Monday, September 23, 2013

Don't Forget the Property Tax Credit

Now that we're almost into the fourth quarter of the year, it's a good time to remember that the property tax credit the seller gives to the buyer will affect the amount of money the buyer needs for closing costs. 

At the closing, the seller will credit the buyer one day of taxes from January 1 until the closing date.  If the taxes on a property are $2,400 a year, the tax credit will be about $2,000 if the closing is at the end of October, and about $200 more every month after that.

If the buyer is asking the seller to pay some of the buyer's closing costs, the tax credit needs to be included in the calculations when deciding how much to ask the seller to pay.  If the buyer doesn't consider the tax credit and asks for more than the buyer will actually have to pay at closing, the seller gets to keep the excess money.  Good for the seller, but bad for the buyer.

If you're going to be asking a seller to pay some of the closing costs, make sure you ask your lender if they have considered the tax credit when they tell you the amount to ask for.

Have questions about the property tax credit or anything else related to mortgages?  Then give us a call and see why they call us The Mortgage Experts.

Getting a loan approved is easy - if you know what to do.  The Mortgage Experts know what to do!!!  Call us if you want to use the best lenders in Colorado!
 
Make sure you check out our web site:
 
By the way, don't forget to refinance your current mortgage.  Rates are very, very low right now.  Don't miss out!  Call us today to get the details for your particular situation.

Tuesday, September 17, 2013

Jumbo Loans with Only 10% Down

Did you know that we sell jumbo loans (loans for more than $417,000) and we only require 10% down?  Did you know that we have some of the lowest closing costs around for jumbo loans?

Need a jumbo loan for a client or for yourself?  Give us a call.

Getting a loan approved is easy - if you know what to do.  The Mortgage Experts know what to do!!!  Call us if you want to use the best lenders in Colorado!
 
Make sure you check out our web site:
 
By the way, don't forget to refinance your current mortgage.  Rates are very, very low right now.  Don't miss out!  Call us today to get the details for your particular situation.

Thursday, September 12, 2013

Are 3% Down Loans Going Away?

You may have heard that 3% down conventional loans are going away on November 16.  That's true, except when it's not.  Here's when it's not true:

The Colorado Housing and Finance Authority (CHFA) has a conventional loan program that only requires 3% down.  It will NOT go away on November 16.

Here’s what you need to know:
  • Only 3% down and the down payment can be a gift from a relative
  • There is no mortgage insurance
  • 30-year, fixed rate mortgage
  • This is for owner-occupied properties only
  • The borrower cannot own any other properties
  • No condos, but townhouses are OK
  • The borrower does NOT have to be a first-time homebuyer
  • Maximum purchase price in the Denver-Metro area is $375,000.  Boulder County is $417,000.
  • Maximum household income in the Denver-Metro area is $79,300 for a 1-2 person household and $91,100 for a 3+ person household.  Boulder County is $93,800 for 1-2 people and $107,800 for 3+ people.
The important thing to remember is that not every lender is approved by CHFA to sell these loans.  We are one of the lenders that is approved to sell 3% down loans, along with all kinds of other loans.  That's why we are some of the top producing lenders in Colorado.

Getting a loan approved is easy - if you know what to do.  The Mortgage Experts know what to do!!!  Call us if you want to use the best lenders in Colorado!
 
Make sure you check out our web site:

 
By the way, don't forget to refinance your current mortgage.  Rates are very, very low right now.  Don't miss out!  Call us today to get the details for your particular situation.

Friday, September 6, 2013

The FHA Condominium Approval Process

Want to know more about how FHA approves a condominium? Sign up for this webinar being presented by HUD.

Webinar Course Title:  FHA Condominium Approval Process
                 
Date/Time:  September 18, 2013 1:30 pm – 3:00 pm Eastern

Location:  On-line Webinar – No Fee


Description:  FREE WEBINAR TRAINING – Online registration required.  The Program Support Division is sponsoring a webinar on FHA Condominium Approval Process; we will discuss the process itself, determining project eligibility, the loan level requirements, liabilities/monitoring, and lender requirements.  This webinar is designed for underwriters, loan officers, processors, brokers, agents, any interested parties, and any individuals new to FHA.

Special Instructions:  To register on line go to HUD’s Event Management and Registration System (EMARC) using the link above, and complete the form.  48 hours prior to the Event you will receive log-in instructions for access to the Webinar.  For additional information contact Ms. Matthews at 202-402-3794 or email her at tawanna.d.matthews@hud.gov.


Getting a loan approved is easy - if you know what to do.  The Mortgage Experts know what to do!!!  Call us if you want to use the best lenders in Colorado!
 
Make sure you check out our web site:

 
By the way, don't forget to refinance your current mortgage.  Rates are very, very low right now.  Don't miss out!  Call us today to get the details for your particular situation.

Feeling Alone at Closings?

Did you know that we attend 100% of our closings?  We're always there to answer anyone's questions.

Like the idea of having the lender at the closing?  Then give us a call and see how smooth lending can be when it's done right.

We sell all kinds of loans: conventional, FHA, VA, CHFA, and we even have a loan that only requires 3% down and it doesn't have any mortgage insurance!


Getting a loan approved is easy - if you know what to do.  The Mortgage Experts know what to do!!!  Call us if you want to use the best lenders in Colorado!
 
Make sure you check out our web site:

 
By the way, don't forget to refinance your current mortgage.  Rates are very, very low right now.  Don't miss out!  Call us today to get the details for your particular situation.