STACEY KING- Colorado Mortgage Alliance,'s Blog

CDMP- up to 98% with NO mortgage insurance

Tue, 15 Sep 2009 15:48:08 -0500

THE CLEAR FACTS ON CDMP- Community Development Mortgage Program

What it is:

- A conventional bank portfolio loan Wells Fargo offers as part of our commitment to the Community Reinvestment Act

Customer Benefits:

- NO monthly mortgage insurance or upfront mortgage insurance premiums

- Can use gift funds or down payment assistance for down payment and or closing costs

- No pre-payment penalty

- Seller can pay up to 6% for closing costs

- Up to 98% LTV

Loan information:

- Only need one year of continuous employment- self employed included

- Minimum credit score 620

- Income limits for most counties is $60,800 for a 1-4 person household

- No reserve requirement

- Non-traditional credit allowed

Eligible transactions:

- Purchases only

Eligible products:

- 30 year fixed

Reverse Mortgage For Home Purchase

Tue, 15 Sep 2009 15:40:21 -0500

Reverse Mortgage For Home Purchase

What Is The Home Equity Conversion Mortgage (HECM) For Purchase?

• An FHA-insured reverse mortgage

• Enables senior homebuyers, age 62 or older, to purchase a new primary residence and obtain a reverse mortgage in simultaneous transactions with no monthly mortgage payments

• Allows buyers to combine reverse mortgage proceeds with a down payment from their current home sale or other assets, to purchase a new home

How Can It Help Senior Homebuyers?

• Purchase a new home without taking on a new monthly mortgage payment

• Purchase a primary residence suitable for their current needs

• Purchase a home in a senior housing community

• Move into a new home that's easily accessible with modern amenities

• Downsize to a smaller, easier-to-maintain home

• Relocate closer to friends and family members

Example of How HECM for Purchase can work for you:

• Gloria and Ted Palmer, both 74, want to buy a more accommodating single-story home. They work with real estate agent Jane Mills to sell their current two story home. In a separate transaction, they look into buying a new single-story home in a housing development being built by Bill Davis.

• The Palmers meet with Mills and Davis and look at several homes priced at $300,000.

• Mills introduces the Palmers to John Reynolds, a reverse mortgage consultant. Reynolds shows the Palmers how the reverse mortgage for purchase could provide the additional funds they'll need:

Purchase Price $300,000

Reverse Mortgage Proceeds $198,080

Cash Required To Close $101,920

• The Palmers combine the $101,920 from the sale of their departure home with the $198,080 reverse mortgage to purchase a new home for $300,000- and have no monthly mortgage payments!

Contact me today for details

Comparison of Down Payment Assistance

Thu, 23 Jul 2009 19:35:19 -0500

Comparison of Available Downpayment Assistance Programs

	Total Household Income By Family Size	Amount of Assistance and Use of Funds	Minimum Investment Required from Buyer	Interest Rate & Term	Monthly Payment Required	Forgiven
Aurora HOAP	1- $42,550 2- $48,650 3- $54,700 4- $60,800 City of Aurora only	Up to $10,000 for closing costs and/or down payment	1% of the purchase price (Buyer can't get cash back at closing)	30 yr. term at 3% first five years only	No	No
Funding Partners- H2O	1 - $42,560 2 - $48,640 3 - $54,720 4 - $60,800 Metro- except Boulder	Up to 5% of the purchase price for closing costs and/or down payment	$1,000.00 (Buyer can't get cash back at closing)	15 yr. term no interest- shared equity program unless pd. in first 2 years	No	No
CHFA- Home Opener	1 - $76,000 2 - $87,400 3+ - $98,800 Metro-except Boulder	Up to 3% for down payment or closing costs	$1,000.00 (Buyer can't get cash back at closing)	Changes Daily- 30 yr.	Yes	No
Colorado Housing Enterprises	1- $60,360 2- $68,880 3- $77,520 4- $88,160 Metro-except Boulder	Loan amounts range from $3,000-$10,000 for down payment and/or closing costs	$500	5-7 yr. term currently at 6.5%	Yes	No

Contact me today for qualification and eligibility! Please note- there are more down payment assistance programs available, but I only have room for so much. :)

Stacey King

Direct: 303-796-1201

Cellular: 303-332-8384

Stacey.King@ColoradoMortgageAlliance.com

www.homeloans.com/wfhm/Stacey-King

The Clear Facts on FHA

Thu, 23 Jul 2009 19:26:45 -0500

The Clear Facts on FHA

What is FHA?
- A federal agency within the Department of Housing and Urban Development (HUD) that provides mortgage insurance for residential mortgages and sets standards for construction and underwriting. The FHA does not lend money, nor does it plan or construct housing.
Customer Benefits:
Funding Fee:
- Up front mortgage insurance premium (UFMIP): 1.75
  - Annual MI: .55% for 30 yr
Loan Limits:
- For other areas refer to HUD website or ask me: http://www.hud.gov/
Eligible Transactions:
- Purchase
- Full refinance (rate/term, cash out) or FHA streamline refinance
Eligible Borrowers:
- U.S. Citizens, Permanent Resident Aliens, and Non-permanent resident aliens
- Non-Occupant Co-Borrowers allowed
Eligible Products:
- 15, 20-30-year fixed rate terms, 3/1, 5/1 ARMs
Property:
- 1-4 unit, FHA approved condos, PUDs allowed (do not need to be FHA approved), Manufactured homes (meeting FHA's property requirements)
Credit:
- Collections- case by case, buy may not be required to pay
- Tax liens- must be paid unless on payment plan
- Bankruptcy
  - Chapter 7: minimum 2 years from discharge- with exceptions
  - Chapter 13: payments made for 1 yr. & court approval for purchase
- Foreclosure: 3 years

The Clear Facts on VA

Thu, 23 Jul 2009 19:21:22 -0500

The Clear Facts on VA

What it is:

• Benefit for Military Personnel (active duty, veterans, reservists, surviving spouses). VA will guarantee up to 25% of the mortgage.

Customer benefits:

• Eligible for 100% financing under most circumstances. There will not be a 5% reduction in the loan to value on VA loans.

• No monthly mortgage insurance

• No Pre-Payment Penalty

• Only need a 600 score

• Seller can pay closing costs

o No limit on "non-recurring" closing costs (appraisal, credit, etc) or discount points with 4% limit on funding fee, prepaids or buydown funds.

Funding Fee:

• Similar to FHA Up Front Mortgage Insurance

• Amount of Funding fee is based on service type, prior use, and transaction type. If borrower is a disabled veteran (VA must certify), then funding fee is waived

• Funding fee may be financed or paid in cash

Entitlement:

• Entitlement is the dollar amount of the guaranty available to the veteran

• Veteran with full entitlement can often purchase a home with zero down payment

• Certificate of Eligibility will document available entitlement

Loan Limits:

• FHLMC Conforming Loan limit (currently $417,000)

Eligible Transactions:

• Purchase

• Full Refinance (Rate/Term, Cash Out) or IRRL (Interest Rate Reduction Loan) - VA "Streamline" Refinance

Eligible borrowers:

• U.S. Citizens, Permanent Resident Aliens, and non-Permanent Resident Aliens

• Co-Borrower must be borrower's spouse

o If co-borrower is not the borrower's spouse, this is considered a "joint loan". Guaranty will be based on veteran's portion of the loan (often requiring a down payment).

Eligible Products:

• 20-30 Year Fixed, 15 Year Fixed, 3/1 ARM, and 5/1 ARM

Property:

• Eligible Properties: SF, 2-4, Condos, Manufactured Homes, New or Existing Construction

• Condominium projects MUST BE approved by VA (no spot approvals). Link for VA Approved Condos: http://condopudbuilder.vba.va.gov/2.2/frames.html

First-Time Homebuyer Tax Credit

Thu, 05 Mar 2009 11:13:03 -0600

FIRST-TIME HOMEBUYER TAX CREDIT

As Modified in the American Recovery and Reinvestment Act

Major Modifications Italicized

February 2009

FEATURE	CREDIT AS CREATED JULY 2008 APPLIES TO ALL QUALIFIED PURCHASES ON OR AFTER APRIL 9, 2008	REVISED CREDIT - EFFECTIVE FOR PURCHASES ON OR AFTER JANUARY 1, 2009 AND BEFORE DECEMBER 1, 2009
Amount of Credit	Lesser of 10 percent of cost of home or $7500	*Maximum credit amount increased to $8000*
Eligible Property	Any single family residence (including condos, co-ops, townhouses) that will be used as a principal residence.	No change All principal residences eligible.
Refundable	Yes. Reduces (or can eliminate) income tax liability for the year of purchase. Any unused amount of tax credit refunded to purchaser.	No change Purchasers will continue to receive refund for unused amount when tax return is filed.
Income Limit	Yes. Full amount of credit available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return). Phases out above those caps ($95,000 and $170,000).	No change Same income limits continue to apply.
First-time Homebuyer Only	Yes. Purchaser (and purchaser's spouse) may not have owned a principal residence in 3 years previous to purchase.	No change Still available for first-time purchasers only. Three-year rule continues to apply.
Revenue Bond Financing	No credit allowed if home financed with state/local bond funding.	*Purchasers who utilize revenue bond financing can use credit.*
Repayment	Yes. Portion (6.67% of credit or $500) to be repaid each year for 15 years, starting with 2010 tax filing.	*No repayment for purchases on or after January 1, 2009 and before December 1, 2009*
Recapture	If home sold before 15-year repayment period ends, then outstanding balance of repayment amount recaptured on sale.	*If home is sold within three years of purchase, entire amount of credit is recaptured on sale. Applies only to homes purchased in 2009.*
Termination	July 1, 2009 (But note program changes for 2009)	*December 1, 2009*
Effective Date	Purchases on or after April 9, 2008 and before January 1, 2009. Repayment to begin for 2010 tax year.	*All revisions are effective as of January 1, 2009*

Guides Galore for your Clients!

Tue, 03 Mar 2009 12:29:39 -0600

If you'd like any of the below guides please contact me and I'll be happy to send them to you

Your First-Time Homebuyer's Guide

Information and advice on buying a home, getting a mortgage and managing your home asset. A great resource for first-time homebuyers looking for a guide to the process.

Your Credit Guide

Concerned about your credit? This is your guide to moving past credit issues and onto solid financial footing.

Your New Construction Homebuyer's Guide

Looking for a brand new home? Learn how easy it can be to find, finance, and move into a newly built home.

Your Guide to Building a Custom Home

Can't find a home that fits? Learn how to create your dream home from the ground up.

Your Military Homebuyer's Guide

Whether you're a veteran or an active-duty service member, this guide can help you achieve your unique homeownership goals.

Your Investment Property Guide

Want to build wealth and diversify your investment portfolio? Learn how buying a rental property can help you do just that.

Your "Dream in Progress" Homebuyer's Guide

Is your dream home hiding just below the surface of a residential diamond in the rough? This guide can show you how to uncover it.

Your Repeat Homebuyer's Guide

Buying your next home? Refresh your knowledge of the homebuying process and get tips on selling your current home, moving, and much more.

Your Equity Usage Guide

Your home is your most powerful asset. Learn how you can use it to fund your dreams and secure your future.

Your Reverse Mortgage Guide

Learn how a reverse mortgage can help you secure your finances during retirement

Renovation/ rehab Financing

Tue, 03 Mar 2009 12:20:30 -0600

Purchase and renovate / refinance and renovate

Owner Occupied / conventional Examples - remodels, additions, scrapes, pop tops, etc.

* 5% down with minimum 620 credit (at risk markets may be higher down)

* Purchase and renovate with one loan and one close

* loans up to conforming limit of $417,000 (may vary depending on market)

* Loans based on the "after improved" value of the home

* Finance up to 6-months payments into the loan during construction

* 30-year fixed rates

Owner Occupied / FHA 203k Examples - first time homebuyers / credit challenged / low down

* Purchase and renovate with one loan and one close

* minimum 3.5% down

* Perfect for foreclosed properties / HUD properties / First time homebuyers!

* minimum $5,000 in repairs; most improvements allowed

Investor / conventional

* Loan sizes up to $417,000

* Purchase and renovate with one loan

* minimum 20% down

Important changes to CHFA- Down Payment Assistance Program

Tue, 03 Mar 2009 11:48:57 -0600

Colorado Housing and Finance Authority down payment assistance

Can get up to 3% of 1st mtg amount for assistance

Available for first time AND non-first time homebuyers

Borrower minimum financial contribution is $1,000 & no cash back at closing

Only need one year of tax returns now instead of three

Income limits for Denver Metro: 1 person- $71,800, 2 person- $82,500, 3+ person- $93,300

Minimum credit score- 580

45% maximum debt to income ratio when manually underwritten- so if we get an automated approval we can go higher

Rates will be posted daily at 9:30 am MST- rate today for a 30 day lock is 5.625% & a 60 day lock is at 5.75%

Non traditional credit acceptable

Owner occupied only; may not own other properties

Interest rate on the 2nd will be the same as it is on the 1st mtg

Payment for 2nd will be amoritized over 30 years- this will make the payment very minimal

Tax Credit Information

Thu, 19 Feb 2009 13:16:46 -0600

- Tax credit is increased to $8,000

- Tax credit is 10% of purchase price but no greater than $8,000

- The income limits remain the same: ($75,000 for an individual; $150,000 for a couple)

- FTHB (no ownership in last 3 years) and principal residences only

- Tax credit is available until December 1, 2009

- Recapture of tax credit is now waived (no repayment requied) as long as they live in the home for 3 years

- The provision is retroactive to purchases made on or after January 1, 2009

- Waiver of prohibition on financing by mortgage revenue bonds is included

- Married: both have to be FTHB's

- Tax credit will be claimed on federal income tax return

Great quotes on Success

Sun, 15 Feb 2009 12:07:55 -0600

Success seems to be connected with action. Successful people keep moving. They make mistakes, but they don't quit.

-Conrad Hilton

Our goal can only be reached through a vehicle of a plan, in which we must fervently believe, and upon which we must vigourously act. There is no other route to success.

-Stephen A. Brennan

Success breeds complacency. Complacency breeds failure. Only the paranoid survive.

-Andrew Grove

Working or Playing?

Sun, 15 Feb 2009 12:01:39 -0600

The Master in the art of living makes little distinction between his work and his play, his labor and his leisure, his mind and his body, his information and his recreation, his love and his religion. He hardly knows which is which.

He simply pursues his vision of excellence at whatever he does, leaving others to decide whether he is working or playing. To him he's always doing both.

-James Michener

Down Payment Assistance for Colorado

Sun, 08 Feb 2009 18:18:52 -0600

Down Payment Assistance Options

Comparison of Available Downpayment Assistance Programs

	Total Household Income By Family Size	Amount of Assistance and Use of Funds	Minimum Investment Required from Buyer	Interest Rate & Term	Monthly Payment Required	Forgiven
Aurora HOAP	1- $40,200 2- $45,950 3- $51,700 4- $57,450 City of Aurora only	Up to $10,000 for closing costs and/or down payment	1% of the purchase price (Buyer can't get cash back at closing)	30 yr. term at 3% first five years only	No	No
Funding Partners- H2O	1 - $40,208 2 - $45,952 3 - $51,696 4 - $57,440 Metro- except Boulder	Up to 5% of the purchase price for closing costs and/or down payment	$1,000.00 (Buyer can't get cash back at closing)	15 yr. term no interest- shared equity program unless pd. in first 2 years	No	No
CHFA- MRB First Step	1 - $57,400 2 - $71,800 3+ - $82,500 Metro-except Boulder	Up to 3% for down payment or closing costs	$1,000.00 (Buyer can't get cash back at closing)	30 yr. at 0% First mtg. rate set by CHFA	No	No
Colorado Housing Enterprises	1- $57,845 2- $66,010 3- $74,290 4- $82,570 Metro-except Boulder	Loan amounts range from $3,000-$10,000 for down payment and/or closing costs	$500	5-7 yr. term currently at 6.5%	Yes	No

Please keep in mind there are many other options available for down payment assistance other than what's listed above!

Stacey King

Direct: 303-796-1201

Cellular: 303-332-8384

Stacey.King@ColoradoMortgageAlliance.com

www.homeloans.com/wfhm/Stacey-King

Excellent Quotes!

Tue, 13 Jan 2009 20:45:33 -0600

"Never let perfect stand in the way of better"

- unknown

"If you have the courage to begin, you have the courage to succeed."

- David Viscott

"Empty pockets never held anyone back. Only empty heads and empty hearts can do that."

- Norman Vincent Peale

"It's not the employer who pays the wages. Employers only handle the money. It's the customer who pays the wages."

- Henry Ford

Down Payment Assistance Options

Thu, 08 Jan 2009 11:11:18 -0600

Comparison of Available Downpayment Assistance Programs

	Total Household Income By Family Size	Amount of Assistance and Use of Funds	Minimum Investment Required from Buyer	Interest Rate & Term	Monthly Payment Required	Forgiven
Aurora HOAP	1- $40,200 2- $45,950 3- $51,700 4- $57,450 City of Aurora only	Up to $10,000 for closing costs and/or down payment	1% of the purchase price (Buyer can't get cash back at closing)	30 yr. term at 3% first five years only	No	No on DPA. Grant portion is forgiven at closing
Funding Partners- H2O	1 - $40,208 2 - $45,952 3 - $51,696 4 - $57,440 Metro- except Boulder	Up to 5% of the purchase price for closing costs and/or down payment	$1,000.00 (Buyer can't get cash back at closing)	15 yr. term no interest- shared equity program unless pd. in first 2 years	No	No
CHFA- MRB First Step	1 - $57,400 2 - $71,800 3+ - $82,500 Metro-except Boulder	Up to 3% for down payment or closing costs	$1,000.00 (Buyer can't get cash back at closing)	30 yr. at 0% First mtg. rate set by CHFA	No	No
Colorado Housing Enterprises	1- $57,845 2- $66,010 3- $74,290 4- $82,570 Metro-except Boulder	Loan amounts range from $3,000-$10,000 for down payment and/or closing costs	$500	5-7 yr. term currently at 6.5%	Yes	No

Please keep in mind there are many other options available for down payment assistance other than what's listed above!

Stacey King

Direct: 303-680-3033

Cellular: 303-332-8384

Stacey.King@ColoradoMortgageAlliance.com

www.homeloans.com/wfhm/Stacey-King

Great Quotes for 2009!

Mon, 05 Jan 2009 18:56:53 -0600

"There are no traffic jams along the extra mile" Roger Staubach

"Don't use the financial crisis as an excuse to stop taking chances or downsize your ambitions. But do use the crisis as an opportunity to take stock of what really matters-and to stop looking over your shoulder." Bill Taylor

"Every great work of art has two faces, one toward its own time and one toward the future, toward eternity."
Lester Bangs

Make it a great week!

Great quotes to start off 2009!

Mon, 05 Jan 2009 18:55:47 -0600

"There are no traffic jams along the extra mile" Roger Staubach

"Every great work of art has two faces, one toward its own time and one toward the future, toward eternity."
Lester Bangs

Make it a great week!

A New Day! Dose of inspiration

Tue, 16 Dec 2008 13:09:06 -0600

This is the beginning of a new day.

You have been given this day to use as you will.

You can waste it or use it for good.

What you do today is important because you are exchanging a day of your life for it.

When tomorrow comes, this day will be gone forever; in its place is something that you have left behind.......

let it be something good.

Unknown

"With a willing heart and an open mind, there's ALWAYS a solution!" -

Dr. Elia Gourgouris

The greatest discovery of any generation is that a human being can

alter their life by altering their ATTITUDE.- William James

Thanksgiving

Wed, 26 Nov 2008 13:46:50 -0600

Counting our blessings each day!

Focus today, no matter what is happening in your life, on the here and now. Be grateful for what you do have and be grateful you are growing toward where you want to be. Before going to sleep tonight spend time thinking of three things you are grateful for. Gratefulness is a state of mind that should be practiced daily instead of yearly.

Make every day Thanksgiving.

3.5% down payment on FHA effective 1/1/09

Wed, 19 Nov 2008 10:05:27 -0600

Changes:

1. The down payment calculation method will be simplified - property value and average closing costs by state (High Cost/Low Cost Factors) will no longer be considered.

2. The cash down payment required will be 3.5% of the appraised value, or the sales price (whichever is less). Closing costs may not be used to meet the minimum 3.5% down payment requirement.

3. The maximum mortgage amount for purchase transactions will be 96.5% of the appraised value or the sales price (whichever is less).

4. The maximum refinance LTV amounts will be changing pending an announcement from HUD.

There are still a lot of great options for down payment assistance!

Inspiring Quotes for a mid-week boost

Wed, 19 Nov 2008 10:00:36 -0600

I love reading inspirational quotes and wanted to share the most recent ones I came by. Have a great day

"To deserve success is more important than to achieve it."

-Lester B. Pearson

"Our lives are not determined by what happens to us, but by how we react to what happens; not by

what life brings to us, but by the attitude we bring to life. A positive attitude causes a chain reaction

of positive thoughts, events and outcomes. It is a catalyst...a spark that creates extraordinary results."

-unknown

Comparison of some down payment assistance programs

Fri, 07 Nov 2008 17:15:42 -0600

Comparison of Available Downpayment Assistance Programs

	Total Household Income By Family Size	Amount of Assistance and Use of Funds	Minimum Investment Required from Buyer	Interest Rate & Term	Monthly Payment Required	Forgiven
Aurora HOAP	1- $40,200 2- $45,950 3- $51,700 4- $57,450 City of Aurora only	Up to $10,000 for closing costs and/or down payment, plus a grant up to $3,000 for buyers purchasing a REO	1% of the purchase price (Buyer can't get cash back at closing)	30 yr. term at 3% first five years only	No	No on DPA. Grant portion is forgiven at closing
Funding Partners- H2O	1 - $40,208 2 - $45,952 3 - $51,696 4 - $57,440 Metro- except Boulder	Up to 5% of the purchase price for closing costs and/or down payment	$1,000.00 (Buyer can't get cash back at closing)	15 yr. term no interest- shared equity program unless pd. in first 2 years	No	No
CHFA- MRB First Step	1 - $57,400 2 - $71,800 3+ - $82,500 Metro-except Boulder	Up to 3% for down payment or closing costs	$1,000.00 (Buyer can't get cash back at closing)	30 yr. at 0% First mtg. rate set by CHFA	No	No
Colorado Housing Enterprises	1- $57,730 2- $65,895 3- $74,175 4- $82,455 Metro-except Boulder	Loan amounts range from $3,000-$10,000 for down payment and/or closing costs	None (Can get up to their earnest money back at closing)	5-7 yr. term currently at 5.75%	Yes	No

Please let me know if you have any questions

Couple of important updates/information

Wed, 22 Oct 2008 14:15:52 -0500

**Investment purchases with Lender Paid Mortgage Insurance or Buyer Paid Mortgage Insurance will no longer be allowed on LTV's 80%+, which means 20% down on ALL Investor purchases!**

Please note- this is not a Wells Fargo change, this is coming down from the MI companies and therefore will apply to all lenders.

_________________________________________________________________________________________________________________________________

**FHA is 3% down until 1/1/09 - then will require 3.5% down payment**

FHA Upfront MI is at 1.75% and monthly MI is at .55% until further notice

_________________________________________________________________________________________________________

Don't forget, CDMP is at 98% right now with no mortgage insurance! And we still have a lot of great options for down payment assistance.

Have a great day and please don't hesitate to ask any questions

Excellent quotes!

Thu, 18 Sep 2008 17:22:27 -0500

Hello to all! Below are some great quotes I wanted to share with everyone. I hope you enjoy them as much as I did when I came across them.

Belief fuels enthusiasm, and enthusiasm explodes into passion. It fires our souls and lifts our spirits.

-unknown

Whether you think you can, or you think you can't...you're right.

-Henry Ford

Perserverance is not a long race: It is many short races one after another.

-Walter Elliot

Down Payment Assistance Programs- there are still options!

Wed, 17 Sep 2008 22:38:17 -0500

A lot of people have the misconception that all down payment assistance programs have been eliminated. This is NOT the case. The only down payment assistance programs that were done away with are seller funded down payment assistance programs, i.e: Nehemiah, Ameridream, Genesis Foundation, etc. There are still many down payment assistance programs available though. As long as the seller isn't contributing, there shouldn't be a problem. Each down payment assistance program has its own guidelines and requirements. Below is just a snap shot of one of them. I can also do CHFA, CHAC, H20, and many more.

Aurora HOAP- down payment assistance program for people buying in Aurora

Assistance for the minimum required down payment, depending on the loan program (a maximum of 5% for conventional loans), and all allowable closing costs under HOAP guidelines up to a maximum of $10,000.
Assistance at 3% interest for only 5 years
No monthly payments
Assistance is limited to only HOAP; no other down payment programs are allowed
Assistance requires first-time homebuyer to contribute from their funds 1% of the purchase price towards the transaction