Bellevue (Denver, CO)
By Brian Petrelli, MBA, GRI
(The Brian Petrelli Team - Metro Brokers)
We are excited to announce our team's latest listing, presented by Shelbi Harris. This great brick home is located in the sought after Bellvue neighborhood in Denver just minutes from downtown and sits on a HUGE corner lot. With a finished basement, this home offers nearly 2,400 finished square feet, four bedrooms, two baths, and a gorgeous kitchen (Granite counters, stainless steel appliances, 42-inch maple cabinets, gas stove). Outside the home boasts a covered patio, a 2 car dettached garage and so much more. This home will not last long. Denver homes in this neighborhood move quickly, so if you'd like to schedule a private showing before it's gone, call our team at 303-726-1874. Bellvue Denver Home: 1395 birch street denver, CO 80220 Bellevue        $419,000.00               Beds: 4...
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By Martin Cooper
(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 invest...
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By Martin Cooper
(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 is a) h...
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By Martin Cooper
(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 fixed pr...
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By Martin Cooper
(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 could...
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By Martin Cooper
(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 beforeJuly 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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By Martin Cooper
(Your Castle Real Estate)
Loan considerations for a first time buyer Lending guidelines are changing on a daily basis for every type of loan: conventional, FHA, VA & commercial.  Nevertheless, there are still very attractive first-time home buyer options available.   If you are or will be a first-time buyer, it is critical to speak with a loan officer before looking at homes.  It is a crushing feeling to view a home, picture making it your own and then find out that you cannot qualify to purchase it.  A loan officer will pull credit, analyze debt-to-income ratios, review assets and income and determine what you can afford.  Presuming a pre-qualification occurs, the loan officer will then be able to provide an array of loan options.  Presently, FHA loans are the predominant loan for first-time home buyers as they...
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