Share Coming from a mortgage lender you might expect that we would be hopeful, even anxious, about a new home buyer tax credit, right? Well, not us and here is why… Each time the government has announced a home buyer tax credit business increases temporarily. After the expiration of the tax credit the buyers seem [...]
Share Colorado Housing and Finance Authority (CHFA) who offers the Mortgage Credit Certificate (MCC) in the state of Colorado is waiving their $500 administration fee for qualified programs and target areas. Effective with all CHFA MCC reservations made on or after August 16, 2010 CHFA is waiving the $500 MCC administration fee for all MCCs [...]
Share Colorado Housing and Finance Authority’s (CHFA) Mortgage Credit Certificate (MCC) Program is back! (wow that was a mouthful). Unlike the one time $8,000 tax credit provided by the Federal Government to stimulate home buying in 2009 and 2010, this tax credit keeps on giving. The MCC program is available to: first time home buyers [...]
Tags: CHFA, FHA, MCC, tax credit
Share We just received notification from CHFA about a few changes to their program that will help even more people qualify for down payment assistance. Here are the changes: Income limits are now based on two buckets (1-2 Person Household & 3+ Person Household) Higher income limits in targeted areas First time homebuyer restriction removed for [...]
Share On February 17, 2009, in Denver, President Obama signed the American Recovery and Reinvestment Act (ARRA). This bill had substantial changes to the federal First-Time Home Buyer Tax Credit, including eliminating the 15-year repayment obligation of the Borrower which was part of the 2008 Housing and Economic Recovery Act (HERA). However, and most pertinent, Section [...]
Tags: Assistance, CHFA, down payment, tax credit
Share We generally write about specific programs, changes and situations, but I want to recap some of the thingsI feel are important to consider in today’s market. Let’s look at the reasons to buy now. Long term mortgage rates are at 20-30 year lows According to Freddie Mac, in a press release yesterday, the average rate on a 30-year [...]
Tags: Assistance, Fannie Mae, FHA, HomePath
Share Fannie Mae released the news on January 28, 2010 that they are offering a 3.5% incentive for buyers who purchase and close on a Fannie Mae owned home between January 28 and April 30, 2010. Buyers purchasing properties listed on the HomePath website that are closed within this period may receive up to 3.5% of [...]
Tags: Appliances, Assistance, Closing Costs, Fannie Mae, Financial Assistance, HomePath, Incentive
Share Colorado Housing and Finance Authority, commonly known as CHFA, has made a few notable changes we wanted to make sure our readers were aware of. FirstStep & FirstStep Plus No Gifts Allowed for Minimum Contribution No Cosigners Allowed Non-Traditional Credit Must Be Added to Credit Report Risk Score Card No Grossing Up Income 1. [...]
Tags: Assistance, down payment, Qualifying
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