Alameda Hills (Denver, CO)
By Brian Petrelli, MBA, GRI
(The Brian Petrelli Team - Metro Brokers)
With so few Denver Foreclosures on the market, homes are selling quickly. As the market continues to suffer a lack of inventory, buyers are being forced to make stronger and strong offers on all types of Denver Homes. So we were excited to see that HUD just recently listed this Alameda hills Denver Home .This Denver foreclosure is listed for just $144,000 and has 1 bathrooms, 2 beds, and 728 finished square feet. HUD homes in Alameda hills Denver are rare, so expect heavy activity on this Home. If you are interested in this Alameda hills Denver foreclosure, don't wait. Contact our team today at 303-726-1874 so we can show you the Home and help you place a bid with HUD. Alameda hills Denver Home: 271 south windsor drivedenver 80219 Alameda hills $144,000 est $ Beds: 2      Fin Sq Ft: 728...
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By Ron Anderson
(Your Castle Real Estate)
  Colorado Mortgage Broker Licensing In response to the troubled national real estate market and Colorado’s high volume of home foreclosures, efforts have increased to make higher caliber professionals involved in real estate. Licensing, rules and regulations have become more stringent for agents, appraisers, title companies and mortgage brokers.  In regards to mortgage brokers, the below items are mandatory.  No longer can someone open up the Yellow Pages, claim to be a mortgage broker and then be compensated for placing a loan --- what a novel concept.  Before committing to a mortgage broker, please make sure that they are licensed in Colorado by searching for them on the following link:  http://eservices.psiexams.com/crec/search.jsp ·       Licensing All mortgage brokers conducting b...
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By Ron Anderson
(Your Castle Real Estate)
  Loan Considerations for Buy and Hold Investors     As far as investment loans, little or no money down loans are impossible.  However, lenders do permit the use of Home Equity Lines of Credit or second mortgages from other properties owned by the borrower as a source of down payment.  Or, self-employed borrowers are using funds from business lines of credit to fund down payments or renovations (please note: there are asset seasoning guidelines for doing so and the debt incurred by accessing other credit lines must be accounted for against the borrower’s debt-to-income ratio). Thus, we have clients leveraging themselves with other homes they own in order to get in with little or nothing down.  There are exceptions, but practically every lender requires Full Income Documentation on any ...
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By Ron Anderson
(Your Castle Real Estate)
  Loan Considerations for Fix & Flip / Short-Term Investors     Securing conventional financing on a fix & flip or short-term loan is not recommended.  Most conventional lenders sell off their mortgages to investors on the secondary market.  If the loan is paid off early (before six payments are made), the investor has not recovered their initial investment.  The investor will attempt to recover their loss from the lender, who will ultimately come after the loan originator.  The loan originator would then be obligated to pay back any premium paid out by the lender.  If such activity becomes habitual with the loan officer, the lender can cease doing business with them and their firm.   Furthermore, conventional loans require conventional appraisals.  The lender will require that the home...
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By Ron Anderson
(Your Castle Real Estate)
  Loan Considerations for Jumbo Mortgages   For the Greater Metro Denver area, any loan amount greater than $417,000 is considered a jumbo loan.  Fannie Mae and Freddie Mac assign different thresholds for various regions across the country.  For instance, $417,000 is not considered a jumbo loan in a high cost city like San Francisco, yet there will still be higher rates for going above $417K.    Due to the size of jumbo loans, they are considered greater risk for lenders, resulting in higher rates.  Rates have fluctuated greatly over the past few years on jumbos.  As of today, a 30 year fixed could range from 7% - 8%; a full point higher than the prime rate below a loan amount of $417,000.  Five year ARMs are popular on jumbo loans, as they typically price out a half point lower than fi...
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By Ron Anderson
(Your Castle Real Estate)
  Loan Considerations for Loan Amounts Between $200K - $417K   With all the doom and gloom publications that are mostly exaggerated, many potential borrowers believe that home mortgage lending options have dried up.  While underwriters and investors are scrutinizing files more closely, attractive rates and terms still exist for owner occupied purchasers seeking a conforming loan limit (under $417,000).  FHA and VA can still lend up to 100% LTV and conventional permits up to 97% LTV.  There are certain guidelines to meet when going to these high LTVs, but they are not impossible to surmount.   Every home buyer should first ask themselves what payment they feel comfortable in committing to on a monthly basis.  Too many buyers over-extended themselves in recent years on homes they simply c...
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By Ron Anderson
(Your Castle Real Estate)
  FHA First-Time Buyer Tax Credit   In an effort to boost the sagging real estate market and overall economy, first-time home buyers are being offered a limited time tax credit when purchasing a primary residence.  The highlights of the tax credit are: ·  The tax credit is available for first-time home buyers only. ·  The maximum credit amount is $7,500. ·  The credit is available for homes purchased on or after April 9, 2008 and before July 1, 2009. ·  Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit. ·  The tax credit works like an interest-free loan and must be repaid over a 15-year period.   Due to the volume of questions that can be generated with the above, I would recommend clicking on the below link for a...
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