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 […]
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 […]
There are options outside of foreclosure available to homeowners who have fallen behind on their mortgage payments. Many banks have taken measures to slow down foreclosures and help troubled homeowners. Citibank not only has put a moratorium on foreclosures into effect, it is even communicating and working with homeowners who are not currently in foreclosure […]
Since the subprime mortgage mess, many buyers are having a more difficult time obtaining financing for their home. There have been many changes in the mortgage industry and buyers are required to have higher credit scores nowadays to obtain loans; there are not as many options available for subprime borrowers as there were a few […]
Many buyers do not know the difference between a pre-qualification and a pre-approval. Sellers usually require a pre-qualification or pre-approval letter accompanies a contract offer submitted for their Colorado Springs home. What good is an offer to a seller when the buyer is not qualified to buy their home? Buyers can usually pre-qualify with a […]
If you are going to buy a house the first thing you should do is take a look at your credit report about 3 months prior. By reviewing your report, you will be able to identify any errors that need to be corrected early on. You are entitled to a free copy of your credit report […]