Great news for sellers in Colorado Springs that experienced a short sale in 2014. Fortunately, the mortgage debt forgiveness act was extended one more year. Homeowners that faced a hardship and were forced to short sell their home do not have to worry about the deficiency amount since it will be forgiven under the […]
With the recent fires and floods in Colorado Springs, buyers may wonder what happens in the situation a home they are under contract for purchasing becomes damaged prior to closing. Per the Contract to Buy and Sell Real Estate: 19.2. Damage, Inclusions and Services. Should any Inclusion or service (including utilities and […]
There is great program now available for those who are considering buying a home in Colorado Springs! This program will be continuously funded so monies should never run out! Programs we’ve seen in the past are only available to first time home buyers, not the case with this program! Other programs such as CHFA have […]
There is no doubt about it, short sales can be difficult when you are the owner. The banks require an enormous amount of information and paperwork from the seller and a short sale transaction can take time to complete. When you reach the end, as a seller, you are happy the short sale is closed […]
Many Colorado Springs Residents are not aware of the Good Neighbor Next Door Program offered through the Department of Housing and Urban Development (HUD). Buyers that qualify for the program include full-time teachers, firefighters, police officers, and EMTs. Buyers can choose from HUD homes (FHA insured foreclosures) in specific areas of Colorado Springs that are considered revitalization areas. Qualified […]
Many home buyers in Colorado Springs obtain FHA financing for their home purchase and may be affected by the upcoming changes with FHA guidelines. FHA offers a low down payment requirement making it easier for many buyers to purchase a home; currently, home buyers can get into a home with 3.5% down. Although, the amount of the increase […]
For seniors 62 and older, Reverse Mortgages may be a great option for gaining access to the equity in their home for additional income. No monthly mortgage payments are required and the equity pulled out of the home does not have to be paid back until the home is sold. Unlike other loans, there are […]
VA is offering Energy-Efficient Mortgages (EEM) to borrowers who are interested in making energy-efficient improvements to their home. New borrowers or current homeowners interested in re-financing can increase their loan amount to account for the Green improvements that will be made to the home. Depending on how much the borrower’s mortgage payment is increased as […]
One advantage of having a VA mortgage is that it is assumable. If the interest rates skyrocketed and a buyer wanted to assume the seller’s VA loan instead of obtaining a new loan with a high interest rate, it can be done with approval of VA. If the loan was originated before March 1, […]
Finding a home is an exciting process; although you may want to start looking at homes right away, it is very important to get prequalified first. The last thing you want to do is find a home you like only to find out that you do not qualify to buy it! Looking at homes you cannot afford is a waste of your time. […]