Good Loan News

 

Here are two recently-announced pieces of really good news for home buyers.

• The Colorado Housing and Finance Authority recently raised the income limit for their down payment assistance program to $115,600.

Now more people can get help with a down payment.

• Fannie Mae and Freddie Mac raised their conforming loan limits so that more people can use a conforming loan and not be forced to use a ‘jumbo’ loan.

Contact us if you would like to hear how these pieces of news could help you.

Posted on December 7, 2018 at 1:21 pm
Fort Collins | Category: Blog, First Time Home Buyer, For Buyers, Fun Facts | Tagged , , , , , , , ,

Fantastic Cul de Sac Home in Fort Collins!

This fantastic home at 3927 Gardenwall Ct is at the end of a cul-de-sac in the popular Waterglen neighborhood features an open floor plan with vaulted ceilings and fireplace. Your new home is move-in ready. All three bedrooms, including a great master suite are on the second floor. Enjoy the large fenced back yard adjacent to a sprawling green area, while relaxing on the large stamped concrete patio. Close to I-25 and Old Town. A beautiful home and excellent value! Contact Jon Holsten for your private showing at (970) 237-2752 for more information or click the link below for more details.

http://windermerenoco.com/listing/88744179

Posted on November 30, 2018 at 11:39 am
Fort Collins | Category: Blog, For Buyers, Fort Collins Real Estate, Homes for Sale, Northern Colorado Real Estate, Virtual Tours | Tagged , , , , , , , , , , , , ,

Good News for Buyers

Here’s some good news for buyers who have been waiting for more selection…

No need to wait any more because the numbers show that more new listings are hitting the market compared to the recent past.

In Metro Denver, the number of homes for sale is up 14.42% compared to last year. 

That equates to 800 more homes to choose from.

Start spreading the news!

Posted on November 2, 2018 at 1:58 pm
Fort Collins | Category: For Buyers, Fun Facts, Housing Trends, Real Estate Market Update | Tagged , , , , , , ,

How a Windermere Agent Helped a Single Mother Pursue Her American Dream

Owning a home provides a sense of security, but the process of building towards homeownership can be overwhelming. There are obstacles that can get in the way of even the most diligent prospective buyer. For Zaharra Karungi, there were dozens of opportunities to see her dream of buying a home for herself and her daughter waylaid. But with hard work, a thoughtful lender, a baseball game, and a determined Windermere agent, Karungi is now a proud homeowner in Antioch, California.

Windermere agent James Quintero didn’t suspect he’d walk away with a new client when he attended “Windermere Real Estate Agent Appreciation Day” at an Oakland Athletics baseball game earlier this year. But that’s exactly what happened when he ran into mortgage lender Bret Henly who told him about someone special he was working with by the name of Zaharra Karungi.

Karungi’s pathway to homeownership was a winding one. Arriving from Uganda at the age of 25 with the goal of studying to become a nurse, Karungi began her time in the United States with next to nothing. A generous friend allowed her to stay in their walk-in closet for eight months, but Karungi brought with her little more than a few changes of clothes and basic necessities. While studying for her nursing degree, Karungi babysat and worked odd jobs to afford her continuing education, finally emerging as a certified vocational nurse in 2013. Now a single mother with a precocious 10-month-old daughter named Victoria, Karungi was in search of the next step of security in pursuing her American Dream: owning a home.

Finding herself frustrated with the agent she’d been working with, and outbid on multiple homes, Karungi was connected with Windermere agent James Quintero with the assistance of Henly. After attending an open house at an Antioch, CA, condo, Quintero helped Karungi make a well-constructed offer to the sellers. Despite two other offers, her bid was chosen. At Quintero’s behest, the sellers took extra care to ensure the home was unimpeachably safe for a 10-month-old like Victoria.

On August 9 of this year, Karungi received the keys to her new two-bedroom, two-bathroom condo – the same day that she officially gained her United States citizenship. Owning a home provides a sense of security and confidence, knowing that whatever happens, you have a refuge where you lay your head at night. For Zaharra Karungi it was a long time coming.

Posted on October 30, 2018 at 5:00 am
Fort Collins | Category: Blog, For Buyers | Tagged , , ,

Home Inspections Matter So Be Sure to Get Them Right

For many people, a home inspection is a hurdle that has to be overcome during the process of buying or selling a home. But, in fact, it can be a useful tool for buyers, sellers or anyone who plans to get the greatest possible value from their home.

Find out if the house you are selling has “issues”

When you’re selling a house, a pre-sale inspection can be particularly useful. By uncovering any potential problems your house may have, an inspection can give you an opportunity to address them before your first prospective buyer arrives.

In any market, a pre-sale inspection can give your home a competitive edge. Potential buyers are likely to find the kind of detailed information an inspection provides reassuring—and are encouraged to give your home a closer look.

Get to know a house before you buy it

A home is a major investment and, for many people, the greatest financial asset they have. With so much at stake, it makes sense to do what you can to protect your financial interest. Getting an inspection is a smart, simple way to do just that.

When you make a written offer on a home, insist that the offer provide that your contract is contingent on a home inspection conducted by a qualified inspector. You’ll have to pay for the inspection yourself, but an investment of a few hundred dollars could save you thousands of dollars and years of headaches. If you’re satisfied with the results of the inspection and are assured that the home you’re purchasing is in good shape, you can proceed with your transaction, confident that you are making a smart purchase.

When does a home inspection make sense?

In addition to routine maintenance and pre-sale inspections, there are a number of circumstances in which a home inspection could greatly benefit a homeowner. If you are not sure, here are a few simple questions to ask yourself:

· Was your home inspected when you bought it? If not, an inspection would be beneficial even if your home was a new construction at sale.

· Are you an older homeowner who plans to stay in your home?  If so, it makes sense to hire a professional who can inspect difficult-to-reach areas and point out maintenance of safety issues.

· Do you have a baby on the way or small children? An inspection can alert you to any potential safety issues that could possibly affect a growing family, such as mold, lead or structural problems. If mold or lead is present, be sure to rely on technicians or labs with specialized training in dealing with these conditions.

· Are you buying a home that’s under construction? You may want to hire an inspector early on and schedule phased inspections to protect your interest and ensure that the quality of construction meets your expectations.

What doesn’t your home inspection cover?

For a variety of reasons, some homes will require special inspections that are not covered by a typical home inspection. A specialty inspection might include such items as your home’s sewer scope, septic system, geotechnical conditions (for homes perched on steep slopes or where there are concerns regarding soil stability) or underground oil storage tank. If you have any questions about whether or not your home needs a specialty inspection, talk to your real estate agent.

Hire a professional

If you decide to hire a home inspector, be sure they’re licensed in your state. They should be able to provide you with their license number, which you can use to verify their status with the appropriate government agency. It’s also helpful to ask for recommendations from friends and family members. Even among licensed and qualified home inspectors, there can be a difference in knowledge, performance and communication skills, so learn what you can before you hire a home inspector to ensure that you get the detailed inspection that you want.

What to ask your home inspector

Ask the right questions to make sure you are hiring the right professional for the job.

What does your inspection cover?

Insist that you get this information in writing. Then make sure that it’s in compliance with state requirements and includes the items you want to be inspected.

How long have you been in the business?

Ask for referrals, especially with newer inspectors.

Are you experienced in residential inspections?

Residential inspection in a unique discipline with specific challenges, so it’s important to make sure the inspector is experienced in this area.

Do you make repairs or make improvements based on inspection?

Some states and/or professional associations allow the inspector to perform repair work on problems uncovered in an inspection. If you’re considering engaging your inspector to do repairs, be sure to get referrals.

How long will the inspection take?

A typical single-family dwelling takes two to three hours.

How much will it cost?

Costs can vary depending upon a variety of things, such as the square footage, age, and foundation of the house.

What type of report will you provide and when will I get it?

Ask to see samples to make sure you understand his or her reporting style. Also, make sure the timeline works for you.

Can I be there for the inspection?

This could be a valuable learning opportunity. If your inspector refuses, this should raise a red flag.

Are you a member of a professional home inspector association? What other credentials do you hold?

Ask to see their membership ID; it provides some assurance.

Do you keep your skills up to date through continuing education?

An inspector’s interest in continuing education shows a genuine commitment to performing at the highest level. It’s especially important in older homes or homes with unique elements.

Posted on October 22, 2018 at 5:00 am
Fort Collins | Category: Blog, For Buyers, For Sellers | Tagged , ,

When Buying a Short Sale Home is the Right Fit

Purchasing a home can feel overwhelming at times, but a short sale home offers a unique opportunity for a prospective buyer. A short sale occurs when a homeowner owes a lender more than their home is worth, and the lender agrees to let the owner sell the home and accept less than what is owed. Lenders may agree to a short sale because they believe it will net them more money than going forward with a lengthy and costly foreclosure process.

Short sales do differ in a number of ways from conventional home sales. Here are a few things to consider if you’re thinking about buying a short sale property.

  • Short sale homes sell for less, but not significantly less than market value.

Buyers hoping to snap up a home for half the market value will be disappointed. The selling price for short sales averages about 10 percent less than for non-distressed properties. The bank is looking to recover as much of the value of the home as possible, so they will not accept offers that are significantly under market value. That said, with savings that can equal tens of thousands of dollars, a short sale is a great way to get more house for your money.

  • Short sale properties are sold “as is”.

The lender will not be making repairs to the home. Any improvements that need to be made are most likely going to be the responsibility of the buyer. A savvy buyer’s agent/broker will get contractor bids for any necessary repairs and use those to help negotiate a lower sales price with the bank.

  • A short sale will take longer than a conventional home sale.

Once you and the seller have mutual acceptance on an offer, you need to allow 60 to 90 days for the lender approval process. There are often long stretches when the offer is slowly winding its way through the bank’s system, so buyers need to be patient.

  • If you have to sell your home first, a short sale is probably not the best fit.

Lenders generally will not take contingent offers on a short sale.

  • A short sale is one real estate transaction that you shouldn’t attempt on your own. 

Short sales are complicated transactions that involve a different process and significantly more paperwork than a standard real estate sale. An agent/broker that is unfamiliar with short sales can write an offer in such a way that they inadvertently cause their buyers to lose the deal. An experienced short sale agent/broker will protect your interest and help the process move forward smoothly.

The bottom line: As long as you can be patient, and are working with an agent/broker who understands the process, buying a short sale is a great way to purchase the house you want at a price you’ll love.

Posted on August 3, 2018 at 8:00 am
Fort Collins | Category: For Buyers | Tagged , , , ,

A Beginner’s Guide to Securing a Mortgage Loan

Entering into debt is a concept I grew up diametrically opposed to. I was raised, like many with frugal family members, to understand that anything you couldn’t pay for on the spot was something you couldn’t afford. But as we age we learn the pathway to financial growth requires a commitment beyond what many of us can deliver up front. Building and stabilizing wealth is, for many families, tied to home ownership. To reach that initial threshold, most aspiring homeowners will need to apply for a mortgage loan. That process can be daunting, but the long-term rewards of securing your home are worth it.

Step One – Break down your budget

A major financial decision like this can’t be made lightly. Many experts recommend a 50-20-30 style plan for finances, particularly for first-time homeowners. That means 50% of your budget is committed to core, unavoidable, monthly expenses like rent, groceries, loan payments, utilities, insurance, etc. The 20% segment is savings, placed in reserve towards a general or specific future financial goal. The final 30% (at maximum) is left as a remainder for personal spending, however, is most desired. Once this is set, you’re ready to evaluate the rate at which you can repay your loan and adjust accordingly.

Step Two – Take the time to get it right

It’s exciting to be in a position to purchase your first home, but if you find the right spot and realize the funds aren’t there yet it can be a huge disappointment. That’s what makes seeking pre-approval for a loan a must – particularly if it’s your first time. Having your credit in order, along with all key financial documentation (bank statements, tax returns, debt copies, prior records of significant ownership). If your credit isn’t in a great place, it’s likely worth taking the time to amend it before applying for your mortgage loan. When you earn lower interest rates and more manageable monthly payments you’ll be thankful for your prudence.

Step Three – The bigger the down payment the better

It’s rare that first-time homebuyers have significant cash on hand, but whatever you can muster makes a difference. Typically, the greater a down payment you can muster, the lower your subsequent interest rates will be. For many, there’s only so much that’s tenable as a bulk sum up front, of course. If that fits your situation, seeking a loan insured by the Federal Housing Administration (FHA) can earn you a healthy loan for a down payment of just 3.5% of your home’s total value. To calculate the limitations of your target home’s loan options, you can input your information on the Department of Housing and Urban Development (HUD) website here.

Step Four – Stick to the plan!

After all the effort you’ll go through to secure a mortgage loan, you’ve earned the home it’s helped you purchase. That loan, like any loan, is contingent on your continued monthly payments. It can feel daunting and dispiriting after a time to continually be paying for a home you’re already living in, but maintaining your financial balance is vital. You’ll never be able to predict every expense that comes up but maintaining your budget towards paying off your mortgage loans will set you up to be more financially flexible in the future. Should you ever hope to purchase a second home or other major investments requiring of loans, having a record of consistent mortgage loan payment can help you secure far more favorable interest rates in the future.

A mortgage loan, like any loan, is a major commitment, but entering into homeownership is a massive step towards financial stability and future life-planning. With proper patience and focus, you can get the loan you need at the rate you can afford.

Posted on July 20, 2018 at 5:00 am
Fort Collins | Category: For Buyers | Tagged , , ,

What’s in a Condo? The In-Between Style of Home That Might Be the Right Fit for You

Condominium homes are a great, low-maintenance choice for a primary residence, second home, or investment property. This alternative to the traditional single-family home has unique issues to consider before buying, as well as unique benefits. Here’s some background information to help you decide whether purchasing a condo is a good match for you.

Increasingly, condos are not just for first-time homebuyers looking for a less expensive entry into the housing market. Empty-nesters and retirees are happy to give up mowing the lawn and painting the house. Busy professionals can experience luxury living knowing their home is safe and well-maintained while they are away on business.  If you are considering buying a condominium for a home, here are a few things you should know:

Condominium basics:

With condominiums, you own everything in your unit on your side of the walls. Individual owners hold title to the condominium unit only, not the land beneath the unit. All owners share title to the common areas: the grounds, lobby, halls, parking areas and other amenities. A homeowners’ association (HOA) usually manages the complex and collects a monthly fee from all condominium owners to pay for the operation and maintenance of the property. These fees may include such items as insurance, landscape, and grounds upkeep, pool maintenance, security, and administrative costs.

The owners of the units in a condominium are all automatic members of the condo association. The association is run by a volunteer Board of Directors, who manage the operations and upkeep of the property. A professional management company may also be involved in assisting the board in their decisions. The condo association also administers rules and regulations designed to ensure safety and maintain the value of your investment. Examples include whether or not pets are allowed and the hours of use for condominium facilities, such as pools and work-out rooms. Should a major expense occur, all owners are responsible for paying their fair share of the expense.

The pros and cons of condominium living:

The condominium lifestyle has many benefits, but condominium ownership isn’t for everyone. Part of it depends on your lifestyle. Condominium living may not be optimum for large families with active kids. The other factor is personal style. By necessity, condominium associations have a number of standardized rules. You need to decide whether these regulations work for you or not. Here are some points to keep in mind if you’re considering condominium living.

Cost: Condominium homes typically cost less than houses, so they’re a great choice for first-time buyers. However, because condominiums are concentrated in more expensive locations, and sizes are generally smaller than a comparable single-family home, the price per square foot for a condominium is usually higher.

Convenience: People who love living in condominiums always cite the convenience factor. It’s nice to have someone else take care of landscaping, upkeep, and security. Condominium homes are often located in urban areas where restaurants, groceries, and entertainment are just a short walk away.

Luxury amenities: May condominiums offer an array of amenities that the majority of homeowners couldn’t afford on their own, such as fitness centers, clubhouses, wine cellars, roof-top decks, and swimming pools. Lobbies of upscale condominiums can rival those of four-star hotels, making a great impression on residents.

Privacy: Since you share common walls and floors with other condominium owners, there is less privacy than what you’d expect in a single-family home. While condominiums are built with noise abatement features, you may still occasionally hear the sound of your neighbors.

Space: With the exception of very high-end units, condominiums are generally smaller than single-family homes. That means less storage space and often, smaller rooms. The patios and balconies of individual units are usually much smaller as well.

Autonomy: As a condominium owner, you are required to follow the laws of the associations. That means giving up a certain about of control and getting involved in the group decision-making process. Laws vary greatly from property to property, and some people may find certain rules too restrictive. If you long to paint your front door red or decorate your deck with tiki lanterns, condominium living might not be for you.

Things to consider when you decide to buy:

Condominium homes vary from intimate studios to eclectic lofts and luxury penthouses. The right condominium is the one that best fits your lifestyle. Here are a few questions to ask to determine which condominium is right for you.

How will you use it? 

Will your condominium be your primary residence? A second home? An investment property? While a studio may be too small for a primary residence, it might be a perfect beachfront getaway. Also, consider how your lifestyle may change over the next five to seven years. If you are close to retirement, you may want to have the option of turning a vacation condominium into your permanent home.

Where would you like to live?

Some people love the excitement and sophistication of urban living. Others dream of skiing every weekend. Whether it’s the sound of the surf or the lure of the golf course, a condominium home affords you the ability to live a carefree lifestyle in virtually any setting.

What amenities are most important to you?

The variety of condominium amenities increases each year. Decide what you want, and you can be assured of finding it. Most urban and resort condominiums have an enticing array of extras, from spas to movie screening rooms to tennis courts.

What are your specific needs?

Do you have a pet? Some associations don’t allow them; others have limitations on their size. Parking can be a major issue, especially in dense, urban areas. How many spaces do you get per unit? Do you pay extra if you have more vehicles?

Finally, once you’ve found a property you like, examine the association’s declaration, rules, and bylaws to make sure they fit your needs. The association will provide you with an outline of their monthly fees and exactly what they cover so you can accurately budget your expenses.

Review the association board’s meeting minutes from the past year to get an idea of any issues the association is working on. An analysis of sales demand and property appreciation compared to like units may help ensure that you make the best possible investment.

Posted on July 13, 2018 at 5:00 am
Fort Collins | Category: For Buyers | Tagged , ,

The Risks and Rewards of Purchasing a Bank-Owned Home

The process of purchasing a home directly from a lender can be long and arduous, but could very well be worth it in the end. If you have your sights on a particular home or are looking to find a deal on your first, working directly with the lender may be your only option. Purchasing a bank-owned home is not for the faint of heart, here are some tips for negotiating the REO process:

1. Be prepared: The condition of bank-owned properties are often poor and hard to show. Past owners may have departed on bad terms, leaving the home in poor condition with foul smells, missing appliances, wires taken from breakers, gas fireplaces gone, even bathrooms without toilets and sinks.

2. Understand the costs: Maintenance or repairs may be necessary, since these homes have been vacant for an unknown period of time–sometimes months or years. Keep in mind, when they were occupied the owners could have been under a financial hardship, preventing them from doing regular seasonal care or repairs when needed. Remember as well that the bank is trying to sell the house immediately, so you will receive a financial break in the price rather than a willingness to negotiate on the maintenance and repair issues.

3. Accept the unknown: In traditional real estate transactions, homeowners fill out Form 17 regarding important information about the history of the house. A bank owned home is either exempt or marked with “I don’t know” throughout the document. Not having the accuracy of this 5-page disclosure form could leave you with a lot of unanswered questions on the history of the home.

4. Know what is non-negotiable: The pricing on the house may not get much lower. Some of these properties can be “a dream come true” if you get them at an amazing price, or they could be your worst nightmare. Do your due diligence researching any property, and conduct all necessary inspections to safeguard yourself. Some major repairs may be negotiable, but will likely not reduce the home price.

5. Make a clean offer: The higher the price you can offer, the better. Include your earnest money, keep contingencies to a minimum, and suggest a reasonable closing date. The simpler your offer is, the higher chance you have of the bank accepting your offer or countering in a reasonable time period.

6. Be patient: Consult with a professional who handles bank owned home purchases to help you negotiate the pathway to homeownership. The process of purchasing a bank-owned, foreclosed or short-sale home is typically longer than a typical real estate sale.

Posted on July 11, 2018 at 5:00 am
Fort Collins | Category: For Buyers | Tagged , ,

Why You Should Stay Put and Improve the Home You Have

In “Staying Put,” architect and writer Duo Dickinson has assembled a terrific and practical guide to help us make real improvements to our homes. Dickinson, an advocate of well-designed and affordable homes for all, has specialized in residential design for more than three decades.

This is not your typical architect’s book about design. There’s no obscure language nor design-for-design’s-sake ideas. It is a practical, down-to-earth guide that walks anyone through the rational process of how to remodel your house to get the home you want, from how to think about your house and overcoming hurdles to a list of “Duo’s Do’s and Don’ts” for the homeowner. Along the way, there’s plenty of nice before-and-after photos to help explain the points. Do read the book. You’ll be glad you did.

The Taunton Press Inc, original photo on Houzz

The cover says it all. The ubiquitous photo of a gorgeous, award-winning home that’s beyond most of us is replaced with images of a saw, cup of morning joe and a to-do list.

Are you staying put yourself? Read on for 8 of Dickinson’s suggestions.

 

Mick Hales, original photo on Houzz

Consider the compass points. The tips and illustrated examples are wonderfully straightforward. For example, we see a house that gets overheated, the siding degrades and the front door bakes in the sun because it all faces south.

Dickinson’s common-sense advice: Rework the front of the house with a new wide porch that shades the front door and some smaller, yet well-sized windows to create a lot more curb appeal while reducing maintenance and energy consumption. It’s a triple win: more beauty and comfort with less cost.

Avoid gutters. Statements such as “gutters and leaders are devout to be avoided” may sound like heresy to many but certainly are the truth. Proving his point, Dickinson illustrates how a properly-built roof overhang can shed all the water it must without the complications, such as ice dams, caused by gutters.

Embrace small moves. Dickinson provides a wealth of simple solutions illustrated with before-and-after photos. He shows how to use small moves for big dividends, such as taking out a wall between a kitchen and a hallway to make room for more kitchen storage.

Mick Hales, original photo on Houzz

Enhance curb appeal. The book offers solutions to common problems with a particular style, such as how to improve and enhance an entrance into a split-level home.

Open up to the outside. Dickinson provides some excellent examples of how we can use modern windows and doors to strengthen the connection between inside and outside. Our homes, says Dickinson, no longer need be “later-day caves.”

Find your home. Learning more about the style of the house you have will help you avoid obstacles in remodeling and recognize the best opportunities for improving your particular home.

Mick Hales, original photo on Houzz

Open up the inside. Snippets of advice sprinkled throughout the book are like refreshing raindrops that clear the cobwebs away. One such snippet: “If you walk through a room to get to a room, something is wrong.” You know — it’s when that new great room gets added to a modest house, and the result is some kind of dyslexic creature that’s really two houses rather than one.

So rather than even building an addition, Dickinson suggests you make the most of what you already have. In this example, widening the opening between rooms strengthens this room’s connection with the rest of the home, increasing its utility and spaciousness.

The Taunton Press Inc, original photo on Houzz

Work with what you’ve got (before): Keeping the kitchen size the same while vaulting the ceiling dramatically increases the overall spaciousness of the room, as you’ll see in the next photo.

 

Mick Hales, original photo on Houzz

Work with what you’ve got (after): Walls, doors, appliances and even the skylight and kitchen sink were all left where they were. This all avoided costly plumbing, electrical and mechanical work and rework.

The Taunton Press Inc, original photo on Houzz

Working with what you’ve got (plans): Dickinson has included before-and-after floor plans for many of the examples. These plans help provide that much more context, allowing the reader to better understand what they may be able to do with the home they already have.

Posted on June 28, 2018 at 5:00 am
Fort Collins | Category: Blog, Buyers & Sellers, First Time Home Buyer, For Buyers, For Sellers | Tagged , , , ,