Down payment assistance is becoming a better deal through the Colorado Housing and Finance Authority (CHFA). To compete with some of the down payment assistance bond programs that are out there, CHFA is changing their down payment assistance second mortgages to grants. They will no longer need to be repaid!
CHFA is also removing the purchase price limits. You will still be limited to the county limit for the county your home you are purchasing is located in. These changes go into effect on 2/2/2015. Please feel free to contact Dave Slater at Academy Mortgage for any info or questions!
[This is a snippet of a blog post from Wall Street Cheat Sheet — we think you’ll find it very helpful!]
The real estate market is taking a breather from the recent rise in interest rates, but mortgage applications continue to decline. According to the Mortgage Bankers Association’s latest report for the week ended July 19, loan application Continue reading
I have to admit, you hear lots of things that are just flat out not accurate when it comes to purchasing a new home. One of the biggest and most common myths is, I have to have 20% down to purchase a home and a ton of savings in the bank. While it is no secret that lenders have tightened the guidelines Continue reading
While you may have become used to seeing mortgage interest rates at or below 4 percent, the age of historically-low rates may be coming to an end. In fact, the Mortgage Bankers Association (MBA), the national association representing the real estate finance industry, predicts 30-year mortgage rates to rise to 4.4 percent by the end of 2013. Continue reading
Myth: you can only have one VA loan at a time.
The Truth: You can use bonus entitlement to buy a second property and in most cases without having to put any money down. That is right, you heard me- you can have two VA loans at the same time. This is great news for lots of folks! Continue reading
1) Establishing a Realistic Price Range
A common mistake among first-time home buyers is purchasing more house than they can afford. You should not rely on banks to determine what you can comfortably spend on a new home. Banks are adept at determining the amount of monthly debt in the form of mortgage, insurance, credit card, student loan and auto loan payments. Continue reading
Buying a home vs. renting is a big decision that takes careful consideration, as most mortgage consultants will agree. But the rewards of home ownership are great. For many years, purchasing real estate has been considered an extremely profitable investment. Continue reading