Home Mortgage and Finance

There are currently 151 blog entries related to this category.

 

Yesterday I wrote about how mortgage interest rates are the highest they have been in the past year and how it looks like they will be hovering around 4% for the foreseeable future. To read the full blog, click here. Now that we have an educated guess as to what rates will do most likely the rest of summer, it only makes sense to look at how this will impact the Denver Real Estate market and what it means to buyers and sellers.


If we look at historical data, we see that whenever rates increase, so does market activity. This occurs because it gets a lot of buyers off the fence who think they have forever to take advantage of the low rates. And it also convinces renters that if they don’t do something quick, their chance to own for less than rent

3,620 Views, 0 Comments.

 

This week, mortgage interest rates hit their highest level in past year and it has a lot of buyers out there pretty concerned. With an average around 4%, the rates are still near all time historical lows but when compared to the mid to low 3’s we saw in September, it is a pretty significant jump. To find out why the rates are higher now and the long term forecast for rates, I turned to the expert, Tracey McVicker with SWBC Mortgage.


According to Tracey, “interest rates have increased dramatically over the past 30 days or so.  Most of this is because the stock market has been performing so well, which is usually to the detriment of the bond market, and thus rates. We looked to be having a bit of a rebound until on Wednesday May 22, after Fed

5,354 Views, 0 Comments.

Turn a good home into a great home with a Renovation Loan. 

A FHA 203(K) Renovation Loan may be able to help you get the home you’ve always wanted, by turning a home that’s almost perfect (or a home that needs extensive repairs) into the home that’s just right for you!  You can purchase and renovate your new home, all in one loan, with only one set of closing cost. 

Don’t let the wrong carpet color, lack of central air conditioning or a poorly designed kitchen stop you from getting the home that’s almost perfect for you.  If you have a vision of the perfect home, a 203(K) loan could help you bring that vision to life.

W.J. Bradley Mortgage Capital, LLC has created a unique partnership with RenovationReady to streamline the entire FHA 203(k) loan

2,554 Views, 1 Comments.

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

3,727 Views, 1 Comments.

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

1,533 Views, 0 Comments.

 


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

2,509 Views, 0 Comments.

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

2,189 Views, 0 Comments.

 

Photo

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

2,436 Views, 0 Comments.

 

 

 

 

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

1,935 Views, 0 Comments.


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…
2,421 Views, 1 Comments.