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Mortgage Info

Great News for Colorado Springs Home Buyers and Sellers!

By in Buying On January 21, 2015

  Great news for sellers in Colorado Springs that experienced a short sale in 2014.  Fortunately, the mortgage debt forgiveness act was extended one more year. Homeowners that faced a hardship and were forced to short sell their home do not have to worry about the deficiency amount since it will be forgiven under the…

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What happens if a home is damaged prior to closing?

By in Buying On December 13, 2013

    With the recent fires and floods in Colorado Springs, buyers may wonder what happens in the situation a home they are under contract for purchasing becomes damaged prior to closing. Per the Contract to Buy and Sell Real Estate: 19.2.    Damage, Inclusions and Services. Should any Inclusion or service (including utilities and…

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El Paso County Mortgage Program available to home buyers!

By in Buying On January 17, 2013

There is great program now available for those who are considering buying a home in Colorado Springs!  This program will be continuously funded so monies should never run out!  Programs we've seen in the past are only available to first time home buyers, not the case with this program!  Other programs such as CHFA have…

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Good Neighbor Next Door Program – Colorado Springs

By in Buying On October 21, 2010

Many Colorado Springs Residents are not aware of the Good Neighbor Next Door Program offered through the Department of Housing and Urban Development (HUD).  Buyers that qualify for the program include full-time teachers, firefighters, police officers, and EMTs. Buyers can choose from HUD homes (FHA insured foreclosures) in specific areas of Colorado Springs that are considered revitalization areas.  Qualified…

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Upcoming changes with FHA financing may impact home buyers

By in Buying On December 9, 2009

Many home buyers in Colorado Springs obtain FHA financing for their home purchase and may be affected by the upcoming changes with FHA guidelines.  FHA offers a low down payment requirement making it easier for many buyers to purchase a home; currently, home buyers can get into a home with  3.5%  down.  Although, the amount of the increase…

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Colorado Springs Homes: Reverse Mortgages

By in Mortgage Info On July 30, 2009

For seniors 62 and older, Reverse Mortgages may be a great option for gaining access to the equity in their home for additional income. No monthly mortgage payments are required and the equity pulled out of the home does not have to be paid back until the home is sold. Unlike other loans, there are…

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Energy-Efficient Mortgages available to VA buyers

By in Buying On July 27, 2009

VA is offering Energy-Efficient Mortgages (EEM) to borrowers who are interested in making energy-efficient improvements to their home. New borrowers or current homeowners interested in re-financing can increase their loan amount to account for the Green improvements that will be made to the home. Depending on how much the borrower’s mortgage payment is increased as…

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Colorado Springs Real Estate- Assuming VA Loans

By in Buying On July 27, 2009

  One advantage of having a VA mortgage is that it is assumable. If the interest rates skyrocketed and a buyer wanted to assume the seller’s VA loan instead of obtaining a new loan with a high interest rate, it can be done with approval of VA. If the loan was originated before March 1,…

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Colorado Springs Home Buyers, Prequalify

By in Buying On May 1, 2009

Finding a home is an exciting process; although you may want to start looking at homes right away, it is very important to get prequalified first.   The last thing you want to do is find a home you like only to find out that you do not qualify to buy it!  Looking at homes you cannot afford is a waste of your time. …

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