Colorado Springs Realty Blog

FHA currently requires a minimum down payment of 3% from home buyers and beginning January 1, 2008, FHA will increase the requirement to 3.5%. 

If you are in the process of purchasing a home in Colorado Springs, the loan must close by December 31, 2008 in order to fall under the current guidelines (3% down payment).   

Many first time homebuyers utilize the CHFA down payment assistance program; so hopefully, CHFA will increase their assistance to 3.5% from the former 3% once the new requirement is in effect.   

Also Read:  Can I buy a home in Colorado Springs with no down payment?




Providing real estate information and services for Colorado Springs home buyers and sellers

The Housing Stimulus Bill (The Housing and Economic Recovery Act of 2008) recently signed by President Bush, is expected to alleviate some of the turmoil surrounding the foreclosures bombarding the current real estate market in many areas around the nation.  The Housing Stimulus Bill entails many provisions and I will include only a few of them here.

• Increased loan limits for FHA and Jumbo loans up to $625,500
• Available tax credit up to $7,500 for first time homebuyers who purchase a home between April 2008 and July 2009.  This tax credit is paid back over a 15-year period and acts as an interest free loan.  Buyers do not qualify if their adjusted gross income is more than $75,000 ($150,000 for those filing jointly).
• FHA downpayment to increase from 3% to 3.5%
• Nonprofit down payment assistance programs (i.e. Nehemiah and AmeriDream) will be disappearing soon
• Troubled homeowners who are facing foreclosure can refinance and insure their loans (with their lender's permission of course) through FHA in order to avoid foreclosure.  It is expected 400,000 homeowners will take advantage of this option and refinance their existing loans; although, not all homeowners qualify.
• Areas of the nation hit hardest by foreclosures will be provided with emergency assistance ($4 billion) to rehabilitate and stabilize affected neighborhoods.   

More information regarding the Housing Stimulus Bill:

Housing Stimulus Bill Explained

How Housing Rescue Bill Can Help You

Housing Stimulus Bill Passed, President Says He'll Sign

For further information on available Real Estate in Colorado Springs contact your Colorado Springs Realtor, Patricia Beck.

There is no longer a redemption period for homeowners in Colorado Springs as of January 2008.  In other words, once a Colorado Springs home goes to sale through the El Paso County Public Trustee and is sold to a buyer, the homeowner no longer has 75 days to redeem the property like in the past.

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Great news!  The FHA (Federal Housing Administration) Loan Limits increased on March 5, 2008 for this year to $325,000 for El Paso and Teller Counties.  If you are looking to buy a home, now is a great time with the low interest rates, recently increased FHA loan limits, and large selection of homes to choose from in the Colorado Springs Area!  If you have questions about FHA financing or Colorado Springs Realty, feel free to contact me, you’re Colorado Springs Realtor. 

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To find out more about Colorado Springs Realty and The Colorado Springs Area contact me or visit my website.