Real Estate and Finance Blog

For new FHA loan - MIP is forever

Stuart Dobson (Surety Realty Inc.) — Fri, 26 Apr 2013 22:12:20 -0700

For new FHA loans - Mortgage Insurance (MIP) is forever

Actually, it's only for those FHA loans that are initiated with an FHA case numbers after June 3, 2013. So technically, you have about 35 days to start the process of applying for an FHA Loan.

This is a major change in FHA policy on mortgage insurance.

This is a stark change from today's FHA policy which allows for FHA mortgage insurance cancellation after just 5 years. The Federal Housing Administration (FHA) will reverse a policy that automatically canceled required MIP premium payments after loans reached 78 percent of their original value. Most FHA borrowers will now have to continue paying annual MIP premiums based on the unpaid principal balance for the life of their mortgage loan. The agency estimates it lost billions of dollars in MIP premium revenue on mortgages endorsed from 2010 through 2012 because of this cancellation policy.

FHA Mortgage Insurance Premiums : How It Works

The Federal Housing Administration is an insurer of mortgages and it collects premiums. FHA premiums are more commonly called mortgage insurance premiums or MIP and they're paid in two ways:

1. The FHA assesses a 1.75% upfront mortgage insurance premium (UFMIP) at the time of closing. The amount is financed one-time only, and can be partially refunded for homeowners who choose to use the FHA Streamline Refinance Program.

2. The FHA also assesses mortgage insurance known as annual MIP. Annual MIP is calculated once per year, then paid in twelve installments. Annual MIP rates vary by loan term and loan-to-value (LTV) :

15-year loan terms with loan-to-value over 90% : 0.70 percent annual MIP
15-year loan terms with loan-to-value under 90% : 0.45 percent annual MIP
30-year loan terms with loan-to-value over 95% : 1.35 percent annual MIP
30-year loan terms with loan-to-value under 95% : 1.30 percent annual MIP
Then, for FHA-insured mortgages for which the base loan balance exceeds $625,500, an additional assessment applies. Loans with a 15-year term or less add +0.25% in annual MIP, and loans with a term between 16-30 years add +0.20% to annual MIP.

Beginning June 3, 2013 FHA premiums are going to get more costly. To get the best FHA mortgage loan possible, get your loan going before June 2013.

The Federal Housing Administration has made 6 changes to its mortgage insurance premiums in the last 6 years. Each has increased the short-term cost of using FHA-backed mortgages. The agency's next change, however, will change its long-term costs.

Here's what's changing.

Currently, the Federal Housing Administration requires homeowners to pay annual MIP so long as their loan-to-value is greater than 78%, where "value" is equal to the last known value of the home.

In addition, if the original mortgage term is greater than 15 years, at least 60 payments must have been made on the mortgage before FHA MIP can be automatically cancelled.

The new cancellation policy will be as follows :

Loans beginning at 90% LTV or less will pay annual MIP for 11 years.
Loans beginning at 90% LTV or more will pay annual MIP for the complete loan term.
This means that home buyers using the Federal Housing Administration's 3.5 percent downpayment program will pay annual mortgage insurance for the loan's full 30 years, regardless of whether the home appreciates to the point of having 22 percent equity or more.

With the new FHA rules, MIP is forever.

HARP refinance loan program extended

Stuart Dobson (Surety Realty Inc.) — Fri, 26 Apr 2013 21:30:43 -0700

HARP refinance loan program extended to end of 2015

The Federal Housing Finance Agency directed Fannie Mae and Freddie Mac to extend the Home Affordable Refinance Program by two years to Dec. 31, 2015.

The program was set to expire at the end of this year. This is NOT a HARP 3.0, but rather an extension of the HARP refinance loans that have been offered to homeowners who meet the HARP loan program qualifications. As of January 2013, more than 2.2 million borrowers have refinanced through HARP since its inception in April 2009.

The basics of the HARP loan program have stayed the same:

Certain requirements must be met to qualify for a HARP Loan. While there may be additional criteria imposed by the mortgage servicer, the government requirements are as follows:

1. The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae - Many homeowners are unaware that their mortgages are linked to one of these organizations, since neither Freddie Mac nor Fannie Mae deals directly with the public.
2. The mortgage must have been acquired by Freddie Mac or Fannie Mae on or before May 31, 2009.
3. The homeowner must not have a previous HARP refinance of the mortgage, unless it is a Fannie Mae loan that was refinanced under HARP during March-May 2009.
4. The homeowner must be current on their mortgage payments, with no (30-day) late payments in the last six months and no more than one late payment in the last twelve months.
5. The current loan-to-value ratio (LTV) of the property must be greater than 80%.
6. The homeowner must benefit from the loan by either lower monthly payments or movement to a more stable product (such as going from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage).

Remodeled townhouse in Thornton CO for sale

Stuart Dobson (Surety Realty Inc.) — Fri, 26 Apr 2013 08:52:21 -0700

Stuart Dobson | Surety Realty, Inc. | (303) 919-0309

12767 Ivanhoe St, Brighton, CO

3BR/2.0BA Townhouse

offered at $159,500

Year Built Sq Footage Bedrooms Bathrooms Floors Parking Lot Size

2006

1,429

2.0

2 Off street

2,178 sq ft

description

Mountain views, Immaculate, reserved parking spaces in front of home, fenced backyard area, one year old washer, dryer, and refrigerator included. Great floor plan, backs to green belt, Xtra storage, close to parks, not a short sale or REO.

see additional photos below

property features

- Cable-ready
- Deck
- Pool

additional photos

Contact info:

Stuart Dobson

Surety Realty, Inc.

(303) 919-0309

Posted: April 24, 2013

Remodeled Broomfield home for sale - $250k

Stuart Dobson (Surety Realty Inc.) — Mon, 01 Apr 2013 15:36:14 -0700

Stuart Dobson | Surety Realty, Inc. | (303) 919-0309

140 Daphne Way, Broomfield, CO

4BR/2.0BA Single Family

offered at $250,000

Year BuiltSq FootageBedroomsBathroomsFloorsParkingLot Size

1956

1,856

2.0

2 Garage - Detached

6,932 sq ft

description

Completely and well updated brick ranch in desirable area of Broomfield. Can be a lease option to purchase. Brand new SS appliances, new kitchen, hardwood floors, new oversized 22'x22' garage with opener. New windows with blinds, completely rewired, tile showers, new paint, doors, fixtures, hardware, newer roof, gutters, wired for A/C.

see additional photos below

property features

- Cable-ready
- Ceiling fans
- Pool

- Sauna

community features

- Fitness Center
- Near Transportation
- Storage Available

- Tennis Court
- OnSite Laundry Available

additional photos

Contact info:

Stuart Dobson

Surety Realty, Inc.

(303) 919-0309

Posted: April 1, 2013

Colorado Home Loan Rates

Stuart Dobson (Surety Realty Inc.) — Tue, 26 Mar 2013 12:32:06 -0700

Current Home Loan Rates in Colorado

The current home loan rates in the State of Colorado as of March 25, according to real estate website Zillow.com’s Zillow Mortgage Marketplace Rates, are 3.53 percent for a 30 year fixed mortgage. This rate compares favorably with the national average, which is at 3.52 percent. The Colorado rate is two basis points or 0.02 percent above the midpoint of Vermont, who has the lowest rate at 3.45 percent and the States of Arizona, Hawaii and North Dakota, who have the highest rates at 3.52 percent.

Other home loan rates in Colorado are 3.37 percent on a 20 year fixed home loan, versus a national rate of 3.36 percent; 2.66 percent on a 15 year fixed home loan, versus a national rate of 2.64 percent; 2.72 percent on a 7/1 Adjustable Rate Mortgage, versus a national rate of 2.49 percent; and 2.29 percent on a 5/1 Adjustable Rate Mortgage, versus a national rate of 2.26 percent. Loan rates are a function of time; the lower the time period of the loan the lower the rate being charged.

• Who is Benefiting from the Low Rates?

As home loan rates are getting lower, borrowers with high credit stores are benefitting the most. An individual whose credit score is between 740 and 850 can expect to pay around $3,490 on every $100,000 borrowed on a 30 year fixed home loan; a borrower with a score between 680 and 739 pays a premium of about $20 more or $3,510 while a borrower whose score is between 350 and 679 would pay almost $460 more on $100,000 borrowed or around $3,950.

Lower rates are a boon for borrowers who have been able to maintain a good credit score throughout the tough economic cycle. Individuals with higher credit scores show a level of responsibility and diligence that lenders are looking for and seek.

• What Markets are seeing the Most Refinances and Purchases due to Low Interest Rates in Colorado?

Borrowers who reside in the Denver, El Paso and Arapahoe Counties in Colorado are benefitting more from purchases and home loan refinancing due to low interest rates. Looking at the different parts of Colorado, borrowers residing in these home buying markets are purchasing or refinancing existing loans at rates that are much higher than in other parts of the state. El Paso County, which includes the city of Colorado Springs and Arapahoe County, which includes Aurora, along with Denver have purchases that are together higher than all home purchases and refinancing for the rest of the state combined.

As home loan rates in the State of Colorado continue to fall in relationship to national rates in all categories (i.e. 30 year, 20 year, 15 year fixed, 7/1 and 5/1 adjustable) the better your credit score, the better the rate you will receive. The difference between 1 basis point or 1/100th of 1 percent on $100,000 borrowed for every additional 1 basis point is $10; this can become a significant cost to you if you do not keep your credit score under control.

Drawbacks of FHA home loans

Stuart Dobson (Surety Realty Inc.) — Tue, 19 Mar 2013 15:11:32 -0700

Drawbacks of FHA home loans

The drawbacks of FHA home loans are not always so obvious to home buyers who may only look at the stated interest rates when comparing which mortgage loan type would be best for their situation.

What is an FHA Loan?

An FHA loan is a loan insured against default by the FHA. In other words, the FHA guarantees that a lender won’t have to write off a loan if the borrower defaults – the FHA will pay. While FHA loans are popular because they allow borrowers to buy a home with a smaller down payment than is required by most other lenders and qualifying for an FHA loan is easier for most people, they’re not for everybody.

Biggest Drawback of FHA loans

Undoubtedly the biggest drawback to an FHA loan is the Mortgage Insurance Premium (MIP) charged to the borrower. The mortgage insurance (also known as mortgage guarantee) is an insurance policy which compensates lenders or investors for losses due to a default of a mortgage loan. Mortgage insurance can be either public or private depending upon the insurer. IN the case of an FHA loan, the mortage insurance premium is very large and just recently changed again effective April 1, 2013.

The changes the FHA made are as follows:

1. FHA will increase its annual mortgage insurance premium (MIP) for most new mortgages by 10 basis points or by 0.10 percent.

2. FHA will also require most FHA borrowers to continue paying annual premiums for the life of their mortgage loan.

For example, on a 30 year FHA loan with a 3.5% down payment, there is an upfront premium of 1.75% of the loan amount AND the annual premium is 1.35% for the life of the loan.

This is a significant change that will really affect the Annual Percentage Rate (APR) that most people pay for their mortgage loan. The APR is even higher that what is quoted for borrowers who don't hold their loan for the full 30 year term (which most borrowers don't) since the upfront premium is spread over a much shorter time period and this raises their effective APR!

Conclusion

In summary, please consult your mortgage broker about which loan is the best for your situation and don't be fooled by a low stated mortgage rate. The APR is a much closer reflection of the costs of the loan and the true costs will be even higher if you don't hold the mortgage loan for the full term.

Colorado home mortgage rates update

Stuart Dobson (Surety Realty Inc.) — Mon, 11 Mar 2013 12:03:18 -0700

Best Colorado Home mortgage rates today 3.11.13

Wells Fargo offers new home purchase and home refinance mortgages. For refinance mortgage rates, Wells Fargo assumes the following:

The refinance of a single-family, primary residence.
That you pay 1% of your loan amount toward the loan origination charge.
A 90-day interest rate lock-in period (60-day lock periods with lower interest rates may be available for some loan products). The best 30 year fixed mortgage refinance rate quoted by Wells Fargo on their website today for FHA Loans is 3.75% with a 4.827% APR. The shorter term but popular 15 year fixed conforming refinance mortgage loan rate is quoted at 2.875% rate and 3.182% APR. Jumbo 30 year fixed refinance mortgage rates are quoted at 4% and an APR of 4.13%.

Chase offers new home purchase and home refinance mortgages. For new home purchases the best mortgage rates offered today are:

30 year fixed rate loan of 3.75% with an APR of 3.801% with .625 points. For a 15 yr new home fixed rate loan the rate is 2.875% and 3.018% APR with 1 points. For refinance home rates:
For 30 year fixed refinance rates the loan rate is 3.875% with and APR of 3.957% with 1 points and for 15 year fixed rates the loan rate is 2.875% and the APR is 3.018% with 1 points.

For some comparison on how you may be able to find even cheaper mortgage loan rates click on the live rate quote button or call the toll free number to speak with a mortgage loan officer about your specific needs and situation.

Colorado Springs Sub Sandwiches

Stuart Dobson (Surety Realty Inc.) — Mon, 04 Mar 2013 16:00:43 -0800

Colorado Springs Sub sandwiches

On behalf of Pizza Time in Colorado Springs!

Mad cravings for subs? Visit us and choose from a wide selection of excellent sandwiches made with the best ingredients there is! Customize your own sub sandwiches in choosing your own toppings and dressings – cheese, mayo, tomato, lettuce, dill pickle, onions and a choice of wheat or white bread! Tell us if you want Italian dressing and we’ll give it to you straight!

Our subway sandwiches are available at $6.99. If you want a bit more sizzle to that though, add a little more to get extra toppings and dressings. We constantly update our menu, which is why you should expect a brand new item from time to time.

As of now, our latest addition is the Chicken Bacon Ranch available in regular and hot flavor. We serve everything with salad, chips, soup or Mojo Jojos – you select, we serve!

Our subways are available for dine in, takeout and delivery! Call us or order online and we’ll give you a discounted price if your orders reach $20 or more! We give $3 off for orders above $20 and $5 off for orders above $25. Guaranteed, these amazing subs will be served to you fresh whether you dine in or have it delivered.

Pizza Time subway menu is available online so if you suddenly have the urge to gobble up on some huge subs, you can always check our website for the latest items. The prices are also stated, unless you have add-ons to satisfy your cravings for some extra topping and dressings.

Gluten Free subs are also available for those on a diet or with allergies. Check out our own version of Pastrami, Italian, Turkey, Chicken breast or ham, and Philly gluten-free subs. Price is a bit higher compared to the conventional sub, but after the tasting these items, you will never regret you ordered from us!

New build to suit basement office space in Broomfield

Stuart Dobson (Surety Realty Inc.) — Wed, 27 Feb 2013 14:47:35 -0800

The newly revitalized 6343 Building on W 120^thAve in Broomfield offers all sorts of flexible office or retail space at the cheapest retail or office cost per square foot in the area.

We currently have opened up build to suite space in our basement for office and retails suites. The spaces can be custom configured and enjoy the common building amenities of a kitchen, conference room, and common bathrooms.

This is a Full Service Gross (FSG) lease, everything is included except phone, a company seeking unique and custom Broomfield office space for lease should look no further. With architectural upgrades including new energy efficient low E thermal break windows, new entrance doors with keypad secure entry, monument signage and additional space in the basement for storage, leasing here is a no-brainer.

The building includes a top floor , ground floor and a basement. The basement can be accessed through the building elevator or stairs, and is ADA compliant.

Some highlights of the building include:

Excellent Monument signage

Traffic count 44,000 cars per day (CDOT)

Ample Parking

Elevator Access

Individual Signage for Retail

Left Turn Lane East Bound

Right in Right out

The 6343 Building can easily accommodate a wide range of businesses from dental offices, real estate companies, architects, insurance companies to tax preparation space to even sandwich shops! Did you know that if your business is an insurance company, you need to lease retail space? Moving with this idea of a Colorado insurance company looking for retail space. . .if you have a ton of paperwork and policies that you don't need cluttering your office space, you could easily use the basement as secure storage space.

The uses for this space are truly endless. The option of the basement for storage truly gives your business the ability to have the perfect office space and not worry about filling valuable space with clutter.

Lease rates start at $12 Full Service Gross (FSG). FSG leases differ than NNN Leases. To understand the different types of leases, please read an explanation of FSG and NNN leases.

To inquire about this space, please contact Stuart Dobson.

Stuart Dobson
Leasing Broker
Surety Realty, Broker/Owner
Cell:303-919-0309

Appetizers and Pizza in Colorado Springs

Stuart Dobson (Surety Realty Inc.) — Tue, 26 Feb 2013 10:11:20 -0800

Colorado Springs Pizza Appetizers

If you are in Colorado Springs and looking for a great pizza place near the Briargate neighborhood, and perhaps in the mood for some appetizers as well, check out Pizza Time.

We know how much you love our wide selection of pizzas but before the big bite, stimulate your appetite with our perfect combination of appetizers! These starters are carefully selected in order to entice your appetite and gobble up our main dishes in superb delight!

Take your pick – from chicken wings and strips, mojos, zucchinis, garlic bread, garlic knots – mix and combine them with your own choice of pizza!

Our appetizers are made from only the best and high quality ingredients – the reason why you will keep coming back for more.

As our valued customer, your size orders are arranged to be flexible! Choose from half to full orders at the most reasonable price! Whether be it 6-piece, 12-piece or 24-piece, we make sure that each of our entrees are savory enough that you would want to take them home with you!

Selective entrees are available in spicy flavor but if you have kids, don’t fret. You can always order child-friendly snacks such as cheese sticks, mojos, and chicken wings. For adult food-lovers, our Melly’s Hot Wings are a must try! They even have a Gluten free pizza option for those that are trying to eliminate Gluten from their diets.

Large orders are available at $17.99 and below– enough for twice a dozen people! Family-size orders at 6-piece and 12-piece are available at $6.99 under.

Got no time to go out? Order online! Our menu for appetizers is printable in PDF but you can always have a look at the items below while checking out the prices for each.
Just log on to our website and click Order Online icon. Our delivery is free for customers in Colorado Springs within 4 miles – however, we will appreciate it if your house is a bit far – it will take a bit longer but guaranteed, our entrees will arrive fresh.

We accept payments both in cash and credit hassle-free! Take your time to view our menu and hit us up right away!

Finding Gluten Free pizza in Colorado Springs

Stuart Dobson (Surety Realty Inc.) — Mon, 25 Feb 2013 13:52:09 -0800

Colorado Springs Gluten Free Pizza

Recently I have considered going on a Gluten Free diet after doing some research on the subject and it supposed benefits with reducing joint inflamation. As an avid outdoor enthusiast in Colorado, it seems like I'm constantly battling one small injury or another from overdoing it and any help I can get from my diet is appreciated. After a recent trip to the mountains just West of Colorado Springs, we were heading back to Denver when I really had a craving for some pizza. However, since I was on the gluten free kick, I didn't think this was possible, enter Pizza Time in Colorado Springs. We found them online, stopped by and were treated to some of the tastiest gluten free pizza I could have imagined.

I wanted to pass this along to others who may be in the area along with some of there menu items. The service was great and they made a very good impression on me.

Perhaps you are on a diet or want to avoid gluten because of allergies and such – worry not! Our gluten free pizza menu is so delectable, you won’t notice it’s “free” of anything at all!

Our list of gluten-free items includes pizzas, subs, and pasta! Spoil your taste buds with our highly delectable pizzas and you choose your own toppings! That’s right! We know how much you want to “customize” your dish, so we’ll let you pick additional toppings for only .75 cents each! Our gluten-free pizza is available in 9 and 12 inches with prices ranging from $8.99 - $10.99!

Savor our awesome sandwiches – Italian, Pastrami, Philly, Ham, Turkey or Chicken Breast! These items include tomatoes, lettuce, onions, dill pickles, mustard, cheese, mayo, ham, salami and a lot more in a toasted flatbread. Take your pick our make your own sub! We’re sure we can arrange for you to do that.

All our subs are available at $8.99 – a solid, mouthful of flatbread packed with the freshest ingredients.

Our pastas are also a delight. For veggie lovers, the Vegetarian Mediterranean Delight is a must-try but our Penne with Marinara and Cheese shouldn’t also be left behind. Check out our menu for further info about prices and size orders.

Our gluten-free items are also available for online orders. Just click the Order Online icon and select the item of your choice. We make sure that all our items are delivered on time and they come free if you live within a 4-mile radius.

We give you the assurance that Pizza Time makes the necessary steps in order to ensure that these items are indeed gluten-free!

Take your time in viewing our list of meals and we will prepare them for you in the least time possible. We are continuously expanding our menu so watch out for the latest gluten-free item!

If you are not sure about the definition of gluten free and what it may mean for your health, check out the wiki entry.

Updated 2013 Colorado FHA Loan Limits

Stuart Dobson (Surety Realty Inc.) — Mon, 18 Feb 2013 16:48:39 -0800

It is the new year and along with the new CFPB rules on qualified mortgages that cames out last month, the FHA has released the updated 2013 FHA loan limits. As always you should check with your local mortgage broker to make certain their are no last minute updates or changes, but this is what is available currently per the FHA.

This list below has been abbreviated, for the complete list please go to the following 2013 Colorado FHA Loan limits.

1 – FAMILY is a single family home or condominium 2 – FAMILY is two separate living units 3 – FAMILY three separate living units 4 – FAMILY four separate living units

Colorado Counties	One-Family	Two-Family	Three-Family	Four-Family	MSA
Adams County	$406,250	$520,050	$628,650	$781,250	DENVER-AURORA, CO (MSA)
Alamosa County	$271,050	$347,000	$419,425	$521,250	NON-METRO
Arapahoe County	$406,250	$520,050	$628,650	$781,250	DENVER-AURORA, CO (MSA)
Archuleta County	$317,500	$406,450	$491,300	$610,550	NON-METRO
Baca County	$271,050	$347,000	$419,425	$521,250	NON-METRO
Bent County	$271,050	$347,000	$419,425	$521,250	NON-METRO
Boulder County	$460,000	$588,850	$711,800	$884,600	BOULDER, CO (MSA)
Broomfield County	$406,250	$520,050	$628,650	$781,250	DENVER-AURORA, CO (MSA)
Chaffee County	$280,000	$358,450	$433,250	$538,450	NON-METRO
Cheyenne County	$271,050	$347,000	$419,425	$521,250	NON-METRO
Clear Creek County	$406,250	$520,050	$628,650	$781,250	DENVER-AURORA, CO (MSA)
Conejos County	$271,050	$347,000	$419,425	$521,250	NON-METRO
Costilla County	$271,050	$347,000	$419,425	$521,250	NON-METRO
Crowley County	$271,050	$347,000	$419,425	$521,250	NON-METRO
Custer County	$271,050	$347,000	$419,425	$521,250	NON-METRO
Delta County	$271,050	$347,000	$419,425	$521,250	NON-METRO
Denver County	$406,250	$520,050	$628,650	$781,250	DENVER-AURORA, CO (MSA)
Dolores County	$271,050	$347,000	$419,425	$521,250	NON-METRO
Douglas County	$406,250	$520,050	$628,650	$781,250	DENVER-AURORA, CO (MSA)
Eagle County	$729,750	$934,200	$1,129,250	$1,403,400	EDWARDS, CO (MICRO)
El Paso County	$325,000	$416,050	$502,900	$625,000	COLORADO SPRINGS, CO (MSA)
Elbert County	$406,250	$520,050	$628,650	$781,250	DENVER-AURORA, CO (MSA)
Fremont County	$271,050	$347,000	$419,425	$521,250	CANON CITY, CO (MICRO)
Garfield County	$425,000	$544,050	$657,650	$817,300	NON-METRO
Gilpin County	$406,250	$520,050	$628,650	$781,250	DENVER-AURORA, CO (MSA)
Grand County	$356,250	$456,050	$551,250	$685,100	NON-METRO
Gunnison County	$433,750	$555,250	$671,200	$834,150	NON-METRO
Hinsdale County	$557,500	$713,700	$862,700	$1,072,150	NON-METRO
Huerfano County	$271,050	$347,000	$419,425	$521,250	NON-METRO
Jackson County	$271,050	$347,000	$419,425	$521,250	NON-METRO
Jefferson County	$406,250	$520,050	$628,650	$781,250	DENVER-AURORA, CO (MSA)
Kiowa County	$271,050	$347,000	$419,425	$521,250	NON-METRO
Kit Carson County	$271,050	$347,000	$419,425	$521,250	NON-METRO
La Plata County	$443,750	$568,050	$686,650	$853,350	DURANGO, CO (MICRO)
Lake County	$729,750	$934,200	$1,129,250	$1,403,400	EDWARDS, CO (MICRO)
Larimer County	$312,500	$400,050	$483,550	$600,950	FORT COLLINS-LOVELAND, CO (MSA)

Colorado FHA Limits by County

The latest on the HARP Loans 2.0 and 3.0 programs

Stuart Dobson (Surety Realty Inc.) — Fri, 15 Feb 2013 10:21:15 -0800

HARP loans

The Latest on the HARP Loans 2.0 and 3.0 programs

HARP Loans by the numbers

By now, many homowners have heard about HARP home loans modification programs. What started out as HARP 1.0 to be helpful to a very limited number of mortgage holders, expanded to become the HARP 2.0 program and in the presidents May 23, 2012 State of the Union address (SOTU) has intimated that HARP 3.0 may be coming soon (As part of the 2012 State of the Union Address, President Barack Obama referenced a plan to give "every responsible homeowner the chance to save about $3,000 a year on their mortgage". Within the mortgage industry, this plan is being referred to as HARP 3.0. The plan has not passed. HARP 3 is expected to expand HARP's eligibility requirements to homeowners with non-Fannie Mae and non-Freddie Mac mortgages, including homeowners with jumbo mortgages and Alt-A mortgages, including those whose original mortgages were stated income, stated asset, or both).

Who qualifies for HARP 2.0 now?

Certain requirements must be met to qualify for any HARP Loans. While there may be additional criteria imposed by the mortgage servicer, the government requirements are as follows:

1. The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae - Many homeowners are unaware that their mortgages are linked to one of these organizations, since neither Freddie Mac nor Fannie Mae deals directly with the public.
2. The mortgage must have been acquired by Freddie Mac or Fannie Mae on or before May 31, 2009.
3. The homeowner must not have a previous HARP refinance of the mortgage, unless it is a Fannie Mae loan that was refinanced under HARP during March-May 2009.
4. The homeowner must be current on their mortgage payments, with no (30-day) late payments in the last six months and no more than one late payment in the last twelve months.
5. The current loan-to-value ratio (LTV) of the property must be greater than 80%.
6. The homeowner must benefit from the loan by either lower monthly payments or movement to a more stable product (such as going from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage).

What is HARP 3.0?

President Obama gave a veiled reference in the 2013 SOTU address to a proposed program that would help most home owners save up to $3,000 per year. It is actually humorous and a sad commentary that HARP 2.0 is only about a year old and the government is already considering a HARP 3.0 program. Here is what we know so far;

HARP 3.0 would target homeowners whose mortgages are not backed by Fannie Mae or Freddie Mac. For example;

1. A self-employed person who used stated income loan for the original mortgage, and can verify their current income via federal tax returns.
2. A prime borrower who used a sub-prime mortgage because mortgage rates were lower and/or fees were less as compared to a conforming one.
3. A jumbo mortgage homeowner who lives in a high-cost area whose original mortgage was for between $417,000 and $625,500.
4. A wage earner who used a stated income and/or stated asset mortgage for convenience.
5. Sub-prime borrower who has paid mortgage as agreed and can verify income and assets.
6. An Alt-A borrower whose FICOs were low at date of origination, but have since improved.

Millions of Homewners can benefit from HARP Loans

There are literally millions of U.S. homeowners who would meet HARP 3.0 eligibility standards. Again, HARP 3.0 has not passed and is still just a discussion, but it would be helpful to a large number of non traditional mortgage holders (by today's FHA, VA, FNMA and Freddie standards that is) to be able to take advantage of today's low interest rates and stay in their homes.

The following states have increasing rates of foreclosure and many homeowners in these states still are not aware of the HARP Loans foreclosure prevention programs that can help them stay in their homes.

New Jersey Harp Loans - A judicial foreclosure state where the rate of foreclosure is increasing.
Pennsylvania Harp Loans - Another state where many homeowners are facing foreclosure and can be helped with the HARP Loans program.
New York HARP Loans - Close to NJ and PA, and suffering from an increasing rate of foreclosures.
Washington HARP Loans - Opposite coast from NY and NJ, but the problems for homeowners are the same, contact the HARP loans lenders to get some help.
Florida HARP Loans - Florida has had a very tough time with the housing recession and is coming out of it, but still has a way to go.

California FHA vs Conventional mortgage loans

Stuart Dobson (Surety Realty Inc.) — Thu, 14 Feb 2013 14:25:29 -0800

California FHA mortage loans vs Conventional mortgage loans

FHA Mortgage Loans

The Federal Housing Administration (FHA) is an agency within the United States Department of Housing and Urban Development (HUD). The FHA provides insurance for loans that borrowers obtain from FHA-approved lending institutions. California FHA backed loans are generally easier to obtain and have lower down payment requirements than conventional mortgage loans. Because the FHA is a federal agency, qualifying for an FHA mortgage loan in California is the same as in all other states. What may differ, however, are the loan limits, which vary by state and region.

Your lender will be able to tell you the limits for your region of California. FHA mortgage lending limits in CA inform homebuyers how much FHA borrowing power they have in their area of the country. FHA loan limits vary based partly on the state and county in which the property is located.

The primary benefits of an FHA mortgage loan are:

Low down payment.
Easier to qualify for with lower credit scores.
Higher debt ratios allowed for borrowers. An FHA loan may be available as either an adjustable rate mortgage (ARM), or a fixed rate mortgage.
An FHA mortgage is available all areas of California, provided a market exists for the property and the home meets FHA minimum property standards.
There are no prepayment penalties for an FHA mortgage

Since being established in the early 1930s, the Federal Housing Administration (FHA) has been charged with making it easier for people to obtain a mortgage in order to purchase a home, be it in California or elsewhere in the United States.

California FHA Streamline refinance - For those homeowners who already have an FHA mortgage loan in California that they wish to refinance.

Conventional Mortgage Loans

A California conventional mortgage is one that include all housing loans that aren’t guaranteed (or insured) by a government agency. A conventional loan is generally referring to a mortgage loan that follows the guidelines of government sponsored enterprises (GSE's) like Fannie Mae or Freddie Mac.

Conventional loans can be classified as either "conforming" or "non-conforming". Conforming loans follow the terms and conditions set by Fannie Mae and Freddie Mac. Non-conforming loans don't meet Fannie Mae or Freddie Mac guidelines, but they are also considered conventional and are often referred to as Jumbo loans when they are above the Fannie Mae or Freddie Mac maximum conforming loan amounts for a given geographic area. California conventional mortgages are granted by private California banks and lenders and normally have stricter eligibility requirements than government-insured loans.

By definition, a conventional loan is any mortgage that is not guaranteed or insured by the federal government.

Why choose a Conventional Loan vs. and FHA or other type of mortgage loan?

California conventional mortgages are likely the best home loan for borrowers with excellent credit and a substantial down payment.
There are no prepayment penalties for a conventional conforming mortgage.
A conforming loan can be used infor the purchase of a primary residence, second home or investment property.
A conventional mortgage is available all areas of California, provided a market exists for the property and the home meets minimum property standards.
A conforming loan may be used to purchase or refinance a new or existing one to four family home in urban and rural areas of California, including manufactured homes on permanent foundations.
A conventional house loan can be offered at terms of 10, 15, 20, 25, 30 and sometimes even 40 years. The terms of 15 and 30 years often carry the lowest interest rates.
A conventional loan may be available as either an adjustable rate mortgage (ARM), or a fixed rate mortgage.

California HARP loan - For those homeowners that currently have a conventional loan backed by Fannie Mae or Freddie Mac and want to refinance to a lower interest rate.

FHA vs Conventional mortgage loan in Colorado

Stuart Dobson (Surety Realty Inc.) — Thu, 14 Feb 2013 14:03:57 -0800

Colorado FHA mortage loans vs Conventional mortgage loans

FHA Mortgage Loans

The Federal Housing Administration (FHA) is an agency within the United States Department of Housing and Urban Development (HUD). The FHA provides insurance for loans that borrowers obtain from FHA-approved lending institutions. Colorado FHA backed loans are generally easier to obtain and have lower down payment requirements than conventional mortgage loans. Because the FHA is a federal agency, qualifying for an FHA mortgage loan in Colorado is the same as in all other states. What may differ, however, are the loan limits, which vary by state and region.

Your lender will be able to tell you the limits for your region of Colorado. FHA mortgage lending limits in CO inform homebuyers how much FHA borrowing power they have in their area of the country. FHA loan limits vary based partly on the state and county in which the property is located.

The primary benefits of an FHA mortgage loan are:

Low down payment.
Easier to qualify for with lower credit scores.
Higher debt ratios allowed for borrowers. An FHA loan may be available as either an adjustable rate mortgage (ARM), or a fixed rate mortgage.
An FHA mortgage is available all areas of Colorado, provided a market exists for the property and the home meets FHA minimum property standards.
There are no prepayment penalties for an FHA mortgage

Since being established in the early 1930s, the Federal Housing Administration (FHA) has been charged with making it easier for people to obtain a mortgage in order to purchase a home, be it in Colorado or elsewhere in the United States.

Colorado FHA Streamline refinance - For those homeowners who already have an FHA mortgage loan in Colorado that they wish to refinance.

Conventional Mortgage Loans

A Colorado conventional mortgage is one that include all housing loans that aren’t guaranteed (or insured) by a government agency. A conventional loan is generally referring to a mortgage loan that follows the guidelines of government sponsored enterprises (GSE's) like Fannie Mae or Freddie Mac.

Conventional loans can be classified as either "conforming" or "non-conforming". Conforming loans follow the terms and conditions set by Fannie Mae and Freddie Mac. Non-conforming loans don't meet Fannie Mae or Freddie Mac guidelines, but they are also considered conventional and are often referred to as Jumbo loans when they are above the Fannie Mae or Freddie Mac maximum conforming loan amounts for a given geographic area. Colorado conventional mortgages are granted by private Colorado banks and lenders and normally have stricter eligibility requirements than government-insured loans.

By definition, a conventional loan is any mortgage that is not guaranteed or insured by the federal government.

Why choose a Conventional Loan vs. and FHA or other type of mortgage loan?

Colorado conventional mortgages are likely the best home loan for borrowers with excellent credit and a substantial down payment.
There are no prepayment penalties for a conventional conforming mortgage.
A conforming loan can be used infor the purchase of a primary residence, second home or investment property.
A conventional mortgage is available all areas ofColorado, provided a market exists for the property and the home meets minimum property standards.
A conforming loan may be used to purchase or refinance a new or existing one to four family home in urban and rural areas of Colorado, including manufactured homes on permanent foundations.
A conventional house loan can be offered at terms of 10, 15, 20, 25, 30 and sometimes even 40 years. The terms of 15 and 30 years often carry the lowest interest rates.
A conventional loan may be available as either an adjustable rate mortgage (ARM), or a fixed rate mortgage.

Colorado HARP loan - For those homeowners that currently have a conventional loan backed by Fannie Mae or Freddie Mac and want to refinance to a lower interest rate.

Your mortgage loan APR is higher the less time you have your mortgage

Stuart Dobson (Surety Realty Inc.) — Thu, 14 Feb 2013 10:13:27 -0800

Your home mortgage APR is higher the less time you own your home or have your mortgage

This is a follow up to a great post by George Souto on The lowest interest rate does not always equal the lowest monthly payment.

Almost everyone who purchases a new home or refinances their current home checks the mortgage loan interest rates to get the lowest rate. However, fewer of those shoppers actually check and compare the Effective APR on a new home mortgage loan that their home mortgage will actually cost them. Finally, very few of those mortgage shoppers realize that the shorter the time period that they own the home and have that mortgage can dramatically increase their APR.

First a brief definition : Your APR is the effective rate that your mortgage loan will cost you over the scheduled life of the mortgage loan.

The scheduled part is the big part here. The reason is that most people will not continue to live in the same house for the life of the loan, let's say 30 years. Or they will have refinanced in that time. That makes the effect of the closing costs and loan fees on the APR much, much higher.

Some examples are below:

The above example shows that even though the stated interest rate on the mortgage loan is only 4%, the actual cost (APR) when fees are included if the loan is only held for five years is 5.373%!

If that same mortage loan is actually held for the full 30 year term of the mortgage, then the APR is as stated in the loan docs and is only 4.279%. Over a full percentage point difference!

What we really need on the disclosure docs is a little illustration of this for new homeowners and those looking to refinance so that they understand the massive effect that initial loan costs have on their effective APR when they hold their mortgages for shorter periods of time.

Broomfield Office space for lease - Leased

Stuart Dobson (Surety Realty Inc.) — Tue, 15 Jan 2013 10:30:50 -0800

space has been leased - Thank you!

The newly revitalized 6343 Building on W 120th Ave in Broomfield offers flexible office or retail space at the cheapest retail or office cost per square foot in the area.

We currently have an office suite available for lease that is perfect for the business owner who is either just starting out, moving out of their home office or downsizing. The office suite is private, ground floor, includes two large private offices, a reception area, and a storage area and enjoys the common building amenities of a kitchen, conference room, and common bathrooms.

This is a Full Service Gross (FSG) lease, everything is included except phone, a company seeking unique and custom Broomfield office space for lease should look no further. With architectural upgrades including new energy efficient low E thermal break windows, new entrance doors with keypad secure entry, monument signage and a basement for storage, leasing here is an easy decision.

The building includes a top floor , ground floor and a basement for either work or storage space. The basement can be accessed through the building elevator or stairs.

Some highlights of the building include:

Excellent Monument signage

Traffic count 44,000 cars per day (CDOT)

Ample Parking

Elevator Access

Individual Signage for Retail

Left Turn Lane East Bound

Right in Right out

To inquire about this space, please contact Stuart Dobson.

Stuart Dobson

Leasing Broker

Surety Realty Inc - Broker/Owner

Cell:303-919-0309

6343 W 120th Ave at Main St and 120th Ave

Can I refinance my mortgage with bad credit

Stuart Dobson (Surety Realty Inc.) — Thu, 10 Jan 2013 15:25:12 -0800

Can I refinance my mortgage with bad credit

An FHA Streamline Refinance can help you refinance your current loan even if you have bad credit. Because these loans are insured by the federal government, more people qualify for FHA loans than for traditional ones. Even if you’ve had accounts forwarded to collections, have filed bankruptcy in the past, or have high debt, you still may qualify to refinance.

By working with an FHA mortgage instead of a standard loan, you could save thousands of dollars in interest and closing costs, too.

Additionally, you should certainly explore would be government programs such as the Home Affordable Refinance Program HARP 2.0 Loan Refinance and the Home Affordable Modification Program (HAMP). These free programs are designed to lower the interest rates and monthly payments for individuals whose current mortgage is an excessive burden, and for people who owe more on their mortgage than their home is worth.

These government aid programs have been extended. But you should not delay examining this option because they will expire on Dec. 31, 2013

How can a HARP 2.0 Refinance help me

Stuart Dobson (Surety Realty Inc.) — Wed, 09 Jan 2013 15:49:46 -0800

How can a HARP 2.0 Refinance help me?

Eligible homeowners who are current on their mortgages but have been unable to refinance and take advantage of current lower interest rates because they are underwater on their homes (or have negative equity) mainly becuase their homes have decreased in value, may now have the opportunity to refinance. Through a refinance under HARP 2.0, Fannie Mae and Freddie Mac will allow the refinancing of mortgage loans that they own or that they guaranteed in mortgage backed securities. This program is also sometimes known as the Obama Refinance Program.

The objective of a HARP 2.0 Refinance loan is to provide creditworthy homeowners who have shown a commitment to paying their mortgage the opportunity to get into a new mortgage with better terms.

Homeowners whose mortgage interest rates are much higher than the current market rate should see an immediate reduction in their payments. Homeowners who are paying interest only (IO), who have a low introductory rate that will increase in the future (ARM), or who face a balloon payment may not see their current payment go down if they refinance to a fixed rate and payment. These homeowners can save a great deal of money by reducing the amount of interest you pay over the life of the loan.

Refinancing into a more stable fixed rate loan product and avoiding future mortgage payment increases would likely improve your ability to sustain your mortgage payments over the long term.

When you submit a loan application, your lender will give you a "Good Faith Estimate" and a "Truth in Lending Statement" that includes your new interest rate, mortgage payment, and the amount that you will pay over the life of the loan. Compare this to your current loan terms. If it is not an improvement, a refinancing may not be right for you.

How do I know if I qualify for the HARP 2.0 program

Stuart Dobson (Surety Realty Inc.) — Wed, 09 Jan 2013 15:36:47 -0800

How do I know if I qualify for the HARP 2.0 program?

A good first step is to contact your current mortgage servicer. If you are not happy with the answers you are getting or want to do a little comparison shopping (always a good idea), then contact this HARP 2.0 Lender to see what they can offer you.

You may be eligible if you meet these 7 criteria:

Your mortgage MUST be owned or guaranteed by Fannie Mae or Freddie Mac.
Your mortgage MUST have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
The mortgage CANNOT have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009.
The current loan-to-value (LTV) ratio MUST be greater than 80%
The borrower MUST be current on the mortgage at the time of the refinance, with no late payment in the past six months and no more than one late payment in the past 12 months.
You have a reasonable ability to pay the new mortgage payments.
The refinance improves the long term affordability or stability of your loan.

However, even if you meet these criteria, your current mortgage holder may tell you that you are not eligible or cannot refinance under HARP 2.0. If you feel that you are not getting the best service or correct information, then contact another lender (like the one above) and see what they can offer you.

When can I purchase a home after a short sale

Stuart Dobson (Surety Realty Inc.) — Wed, 09 Jan 2013 11:59:20 -0800

When can I purchase a home after a short sale?

Generally the answer will depend on how much down payment you have and what type of mortgage loan you want to obtain. However, there is not a one size fits all answer to this question. Each lender can have overlays to the actual Fannie Mae or FHA Agency guidelines; The answer may vary lender to lender. Ask the lender you are working with if their guideline differs from the agency guideline and if they don't know what you are talking about, move on to another loan officer.

Answers to the 4 following questions will help your loan officer guide you:

Were there late payments?
Current credit scores?
Down payment (%)?
Type of loan?

Deed-in-Lieu/Short Sale: No waiting Period

If the borrower was current on their mortgage and all other installment debt for the 12 months preceding the short sale, the subject property is not in the same geographical area as the short sale and the short sale lender accepted the short sale as payment in full.

Deed-in-Lieu/Short Sale: 3 Years
It is treated as a foreclosure if the borrower was late on the mortgage and other installment debt for the 12 months preceding and at the time of the short sale. In addition, if the borrower pursued the short sale to take advantage of the declining market or purchased at a reduced price a similar or superior property within a reasonable commuting distance.

These are the most current guidelines published by the two government agencies without credit overlays attached. These guidelines are also what Prime-Lending follows. Laws and guidelines change and new policies and packages are introduced, so check with your local lenders for current updates on federal laws.

Again, there is no answer that will fit all situations. As a general rule of thumb the following applies:

For Conventional loans, you will need 2 years from short sale with 20% down.
For FHA loans, you will need 3 years.
For VA loans you will need 2 years.

HARP 2.0 Loan Refinance
FHA Streamline Refinance
FHA Mortgage Loan

Can I get an FHA Loan with a 620 credit score?

Stuart Dobson (Surety Realty Inc.) — Tue, 08 Jan 2013 14:51:17 -0800

Can I get an FHA Loan with a 620 credit score?

With that credit score you should be able to qualify for an FHA loan assuming your income is stable and verifiable. However credit score and income alone are not the deciding factors. You really should talk to a lender to get pre-approved. This site can give you contact information on lenders that have worked with potential borrowers successfully for many years.

Most banks still offer FHA mortgage loans with FICO's between 620 -639. Have your lender run your file on Desktop Underwriter (DU) and get a DU approval. Desktop Underwriter (DU) helps lenders make informed credit decisions on conventional conforming, non-conforming, and government loans.

Lenders change requirements often

To confuse matters further, another little-known fact is that although many FHA lenders have different minimum credit score requirements, they change their requirements often. Because of this, it is possible for you to ask a lender about their minimum credit score requirements for FHA loans this week and get an answer of “640? only to have the guidelines change next week and then they can do a minimum 620.

A word about closing times

Finally, a word about what to expect as far as the timeline for closing on an FHA loan. Although each situation is a little different with respect to the borrower and lender, and underwriting and appraisal are a constant challange, you should be able to get your new FHA mortgage loan closed within 45 days.

Colorado Mortgage Loan Timeline

Stuart Dobson (Surety Realty Inc.) — Mon, 07 Jan 2013 14:06:12 -0800

Colorado Mortgage Loan Timeline

Getting a home loan can be very frustrating at times for home buyers who do not feel that they are getting enough communication from their mortgage broker about the steps in actually getting approved for a mortgage loan. And a Conventional Mortgage loan is the most common type of mortgage for Colorado home purchasers to use these days. Getting a Colorado Conventional mortgage loan is also one of the most frustrating experiences for a home buyer to endure. It makes shopping for the home, negotiating the price, and the home inspection seem easy for most people.

After taking a quick survey and finding that this was the most frustrating part of the home buying process for most buyers, we decided to put together this little Colorado Mortgage Loan Timeline that would help buyers understand the process a little better.

Day 1- Loan application over the phone, pull credit, review loan options.
Day 2- Meet client, collect initial paper work, turn in file to operations. (If it fits everyone schedule!).
Day 3- Operations scrubs file for missing items, signatures ect. Orders title, appraisal file goes to processor (if we can order appraisal due to inspection not being complete, once ordered appraisal are taking 10-14 days).
Day 4- Processor talks with client to collect any missing or added documents. Needed ASAP. Processor usually has file a 3-6 days depending on how fast client returns items needed.
Day 5-9- File goes in line to be underwritten as soon as file is complete. Underwriting time is 48-72hrs.
Day 10-13- Receive conditional loan approval, call client with list of conditions.
Day 13-16- Client returns all loan condition items (hopefully).
Day 17- Possibly still waiting for appraisal to be done & trying to get title to make corrections that are needed.
Day 17-21- Possibly still waiting on borrower to send in all conditions.
Day 22- Appraisal is completed.
Day 23- Hopefully we have every thing we need to re-submit the file to underwriting with appraisal and loan conditions. 48-72 hrs.
Days 26- Ask appraiser to make any needed corrections on appraisal.
Day 27- Hopefully appraisal repairs, if necessary, are in.
Day 28- File is cleared to close. Once that happens the file is sent to get the PMI certification (if necessary). Usually takes 3-8 days.
Day 32- PMI certification comes in then we are clear to close. Schedule with title company, docs & wires are ordered 48-72hrs.
Day 35 - Close.

Hopefully this guideline helps and will lead to more understanding and less frustration for the home buyer.

Related to the timeframe for getting an conventional mortgage loan is the subject of Low cost vs customer service mortgage lenders, making sure the mortgage broker you select can do what they say they are going to do when they say they are going to do it.

California Mortgage Loan Process

Stuart Dobson (Surety Realty Inc.) — Mon, 07 Jan 2013 12:58:04 -0800

California Mortgage Loan Process

Before you go shopping for a house to purchase in California, you need some to do some research on where to go for a mortgage loan. Once this is done you need to move on to finding a home inspector your trust, and insurance agent and of course finding a California real estate broker to help you find the home. If you take the time to be patient in finding the professionals that will assistant you during the home buying process, you will be less likely to make a hasty decision do to time stress and are much more likely to be pleased with the overall home buying process and outcome from your home shopping. Once all the above is taken care of and you have found your ideal loan officer, you will need to know the following:

Your particular California Mortgage Loan needs:

Financial situation (Do you have a study job, are you planning to change careers, is 50% of your income based on commissions?)
Property type (condo, townhome, single family home, multi family i.e. duplex)
Location of new home (surprisingly many people don't look at things like schools, public transportation, and crime rates before making an offer on a home)
Price range (How much can you qualify for?)
How long you are planning to own the new home (if it's less than two to three years you should probably keep renting)
Credit history (Your California mortgage loan officer can usually pull this information for you within a few minutes)
Assets (important, but not as much as credit, income and down payment)
Income (stable job history with verifiable income is important here)

After you have the above information, there are 10 steps to obtaining a California home loan:

Pre-Qualification
Credit Report
Application
Pre-Approval
Commitment Letter
Loan Processing
Appraisal
Engineer Report and Home Inspections
Underwriting
Closing

For a California FHA loan, the FHA mortgage loan timeline may be slightly different.

Also, for first time CA home buyers, the California Housing Finance Agency has some good info as well.

Colorado Mortgage Loan Process

Stuart Dobson (Surety Realty Inc.) — Mon, 07 Jan 2013 12:45:10 -0800

Colorado Mortgage Loan Process

Before you go shopping for a house to purchase in Colorado, you need some to do some research on where to go for a mortgage loan. Once this is done you need to move on to finding a home inspector your trust, and insurance agent and of course finding a Colorado real estate broker to help you find the home. If you take the time to be patient in finding the professionals that will assistant you during the home buying process, you will be less likely to make a hasty decision do to time stress and are much more likely to be pleased with the overall home buying process and outcome from your home shopping. Once all the above is taken care of and you have found your ideal loan officer, you will need to know the following:

Your particular Colorado mortgage loan needs

Financial situation (Do you have a study job, are you planning to change careers, is 50% of your income based on commissions?)
Property type (condo, townhome, single family home, multi family i.e. duplex)
Location of new home (surprisingly many people don't look at things like schools, public transportation, and crime rates before making an offer on a home)
Price range (How much can you qualify for?)
How long you are planning to own the new home (if it's less than two to three years you should probably keep renting)
Credit history (Your Colorado mortgage loan officer can usually pull this information for you within a few minutes)
Assets (important, but not as much as credit, income and down payment)
Income (stable job history with verifiable income is important here)

After you have the above information, there are 10 steps to obtaining a Colorado home loan:

Pre-Qualification
Credit Report
Application
Pre-Approval
Commitment Letter
Loan Processing
Appraisal
Engineer Report and Home Inspections
Underwriting
Closing

For a Colorado FHA loan, the FHA mortgage loan timeline may be slightly different.