Tagged : denver 
There are currently 29 blog entries matching this tag.
Explaining the FHA Mortgage
Friday, February 26th, 2010 at 12:00pm. 118 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…
Reduced Price vs Changes in Interest Rate
Tuesday, February 23rd, 2010 at 12:45pm. 244 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…
Home prices in metro Denver climb
Thursday, February 11th, 2010 at 10:45am. 90 Views, 0 Comments.
The trend lately in metro Denver is for increased home prices and January was no different. Though the number of homes sold in January decreased year over year the median sales prices increased over 16% to $210,000.
The numbers provided by Metrolist also indicate an increase in the median condo prices of 15% year over year to $130,500.
The increase in median prices is due to the mix of current buyers and the type of inventory available on the market. Basically there is not an abundance of inventory available that matches what first time home buyers are seeking.
While median home prices have climbed, the number of homes available in inventory has declined. This time last year there were 19,748 available and this year it is down 9.9% to 17,785.
The trend…
FHA implements new rules to help foreclosures sell faster
Tuesday, January 19th, 2010 at 12:19pm. 238 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…
The State of the Denver Real Estate Market – October 2009
Monday, November 9th, 2009 at 1:06am. 159 Views, 0 Comments.
Maybe you have not realized it just yet, but changes are upon us in the local metro Denver real estate market. October, 2009 has set some records in home sales, which on a broader scale indicates a shift in the market to one of recovery and strength.
During October there were 4,910 home that were placed under contract while the previous record for an October was in 2005 with 4,839 homes. The majority of these sales have been under the $400,000 mark and driven by first time home-buyers.
What caused the crazy market? Well pent up demand from the previous year to start and the $8,000 tax credit to first time home-buyers also helped to push it along. The fact that the tax credit program has been extended and expanded to also include some existing…
Learn How Your IRA Can Own Real Estate, Vacation Property and Land
Tuesday, October 27th, 2009 at 3:32pm. 891 Views, 0 Comments.
With the roller coaster rides that an investor typically endures while investing in typical stock market based securities many IRA owners are looking for alternative investment options. Alternative investment options that the major investment firms don’t promote and don’t want you to know about.
Yes there are alternative investment opportunities for an IRA than the typical mutual funds that your typical major investment firm recommends.
Self Directed Individual Retirement Accounts ( IRA ) allow you to invest in and hold a diverse range of assets. These investment opportunities include Real Estate, Land, Commercial Property, Condominiums, Rental Properties, Mobile Homes, Foreign Real Estate and MUCH MORE. Oh yeah, yes you can even leverage your…
10 Deadly Mistakes
Wednesday, October 7th, 2009 at 3:15pm. 697 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…
Beating the Deadline for the Tax Credit
Friday, September 25th, 2009 at 5:04pm. 266 Views, 0 Comments.
Here we are on September 25, 2009 in Denver, Colorado and you may be thinking that you are out of luck in taking advantage of the $8000 federal home buyer tax credit that expires on November 30, 2009.
Well it is not too late to get that Denver home you have always dreamed of and still take advantage of the government incentive. The key is to target homes that can close quickly which is where we can help.
Wondering what some of the key elements are?
Well prescreening the property is an absolute must to find out about deal killing problems before you get deep into the deal.
- Are there going to be extensive repairs needed?
- Are the appliances or systems aged?
- How is the neighborhood?
- Are there health hazards such as mold?
Additional information to know when…
First Time Home Buyers: Seven Tips to Consider
Tuesday, September 15th, 2009 at 10:35am. 648 Views, 0 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.
Shift in Housing: Small is the New Big
Monday, September 14th, 2009 at 10:24am. 254 Views, 0 Comments.
New statistics are showing that home buyers are beginning to shift their priorities when searching for their next home. The interest is shifting away from larger homes to smaller homes which are more efficient with space and economical with utilities.
More and more first time home buyers are realizing that they don’t need the five bedroom “mansions” and smaller homes will suffice when starting out even if they decide to start a family. They feel they don’t need five bedrooms when just starting out as the new trend shifts to smaller is bigger.
According to the US Census Bureau the size of single family homes has consistently grown every year since 1991. That is until 2008 when it declined to 2,215 square feet from 2,277 square feet in 2007. Homes in that…