The David Doerr Mortgage Team - NMLS #103555 Utah

03/11/2025

01/18/2024

Homebuilder sentiment improved in January, jumping 7 points to 44 on the National Association of Home Builders monthly index.

12/26/2023

11/28/2023

New Conventional Loan Limits 2024

Single Fam Duplex 3-Plex 4-Plex

UTAH

$766,550 $981,500 $1,186,350 $1,474,400

Summit Co.

$1,149,825 $1,472,250 $1,779,525 $2,211,600

11/28/2023

New Conventional Loan Limits 2024

Units. Single Fam Duplex 3-Plex 4-Plex

UTAH. $766,550 $981,500 $1,186,350 $1,474,400 Summit Co. $1,149,825 $1,472,250 $1,779,525 $2,211,600

11/06/2023

Interest rates are a hot topic these days, and you might have seen some posts claiming that they have improved a lot recently. But how true is that? 🤔

Let's look at some facts:

- Interest rates did drop last week, but that doesn't mean they will keep dropping. The fed has not announced any plans to stop raising rates, and they could change at any time.
- Interest rates vary every day, depending on the market conditions and other factors. No one can predict exactly what they will be in the future, or how low they will go.
- The best way to get accurate information is to talk to a mortgage professional who can help you understand your options and what works for you.

The graph below shows how interest rates have changed over the past year. You can see that they are still high compared to previous years, and that they fluctuate a lot. The current rates are similar to what they were in mid-September, which were not very popular either. 😉

So, should you celebrate the recent drop in interest rates? Sure, it's always good to see some relief. But should you believe that interest rates are significantly better now? No, that's not realistic.

What you should do is keep in touch with your mortgage professional, know your numbers, and buy your home when it makes sense for you.

10/31/2023

House photos, infographics, and listing agent details for 854 S 600 E, Payson, UT, 84651. This home is priced at $550000, with 4 beds, 4 baths, and 3130 sqft.

10/25/2023

Great news:

🏡 **New FHA Rules for ADUs and Rental Income** 🏡
📢 If you have an accessory dwelling unit (ADU) in your one-unit home, you should know about a recent change in how FHA treats your rental income. Here are the details:

✅ Starting Now:
Your ADU rental income will be based on either a current lease agreement or a current market rent analysis by an appraiser.
You can only use 75% of the lease or the rent analysis as your qualifying rental income.
Your ADU rental income can't exceed 30% of your total monthly qualifying income.
If you use rental income to qualify, you'll have to show 2 months of payment reserves after closing.
You still need to follow the regular FHA guidelines for downpayment (3.5%) and credit scores!

This is a new update, so feel free to contact me if you have any questions or need more information!

10/18/2023

The average mortgage rates haven't been this high since 2000.

Today, my rates are better than these. rates.loansbydd.com

Rates being this high means a couple of things:

1. As long as we don't have a crash in median income in the US, if/when rates do come down, prices will go up on real estate.

2. No one is ever able to see when the perfect time to buy real estate is happening, that can only be ascertained looking back, so IF YOU CAN AFFORD TO BUY A HOME RIGHT NOW, DO IT.

a. If rates go up, you've got a below market rate

b. If rates go down, you gain equity and can POSSIBLY refinance. Don't play "the date the rate, marry the home" UNLESS you can afford the current payment long term. That's saying bugs the heck out of me because it is complete BS, no one knows if rates will actually come back down.

So...

Go to www.loansbydd.com and let me get you pre-approved to buy a bigger, smaller, first home, or a few rental properties.