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 […]
Buyers who intend to occupy a home as their principal residence, have an advantage over investors when it comes to purchasing a Fannie Mae or Freddie Mac foreclosure property. Investors still have to wait 15 days before submitting an offer, but these types of foreclosures may be a good option for investors if the property […]
Rocky Mountain Community Land Trust (RMCLT) is a non-profit organization located in Colorado Springs to help make the American dream a reality for people who could not otherwise own a home. Properties include single family homes, townhomes, and condos in various areas of Colorado Springs and El Paso County. Income limitations for this affordable housing […]
There are many types of foreclosures available in Colorado Springs and one type of foreclosure is a VA Repo. These types of properties are sold by the Veterans Administration (VA). There are a few important things buyers should be aware of when looking to purchase a VA Repo in Colorado Springs. 1. Inspection – Normally, […]
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 […]
If you are trying to sell your home and are interested in purchasing new construction, keep reading. Many builders are not entertaining contingency offers in the current real estate market. Builders would prefer building homes they already have a buyer for then to be stuck with new homes they cannot sell. If you are trying […]