Tag Archives: colorado

You are Invited!

The beautiful house, with incredible views, is having an open house Sunday, May 22 from 11:00 am to 2:00 pm!  You are invited to come and take a look in person (slide show below)!  I hope to see you there!

2662 W 118th Ave, Westminster CO  80234

house straight on, hi def

2662 W 118th Ave, Westminster CO 80234         Click Here for more Info and Photos!

Curb Appeal: Is it worth the investment?

Here’s an article specifically talking about the value of curb appeal, from a dollars and cents perspective.  It even breaks it down to what trees and fencing are worth. Most landscaping (as with any home project) should be done for your own enjoyment, but it does add to the value of your home, either in the form of a faster sale or in the form of a higher sales price when you decide to sell.   Some experts believe that mature landscaping can add up to 25% to the value of your home.  If you have been thinking of sprucing up your exterior- have a look at this link!  It may give you some good ideas of where to invest your money.
http://www.houselogic.com/home-advice/landscaping-gardening/landscaping-home-value/

 

 

 

Water Rights Issues in Colorado!

Thinking of buying property with a well or water rights in Colorado?

The Colorado Association of Realtors hosted a training session on the issues surrounding water rights.  The video below includes a presentation from the Department of Water Resources that provides information you ought to know before buying property where you may want to use a source of water other than that supplied by a municipality (E.g.- water sources such as wells, streams, ditches, ponds, reservoirs, rain barrels, etc..).  The video also gives you information on resources you can use to determine if any water rights that come with the property are permitted for your intended use.   The video on wells and water rights is a little “dry” (no pun intended)- but it’s pretty important information to know before you buy…

The actual presentation by the Department on Water Resources starts at around minute 7:38, so unless you want to watch some advertisements that only a Real Estate Brokers would possibly care about, you might want to start watching at the 7:38 minute point in the video.

Click below to see the video and enjoy!

http://livestream.com/accounts/4105485/events/4683965/player?width=560&height=315&autoPlay=true&mute=false

New Listing- 14366 Blue Vista Way

4 Bedroom,  2.5 Baths,  2,320 Above grade sqft, 941 unfinished basement sqft

Status: ACTIVE

Asking Price:  $460,000

This 2-story home is on a cul-de-sac lot. The home has hickory wood floors, and a well designed kitchen with 42″ hickory cabinetry, a pantry, a kitchen island and stainless steel appliances included. The kitchen is open to an eat-in area and the family room w/gas fireplace, 2-story vaulted ceiling, pre-wired surround sound!  All bedrooms are on the same floor!   Formal dining room, study and main floor laundry. Sprinklers front and back. Back yard is flat and fully fenced and pre-wired for speakers. New furnace in 2014. Garage is oversized 2.5 car.

Click below for photo slide show:

For more information Contact Joan Bagwell: joan@joanbagwell.com or fill out the contact form below.

Home Buying After Foreclosure or Bankruptcy- How Long Until I Am Eligible?

Only a few short years ago, the Denver Market was flooded with short sales and foreclosure properties for sale. The bankruptcy rate in Colorado was still fairly high then. Many people lost their homes during that time and have been renting since then. With the current tight rental market and rising rental rates, they may now be wondering, “How long until I can buy again”?

The answer is “it depends…”. Bankruptcy, Foreclosure, Short Sales and Deeds-in-Lieu are all called, “derogatory credit events” in the lending world. The waiting period before you are eligible for a new home loan will vary depending on: which type of “event” you had, the circumstances that lead to it, and the type of loan you want to get for your next house (VA, FHA or Conventional).

The lending world breaks down these events types even further: Foreclosure, Deed-in-Lieu, Short Sale, Multiple Bankruptcies, Chapter 7 Bankruptcies, and Chapter 13 Bankruptcies.

VA seems to be the most forgiving of these derogatory credit events. With VA financing, the buyer is eligible for a new loan only one year after a Chapter 13 bankruptcy. The wait period for the other types of events is only two years.

For FHA, the wait period for Chapter 13 bankruptcies is also after one year of on-time payments and approval from the bankruptcy court. It is 2 years for a person having a Chapter 7 or multiple bankruptcies, and 3 years for a Foreclosure, Deed-in-Lieu, or Short Sale.

Conventional Loans tend to be less forgiving. Wait periods range from 2-7 years depending on the type of event. After the wait period is up, the buyer may also be required to come with a higher down payment amount for their new loan.

The following chart, provided by the Wynn Team with Citywide Loans, provides a “short and sweet” visual summary of the waiting periods required for each circumstance and loan type.  Here is the link to the chart:

Derog Waitng Period for mortgages

Buyers should keep in mind that even if the waiting period has elapsed, lenders still make loan approval decisions based on credit scores and debt-to-income ratios. The waiting period is an added requirement.

If you are ready to buy or sell a home, please contact me!  I would love to help you make that move!  Or, if you have any questions, also please fill out the form below.

 

Colorado Down Payment Assistance Programs!

The one of the biggest obstacles buyers face in purchasing a home is having enough money saved for both a down payment and closing costs. A minimum of 3.5% of the purchase price is required for an FHA loan, and typically, at least 5%-10% is a common requirement for a Conventional loan.

Here is what it might normally cost to buy (but read on-  good news to follow!)

For a home priced at $200,000, with FHA financing, a buyer would need at least $7,000 to meet their minimum down payment requirement.  For a conventional loan, the down payment would be at least $10,000 (5% down).  In addition, buyers will need to have funds for closing costs.  Typical closing costs might include loan origination fees, amounts to be escrowed for taxes and hazard & mortgage insurance, and various lender fees and recording fees.  These closing costs can range between 2-5% of the purchase price (up to $10,000 for a $200,000 home).  In addition, if the seller does not pay the buyer’s broker’s success fee, the buyer may be on the hook to pay that too (the broker’s fee is negotiable, but a common buyer’s broker’s fee in Colorado might be around 3% of the purchase price- about $6,000 on a $200,000 home).  The buyer may also need to pay upfront any third-party fees for services like, loan application, credit report, inspections, surveys, appraisals, etc (which may run more than $1,000 total).

The total for all of those fees, costs and down payment could potentially cost the buyer over $24,000 for a buyer using an FHA loan to buy a $200,000 home.  Needless to say, most buyers do not have that kind of cash available- especially not first-time homebuyers (who are not rolling over proceeds from the sale of their former home).      

 Now- here is the good news!

Luckily, for most buyers, the out-of-pocket costs to get into a home can be greatly reduced.  For example, in Colorado, the buyer’s broker is usually paid from the seller’s proceeds.  Also, some closing costs can be rolled into the buyer’s loan- so less needs to be paid upfront.  The purchase contract may be negotiated to have the seller pay some or all of the buyer’s closing costs.  Some third-party services, like inspections and surveys are optional- though I highly recommend having them done (it is always good to know what you are buying before parting with your money).  Down payment assistance programs are also a big source of relief to buyers that need a bit of help with the financial side of buying a home.  With all of these resources and strategies employed, it is possible to purchase a home with as little as $1000-$1500 out of the buyer’s pocket (even in today’s tougher lending environment).

For those buyers that desire as little as possible coming out of their pockets at closing, I am providing some information on down payment assistance programs available in Colorado.  Below is a list of the most commonly used assistance programs.  Some require that the buyer be a first-time homebuyer (or hasn’t owned a home in the past three years).  Some of these programs do not require being a first-timer.  In some of the programs, the assistance amount must be paid back or is gradually forgiven over time.  In other programs, the assistance is a grant, which does not need to be repaid.  Some are also location specific.  Finding the right mix of loan type and assistance program to fix a buyer’s needs can be complex- so more than likely, a buyer will need the help of a good lender to help them sift through the programs they are eligible for, as well as an experienced real estate broker (like myself) to help them find a house that will meet the requirements of both their loan type and any assistance program they may be using.

One of the lenders I have worked with is the Wynn Team at Citimortgage.  Their team of  loan officers, works with pretty much all of the assistance programs I am familiar with.  They have provided this short summary (in italics) of several of the homebuyer assistance programs available to buyers in Colorado.  Here is the list of some of the top financial resources available to buyers purchasing a home:

1.    Colorado Housing and Finance Authority (CHFA)

CHFA is probably the most well-known option to assist potential home buyers with down payment assistance or unique financing options not available through typical lending channels.  CHFA is available throughout the state of Colorado.  Here is what CHFA has to offer to home buyers looking to purchase a primary residence:

  • CHFA SmartStep Plus:       FHA (3.5% down payment) or VA (0% down payment) mortgage loan with down payment or closing cost assistance (3% of your first mortgage amount) in the form of a second mortgage payable over a term of 30 years.  Income and purchase price limits apply.
  • CHFA HomeOpener Plus:       Same exact program as the CHFA SmartStep Plus but with higher income limits and no purchase price limits.
  • CHFA Advantage:      Conventional mortgage loan with a 3% down payment requirement instead of the normal 5%.   In addition to the lower down payment requirement this loan has no up-front or monthly mortgage insurance.  Income      and purchase price limits apply..
  • CHFA Preferred:      Conventional mortgage loan similar to CHFA Advantage with the same 3% minimum down payment requirement.  The Preferred, unlike the      Advantage product, does have Mortgage Insurance  but provides an optional second mortgage (3% of your first mortgage amount) for down payment assistance.  Income and purchase price limits apply.  

2.    National Homebuyers Fund (NHF) Platinum

NHF Platinum is a new program available throughout the state of Colorado!  Just like CHFA the NHF program is available statewide.  Here is how NHF works:

  • Down payment assistance in the form of a grant (does not require repayment) in the amount of either 3% or 5% of your first mortgage loan amount.
  • Available on 30 year fixed FHA, VA or USDA mortgage loans.
  • Income limits do apply.
  • Loan limit is $417,000 or loan limits set by FHA, VA, or USDA, whichever is less.

3.    Metro Mortgage Assistance Plus (MMA)

The MMA program is very similar to the NHF Platinum program with a few small differences.  The major difference is the geographical restrictions of the MMA program.  MMA is available in the cities of Arvada, Aurora, Boulder, Brighton, Broomfield, Centennial, Dacono, Edgewater, Englewood, Golden, Lakewood, Littleton, Parker, Sheridan, Thornton, Westminster, Wheat Ridge and unincorporated Boulder and Jefferson counties. Here is how the MMA program works:

  • Down payment assistance in the form of a grant (does      not require repayment) in the amount of 4% of your first mortgage loan amount.
  • Available on 30 year fixed FHA or VA mortgage loans.
  • Income limits do apply: $91,100 for households of 1-2 people and $103,000 for a household of 3+.

4.    City & County Programs

In addition to these larger down payment assistance programs offered throughout the state or in multiple areas there are some additional programs available in certain cities or counties.  Most, if not all, of these programs require you to be a first time home buyer to qualify (to qualify as a first time home buyer you have not been on title to property within the past three years). Here are a few that are most popular in the Denver metro area:

  • Adams County
  • Arapahoe County
  • Aurora HOAP
  • CHAC (City/County of Denver and      Statewide program)
  • Douglas County
  • Jefferson County
  • City of Thornton

Each city or county has different rules and requirements for gaining access to their programs.  Other city and county programs are offered but I merely listed the most popular.  

               
5. Mortgage Credit Certificates (MCC)

Although the MCC program is not a down payment assistance program it is well worth mentioning since it is closely related to this topic.  An MCC lets home buyers claim 20-30% of their mortgage interest as a tax credit on their annual federal IRS tax returns. The remaining interest paid is still eligible for the home mortgage interest deduction.  There are currently two MCC programs available in Colorado:

CHFA MCC:       The CHFA MCC is available statewide and does not require you to obtain a CHFA first mortgage to participate.  CHFA offers a 20% MCC credit with their program.  Additional restrictions including income, purchase price, loan amount, credit, etc.      do apply to this program.  You must be a first time home buyer to qualify (some      exceptions to the first time home buyer requirement exist).  

 Denver MCC:  The Denver MCC is available within the city and county of Denver only. Denver offers a 30%  MCC credit with a $2,000 annual maximum.  Just like CHFA, Denver has some additional restrictions to be aware of including being a first time      home buyer.

Be aware- Not all lenders work with these programs!  There is usually an “approved lender” list for each program.  If you would like to contact a lender about one of these programs, or to be pre-qualified for a home loan, please fill out the form below.  I would be happy to give you the contact information for the Wynn Team and/or other qualified lenders participating in these programs. Although some of this information may be a bit overwhelming at first, the right professionals on your side can make the most of the resources available to you!  I would love to work with you in helping you through the purchasing process and buying your next home!  Please let me know how I can help!

 

New Listing- 921 Stage Coach Ave in Lochbuie

3 Bedroom, 2 1/2 Bathroom

1694 Sqft, Two-Story house built in 2010!

Light, Bright and Beautiful 2-story home built in 2010!  Backs to PANORAMIC mountain views!  No neighbors behind!  Large backyard enclosed by 6-ft privacy fence!  9-ft ceilings with recessed lighting, built-in surround sound! Ideal location– in quiet cul-de-sac, low traffic street! Laminate flooring throughout the main level. Open floor plan! Master bedroom with 5-pc bath & walk-in closet!  Appliances included– all stainless steel in kitchen! Tall kitchen cabinets!  Guest bathroom on main level!  Energy Efficient Home!  Clean, like new, & move in ready!  Only 35 minutes to downtown Denver! Quick closing possible– Normal sale!  Move in by Christmas!

CLICK ON PHOTO BELOW TO SEE SLIDESHOW OF ADDITIONAL PHOTOS!

Front view, 921 Stagecoach Ave

For more information or to request a showing- Please contact Joan @ 720-201-3049 or submit the request form below.