Category Archives: Mortgage
26 AugHow Affordable is Housing in Colorado?
How do you determine whether you can afford something? Typically this is an individual or family decision based on your personal budget, funds available and your goals. When I think of whether I can afford something I am normally thinking about a smaller purchase or subscription like a TV, internet or a vacation. What about [...]
Read More ...12 AugWhen is Mortgage Insurance Required?
jscreationzs/freedigitialphotos.net When is Mortgage Insurance Required? The three main mortgage types include Conventional, FHA and VA. Each have their own types of mortgage insurance each with a different name but all do the same thing – protect the lender for a portion of the mortgage in the case you default (foreclose). Conventional Conventional loans normally [...]
Read More ...05 AugFHA Mortgage Insurance May Go Up
Just one more step before HUD will have the ability to increase monthly mortgage insurance premiums as high as 1.55%. Last night, August 4, 2010, the Senate approved with unanimous support to approve HR 5981. The last step in the process to approve this bill is to obtain the president’s signature. The Change With the [...]
Read More ...04 AugDoes Refinancing Really Make Sense? Calculate It!
Refinancing always sounds like a good deal when you can reduce your interest rates and monthly payment son your mortgage but does it always make sense to refinance your mortgage? Not always, which is why you should do some calculations before hand to make sure it will really benefit you in the short term and [...]
Read More ...03 AugTax Credit Available to First Time Home Buyers Again
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 non-first [...]
Read More ...06 JulTax Credit Closing Date EXTENDED
It is finally official!! The closing date for all first time home buyers under contract prior to May 1, 2010 now have until September 30, 2010 to close. This was extended from the original closing deadline of June 30, 2010. Last week there were some news alerts stating the tax credit had been extended but [...]
Read More ...29 JunGreat CHFA Changes
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 targeted [...]
Read More ...17 JunTax Credit Deadline NOT Extended…Yet
There have been some news articles stating the tax credit was extended. If that was the case we wanted to let you know but that simply is not the case. The reason the news stories released that the tax credit was extended was because of some recent action towards that direction. Here is the story: [...]
Read More ...04 JunMortgage Credit Certificate Out of Funds??
We have shared the awesome advantages of Colorado Housing and Finance Authority’s Mortgage Credit Certificate (MCC) program – maybe too much! CHFA issued a notice to all CHFA registered MCC lenders today which states: As a result of the popularity of the CHFA MCC Program, availability of reservations for the CHFA MCC program is temporarily [...]
Read More ...04 JunFHA Condo Changes
David H. Stevens, Federal Housing Commissioner, occasionally post on HUD/FHA’s website in a series called, “From the Desk of the Commissioner”. A recent release “From the Desk…” clarified the condo changes which took effect December 7, 2009 and issued a waiver to one of the new rules. The Changes from December 7 Here is a [...]
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