Foreclosure and Short Sale Affect Ability to Get Mortgage
November 4, 2011 by Bob Schenkenberger · 1 Comment
When clients are facing foreclosure, the Get Home Denver Team counsels clients as to their options. These options include Selling the home if there is enough equity, loan modification, refinancing, bankruptcy, doing a “short sale”, and letting the bank foreclose. Of these, foreclosure and short sales are the most common. One of the most often [...]
FHA Decreases Loan Amounts for Most Denver Area Counties
August 19, 2011 by Bob Schenkenberger · Leave a Comment
HUD, the Department of Housing and Urban Development, has announced the maximum FHA loan amount will be reduced in the Denver area beginning October 1, 2011. The 5 major counties in the area, Adams, Arapahoe, Denver, Douglas, and Jefferson have all been adjusted from a maximum of $406,250 down to $368,000, or -9.5%. FHA loans [...]
New HUD Program to Support Unemployed
October 7, 2010 by Bob Schenkenberger · Leave a Comment
[facebook_ilike] *****NEWS RELEASE***** HUD ANNOUNCES ADDITIONAL SUPPORT TO HELP COLORADO HOMEOWNERS STRUGGLING WITH UNEMPLOYMENT 32 States and Puerto Rico Will Receive Funds Through HUD’s Emergency Homeowners Loan Program (DENVER)- U.S. Department of Housing and Urban Development (HUD) Regional Administrator Rick Garcia announced today that HUD will provide $41,286,747, to help struggling homeowners in Colorado through its [...]
Credit Requirements Continue to Tighten for Conventional Loans
September 30, 2010 by Bob Schenkenberger · Leave a Comment
[facebook_ilike] With the tightening of the mortgage industry it is not surprising to learn that Conventional Lenders are mostly requiring a borrower’s credit report to be run twice. Once at the beginning for qualification and approval purposes, and once just before closing to make sure nothing has changed with the borrower’s credit status. Lenders are [...]
New FHA Credit Guidlines
September 28, 2010 by Bob Schenkenberger · Leave a Comment
Just wanted to let you know that most investors are now requiring a score of 640 on FHA loans now. For now, CHFA still will allow to go below to a 580, but must pass the CHFA scorecard
$1 Billion to Stabilize Neighborhoods (HUD NSP Program)
September 8, 2010 by Bob Schenkenberger · Leave a Comment
PRESS RELEASE OBAMA ADMINISTRATION AWARDS ADDITIONAL $1 BILLION TO STABILIZE NEIGHBORHOODS HARD-HIT BY FORECLOSURE Third round of NSP grants to build on efforts to confront abandonment and blight WASHINGTON – U.S. Housing and Urban Development Secretary Shaun Donovan today awarded an additional $1 billion in funding to all states along with a number of counties and [...]
FHA Increases Fees to Save Programs?
August 10, 2010 by Bob Schenkenberger · 1 Comment
[facebook_ilike] It’s no secret that the housing crisis has strained Fannie Mae, Freddie Mac and the Department of HUD. So, congress just passed H.R. 5981. This bill gives FHA the authority to adjust its mortgage insurance rates to increase funding to the FHA Mutual Mortgage Insurance Fund. This move will immediately begin to yield $300 [...]
$8000 Tax Credit Still Available for Military
July 9, 2010 by Bob Schenkenberger · 3 Comments
[facebook_ilike] The Get Home Denver Team is pleased to publish this post written by VA expert James Kelley. Homebuilders in Denver, CO are very optimistic about the local economy. According to a recent Denver Post article, builders are buying vacant lots all over Denver with the intention of constructing new homes to meet predicted demand. [...]
Denver Real Estate Mortgage Rates
January 22, 2010 by Bob Schenkenberger · Leave a Comment
Denver Area Current Mortgage Rates Program Rate Orig.+Discount Conv. 30 yr. fixed 5.00% 1%+0% FHA 30 yr. fixed 5.00% 1%+0% VA 30 yr. fixed 5.25% 1%+0% 5/1 ARM 3.75% 1%+0% Conv. 15 yr. fixed 4.375% 1%+0%
HUD Suspending 90 Day Rule
January 18, 2010 by Bob Schenkenberger · 2 Comments
HUD’s 90 day rule was a condition put upon home sales stating that if the property was owned for less than 90 days, the owner could not sell it and offer FHA financing. The reason for this was to keep unscrupulous investors from buying low, and re-selling immediately for substantial profit. Investors, rehabbers, and the like, needed to wait a full 90 days before the resale could go through with an FHA loan.