Cheryl Knowlton:
Hi, everybody. Cheryl Knowlton, Dynamite Productions coming at you with Clay Johnson-Castle and Cooke Mortgage. So, this is hot off the press week.
Clay Johnson:
Yeah.
Cheryl Knowlton:
So yeah, let’s talk about new changes to Utah housing.
Clay Johnson:
There’s been a lot of really exciting changes actually. So, one of the ones we wanted to talk about, as you guys know, Utah housing has always had an income cap. We’ve seen a couple of interesting patterns. Last year we saw Utah County go to a higher income limit than Salt Lake County. That’s never happened. Silicon slopes, some different things.
Cheryl Knowlton:
Oh, wow.
Clay Johnson:
So, we’ve seen some big changes, and also they expanded that maximum income from 50.99 on the first home program at the top end, all the way up to like 104 at the top end. So, some big changes. But the exciting part is, we’ve had a few folks over the years that they’ll have bonus income, overtime, commissions, those types of things.
Cheryl Knowlton:
They are nightmares for an underwriter.
Clay Johnson:
Yeah. So it was like, “Okay, what’re the averages on that?” Sometimes those elements push them over the maximum income limit.
Cheryl Knowlton:
They don’t qualify.
Clay Johnson:
They don’t qualify and they get kicked out of the program.
Clay Johnson:
What we were really excited about is on a few of those Utah housing programs, which we love this program by the way, but they have said, “As long as you don’t use any of that…” So if we say, “Look, we’re just not counting any of the bonus income and we’re using just the base.” That’s the qualifying income, that’s the income cap limit that we’re going to use.
Cheryl Knowlton:
And it works.
Clay Johnson:
It works. We just saved one just last week in Vernal, and it was kind of a cool thing is that was we were able to take that part out and say, “This is the base, this is what we’re using.” And it made the deal work because it brought him back under that income maximum and it was a home run.
Cheryl Knowlton:
Beautiful. Yeah!
Clay Johnson:
Yes! So we were super happy about it.
Cheryl Knowlton:
Love it when things work.
Clay Johnson:
Anyway, if you guys need more information, comment right here below. We’ll be happy to get right back with you on it.
Cheryl Knowlton:
We’ll talk a little bit more about Utah housing in our next segment. So, stay tuned.
Clay Johnson:
All right. Bye, bye.