About El Paso County, CO

Well they never really went out of style, except for the seller funded stuff.

As a Mortgage lender that specializes in home purchase transactions in Colorado Springs, the biggest challenge that I see keeping potential homeowners from purchasing a home today is the lack of a down payment.

When applying for financing, especially in today's market, the amount you have saved for your down payment really dictates the type of financing that will be offered to you even if your you have great credit. If the down payment requirement is the only thing holding you back from the benefits of being a homeowner, then I have some great news!

If you live in El Paso County you may qualify for grant through the El Paso Co Mortgage bond program. This grant can equal 3% of the loan amount and it never has to paid back! This grant works very well in unison with an FHA loan which requires only 3.5% down.(It can also be used with VA or USDA Financing). For example, if you were looking to buy a home that was listed for sale at $150,000 under current FHA guidelines you would need $5250 down. If you were to use this program the grant would be for $4342 which means you only need $907.

This program isn't for everybody and has some stringent guidelines regarding income and credit score, not to mention a possible recapture tax if the home is sold within 9 years.

Below are some highlight but make sure you speak to a qualified mortgage profesional about your scenario before you apply for this type of financing.

1. Minimum Credit Score 600
2. First Time Home Buyers Only(Except in target areas)
3. Maximum Loan Amount $283,000(Higher in Target Areas)
4. Family income no greater than $71,000 for a 2 person household or $81,650 for a 3 person household or more. (Higher in target areas)
5. Interest Rate 5.125%/5.238%APR
6. 30 Year Fixed Rate Mortgage

Get Started With Are Quick Pre-Qualification Form!

Hans Fetterhoff

Mortgage Banker

CMB #100009597

Crestline Mortgage

"A Division of Universal Lending Corp"

Twitter: CoMortgagePro

www.SpringsHomesAndLoans.com

www.ColoradoSpringsMortgagePreApproval.com

You're Better Off With Fetterhoff"

Even though many of us in this industry have vast and sage experience about real estate, it’s always prudent to push the refresh button on our thinking about how to do business even more effectively, especially on behalf of the client.

I just listened to a 26-minute discussion from Allan Dalton, who runs Top 5 Real Estate Network. Essentially, Allan brings some fresh ideas to some of the staleness and complacency of our profession, which has snuck its way into our business practices over the last 4 decades.

While I’m inclined to think “outside-the-box” for the pursuit of opportunities of the client and to clean away the dusty ideas, I also take pause with what I’m saying.

To me, the essence of sales equates to the essence of character. Catch phrases, such as “Thanks for asking, and this is an opportunistic market, and marketing agent instead of listing agent, and consumer covenant, and pricing strategy instead of comparative market analysis,” might bring to light some lofty thoughts about self-improvement and business enhancement.

But again, for my own Colorado Springs Real Estate practices, I tend to differentiate the ideas of manipulative versus influence.

Personally, I appreciate what Allan Dalton presents with his real estate coaching style. Nevertheless, my customers have always come first, thus I’ve always tried to surrender to personal/professional excellence. I don’t think that these two paradigms can really be separated when working heartily with the right motives.

Just some thoughts from Colorado Springs Realtor Cherise Selley about business practice styles of Colorado Springs Realtors.

According to the Bureau of Labor Statistics, the national unemployment for construction jobs in the United States averages around 22.7%. This high percentage has significantly doused our nation’s attempt for economic recovery.

Last year, Colorado lost about 23,000 construction jobs statewide, hovering around 14.7% unemployment, which seems favorable in light of the national construction unemployment numbers.

As I mentioned in a previous blog about construction projects, publically-funded projects comprise a low percentage of jobs as compared with the federally-funded work.

Within the construction world of Colorado Springs Real Estate, there was a reported 11% decrease of jobs from 2008 to 2009. Colorado Springs has five military bases, a number of defense contractors, and several school district projects which affords some modest sustainability with the uncertain part of the construction industry.

Continue with these blog posts with Colorado Springs Realtor Cherise Selley, who is broker/owner of Selley Group Real Estate, LLC – a collaborative group of experienced Colorado Springs Realtors.

Oftentimes, there are some special financing programs that are available for the first-time homebuyer regarding the Colorado Springs Real Estate market.  Cherise Selley, a Colorado Springs Realtor, discusses just two potential options for those who are looking to have their down payment either fully or partially subsidized when contracting on a Colorado Springs home.  Cherise Selley briefly mentions some information about El Paso County Bond Money and CHFA loans.  Of course, it is advised to glean more detailed information from a qualified lender, especially one who is familiar with these local programs.