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Fannie Mae has announced that they are lowering the maximum loan-to-value (LTV) ratios for a number of loan types. The three changes that will have the most impact follow:

Principal residence, cash-out refinance: Current max is 90%, new max is 85%. This means that if you refinance your primary residence, you can’t get more than 85% of the value if it’s a cash-out transaction.

Investment property purchase: Current LTV max is 90%, new max is 85%. This means purchasers of investment properties will need 15% down.

Investment property refinances (all types): Current max LTV is 90% for rate and term refinances and 85% for cash-out refi’s, new max is 75% for both. This means the most you can get with an investment property refi is 75% of the value.

The changes are not in effect yet for loans that are run through Fannie Mae’s automated underwriting system, and Fannie Mae has not announced when they will upgrade their underwriting software. They usually make upgrades relatively soon after making announcements.

With the bailout of Fannie Mae and Freddie Mac, there are sure to be some changes in a variety of areas.

Stay tuned. We will have follow up information when available.

The FAIR HOUSING ACT
Title VIII of the Civil Rights Act of 1968 (Fair Housing Act) prohibits discrimination in the sale, rental and financing of dwellings based on race, color, religion, sex or national origin. Title VIII was ended in 1988 (effective March 12, 1989) by the Fair Housing Amendments Act, which:

• expanded the coverage of the Fair Housing Act to prohibit discrimination based on disability or on familial status (presence of child under age of 18, and pregnant women);
• established new administrative enforcement mechanisms with HUD attorneys bringing actions before administrative law judges on behalf of victims of housing discrimination;
• and revised and expanded Justice Department jurisdiction to bring suit on behalf of victims in Federal district courts.

Everyone with the Get Home Denver Team fully abide by, and support FAIR HOUSING laws.

Below, I’ve included an overview of (more…)

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

Enjoy the atmosphere of a street fair with local merchants.  Featuring Antiques, Food, Local Retailers, Salons, and Local Artists!

This years Greenwood Village Arts Festival is in a NEW LOCATION.

Cherry Hills Marketplace

5910 S. University Blvd.

Greenwood Village, CO 80121

View Larger Map

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

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

Colorado maintained its slot as the 3rd leading state for it’s ability to sustain high-tech industry. According to Milken Institute’s 2008 State Technology and Science Index, Colorado maintained it’s spot at number 3 in the country.  Massachusetts and Maryland ranked 1 & 2, while California dropped to number 4.

The index utilizes 77 indicators categorized into 5 components:

• Tech Strength in research and development
• Entrepreneurial Activity
• Education
• Concentration of Scientists and Engineers
• Prominence of the Tech Sector in the overall community

Colorado ranked in the Top 5 states in ALL 5 categories!

The strength of Colorado in the Tech Sector has helped diversify our economy from an Energy only powerhouse.  This diversity will help the State avoid the wild ups and downs in the housing market that have been prevelant over the past 40 years.

Just another reason that the Denver area is a great Real Estate Investment!

photo credit: zanimo

Rates have been slowly improving.  Energy prices are coming down, and inflationary pressures continue to subside.  Denver area real estate prices are holding their own, and this is a good time to buy!  These rates can change multiple times daily, so be sure to check with us regarding the mortgage markets!

Let’s face it, we love our television sets. In my staging career, this has been proven to me numerous times. I come into a home to make recommendations to make it show better, and clients seem so willing to add or remove whatever I suggest. Except the TV, that is. And, whatever they sit on to watch TV.

In recent years, televisions have certainly become more streamlined. Flat panel styles are much less intrusive than the large screen projection ones, or “the big black boxes”, as we stagers like to call them. But, I would guess that only about 20% of the homes I visit have made the switch to flat panels. That leaves a whole lot of family rooms whose main feature is the overly-large TV. In homes where all the furniture is aimed at the TV, it may cause buyers to overlook the features which are a part of the home. Buyers should be directed to that fabulous fireplace, or the incredible floor to ceiling windows.

Another distraction for buyers is the number of TVs in some homes. I had clients who had a TV in every room, including the dining room. Fortunately, we worked out a compromise, and they removed all but two. And, the big black box that swallowed up most of their small living room? It was one they agreed to remove, and it opened up the space to reveal a very nice sized room, which buyers appreciated, and the home sold quickly.

It’s never easy to have your home on the market. But, taking the steps necessary to get it sold quickly, means the inconvenience won’t last long, and the sooner you and your TV can be together again!

This video is very informative and explains the reasons for real estate market corrections. It also gives an historical perspective of where we’ve been, and the inevitable result of any downturn. A big shout-out and Thank You to Ted Mackel and the Homebuysblog from Simi Valley, for finding this gem!

Explaining the market is much easier than Timing the market. Timing is a much harder thing to predict. We believe the Denver Real Estate market is at, or very near the bottom. Read some of our previous articles, or better yet subscribe to our feed. You will then always be on top of the important statistics that will help you make up your own mind.

We always love to hear what you think! What are your predictions for the Denver Market? If you are thinking of a home purchase, or sale, when do you think it will be the right time to pull the trigger? What factors do you look at when making this decision? Etc…..

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

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

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

What is It?

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

This down payment will be a

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