How much home you can afford is determined by BOTH the purchase price and the interest rate you are getting on your loan.

Did You Know … a 1% jump in interest rate nullifies a 10% drop in home price.

Take advantage of today’s historically LOW interest rates to buy a BETTER Colorado Springs home for LESS money!

Read Also:  The Importance of Getting Pre-Qualified When Looking to Buy a Colorado Springs Home

Thanks for reading our Colorado Springs Real Estate Blog!
Posted By: Mariana Wagner - Colorado Springs Real Estate Agent - Wagner iTeam
The Wagner iTeam is a power team of Keller Williams Realty,
specializing in Colorado Springs Real Estate and Monument Real Estate
Pictures of Colorado Springs
(719) 434-7525

Unless you are paying cash for your Colorado Springs home, getting pre-approved with a reputable lender is one of the most important parts of the home buying process.

Getting pre-qualified allows you to know exactly how much home you can afford and how much your monthly payments will be. It also allows you to find and fix any errors on your credit report before those errors stand in the way of you buying your next home.

Additionally, in the current economy, home Sellers are very hesitant to take their home off the market unless they know that the home buyer can, in fact, qualify for a loan to buy the home. Sellers do not want to risk valuable time off the market for an unqualified buyer.

Furthermore, in a Colorado Springs real estate market where there are a lot more foreclosures, short sales and bank owned homes, being pre-qualified is a MUST. Most banks will not even look at an offer, unless it is accompanied by a pre-approval letter from your lender.

For a of local and reputable lenders that we trust and recommend, please contact the Wagner iTeam: 719.434.8346

Thanks for reading our Colorado Springs Real Estate Blog!
Posted By: Mariana Wagner - Colorado Springs Real Estate Agent - Wagner iTeam
The Wagner iTeam is a power team of Keller Williams Realty,
specializing in Colorado Springs Real Estate and Monument Real Estate
Pictures of Colorado Springs
(719) 434-7525

FHA, Both Good and Bad

Is a new Colorado Springs home on your list of unaccomplished goals? FHA loans are quickly being established as the preferred loan program for many buyers. Since 1934, the Federal Housing Administration, which is a part of the Department of Housing and Urban Development, has helped low to middle income families achieve their dream of home ownership fast and easy.
How does the FHA help you?

The FHA insures the loan, making it more likely that a lender will offer you a great deal.

What does the FHA have to offer?

There are a lot of benefits to the FHA loan, and it just might be the right plan for you. So, let’s take a look at a list of what the program offers:

• With decent credit, you can get a down payment as low as 3.5%. That’s way less than the conventional loan!
• There are no income limits.
• You could also use FHA funds to fix-up your home.
• Use gifted or borrowed money toward your down payment—you won’t be penalized.
• If you like energy and saving it, the costs to make energy upgrades on a home can be included in the FHA Energy-Efficient Mortgage program.
• The loan covers many types of housing including mobile homes and factory-made houses.

How to get started?

You’ll need a loan application. On that form, you’ll have to provide the following information:

• All addresses where you have lived in the past couple of years.
• Your employers’ names and addresses for the last two years, plus the amount of your monthly grossed salary
• W2 info for the past two years
• Income tax forms for the last two years

Biggest tip—be sure to gather all of the above-mentioned info before starting the loan application. It would be aggravating to have to stop in the middle of the process. Get it all done in one sitting!

A Couple of Cons

The FHA loan does have a couple of downsides. There is a set limit own how much you could receive, depending on the area you want to live in. Also, as of April 5, 2010, the upfront mortgage insurance payment was raised from 1.50 percent to 2.25 percent of the loan amount. That insurance payment is due at the time of settlement.

In Summation look at your options and see if the FHA is a right fit for you. If you have great to excellent credit, a conventional loan might be better for you. But if you are one of the many Americans with a dream to own a home, but not sure how to make it happen with your income and credit rating, an FHA loan plan might be just what you’re looking for. Talk with a mortgage lender today.

Article Courtesy of  Michael Blumreich of FHA Mortgage Center

Thanks for reading our Colorado Springs Real Estate Blog!
Posted By: Mariana Wagner - Colorado Springs Real Estate Agent - Wagner iTeam
The Wagner iTeam is a power team of Keller Williams Realty,
specializing in Colorado Springs Real Estate and Monument Real Estate
Pictures of Colorado Springs
(719) 434-7525

If you are looking to buy a home in the Fountain or Colorado Springs real estate markets, and you or your spouse is in the military … you may qualify for the First Time Home Buyer Tax Credit extension!

Yes, if you or your spouse “served on qualified official extended duty service outside of the United States for at least 90 days in 2009” you have an extra year to buy a home and take advantage of the $8,000 Home Buyer Tax Credit!

Here’s the scoop…

“Members of the military and certain other federal employees serving outside the U.S. have an extra year to buy a principal residence in the U.S. and qualify for the credit. Thus, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2011. If a binding contract is entered into by that date, the taxpayer has until June 30, 2011, to close on the purchase.

Members of the uniformed services, members of the Foreign Service and employees of the intelligence community are eligible for this special rule. It applies to any individual (and, if married, the individual’s spouse) who serves on qualified official extended duty service outside of the United States for at least 90 days during the period beginning after Dec. 31, 2008, and ending before May 1, 2010.”  ( IRS.gov )

Many thanks to Jay – Phoenix Real Estate Guy – for the IRS link

Read Also: Home Buyer’s Tax Credit Extended: Great News for Military Families

So, if you are in the military and want to take advantage of the tax credit (and low rates and great home selection) but do not want to rush into buying a house in the next couple weeks, this tax-credit extension may be your perfect option!

Let us know how we can help you in your home search this Summer! 719.434.8346

Check Out: Top 6 Neighborhoods and Homes Near Fort Carson

Thanks for reading our Colorado Springs Real Estate Blog!
Posted By: Mariana Wagner - Colorado Springs Real Estate Agent - Wagner iTeam
The Wagner iTeam is a power team of Keller Williams Realty,
specializing in Colorado Springs Real Estate and Monument Real Estate
Pictures of Colorado Springs
(719) 434-7525

If you are a first time home buyer (or have not owned a home in the past 3 years), you may qualify for the $8,000 Tax Credit!

Read More:  Colorado Springs Real Estate: Home Buyer Tax Credit Has Been Extended and Expanded

HOWEVER …. This Tax credit ENDS in just 30 days!

The home you buy MUST go under contract by April 30, 2010 and close by June 30, 2010.

If you want to take advantage of this AWESOME tax credit, time is NOT on your side. Start looking NOW!

Search ALL Homes For Sale in
Colorado Springs and Surrounding Areas

Or, give us a call and we can help guide you in your home search: 719.434.8346

Not a first-time home buyer?

Well, this new law ALSO offers $6,500 tax credit to EXISTING Colorado Springs area home owners who have lived in their current home for 5 consecutive years of the last 8 years, and want to “move up” and buy a different home (up to $800,000)!

Contact us for more information on qualifying: 719.434.8346

Thanks for reading our Colorado Springs Real Estate Blog!
Posted By: Mariana Wagner - Colorado Springs Real Estate Agent - Wagner iTeam
The Wagner iTeam is a power team of Keller Williams Realty,
specializing in Colorado Springs Real Estate and Monument Real Estate
Pictures of Colorado Springs
(719) 434-7525