Yet another change that will affect investors who purchase Fannie Mae Real Estate Owned (REO) listings. Investors will not be allowed to submit an offer on an REO property until after it has been on the market for 15 days. Within the first 15 days, only bids from buyers who will occupy the home as their primary residence […]
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 […]
If you plan on purchasing a home in foreclosure and do not plan on living in the home as your principal residence, you may be affected by the Colorado Foreclosure Protection Act. If a property falls under the Colorado Foreclosure Protection Act, investors are required to utilize a different contract when purchasing a home in foreclosure. According […]
It is now official! The tax credit has been extended through June 30, 2010. Take a look below for the details: 1.) Home buyers who have lived in their home for five consecutive years over the past eight years qualify for a $6,500 tax credit when making a home purchase. 2.) The qualifying income limits are now increased […]
The first time home buyer tax credit is going to expire on November 30th, 2009. The credit may be extended and made available to all home buyers but nothing has been made official at this time. If you are a first time home buyer, do not delay in purchasing a home in Colorado Springs if you would […]
As of July 1, 2009 all home sellers in Colorado Springs who have an appliance that operates from natural gas (i.e. furnace, water heater), are now required to have Carbon Monoxide Alarms installed within 15 feet of all bedrooms in the home. If all of the bedrooms in a home are on the same level, […]
Many home buyers in Colorado Springs that would like to buy a home but cannot afford the down payment choose to obtain down payment assistance from the Colorado Housing and Finance Authority (CHFA). Formerly, borrowers were not required to make any payments on the money received for the down payment (Silent 2nd Mortgage) until they sold or refinanced their home. Now, […]
Many home buyers in Colorado Springs that would like to buy a home but cannot afford the down payment can receive down payment assistance from the Colorado Housing and Finance Authority (CHFA). CHFA now has a new home loan program available not only to first time home buyers but also to those who have purchased a home previously. Qualified home buyers […]
Many investors have expressed frustration with only being allowed to finance a total of four investment properties. These restrictions have limited investors considerably and have resulted in many distressed properties that could have been picked up by investors in the past to sit on the market instead. With more inventory, fewer home sales, and a […]
There is another advantage available to first time home buyers who purchase a home between January 1, 2009 and November 30, 2009. First time home buyers or buyers who have not owned a home in the last three years will benefit from the $8,000 tax credit. Additionally, there are income limits (75K single and 150K […]