This is a re-post from my Get Home Denver Team Blog, and was written by Rebecca Hansen, a guest Author who contributes frequently on the site.
For Colorado as a whole, prices rose by 1.82% in the past year and by 0.32% in the second quarter please see the attached article from the Denver Business Journal for more detail.
As a mortgage professional in the industry I have the opportunity to talk with all parties involved in the transaction- both buyers and sellers and Realtors. The vibe is positive out there. People are feeling good about the inventory going down and the increased number of “SOLD” signs in their neighborhoods.
As rates remain in the low 6’s for a 30 year fixed mortgage it is a wonderful time to take advantage of Real Estate in Denver. Consult your Realtor and your Mortgage Professional on how to buy with 0% down before the down payment assistance programs are no longer available.
Seller funded down payment assistance programs
will be available until September 30, 2008.
YES- we can close the loan this fast!
First-time buyers and people who have not owned a home in the past three years may get a $7,500 tax credit if they purchase a home on or after April 9, 2008 or if they purchase one before July 1, 2009.
Please feel free to contact us with any additional questions you might have.
Happy house hunting.
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As a single mom with a good job but no fat savings account, I am a firm supporter of downpayment assistance. Don't believe everything you read ... it is NOT too late to get your downpayment assistance! I've been reading up on this issue and have found some great information from Nehemiah's website. Members of Congress recently introduced The FHA Seller-Financed Downpayment Reform and Risk-Based Pricing Authorization Act of 2008 (H.R. 6694). If passed and signed into law, this will allow downpayment assistance to continue INDEFINITELY. These programs need our help to get the word out. Visit www.DPAGroundSwell.org, a web-based community established to mobilize the growing industry opposition to the October 1 ban on seller-funded downpayment assistance. Their website is so informative and helpful. I've written my letters to Congress and encourage everyone to do so! We cannot let this vital program disappear when it has helped so many deserving families.
Marie, I agree that we should fight to keep the program. Thanks for stopping by!
Great news for DPA!
According to a recent article by: Matt Carter, Inman News, September 10, 2008:
"HR 6694 ... is certain to pass the House of Representatives and has the blessing of the Department of Housing and Urban Development, Rep. Barney Frank, D-Mass., said at a hearing on foreclosures this weekend. The influential chairman of the House Financial Services Committee urged those attending a committee field hearing in Stockton Saturday to lobby the Senate -- which shoehorned language banning seller-funded gifts into HR 3221, the sweeping housing bill signed into law July 30 -- in support of the bill. Frank said the bill that would give seller-funded gifts a reprieve, HR 6694, has the support of HUD Secretary Steve Preston because it also addresses an issue near and dear to the department's heart -- risk-based pricing. HR 6694 ... will pass the House, I can guarantee you. What you want to do now obviously is talk to your senators. We think it will go through there -- it has the approval now of the Secretary of HUD."
We're making progress here. Don't give up. Let's do what Rep. Barney Frank suggested ... Contact your Senators TODAY!
Although the seller funed down payment assistance programs are going away, there are still many other options for home buyers. A few examples include: Aurora HOAP, CHFA, and CHAC. There are guidelines and requirements, but these programs cover down payment and or closing costs.