Awesome Loans for moderate Income Buyers

Colorado Housing Enterprises is a non profit organization that helps Coloradoans with low to moderate incomes get affordable home loans. CHE has partnered with Northern Trust and Key Bank to offer 2 remarkable loan programs for qualified buyers. The qualifications are not the usual set of crazily high hurdles that many buyers are finding elsewhere when looking for loans. Both loan programs are at low interest rates for 30-year fixed loans with minimal loan closing costs, have no mortgage insurance, and require low to no downpayments. If the highlights interest you and you wonder if you qualify, please contact George Apodaca at CHE to find out more details (720-542-6568 or george@crhdc.org). Tell him where you heard about these loans, please.

Northern Trust's Neighborhood Home Ownership Loan, originated by CHE:
*30-year fixed at a competetive interest rate (call for current rate)
*No Maximum loan amount
*97% Financing (loan to value)
*Combined Loan to Value cannot exceed 100%
*No Mortgage Insurance
*Ratios: 38/45
*Normal closing costs apply, less $1000 closing cost credit for attending Homebuyer Education Class (can be used towards closing costs (except for escrow and pre-paids, borrower is required to pay at the time of closing)
*No credit score required, but 3 sources of credit or alternative credit required.
*All collection accounts and derogatory accounts paid in full--no bad debt in the last 24 months
*Medical collections that have been satisfied need a letter of explanation
Restrictions:
*Must be owner-occupied, primary residence
*Annual Household Income not to exceed $60,800 or 80% of the Area Median Income (AMI) or home to be purchased is in a low-moderate census tract (as defined by HUD)
Upfront Costs:
*$25 for credit report to CHE
Other Considerations:
*Process for purchase can take up to 4-6 weeks from the time Northern Trust receives the purchase contract to closing
*Process for refinancing can take up to 6-8 weeks
*Cash-out refinance for home improvements only
*Student loans are considered in the debt ratio
Loan Fees (paid at closing):
*1% origination fee to CHE paid by Northern Trust
*Standard closing costs apply plus 3% down payment (CHE Down Payment Loan is an acceptable 2nd)
*Appraisal is paid at time of closing

Key Bank's Key Community Mortgage Loan, originated by CHE
*30-year fixed, below market interest rate (call for current rate)
*Up to 100% financing of purchase price with +620 credit score, 97% financing for 600-620 credit score
*No mortgage insurance nor mortgage insurance premium
*Collections and judgements must be resolved (no late payments in the most)
*Loan amount up to $250,000
*Annual household income not to exceed $60,800 or 80% of the Area Median Income (AMI) or home to be purchased is in a low-moderate census tract (as defined by HUD).
*Borrower cannot own any other property at the time of closing.
*Alternative credit is acceptable (3 trade lines plus VOR)
*Traditional credit--must show a minimum of 4 trade lines for at least 24 month age each.
*24-month history on rental is required (without late payments in the most recent 12 consecutive months)
Upfront Costs:
*$25 for credit report to CHE
*Once property is under contract, borrower pays $325 for appraisal and $11.75 for credit report to Key Bank
*NOT a refinance loan
Other Considerations:
*Process can take up to 45 days due to the underwriting process
*Seller contribution allowed up to 3%. Borrower needs to have at least $500 of their own funds to contribute (earnest money counts), and one month of reserves. Closing costs 3-5%.
*Funds required to close may be a grant, a gift from a family member, or provided through a down payment assistance program
*Borrower required to open a bank account with Key Bank with at least $50
*Borrower required to attend a CHFA approved Home Buyer Education class
Loan Fees (paid at closing):
*1% origination fee
*1% discount fee
*$300 application fee
*$90 recording fee
*Title insurance ($3.50/$1000 borrowed)

Please note that all loans are subject to the buyer's ability to meet the underwriting qualifications.

How do these loans compare to what you're finding?

Top 10 Home Staging Tips

Top 10 Home Staging Tips
By Stacey Davis

1. Curb Appeal: Capture potential buyers with a well maintained and inviting 1st impression. From the curb to the door inspect it all.

2. Appeal To All The Senses: Address any odor issues such as, pets, plants, and cooking. Clean and in some places replace problem areas

3. Ageless: By keeping things like appliances, carpet, and paint, buyers view the home as classic instead of “old”.

4. Lights!: Open the shades and turn on the lamps. They want to see what they are buying.

5. White Glove Clean: That means everything…cabinets, doors, baseboards, light switches, etc.

6. Be Ruthless: If you don’t use it, or love it, lose it. Clean out closets, cabinets, counters, and basements. Donate to local charities and receive tax deductions. Then you don’t have to move it.

7. Direct Traffic: Create clear traffic flow with proper furniture placement. Accentuate focal points with stylish accessories, and art.

8. Don’t Leave Them Guessing: Give valuable square footage a purpose. Buyers need to know how to use each room.

9. Fresh Flowers: People love them and remember them.

10. Great Photos: Over 80% of buyers shop online 1st. Have your home professionally staged and entice buyers from the first moment the see your home.

Enticing buyers and adding value to the home
REAL ESTATE STAGING & INTERIORS REDESIGN
303-842-1723
www.StacesSpaces.com

How Do Buyers Choose a Home

Recent NAR survey of home buyes nationwide indicates 7 key factors in chosing the home they bought

Remember the old joke? What are the 3 most important things in real estate? Location, location, location. Not much has changed, even with today's tech savvy buyers who have access to more data than ever before when scouting for their new home. Here are the top seven factors buyers stated they considered when choosing a new home in their recent purchase.

* 74% Neighborhood So yes, location makes a huge difference. To that end, how well are listing agents marketing the benefits of the neighborhood to prospective buyers? When you're buying, how would you describe the neighborhood where you want to live?
* 71% Price Of course, with the largest investment most people make in a lifetime, price matters. As neighborhoods are hammered by sales of distressed properties (short sales, foreclosures, REOs, HUDs, etc.) the average sales prices have decreased the past year or so. Still, in the Denver Metro market several neighborhoods are showing a stabalization of prices and a couple are even experiencing a slight increase in average sales prices!
* 34% Commute With gas prices bouncing around and people often working longer hours, the commute times are becoming an issue. Environmentally conscious people want to decrease their carbon footprint, so decreasing commute time is key to making that happen.
* 32% Schools Parents regularly state that good education is important to them for their children's future. Peceived quality of local schools and proximity to schools can be a huge factor in the decision of which neighborhoods to consider.
* 23% Nearby Friends and Family For many people, it is important to be close to family and friends. Whether it is to help a parent or child or be near like-minded people with whom you spend time, our closest relationships often guide where we consider living.
* 15% Recreation Whether it's proximity to the ball park or concerts or skiing, active adults choose to live where the living is convenient to their life style. People in the Denver Metro area enjoy many local and area parks, excellent recreation centers, professional and amateur sports teams, and commuity activities.
* 13% Shopping From convenient grocery shopping to easy access to boutiques or big box stores, like Costco or Home Depot, local shopping makes a difference for many home buyers. Several neighborhoods are known for their pedestrian-friendly shopping and restaurants which provide gathering places for neighbors.

Which of these do you think are most important to you?

What else was important to you when you bought your home?

I was wondering, how much of the marketing of your home addressed these items?

Let me know! Send your thoughts and comments to me at BethBakerOwens@comcast.net.