Bob Schenkenberger - Denver Real Estate

September 5, 6, & 7, 2008 will be the dates for the 2nd Annual Greenwood Village Arts Festival.

Enjoy the atmosphere of a street fair with local merchants. Featuring Antiques, Food, Local Retailers, Salons, and Local Artists! This years Greenwood Village Arts Festival is in a NEW LOCATION.

Cherry Hills Marketplace

5910 S. University Blvd.

Greenwood Village, CO 80121

• Friday the 5th: Noon-6PM
• Saturday the 6th: 10AM-6PM
• Sunday the 7th: 1PM-6PM

So if you are looking for something to do this weekend, Have at it!

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I saw this video, laughed out loud, and immediately though that this is what I feel like dealing with the incompetence among the countries big lenders. Stonewalled and ran around, day after day, their actions and attitudes communicate an overwhelming aire of indifference! [Read examples from previous posts here and here ] If you are considering the purchase of a foreclosure or short sale, please bring your patience. It will be needed, I promise! If you are an exec at one of these mortgage companines, Please get your act together and try and make the process easier for everyone (it will become more profitable for you!) Plus, my head hurts!

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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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The Douglas County Housing Partnership (DCHP) has a great program called the “Shared Equity Agreement Program.” This program gives home buyers an equity “partner” in their home purchase.

The biggest requirement is that to qualify, the buyer must work and purchase in Douglas County. Visit the DCHP website for more information.

Here is an overview of the program, from the DCHP:

What is It?

Opportunity for homeownership in Douglas County through use of “Shared Equity” with the Housing Partnership. DCHP will provide funds in the form of down payment and will provide the minimum amount necessary to bridge lender requirements and resources available to the buyer up to 20% of the purchase price or $50,000 whichever is smaller.

This down payment will be a deferred loan which must be repaid upon sale or refinance of the home, along with the same percentage share (of down payment amount) of any appreciation in the market value.

Who is Eligible?

		First-Time Homebuyers including persons that have not owned a home in the previous 3 years, single parents that have owned prior with a spouse, and displaced homemakers.
		People who work within the limits of Douglas County.
		Income limits are in two categories, below 80% of Area Median Income and below 100% Area Median Income.
		AREA MEDIAN INCOME 80% 100% 80% 100% 1 person $40,200 $50,250 4 person $57,450 $71,800 2 person $45,950 $57,450 5 person $62,050 $77,550 3 person $51,700 $64,600 6 person $66,650 $83,300
		Borrowers under 80% AMI must contribute at least $1,000 towards the purchase.
		Borrowers above 80% AMI must contribute at least 3% of the purchase price.
		Borrower must occupy the home full time as their primary residence.

What Homes are Eligible?

Single Family Homes under $250,000 and town homes/condos under $225,000.
DCHP will review applications and consider physical location, condition, availability to transportation and schools, and resale marketability.

Home inspections will be required and reviewed by DCHP. Housing Quality Standards inspection will be performed by DCHP. Appraisals are required and buyer will sign authorization for lender to share appraisal with DCHP.

What Kind of Documents are Involved?

		Deed of Trust
		Promissory Note
		How money is paid back, example:
		Sales Price Homeowner DCHP Equity Original Purchase Price $200,000 $160,000 $40,000 Value at Time of Sale $240,000 $192,000 $48,000

What Do I Need to Get Started?

		Take a class
		To obtain all required Shared Equite Programs documents, please call Travis Anderson, Program Director, at 303-784-7857.

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