiration). I have a personal file at home for "dream home" ideas. I also recommend taking little notes on what you liked about each picture. Is it the color on the walls? A piece of furniture? Maybe you just like the overall cozy feeling of the room. Whatever it is, identify it and save it. Then go back through and pick out your very favorite things until you have a good idea of what you want your new home to look like. You might be surprised to find that most of the pictures you like have dark wood floors, or maybe you gravitate to lighting and plumbing with a sleek look and a brushed nickel finish.

#3 Spend money where it counts! The number one problem I have seen with new home buyers is that they often spend too much on the unimportant details and not enough where it will really make an impact. Don't be afraid to invest in your cabinets. A beautiful glazed alder cabinet will go a long way in a kitchen, even if the countertops are just a laminate. (WilsonArt has some gorgeous laminate countertop options available if you want to do something great on a budget!) Cabinets are also great for resale because no one looking at buying a home wants to have to rip out and replace cabinets. It is just too expensive to do it later. Another good place to invest in your home is on the flooring, especially in high traffic areas like entrys, kitchens and family rooms. Spend a little money to do it right the first time and you won't have to worry about ripping up and replacing things later on. I personally recommend natural hardwood floors because they can are cozy and can be refinished for years to come. I also love the new Mohawk SmartStrand carpet. In the picture below, my friend Dixie chose knotted alder cabinets with a black glaze for a rich look. An affordable laminate countertop and bright backsplash contrast nicely with the deep alder cabinets.

#4 Use contrast to your advantage. Not everyone likes a harsh contrast of black and white, but an all beige room is boring. Add some interest with one or two items that are a darker or lighter than everything else, like a bright backsplash, a deep hardwood floor or an ebony countertop. Neutral can still be exciting if there is variation in light and dark. Remember that you can always bring in color with your paint, furniture, art and accessories so you don't need to worry about creating too much color variety in your home selections. I love the combination of light countertop and flooring with deep cabinets in the pic below.


#5 Details, details, details. Drawing from your "dream home" file, take note of details that can make your home more functional, or more custom-feeling. Here are a few of my favorites:

Roll-out trays in lower kitchen cabinetry & a built-in spice rack for easy storage

Christmas light outlet in the soffit of your home (mine has a digital timer switch so that I can easily control when the Christmas lights turn off and on)

A few glass cabinets in the kitchen to showcase your fav dishware

Built-in bench at the master shower to give you that spa feel

Cabinetry built-ins, recessed niches or anything else that makes your home more functional for you

#6 Move-in and make it your own. Once you've moved into your brand new home you can really personalize it to your taste. Adding interest & texture with accent paint, draperies, wood, metal and upholstered furniture, rugs and other accesories will bring your home to life. Don't forget to refer to your "dream home" file for inspiration but also make it yours with personal touches like family photos and mementos. Then invite over your closest famiy and friends and enjoy...

If you have any questions or would like additional tips. Feel free to contact me at kristi@mcarthurhomes.com.

Additional Home Run Grants???

I have heard several reports that additional Home Run Grant funds will be announced by next Monday to correspond with the Salt Lake County Parade of Homes. Supposedly, there will be about 2,500 additional grants of $4,000 which will be available to Utahns purchasing new homes. Nothing has been confirmed, but you can check our news updates at www.mcarthurhomes.com for the latest information.

Utah County Parade of Homes Trends

Here are a few fun trends and neat ideas that I noticed at the Utah County Parade of Homes. Overall I saw a lot less Tuscan, Old World and Rustic than previous years and a little more East Coast, Contemporary, and fresh colors. Can't wait for the upcoming Salt Lake Parade of Homes, which starts August 7th.

Fabulous outside spaces, especially flagstone patios and BBQ pits. These patios are low maintenance a great space for gathering with friends and family.



To-die-for craft rooms with all the extras. I love these little ribbon holders. I found some similar drawers at Ikea that can be stained any color and then attached to the wall underneath cabinets for the same effect.


I also loved this clever art holder. Just a piece of wood with a few clips attached but it is perfect for a kids room, play room or craft room. It's much more kid friendly than using pins or magnets that can get lost or accidentally swallowed!


There were tons of other great storage ideas, like this cute mud room corner and the extra towel hooks in the bathrooms. Notice all the beadboard throughout these pics, very Pottery Barn.





Wish I had thought to take more pictures. I will post a ton after the Salt Lake Parade. By the way, McArthur Homes has won plenty of awards at Parades past. Check out our award-winning Stratford plan online here.

More grant money might become available for Utahns looking to purchase a new home!

In a recent Salt Lake Tribune article, Lt. Gov. Herbert indicated that additional funds may become available to further boost the Utah housing market. This is fantastic news for home builders and those looking to purchase a new home. The following is quoted from the Salt Lake Tribune Article by Robert Gehrke:

Lt. Gov. Gary Herbert said Tuesday he is considering a second round of state stimulus to the housing market, similar to the $6,000 Home Run Grant incentive to homebuyers that helped generate $376.7 million in home sales in the past three months.
"Housing led us into the recession and housing will lead us out," Herbert, a past president of the Utah Association of Realtors, said in a statement. He is expected to become governor should Gov. Jon Huntsman Jr. be confirmed as U.S. ambassador to China.

The specifics of the new stimulus program are still being worked out with a working group, led by Utah Housing Corporation CEO Grant Whitaker, that convened last week.

Jason Perry, Herbert's transition director, said the lieutenant governor wants to make sure any additional housing stimulus is specifically tailored to have the best possible impact.

Perry would not comment on specifics, but one possibility the group is considering would be a smaller grant that could be given to more people and could potentially include the purchase of existing homes. The Home Run grant was limited to purchase of a new, never-lived-in home.

Another option would use state funds to provide an advance on the $8,000 federal tax credit to first-time homebuyers, who would then have to repay the state when the federal money arrived.

Perry said that the governor would have the authority to implement the new program without further approval by the Legislature.

For more information, you can contact a knowledgeable McArthur Homes Community Sales Manager, or visit www.mcarthurhomes.com

Carpet from Corn? Mohawk SmartStrand Sorona

Anyone looking to re carpet their current home or planning design options for a new home- check out SmartStrand Sorona by Mohawk. This amazing new carpet is 37% renewably sourced using corn sugar! The fibers are stain resistant without having to add a stain protector that can wear off with time. They even resist bleach!


Here's what Mohawk has to say about their new product:

Mohawk's SmartStrand carpeting features break-though stain protection built into every single fiber. No chemicals to apply, no treatments to schedule and no worries — that’s the beauty of SmartStrand with DuPont™ Sorona®.

In repeated tests on tough stains like mustard and red wine, SmartStrand’s permanent built-in resistance outperformed similar fibers, including premium stain-treated nylon. SmartStrand doesn't fade even with carpet’s most feared enemy — bleach! Most stains remove easily with water and mild detergent. The spill happened days ago? It’s still no match for SmartStrand.

The McArthur Homes Design Studio carries hundreds of style and color options in this amazing new fiber. Click here for more information on our State-of-the-Art Design Studio.

McArthur Homes awarded Best of State 2009

McArthur Homes was recently awarded the 2009 Best of State for Residential Construction in the entire state. Judges recognized their innovation and business practices, successful business management in a challenging market, and remarkable achievement in customer satisfaction. The Best of State organization awards business throughout the state of Utah for achieving great success in a variety of industries, from dining, entertainment and education to construction, technology and community service. It is a great honor to recognized by this organization who seeks out the “Best of the Best!”
For more information about the Best of State and other awards that McArthur Homes has received, please visit our website www.mcarthurhomes.com

How To: Improve Your Credit Score

Here here some excerpts from a handy article from Man vs. Debt with a few tips for improving your credit score.

Reader Question: Quick Ways To Raise Credit
by Baker on March 29, 2009

There are no extremely quick ways to raise your credit!
Even some of the “quick” methods that can raise your credit, usually take 30-90 days to actually appear. And of course, the best way to build up a great credit score is gradually, over time. That being all fine and dandy, we did discuss a view strategies over a quick phone call.

Pull your credit report and check for inaccuracies!
My friend had paid to pull his credit score (which he could have got as part of a free trial at MyFico.com), but had not pulled his actual credit reports. I told him the first step and one of the quickest ways to see a turn-around in your actual score is to make sure that the information in your credit report is actually YOUR information. He was surprised to hear that my wife was the victim of identity theft several years ago and that it is the fastest growing white collar crime in the world!

Fix inaccuracies and resolve any legitimate unknowns!
I wont be diving into the exact process for reporting fraud and fixing inaccuracies (that would be a post in its own), but I do want to point out that this is the quickest way to see a major difference in your scores. If you take 3-4 fraudulent, unpaid accounts off your record, you can imagine what that might do to your score.

Also, don’t be afraid to call creditors, especially those who might hold legitimate accounts that you did not honestly know of. A couple strategies that wouldn’t help my friend, but could help you!

My friend doesn’t have any open credit cards. He has no balances and canceled his credit cards a while ago. Although I strongly believe this is a great strategy to commit to being debt-free (see Declaring War: Canceling Credit Cards), I did tell him that his mix of credit ratio (10% of overall score) was down a little because of this. Opening a new credit card wouldn’t immediately help as the new credit would temporarily ding his credit. It also wouldn’t improve his account length until much later and would only marginally improve his mix of credit.

If you DO currently have credit card debt:
Try calling all of your credit cards and asking them to raise your credit limits. See if they can raise your limits without re-inquiring on your credit score, therefore avoiding any temporary ding from an inquiry. This will lower your overall debt utilization ratio, meaning you will be using a lower percent of your total available debt, thus raising your score. Be sure to site payment history, length you’ve been a customer, etc… If all else fails, threaten to cancel the card and ask for their retention department. Credit card companies will often do just about anything to keep a customer they are making money on!

Rearranging revolving debts. Your overall utilization rate is important (see above), however so does the amount of debt on each specific card. For example someone may have a $1,000 balance with $5,000 in limits over 3 cards. In this example, let’s say one card is maxed out ($1000 of $1000 limit) and the other two have balances of $0 with $2,000 limits. This arrangement of debt is actually hurting the individual. They would be better off having $200 on this first card and $400 a piece on the remaining two. Their individual cards go from being 100%/0%/0% to being 20%/20%/20% in percent of used debt. This actually improves the credit score. Bottom line, having individual cards close to being maxed-out hurts your credit score!

2009 ENERGY STAR® LEADERSHIP IN HOUSING AWARD

McArthur Homes earns award for building new homes that protect the environment through energy efficiency

[South Jordan, Utah] – McArthur Homes is pleased to announce that it has been recognized by the U.S. Environmental Protection Agency (EPA) with a 2009 ENERGY STAR Leadership in Housing Award. This award recognizes the important contribution McArthur Homes has made to energy-efficient construction and environmental protection by building more than 79 ENERGY STAR qualified homes last year. Collectively, these homes will save our customers approximately $35,313 on utility bills each year.

The environmental benefits of these ENERGY STAR qualified homes are equal to the equivalent of:

• Eliminating the emissions from 39 vehicles;
• Saving 234,156 lbs of coal;
• Planting 64 acres of trees; or
• Saving the environment 459,227 pounds of CO2 per year.

To earn the ENERGY STAR, a home must meet strict guidelines for energy efficiency set by the U.S. Environmental Protection Agency. These homes are at least 15% more energy efficient than homes built to the 2004 International Residential Code (IRC), and include additional energy-saving features that typically make them 20–30% more efficient than standard homes.

ENERGY STAR qualified homes offer homebuyers all the features they want in a new home, plus energy-saving features like effective insulation systems, high performance windows, tight construction and ducts, properly-sized and installed efficient heating and cooling equipment, efficient products, and third-party verification of energy performance.

“Most homebuyers focus on what's outside the walls,” said Sam Rashkin, National Director for EPA's ENERGY STAR Homes Program, “but they also need to look behind the walls for the energy-efficient features found in ENERGY STAR qualified homes that help ensure comfort, quiet, improved indoor air quality, and low utility bills for years to come.”

About McArthur Homes
McArthur Homes is a locally owned and operated family business building new homes for Utah families along the Wasatch Front since 1993. McArthur has been an Energy Star partner since 2001 and has built hundreds of Energy Star qualified homes. According to Ron McArthur, “Our buyers appreciate the monthly savings on their utility bills, and also enjoy knowing that the home is better for the world and the environment”. McArthur is currently building Energy Star homes in West Jordan at Amberly and in Lehi across the freeway from Cabella’s. More information is available online at www.mcarthurhomes.com.


About ENERGY STAR
ENERGY STAR was introduced by the U.S. Environmental Protection Agency in 1992 as a voluntary market-based partnership to reduce greenhouse gas emissions through increased energy efficiency. Today, ENERGY STAR offers businesses and consumers energy-efficient solutions to save energy, money and help protect the environment for future generations. More than 12,000 organizations are ENERGY STAR partners committed to improving the energy efficiency of products, homes, buildings and businesses. For more information about ENERGY STAR, visit www.energystar.gov or call toll-free 1-888-STAR-YES (1-888-782-7937).

Home Sales Up in Utah!

The article below discusses the recent increase in home sales, due in part to the Housing Stimulus Bill. As a Design Consultant for McArthur Homes I can definitely say that we have seen a large increase in new home owners over the past couple of months. Now is a fantastic time to buy a home, not only because of the $6,000 & $8,000 grants available but also because of the fantastic interest rates and affordable pricing. For more information visit McArthur Homes.

Early Indicators Show Housing Stimulus is a Home Run
by Grant S. Whitaker, President and Chief Executive Officer, Utah Housing Corporation

Utah is only one month into our economic stimulus for housing, and house sales are hopping. Nearly 250 people have already purchased homes with $6,000 Home Run Housing Grants. With 1,600 grants available, they could be gone in a matter of months.
March activity in the Salt Lake housing market scored among the highest in the country, according to Zelman & Associates, a leading national real estate research firm that measures activity in 55 markets around the country. The Home Run grant program is cited as a key factor.
A number of home buyers are using both the $8,000 federal tax credit, available to first time home buyers, and the $6,000 Home Run grant, generating a $14,000 discount on a home purchase. When combined with historically low interest rates, this is an unparalleled opportunity for home buyers.


The sale of the excess inventory of new homes will have a positive effect of stabilizing the entire market of homes for sale, including existing homes. Whenever supply exceeds demand, home prices tumble. Clearly the sale of 1,600 new homes through Home Run will not completely restore the market, but it will help.
We are pleased to be a part of this Home Run economic stimulus program. We believe the benefits will play out in a big way as Jim Wood as projected, helping home buyers into a home, putting nearly 9,000 construction workers back to work, and generating $324 million in total earnings.

Home Run Bill Update

Here is a quick update on the "Home Run" Bill (details in article below):

The bill, which will provide up to $6,000 in down payment assistance to buyers of New Construction homes, has now passed the Senate and the House! It is expected that Governor Huntsman will sign the bill at the beginning of the week. Buyers will be able to apply for the $6,000 through their lender and the money will be distributed through Utah Housing.

For more information email kristi@mcarthurhomes.com or contact our preferred lender, Scott Smith. There is only enough money available for approximately 1,660 home buyers and it will be distributed on a first come first serve basis, so don't delay!

Potential $6,000 Down Payment Assistance for New Construction

Now really is the best time to buy a brand new home! Not only is the government offering an $8,000 tax credit, but now Utahns may be able to receive up to $6,000 in down payment assistance thanks to a new bill that has been passed by the Senate. The following article is from KSL.com:

Senate OKs bill to help buyers of new homes.
March 10th, 2009 @ 8:00am
By Mary Richards

SALT LAKE CITY -- The Utah Senate has approved a measure that would give Utahns financial help with the down payment when buying a brand new home.

Senate Bill 260, sponsored by Sen. Scott Jenkins, R-Plain City, would give people $6,000 for the down payment on a new home. The Standard Examiner reports the money would come from the $10 million Utah is set to receive for housing assistance from the federal stimulus package. The money would go to more than 1,600 buyers on a first-come, first-serve basis.

It's an effort to help homebuyers and home builders by reducing the number of new homes sitting on the market since a housing boom declined about two years ago.

The grants would apply only to a 30-year, fixed-rate mortgage for people who make no more than $75,000 a year. It's for first-time homebuyers and existing homeowners who qualify.

Realtors and economists say this program could really help the housing market. The University of Utah's Bureau of Economic and Business Research told the Standard Examiner the program could create 8,000 jobs in Utah's housing sector and add $27 million in income tax revenue for the state.

The bill now moves on to the House for consideration.

For more information on financing, contact Scott Smith, McArthur Homes' preferred lender.

What Buyers are Looking for in a Home...

Whether you are looking to sell your home, buy a home, or build a new home, it's important to know what other buyers are looking for. What will be a good investment? What will give me the biggest return on my money?

Here are a few answers from REALTOR magazine.

FIVE KITCHEN AND BATH FEATURES BUYERS WANT MOST
36% Separate shower enclosure in master bath
31% Eat-in kitchen
24% High-end appliances
23% Granite countertops
21% Kitchen island

FIVE RETROFITS BUYERS LOVE
Tile a backsplash- use a bright color or a bronzelike metallic
Add undercounter lighting- improve safety and ambiance
Paint the upper kitchen cabinets- choose a different color for a custom look
Add doors with glass panels to some cabinets-or create open shelves to display a few lovely dishes
Change the hardware- for a fresh look, install new knobs and pulls, or reface the cabinet doors

Click here for more information on which products will be the best investment for your home.

$8000 Tax Credit for 1st Time Home Buyers

By Les Christie, CNNMoney.com staff writer

Last Updated: February 17, 2009: 12:13 PM ET

NEW YORK (CNNMoney.com) -- There's a nice windfall for some homebuyers in the economic stimulus bill awaiting President Obama's signature on Tuesday. First-time buyers can claim a credit worth $8,000 - or 10% of the home's value, whichever is less - on their 2008 or 2009 taxes.

A big plus is that the credit is refundable, meaning tax filers see a refund of the full $8,000 even if their total tax bill - the amount of witholding they paid during the year plus anything extra they had to pony up when they filed their returns - was less than that amount. But there has been a lot of confusion over this provision. Adam Billings of Knoxville, Tenn. wrote to CNNMoney.com asking:

"I will qualify as a first-time home buyer, and I am currently set to get a small tax refund for 2008. Does that mean if I purchased now that I would get an extra $8,000 added on top of my current refund?"

The short answer? Yes, Billings would get back the $8,000 plus what he'd overpaid. The long answer? It depends. Here are three scenarios:

Scenario 1: Your final tax liability is normally $6,000. You've had taxes withheld from every paycheck and at the end of the year you've paid Uncle Sam $6,000. Since you've already paid him all you owe, you get the entire $8,000 tax credit as a refund check.

Scenario 2: Your final tax liability is $6,000, but you've overpaid by $1,000 through your payroll witholding. Normally you would get a $1,000 refund check. In this scenario, you get $9,000, the $8,000 credit plus the $1,000 you overpaid.

Scenario 3: Your final tax liability is $6,000, but you've underpaid through your payroll witholding by $1,000. Normally, you would have to write the IRS a $1,000 check. This time, the first $1,000 of the tax credit pays your bill, and you get the remaining $7,000 as a refund.

To qualify for the credit, the purchase must be made between Jan. 1, 2009 and Nov. 30, 2009. Buyers may not have owned a home for the past three years to qualify as "first time" buyer. They must also live in the house for at least three years, or they will be obligated to pay back the credit.

Additionally, there are income restrictions: To qualify, buyers must make less than $75,000 for singles or $150,000 for couples. (Higher-income buyers may receive a partial credit.)

Applying for the credit will be easy - or at least as easy as doing your income taxes. Just claim it on your return. No other forms or papers have to be filed. Taxpayers who have already completed their returns can file amended returns for 2008 to claim the credit.

New Home Spotlight

There are always a few homes each month that we build which really stand out to me in terms of design. The Boogaard family did a fantastic job of designing their home and I can't wait to see it once they've put their finishing touches on everything. Here is what they had to say about building and designing a new home:

What is your favorite feature or aspect of your new home?
We love the open floor plan. Having the kitchen open to the family room all with vaulted ceilings make the space feel large, but still intimate and welcoming.


What was the best part about designing your new home?
The ability to make specific product choices that work for us. We got to pick the cabinets and flooring we have always wanted, making our home custom to our lifestyle.


How did you decide on your color scheme?
We chose the cabinets and worked around them.


What plans do you have to enhance your home once you move in?
We hope to add accent colors to some of the spaces to tie in our decorating style.

What advice would you give to other new home owners who are designing their homes?
Put you upgrade money into things that will make the most difference. For us that meant the kitchen, flooring, and bathrooms. We felt that those are things that will really hold their value and be appealing to other buyers should we sell in the future.


Thanks Jordan & Ereka for letting me spotlight your home. You did a fantastic job contrasting the creme cabinets with rich floors and counter tops. I hope you enjoy your beautiful new home!

Fresh Looks for your Home

As the Design Consultant for McArthur Homes, I work with many future home owners who just don't know where to start when designing their brand new home. I suggest that they look at websites, magazines, and friends' homes to see what they like and what they don't. With that thought in mind, here are a few images that I have gathered together. Take a look and see if anything fits your personal style. In the future, I'd like to do groups of images focusing on just one style: contemporary, rustic, old world etc.

I'd love to feature your images, so send me your favorite home looks at kristi@mcarthurhomes.com

Mortgage Calculators

Lately I have heard from a lot of people that they don't know if they can qualify for a loan, or they want to know what their payment would be for a new home or refi. Well, I found a handy tool that features many different mortgage calculators. The best answers will always come from a professional loan officer, but this can get you started:

Related Resource: Refinance & Mortgage Rates. Calculator © MortgageLoan.com.

For more answers on financing, contact Scott Smith.

The Scoop on Interest Rates

With so many changes in interest rates, goverment and the economy lately, I sought out some information on what is really going on with mortgage rates. Here is the scoop from Scott Smith of Flagstar Bank:

"As many of you know, mortgage rates have improved significantly over the past 45 days. We saw extreme volatility in rates during the fourth quarter of 2008, where 30 year fixed rates ranged from 5.75% to nearly 7% within a short period of time. Thankfully they are now in the 5% range, largely due to actions by Ben Bernanke and the Federal Reserve.

On December 30 the Fed announced that they would invest nearly $500 Billion dollars between January and June of 2009 to purchase Mortgage Backed Securities from Fannie Mae, Freddie Mac, and Ginnie Mae. Banks and mortgage companies issue loans to home owners, they then pool multiple loans together, securitize them, and resell these Mortgage Backed Securites (MBS) as investments that most of us own through our 401k's and other investment accounts. The demand and purchase of these MBS dictate what home loan rates are. So the Fed's commitment to purchase these MBS has is a direct way for the government to lower mortgage rates and make housing more affordable and stimulate further selling of new and existing homes."

Feel free to call Scott if you have any questions about interest rates, what's going on with the Fed, how to qualify for a loan, or anything else that is mortgage related.

Scott Smith
Loan Officer

Office: (801) 676-5531
Cell: (801) 209-3850
Scott.Smith@flagstar.com

McArthur Homes' Sales Up in 2008!

McArthur Homes had a fantastic year in 2008. Home closings increased by 64% between 2007 and 2008. This was due in part to our great locations:

Amberley, an affordable town home community in West Jordan
Lone Tree, a single family community nestled between hills at the Ranches in Eagle Mountain
& Thanksgiving Village, a golf course community at the Thanksgiving Point Golf Course (pictured below)


Coming up in 2009 we are looking forward to the GRAND OPENING of our newest community, Thanksgiving Meadows. This neighborhood will feature manor homes and single family homes, an amazing community clubhouse with swimming pool and great proximity to Thanksgiving Point in Lehi. Look for more info on our Grand Opening, coming up February 7-14th.

Best of South Jordan Award

This year we were awarded a 2008 Best of South Jordan Award! The following is from a press release announcing our achievement:

"McArthur Homes has been selected for the 2008 Best of South Jordan Award in the Home Builders category by the U.S. Local Business Association (USLBA).

The USLBA "Best of Local Business" Award Program recognizes outstanding local businesses throughout the country. Each year, the USLBA identifies companies that they believe have achieved exceptional marketing success in their local community and business category. These are local companies that enhance the positive image of small business through service to their customers and community."

Please visit our website for more information on this and the many other awards that we have received.