FHA currently requires a minimum down payment of 3% from home buyers and beginning January 1, 2009, FHA will increase the requirement to 3.5%. If you are in the process of purchasing a home in Colorado Springs, the loan must close by December 31, 2008 in order to fall under the current guidelines (3% down payment). […]
Most lenders require a down payment in order to obtain a mortgage for a home in Colorado Springs. FHA loans only require 3% down from the buyer unlike many conventional loan products that require at least 10% down. Many buyers who do not qualify for down payment assistance programs and do not have available funds […]
There are many bank owned properties for sale in the Colorado Springs area and many buyers are seeking bank owned properties that are offered below market values in Colorado Springs. If you purchase a bank owned property, don’t forget to go over the check list below to ensure you don’t forget about the important details. […]
There are many bank owned properties for sale in the Colorado Springs area and many home buyers are looking for a bargain. Bank owned properties are generally listed below market value but that is not always the case. In other words, just because a property is bank owned, don’t assume it is a bargain! […]
The Old North End is known for it’s tree lined streets and Victorian Homes in the central area of Colorado Springs. Many home buyers who like the West side of Colorado Springs and enjoy being a little closer to the mountains, can find Victorian homes in Old Colorado City as well. In fact, “Victorian” refers to an era […]
With financing regulations tightening up in the mortgage industry, many buyers ask if it is still possible to purchase a home in Colorado Springs with zero down. Due to the sub prime mortgage mess, many of loan products are no longer available to buyers such as the 80/20 or 100% financing options. There are options […]
If you are looking to purchase a home in Colorado Springs it is best to avoid making any large purchases. Having inquiries on your credit and increased debt as a result of buying a new car can affect your credit score. If your credit score drops as a result of making an expensive purchase, you may not […]
Many buyers are reluctant to step into the market to begin looking for a home in Colorado Springs and are waiting for prices to drop even more. Although house prices are a factor, don’t forget about interest rates. Interest rates are expected to climb and a buying a house with a higher interest rate can […]
Many sellers are offering creative incentives to buyers to make their home stand out from other houses for sale in Colorado Springs. Sellers are offering cruise tickets, televisions, closing costs, and even offering to pay a buyer’s HOA dues for an entire year. Although a plus, incentives should not heavily influence a buyer’s decision when […]
If you are going to purchase a home in the Colorado Springs area and are going to obtain a loan without making a 20% down payment, mortgage insurance will be part of your monthly mortgage payment. Read Also: Buying a home in Colorado Springs and Private Mortgage Insurance With the increased numbers of foreclosures, lenders […]