Home Buyer Information 
This category is for information or programs related to home buyers specifically
There are currently 8 blog entries related to this category.
Explaining the FHA Mortgage
Friday, February 26th, 2010 at 12:00pm. 112 Views, 0 Comments.
Metro Denver homebuyers have been utilizing FHA backed mortgages to fund their home purchases for decades.
Some of the benefits offered by FHA backed loans are low down payment options, reasonable costs, availability to less than perfect credit and assistance if ever there is difficulty in making the payments.
To be eligible for an FHA insured mortgage a borrower must plan to occupy the property as their principal residence, have a valid social security number, have a two year employment history, not be past due on any Federal debts and meet the flexible credit requirements.
To make the FHA backed mortgage easy to understand I find it useful to give clients a pamphlet with all the pertinent information. This informational flyer can be opened through the link…
Save Now with the Homebuyers Tax Credit
Friday, February 26th, 2010 at 10:59am. 85 Views, 0 Comments.
Purchasing a home is a big step and fortunately there are trained Denver real estate professionals like your Denver Realtor to help you through the process.
Owning a metro Denver home provides many benefits to the Denver home owner. In addition to those benefits the home buyer’s tax credit and more affordable prices make now an especially opportune time to purchase your next metro Denver home.
Clients often ask what the Homebuyers tax credit offers to them. To provide you with the answers to those questions I have included a pamphlet I utilize which will fully explain the tax credit and how to take advantage of it to get an even better deal when purchasing your next home.
The pamphlet – The Homebuyers Tax Credit – Buy a Home and get a Tax Break – can be…
Reduced Price vs Changes in Interest Rate
Tuesday, February 23rd, 2010 at 12:45pm. 238 Views, 0 Comments.
Clients often ask me about the effects of price vs interest rates on payments when purchasing a Denver area home. Since there is widespread agreement in the lending industry that 2010 will bring increased interest rates I thought I would put a post together that demonstrates their effects.
I am going to use a loan value of $200,000 for this example and strictly look at principal and interest.
- Financed amount = $200,000
- Rate of interest = 5%
- Term of 30 Years
- Payment = $1073.64 per month
- Payment with 1/2% Rate increase = $1135.58
- Payment with 5% Price increase = $1127.33
- As you can see a ½% rate increase has about the same effect on payments as a 5% price increase.
To take this just one step further.
- Payment with 1% Rate increase = $1199.10
- Payment with 10% Price…
FHA implements new rules to help foreclosures sell faster
Tuesday, January 19th, 2010 at 12:19pm. 230 Views, 1 Comments.
FHA has made recent changes to their rules to help stabilize the home values and improve community distress in places where foreclosure activity is high. A temporary change of policy has been announced which will allow increased and quicker access to FHA mortgage insurance when purchasing some foreclosed properties.
Through this announcement and the $2 billion stabilization grants announced for non-profit developers and local communities announced to stem the negative effects of abandoned and vacant homes in some communities, the current administration has shown a commitment to addressing these issues.
These changes further open up the credit market to potential home buyers who often run into roadblocks obtaining conventional financing, most home buyers in…
10 Deadly Mistakes
Wednesday, October 7th, 2009 at 3:15pm. 659 Views, 2 Comments.
10 deadly mistakes Denver home buyers make when purchasing a home.
Looking for a home prior to getting prequalified
Prequalification makes your life and home buying process much easier so make sure to take the time needed to speak with a quality lender (contact me and I can refer you). By getting answers to questions on income, debt, etc., the lender can help you determine the price range that you can afford.
Not getting a home inspection
We understand that saving money is important, but skipping a home inspection to save a little money today could end up costing you a lot of money tomorrow. Qualified home inspectors can inspect a home for issues that many home buyers could easily overlook. We are happy to refer quality home inspectors.
Limiting your home…
When Price is not the Primary Factor for Buying the Right Home
Thursday, September 17th, 2009 at 12:17am. 401 Views, 3 Comments.
Make no mistake that price is a critical factor in any home purchase that takes place in metro Denver. Something we see happening however is the obsession with price which some Denver home buyers are developing to the extent that it works in detriment to their own best interests. Price is one factor, but not the only factor to consider when purchasing a home.
A Buyers and Sellers View of Value. Some of the places sellers derive value from the price they feel needs to be achieved for their perceived value while taking into account many upgrades, memories of family moments, and features which separate their home from the rest in the community. Buyers will look to the value they place on their future enjoyment of the property. They dream of what could…
First Time Home Buyers: Seven Tips to Consider
Tuesday, September 15th, 2009 at 10:35am. 630 Views, 3 Comments.
There have been many changes in the housing market since the financial crisis during 2008 and the foreclosure issues have also had an effect.
Top financial planners and economists are now offering up the following bits of wisdom for anyone that is thinking of purchasing a Denver home today.
First-Time Homebuyer Tax Credit Alert
Wednesday, March 25th, 2009 at 12:18am. 389 Views, 0 Comments.
The American Recovery and Reinvestment Act (ARRA) included a new $8,000 first-time homebuyer tax credit for 2009 home purchases. Taxpayers who have recently purchased a home or are considering buying a home, have several different ways that they can receive this tax credit – even if they have already filed their tax return.
Qualifying taxpayers who purchase a home between Jan. 1, 2009 and Dec. 1, 2009 can claim up to $8,000 or $4,000 for married individuals filing separately. Taxpayers can claim the credit either on your 2008 tax returns or 2009 tax returns next year. The credit begins to phase out at a modified adjusted gross income of more than $75,000, or $150,000 for joint filers. Taxpayers can claim 10% of the purchase price up to maximum credit.
The…