ft collins real estate: Ft. Collins Market Update: Colorado Mortgage Broker Licensing - 12/09/08 02:12 AM
Colorado Mortgage Broker Licensing
In response to the troubled national real estate market and Colorado’s high volume of home foreclosures, efforts have increased to make higher caliber professionals involved in real estate. Licensing, rules and regulations have become more stringent for agents, appraisers, title companies and mortgage brokers.  In regards to mortgage brokers, the below items are mandatory.  No longer can someone open up the Yellow Pages, claim to be a mortgage broker and then be compensated for placing a loan --- what a novel concept.  Before committing to a mortgage broker, please make sure that they are licensed in Colorado … (0 comments)

ft collins real estate: Ft. Collins RE Trends: Investing - 12/09/08 02:11 AM
Loan Considerations for Buy and Hold Investors
As far as investment loans, little or no money down loans are impossible.  However, lenders do permit the use of Home Equity Lines of Credit or second mortgages from other properties owned by the borrower as a source of down payment.  Or, self-employed borrowers are using funds from business lines of credit to fund down payments or renovations (please note: there are asset seasoning guidelines for doing so and the debt incurred by accessing other credit lines must be accounted for against the borrower’s debt-to-income ratio). Thus, we have clients leveraging themselves with other … (0 comments)

ft collins real estate: Ft. Collins RE Trends: The Fix & Flip Market - 12/09/08 02:09 AM
Loan Considerations for Fix & Flip / Short-Term Investors
Securing conventional financing on a fix & flip or short-term loan is not recommended.  Most conventional lenders sell off their mortgages to investors on the secondary market.  If the loan is paid off early (before six payments are made), the investor has not recovered their initial investment.  The investor will attempt to recover their loss from the lender, who will ultimately come after the loan originator.  The loan originator would then be obligated to pay back any premium paid out by the lender.  If such activity becomes habitual with the loan officer, … (0 comments)

ft collins real estate: Ft. Collins Jumbo Loans - 12/09/08 02:08 AM
Loan Considerations for Jumbo Mortgages
 
For the Greater Metro Denver area, any loan amount greater than $417,000 is considered a jumbo loan.  Fannie Mae and Freddie Mac assign different thresholds for various regions across the country.  For instance, $417,000 is not considered a jumbo loan in a high cost city like San Francisco, yet there will still be higher rates for going above $417K. 
 
Due to the size of jumbo loans, they are considered greater risk for lenders, resulting in higher rates.  Rates have fluctuated greatly over the past few years on jumbos.  As of today, a 30 … (0 comments)

ft collins real estate: Ft. Collins RE Trends: Medium Sized Loans - 12/09/08 02:07 AM
Loan Considerations for Loan Amounts Between $200K - $417K
 
With all the doom and gloom publications that are mostly exaggerated, many potential borrowers believe that home mortgage lending options have dried up.  While underwriters and investors are scrutinizing files more closely, attractive rates and terms still exist for owner occupied purchasers seeking a conforming loan limit (under $417,000).  FHA and VA can still lend up to 100% LTV and conventional permits up to 97% LTV.  There are certain guidelines to meet when going to these high LTVs, but they are not impossible to surmount.
 
Every home buyer should first … (0 comments)

ft collins real estate: Ft. Collins RE Trends: Medium Sized Loans - 12/09/08 02:06 AM
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Loan Considerations for Loan Amounts Between $200K - $417K
 
With all the doom and gloom publications that are mostly exaggerated, many potential borrowers believe that home mortgage lending options have dried up.  While underwriters and investors are scrutinizing files more closely, attractive rates and terms still exist for owner occupied purchasers seeking a conforming loan limit (under $417,000).  FHA and VA can still lend up to 100% LTV and conventional permits up to 97% LTV.  There are certain guidelines to meet when going to these high LTVs, but they are not impossible to surmount.
 
Every home buyer … (0 comments)

ft collins real estate: FHA Loans in Ft. Collins - 12/09/08 02:04 AM
FHA First-Time Buyer Tax Credit
 
In an effort to boost the sagging real estate market and overall economy, first-time home buyers are being offered a limited time tax credit when purchasing a primary residence. 
The highlights of the tax credit are:
·  The tax credit is available for first-time home buyers only.
·  The maximum credit amount is $7,500.
·  The credit is available for homes purchased on or after April 9, 2008 and before July 1, 2009.
·  Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for … (0 comments)

ft collins real estate: Ft. Collins: First Time Buyers - 12/09/08 02:03 AM
Loan considerations for a first time buyer
 
Lending guidelines are changing on a daily basis for every type of loan: conventional, FHA, VA & commercial.  Nevertheless, there are still very attractive first-time home buyer options available.   If you are or will be a first-time buyer, it is critical to speak with a loan officer before looking at homes.  It is a crushing feeling to view a home, picture making it your own and then find out that you cannot qualify to purchase it.  A loan officer will pull credit, analyze debt-to-income ratios, review assets and income and determine what you … (0 comments)

ft collins real estate: Ft. Collins Real Estate Trends: Understand/Improving Your Credit - 12/09/08 02:02 AM
How can you improve your FICO score?
To improve one’s credit score, it’s critical to understand the factors influencing a credit score.  The factors that contribute to a FICO score and the weighted percentages for each are as follows:
35% — timeliness of payments 30% — the ratio of used debt to allowable debt for consumer credit 15% — length of credit history (the more credit history and showing proof of consistent timely payment, the better the score) 10% — types of credit used  10% — recent credit inquiries and recent new credit The greatest driver behind a score is making … (0 comments)

ft collins real estate: Ft. Collins Real Estate Trends: Interest Rates - 12/09/08 02:01 AM
How does your FICO score impact your interest rate on your loan?
 
Low credit scores are deemed greater risk for lenders since the likelihood for defaulting on the loan increases.  As such, lower FICO scores translate into higher interest rates.  Mortgage lenders will group credit scores in a range, usually in 20 or 40 point increments, with interest rates progressively getting better for each higher interval.  For example, a borrower with a middle credit score between 660 – 680 will have a higher interest rate (presuming all other variables being equal) compared to one with a 680 – 700 score.  … (0 comments)

ft collins real estate: Ft. Collins RE Trends: Credit Building Workshop - 12/09/08 01:59 AM
 
What is a FICO score?
FICO stands for Fair Isaac Corporation, a company that created the most used credit scoring model in the United States.  An individual’s credit score is calculated through a statistical algorithm and is used as a factor in determining the likelihood of a borrower defaulting on a loan.  FICO scores are generally used for obtaining mortgages, car loans or consumer credit.  The scores are provided from the three major credit reporting agencies: Equifax, Experian and Transunion.  Typically, there is a variance amongst the scores since each agency has a slightly different scoring formula.  FICO scores range … (0 comments)

 
Darren Fogg (Cherry Creek Properties)

Darren Fogg

Denver, CO

More about me…

Cherry Creek Properties

Address: Fort Collins, CO , 80525

Office: (303) 713-9000

Mobile: (970) 227-1442



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