Home Mortgage and Finance

There are currently 148 blog entries related to this category.

Denver recently announced the Metro Morgage Assistance plus program as a way to help more buyers reach the goal of homeownership. This program provides buyers with a 4% grant, that does not have to be repayed, that can be used towards a down payment and or closing costs. 

There are a few guidelines that you need to meet in order to qualify for the grant in addition to qualifying for a regular mortage. These criteria include:

- Must make less than $91,100 for households of two or fewer persons (and less than $103,000 for three or more).

- Must have a minimum FICO score of 640 (660 for manufactured homes) and a maximum debt-to-income ratio of 45.

- Even though a significant portion of your down payment will be supported by this grant, you may

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If you’ve been thinking about buying a new home with an FHA loan, you might want to give your lender a call!  As of April 1 FHA has made some BIG CHANGES!
 
This flexible, low money down program is great for folks without much saved for down payment or who might need a family member’s income to help qualify for a loan.  With an FHA loan your  entire 3.5% down payment can be a gift from family or if the house you find is a little more expensive than you planned, you can have family add a gift or be added to the loan to help you qualify.  In this market having that kind of flexibility with your financing can sometimes help you win the home you love.
 
As of April 1 all FHA loans with 10% down payment or less now have mortgage insurance for the life of the

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What is the Denver Real Estate market going to do as we get into spring? Historically, springtime marks the beginning of "buying season" for Real Estate in Denver and so the standard answer is that the market is really going to pick up. But with as crazy as the market has been the past three months, it is hard to say with any certainty that it can get any hotter than it is right now, but my gut says it will.

According to the S&P/Case Shiller home prices index that was released yesterday, the Denver metro area saw a 9.2% rise in home prices in January compared to last January at the same time. That marks 13 straight months of year-over-year gains and the highest gains since the housing market burst in 2006. According to an article in the Denver

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Buoyed by successes from past homeowner programs and with an eye on the future, the City and County of Denver and the Metro Mayors Caucus today launched the Metro Mortgage Assistance Plus Program, a new funding initiative to encourage home ownership.“There is no better way to help rebuild our local economy and expand the strength and vitality of our neighborhoods than to open the doors of home ownership to moderate and low-income buyers,” said Denver Mayor Michael B. Hancock.

The program reduces the usual barriers to home ownership by providing a 4% grant for down payment and closing cost assistance—money the borrower does not repay—and can offer a competitive interest rate on 30-year mortgages. The program can currently be used to purchase any property

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Has anyone every begged you to sell your home? A couple years ago, you probably would have laughed in their face. But now you will find almost every single Realtor and home-buyer begging you to sell your home. As the inventory in Denver keeps falling and more and more buyers are out and about with the nice weather looking for a house, homes for sale are literally flying off the shelf.

Don't believe me? I sent a home buyer 5 homes last night that had come on the market yesterday. By the time we went to look at 2 pm today, 4 were under contract. In some neighborhoods we aren't talking days on market, we are talking HOURS on market and I'm not exagerating.

If we take a look at some of the more popular neighborhoods you can see why we need new

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Before the bubble burst, jumbo loans, loans for more than $417,000, were as easy to come by as conforming loans. But since the market crashed, getting a jumbo loan was almost unheard of. But now that the luxury home market is doing so well, lenders are adjusting and starting to offer jumbo loans once again.

Figures from the National Association of Realtors show that sales are up by 38.7 percent from a year ago for homes with values between $750,000 to $1 million. For the over $1 million homes, sales are up 25.7 percent. Qualifying for a jumbo loan isn't as easy as qualifying for an FHA loan yet. But for those with high credit scores, lots of money in the bank and a few years of tax returns, they are definitely a viable option once

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Why aren't all Denver condos approved for FHA financing? It is a question that I get a lot, especially with first time home buyers looking for a condo in or around Downtown Denver. FHA is very unique in that you can purchase a home with as little as 3.5% down and for many first time buyers that is the difference between owning a home and not. So you would think that all condos would allow FHA financing, but unfortunately, it is more complicated than that.   FHA has set standards for condo buildings to determine if they fit within their lending criteria. These standards include the number of units that are owned by investors, the amount of commercial space in the building, the number of delinquencies in the building, reserves with the HOA and the…
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FHA mortgages are set to increase their mortgage insurance premiums come April 1st, 2013. While this might not have much impact on you if you have 5% or more to put down on your home purchase, for most first time home buyers, this is a significant change. 

FHA mortgages typically cater to first time buyers who only have the minimum of 3.5% to put down or buyers with less than stellar credit. In an effort to minimize their exposure to these sometimes riskier loans, FHA has decided to increase their premiums by .1% on most loans they insure. For the average priced home of $250,000, this is about a $20 increase per month.

While $20 a month doesn't sound like a significant increase, it is when you consider the other change FHA is making. Currently,

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As of today, there are only 7,094 homes on the market in the Denver area.     To the general public, that might seem like a high number...but as Real Estate pros, we know that this is actually a crazy low level of inventory.   What does this mean for you?   As a homeowner looking to sell, this might be the perfect time...there is WAY less competition than usual, no matter what area of town you live in, so buyers are more likely to act quickly, look past the little things that might not be perfect about your home, and write a stronger offer than they would if there were more homes to choose from.   As a person thinking about buying a home, it's important to have an agent on your side who knows how to write a great offer (which isn't…
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With all the different programs available it’s important to determine early on in the loan process which program is right for you.  Each type of mortgage has different underwriting guidelines and down payment requirements.  Figuring out which one makes the most financial sense can be tricky. How much money you have available for the down payment can play a huge role?  Below are some of the most common:

FHA is great for first time homebuyers as the minimum investment is 3.5%.  The downside of this type of financing is the cost of Mortgage Insurance.  FHA requires both “up front MI” which can get rolled into the loan, and “monthly MI” which can get rather expensive and lower the amount that you qualify for.

VA is a great option for Veterans as it offers

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