Believe it or not there are still many low down payment mortage options to buyers in the state of Colorado. If you are a first time homebuyer, which means you haven’t owned a home in the past three years, and you want to take advantage of the free 8k the government is giving away via the tax credit you must be under contract by April 30^th and close on your home by June 30^th.  And if you don’t have much to put down on a home there are still options for you.

Low Down Payment Mortage Options

FHA Loan 3.5% Down Payment

FHA loans offer a great way to get in to a home with only 3.5% for a down payment. If you don’t have 3.5% down FHA allows a gift from a relative to cover the 3.5% down payment. You can pay the gift back to your relative in a matter of months when you receive the 8k tax credit back after you do you taxes or amend your previously filed 2009 taxes.  FHA offers very low rates even with credit scores downward of 620 so if you have had some credit issues in the past FHA may be a viable option.

HUD Homes $100 Down Payment

HUD homes are another way to get into a home with very little money down to buyers in the state of Colorado. HUD homes are foreclosed homes in which the former owner had an FHA loan. These loans only require the buyer to bring $100 to the table for a down payment. That is not a typo. A single Ben Franklin is all HUD asks for. Some of these homes may look like Gary Busey after a long night of drinking but with some TLC they can definitely be called home and with very little money down to boot.

CHFA Loans for Colorado

CHFA, otherwise known as Colorado Housing Finance Authority, offers great options to buyers across Colorado. CHFA allows buyers to only put $1000 down on any resale, bank owned, or home in short sale. CHFA has a number of different programs that allow a first mortgage up to 96.5% of the purchase price and a second mortgage covering  the difference that can be used for down payment, closing costs, prepaids, and escrows. Both loans have the same interest rate and are amortized over 30 years. This low down payment option is a great way to utilize the states funds to your advantage. Income and purchase price limits do apply on this program in the State of Colorado so be sure to contact me with any questions regarding those limits. One more benefit to CHFA is that they will consider a loan for borrowers with credit scores down to 580 so depending on the issues you have with your credit CHFA may be a perfect option.

USDA Rural No Money Down Payment Loans

USDA, otherwise known as United States Department of Agriculture, have a fantastic program for people living in Rural areas of Colorado. The USDA program requires no money down on homes in rural areas and no monthly mortgage insurance which gives buyers in rural areas of Colorado much more buying power. There is an upfront mortgage insurance premium of .5% rolled into the loan but no monthly mortgage insurance is required. If I lived in a rural area of Colorado I would be all over this loan like the Winter Olympics were with figure skating because I would be able to afford much more home with no down payment. Income and Purchase price limits do apply on this program so please contact me with any questions.

Bottom line is whether you are looking  for a home in the Denver Metro area, the four corners of Colorado, up to Ft Collins, back down to Pueblo or all the way in Grand Junction there are little to no money down programs a plenty just waiting for you to find a place to call home. I’m sure there are some questions for me out there so please don’t hesitate to contact me.

Bobby Kurpinsky is a Colorado Loan Consultant with Megastar Financial.  To apply for a loan contact Bobby at (720) 529-1706 or bkurpinsky@megastarfinancial.com

Don’t worry if you are still looking for Real Estate in Denver.  Not only did we hang on to our Neighborhood search but we made it even better.  We added 15 new neighborhoods and a new Luxury Home Search.  We still have all of our Niche Searches such as Foreclosures, Just Listed, Price Drops, etc.  We still have our Loft Search by Building and remain the only site to cover active listings in every Loft building in Denver.  We will be working over the next few months to add these same searches to Colorado Springs, Fort Collins, Grand Junction, Durango, and more.

This has been a major technical achievement.  Main stream websites like Trulia, Yahoo, and Zillow are user generated listings and only cover about 40% of Colorado listings.  360dwellings ties in directly to all of the major MLS feeds across the state to bring real active listings in it’s already popular search functionality.

No matter what city you are searching in, you will still enjoy our Google based Map Search, Google Streetviews, Virtual Tours, Walkscores and everything else that has made 360dwellings the best search in Denver over the last year.

We are constantly looking for feedback on what you would like to see.  Do you have a Niche search you are looking for?  Just shoot us an email at: info@360dwellings.com.

Many are predicting that home values across Colorado are going to be seeing some serious appreciation over the next few years.  Interest rates are still at historic lows and the tax credit is still out there.  The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will still qualify.

One final note:  Our “Schedule Showing” feature makes it simple to schedule a time to preview a home or condo.  Just put in a requested date for the showing and you will receive an email confirming the appointment.

Metro Denver had the third-largest gain in home values among cities nationwide in 2009 through November, with a $10.7 billion increase, according to Zillow Real Estate Market Reports.

Only Boston ($23.3 billion) and Providence, R.I. ($12.4 billion) had greater gains in home value.

U.S. home values as a whole dropped $489 billion in this year’s first 11 months, which was significantly less than the $3.6 trillion drop in home value sustained in 2008, the Zillow report said.

Forty-eight of the 154 markets Zillow tracks showed gains in home values through last month.

The report was produced by Seattle-based Zillow Inc., a provider of housing information related to sales, values, foreclosures and mortgages.

Zillow uses its own proprietary formula to calculate home values.

Home values stabilized significantly during the second half of 2009, with total dollar value of U.S. homes increasing since June,” Stan Humphries, Zillow’s chief economist, said in a statement. “Most housing markets across the country had a good summer, spurred largely by the government’s tax credits for [first-time] homebuyers combined with very low mortgage rates.

Future home values will be affected by mortgage rates that are expected to “creep back up” in the first quarter of 2010, as well as a foreclosure rate that continues to be high. “Both these factors will challenge the recent stabilization of home prices,” Humphries said.

Denver-area home values increased $10.7 billion to a total of $215.7 billion this year through November, according to Zillow. Values dropped $20.2 billion in 2008.

Los Angeles had the biggest decrease in home value through November, with a $60.8 billion drop to $1.7 trillion in total home value.

Other markets seeing major losses in home value included:

• Chicago — Down $49.6 billion to $688.8 billion total.

• New York City — Down $49 billion to $2.7 trillion.

• Miami-Fort Lauderdale — Down $45.9 billion to $403.5 billion.

• Phoenix — Down $45.1 billion to $241.1 billion.

Home value dropped so much in those markets partly because of the high number of homes in those metro areas, the report said.

This article appeared in the Denver Business Journal on Dec. 8th, 2009 ]]> http://www.360dwellings.com/denver-among-top-u-s-cities-for-2009-home-value-gain/feed/ 1 http://www.360dwellings.com/denver-real-estate-market-positive-indicators/ http://www.360dwellings.com/denver-real-estate-market-positive-indicators/#comments Wed, 18 Nov 2009 17:38:07 +0000 admin http://www.360dwellings.com/?p=3604 Here is some more positive Denver Real Estate Market News (and Front Range in general).  Denver is leading the Housing Market resurgence.

Homebuyer Tax Credit Extended, Expanded: The House of Representatives passed legislation November 5^th that would extend and expand the tax credit for first-time home buyers. read more here

Denver Home Resales Rebound in October: Metro Denver home resales increased in October from September, but were down from October of last year, according to a Metrolist Inc. housing report released Friday. read more here

Search for Denver Real Estate.

Existing-Home Sales Jump 13% in West, 9.4% Nationwide: First-time homebuyers helped drive up existing home sales nationwide — and especially in the western states, including Colorado — according to the latest figures from the National Association of Realtors. In the West, including Colorado, existing-home sales jumped 13 percent to an annual level of 1.3 million in September — 5.7 percent higher than a year ago. read more here

Colorado Springs Makes Business Weeks ’40 Strongest’ List: Once again, Colorado Springs is in the spotlight for being a great place to live–but this time it’s not for the mountains, the view or the many places to hike, mountain bike or road bike. The Springs is on BusinessWeek’s 40 Strongest U.S. Metro Economies list. The Pikes Peak region ranked 24^th on the list, which was compiled using data and analysis from  Brookings Institution’s new MetroMonitor study. read more here

SMA Solar Plant to Bring Hundreds of Jobs to Denver: SMA Solar Technology AG, the world’s largest manufacturer of a critical component in solar power generation, said Monday it will invest about $20 million in its first North American manufacturing plant — in Denver — expected to open in the first half of 2010. read more here

Search for Denver Lofts for Sale.

Vail Resorts’ Sales of Season Passes Increase 13 Percent: Vail Resorts Inc.’s season-pass sales rose 13 percent in September as skiers eager for powder prepared to make tracks a year after the financial crisis. read more here

Courtesy of Land Title, Cherry Creek.

The bill extends the credit for contracts signed by April 30th and closing by June 30th. Income limits are expanded to cover additional buyers; couples earning up to $225,000 and individuals earning up to $125,000 annually now qualify. It also creates a new $6,500 credit for buyers who have owned their current home for at least five years. Homes worth more than $800,000 wouldn’t be eligible.

New Tax Credit Parameters:

• As it now stands, the federal tax credit will be extended through April 30 2010, with a 60-day extension if a binding contract is in place prior to the deadline.
• First-time home buyers will continue to be eligible for a tax credit of up to $8,000, while existing homeowners will be eligible for a reduced credit of up to $6,500.
• To qualify for the $6,500 credit, existing homeowners must have lived in their current residences for at least five years.
• The bill also increases the qualifying income limits from $75,000 for single tax filers and $150,000 for joint filers to $125,000 and $225,000, respectively.
• The purchase price of the home is capped at $800,000 in both instances.
• Under additional provisions included in the bill, taxpayers can claim the credit on purchases completed in 2010 on their 2009 income tax returns.
• The legislation maintains the provision that home buyers do not have to repay the credit provided the home remains their primary residence for 36 months after purchase, and waives this requirement for active duty military personnel who move due to a military order.

President Obama is expected to sign the bill as early as Friday, Nov 6th.

What are you waiting for?  Interest rates are at record lows and home prices are still attainable.  Get out there and search for Denver Houses for Sale.  You can also search by Denver Neighborhoods or Denver Lofts for Sale.

Best of luck with your home search!

In between buying and selling homes here in Denver I find myself looking for a quick bite around town that is both delicious and cost effective. I know everyone’s going to be cashing in on your $8000 tax credit but if you still want to save a bit when dining out, here are my recommendations for you.

US Thai Cafe

I was in Thailand a few years back and had some of the best street food on the planet. Few places here in Denver have even touched my experience until I walked into Edgewaters US Thai Cafe. The gentleman in front of me asked them to make it spicy. The young man behind the counter eyes lit up as he responded, “OOOO You been here before?” The gentleman nodded “Yes, I’ve been here before” and the young man got to work on concocting what was most likely one of the most spicy Drunken Noodles every created. I myself don’t like to be tortured and opted for “normal” spice. The Paneng Curry was one of the best I have ever had. Check out the Toomkha Soup, Papaya Salad and Masman Curry which are the specialties of the house. Mmmmmmmm.  Walk it off with stroll around Sloan’s Lake.

Steve’s Snappin’ Dogs
Slide on into this E Colfax phenom and have one of the best Dogs in the city. It’s hard to screw it up as you choose your own adventure with toppings of all assortments. You can get out of there for less than $4 bucks with a full belly and a smile.

Parallel Seventeen
Meeting a client in Uptown? Have a full lunch for only $10 with the “4 Pho $10 Deal”. You get a slider, bowl of pho, fresh green salad and a drink for only 10 bucks. Parallel Seventeen is a very high end Vietnamese Fusion restaurant so I recommend sampling a number of their options outside of this deal. For the weekend Brunch they offer a bottomless Sangria, Mimosa’s or Bloody Mary’s for what I believe was only $5 (after about 4 you start to forget a few details).

Marco’s Coal Fired Pizzeria
Maybe I’m a bit biased because it’s near my house but I love the $9 special at Marco’s. Located on the less trendy side of Larimer you can chow down on a 10-inch coal fired pizza, garden salad and a drink for only 9 bucks. Don’t worry the pizza doesn’t taste like Coal… It’s delicious.

Tom’s Diner
24 Hours a Day you’ll enjoy good ol fashioned diner food for cheap. Difference between Tom’s and most diners is that the food is actually pretty good. Get a French Toast Milk Shake, you’ll be glad you did.

Posted on September 14th by Ryan Penn, Denver Realtor:

Many people we talk to about purchasing a home have been waiting out the market to see if home prices and interest rates are going to drop any further. Does this sound like you? Then keep reading.

It’s hard to fault anyone for being cautious right now with the current state of the economy. Remember, every Real Estate Market is different and Denver’s has been one of the strongest nationally over the last 6 months. Denver is leading the charge in the national Real Estate recovery. Check out all of these positive indicators for written about Denver over the last 6 months:

Forbes Magazine Rates Denver Number One City to Buy a Home

Barbara Corcoran Says Denver is #1 Real Estate Market on the Way to Recovery on the Today Show

5280 Magazine Names 8 Denver Neighborhoods Where Home Values are Rising in the 2009 Real Estate Issue

Urban Land Institute Named Denver one of its Top 10 Real Estate Markets in its Emerging Trends in Real Estate 2009 Report

When it boils down to it, there are 3 very large reasons to make your home purchase right now. Interest rates are at historic lows, home prices hit the bottom 6 months ago, and the government is giving away $8,000 to first time home buyers.

Interest Rates:

Interest rates have been bouncing between 5 and 6 percent over the last few months and are currently in the low to mid 5’s for a 30 year fixed rate mortgage. Many experts are predicting a rise in inflation and consequently a rise in interest rates as a result of the government’s stimulus spending. This chart demonstrates just how historically low interest rates are.

Take a look at where rates were in the early eighties – the last time inflation skyrocketed. Then take a look at the last time interest rates were this low. Yep, that’s right, 1967! We hope these charts provide food for thought for anyone wondering if now is a good time to get off the fence regarding a home purchase.

Bottom Line: There’s no guarantee what will happen to interest rates in the future. Smart home buyer’s are locking down rates of 5% for the next 30 years, and so should you.

Home Prices :

Home Values under $400k are back on the upswing. It’s all about supply and demand in Real Estate and with all of the home buyer’s taking advantage of low interest rates and the tax credit, the demand for homes has steadily increased. The market under $200k in Denver is on fire, with homes and condos going under contract within days of going to market. Money has loosened up and people that couldn’t get a home loan a year ago are now able to qualify for a purchase, resulting in more active buyers. We hit bottom 6 months ago, and home values are back on the rise. Just look at these charts from Trulia showing both sales price and number of sales, both are now trending upward!

History tells us that it’s best to buy at the bottom of the market, well, that happened in January so make your purchase now!

Home sales have steadily increased since Jan 2009, when the Denver Real Estate Market bottomed out.

Bottom Line: The Denver Real Estate Market hit bottom in January. With interest rates in the low 5’s and home prices still reasonable you can’t afford to wait any longer to make your home purchase.

$8,000 Tax Credit:

If you want to take advantage of the $8,000 Government tax credit you are running out of time. The deadline of December 1st, 2009 at midnight is coming faster than you think, especially once you realize that you have to be closed on the property by that deadline! As of today (9/14) you have 75 days to take advantage of the tax credit. Standard Real Estate closings are taking up to 45 days right now instead of the usual 30 days due to new appraisal guidelines. 30 day closings can be pushed with certain lenders, but you can’t rely on it. If you stated your search today you would have around 30 days to find a home, and then another 45 days to close the transaction. Don’t get left behind!

Bottom line: The deadline for the tax credit is Dec 1st, 2009 at midnight, a little over 90 days away. Closings are taking 45 days now for a standard closing, so there is no longer any time to stall. You need to start the process now so you won’t feel rushed on your purchase.

Conclusion:

If you have been on the fence regarding a new home, loft, or condo purchase then it is time to start moving. There are still some incredible deals to be had both with foreclosures and standard home purchases. Interest rates may never be this low again and the government will give you $8,000 for free. The Cash for Clunkers program ran out of money and there is no telling if the current Real Estate tax credit will be extended past the current deadline of 12/1/2009 at midnight.

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It might be time to start scheduling some showings and looking at some properties. When you are looking at property details on 360dwellings.com, simply click “Contact Agent” to schedule a showing. You can also schedule a free Home Purchase consultation by calling (303) 532-4742.

By Prashant Gopal, BusinessWeek

They’re easy to overlook, with home prices plunging from Manhattan to Los Angeles and almost everywhere in between. But look at the smaller metros where housing bubbles never took shape, and you’ll find some of today’s strongest markets.

Boulder, Colo.; Fayetteville, N.C.; Pittsburgh; Little Rock; and other slow-but-steady metros are now among the nation’s safest markets, and many of the homes in those markets continue to appreciate, if only modestly.

These are metro areas “where folks didn’t bake 10% to 12% increases into their financial expectations,” said Stan Humphries, chief economist at real estate site Zillow.com. “That was a good expectation to have.”

Working with data from Zillow.com, BusinessWeek came up with the strongest housing markets by ranking metro areas based on the share of single-family homes in which values rose in the second quarter compared with the second quarter of 2008. In the top-ranked metro, Boulder, an affluent Denver suburb that is home of the University of Colorado at Boulder, 59.39% of homes appreciated during the past year, and the median home value rose 2.12% on a year-over-year basis.

No. 1: Beautiful Boulder

Boulder was one of several college towns on the list, which also included a few military towns such as Fayetteville, N.C., and Jacksonville, N.C. Both government and university jobs have been relatively reliable during this recession. Affordability also seems to be a plus in this economy. Oklahoma City; Tulsa; Binghamton, N.Y.; Springfield, Ohio; Cumberland, Md.; and most other metros on the list have median home prices below $200,000 (some are under $100,000).

Boulder has several factors working in its favor. The town has controlled growth by putting limits on development and by acquiring more than 50,000 acres of open space for a greenbelt that surrounds the town. With the boundary of the Rocky Mountains to the west, the supply of new homes has been restricted.

Boulder’s economy and housing market have slowed, but the University of Colorado provides jobs and a steady flow of tenants for the area’s many rental homes. Demand for housing is also strong in part because the area is so pretty, said Tom Thibodeau, global real estate capital markets professor at the University of Colorado.

“Every year 5,000 undergraduates enter, and they don’t want to leave when they graduate,” Thibodeau said.

Click Here to See the Top 30 Real Estate Markets in the Country

Clients are always asking me the following questions. Which Denver Neighborhoods should I buy a home in?  What areas of Denver should I be investing in?  What areas of Denver are emerging?  Which Denver neighborhoods have home values that are rising?

Well folks, here it is.  These are my thoughts on some emerging neighborhoods in Denver.  This isn’t based on some unique formula that can be bent and twisted to support “trendy” neighborhoods.  This is based on what truly matters, where people are purchasing homes and where we are seeing the most traffic on 360dwellings.com.  Bottom line, this is where people are buying right now.  If people are purchasing more properties than there is inventory, then home values will rise.

Just click on the photos to see every listing available in these neighborhoods.

The Historic Baker Neighborhood

The Baker Neighborhood is a designated Historic District located just to the south of the city and just minutes away from the Golden Triangle and Downtown Denver. The unique little neighborhood is a hip urban neighborhood with great charm and walkability, populated by young up and comers and first time home buyers. Baker is one of Denver’s oldest hoods, sporting Victorian architecture and the most Queen Anne Victorian homes in all of Denver.  By far we see the most Neighborhood Search traffic on 360dwellings.com for the Baker Neighborhood.  This isn’t a coincidence, a lot of buyer’s are actively seeking Real Estate in the Baker Neighborhood right now.

See all active listings in the Baker Neighborhood…

LoHi Neighborhood (Lower Highland)

We can’t think of a cooler part of Denver than the Lower Highland Neighborhood, aka the LoHi Neighborhood. Think happening restaurants, a new contemporary art museum, and an architecturally forward-thinking bridge. The neighborhoods are easier than ever to visit in tandem, thanks to the bicycle-and-pedestrian Highland Bridge.

See every property for sale in the LoHi Neighborhood…

Curtis Park

Just north of Downtown Denver you’ll find the Curtis Park neighborhood, a historic area developed in the 1860s and 1870s as a fashionable residential suburb. This is the oldest and most classic residential neighborhood in the city. Take a quick trip to Curtis Park today, and you’ll see it remains one of the center city’s most accessible neighborhoods for Downtown workers and shoppers.  This is one of my personal favorite neighborhoods in Denver.

See all the available listings in Curtis Park…

Santa Fe Art District

The Santa Fe Art District Neighborhood is known for First Fridays were local art galleries open their doors with free wine and cheese and allow you to view some of the most interesting art in Denver. Local and nationally recognized artists are on display during the Denver art walk that occurs every first Friday of the month.

See every home available in the Santa Fe Art District…

River North aka RiNo

You’ll find some of the most unique lofts created from old warehouses in the RiNo Neighborhood. RiNo is short for River North. If you want to be right downtown near all of the action of LoDo in one of the fastest growth areas of Denver then you found the right place. There are some really interesting properties in this district.

Check out the available homes in River North…