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.