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.

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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!