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100% Owner Occupied Financing and more!

100% Owner Occupied Financing and more!

via Understanding Private Mortgage Insurance

Used to be that anyone putting less than 20% down needed private mortgage insurance to protect lenders against borrower default.

Until now. We have partnered with a global lending institution committed to offering up to 100% financing, will contribute up to $4,500 toward closing costs and does not charge PMI!

Too good to be true? We promise, it's not. Contact me for details.

A Better Return on Investment

A Better Return on Investment

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According to Remodeling's 2016 Cost vs. Value Report, you'll recoup an average of 64% of what you paid for a renovation if you sell your home this year.

Source: 10 Home Renovations That Offer the Best (and Worst) Return on Investment - Real Estate News and Advice - realtor.com

Return on Investment

We've previously discussed Return on Investment (ROI) about how much more (or less) than an asset's cost it is (or will be) worth at resale. It went a little something like this.

ROI

OK. The same concept of ROI applies, perhaps but not always on a lesser scale, to the effect of improvements made after purchase to the resale value of that asset.

Many (not all) buyers want gorgeous granite, jacuzzi tubs, bedroom fireplaces and similar creature comforts. And where these add great value...prestige, will they amount to a dollar for dollar increase in financial value? It depends.

Remodeling Values

It's never good to have the most expensive house in the neighborhood. First, they can stand out like the a Taj Mahal near Quonset huts. Gaudy is definitely not good, IMHO. Worst, pride in ownership can be a bitter pill to swallow when no one cares how much that Italian marble tub cost. When it comes to comparable values, a tub's just a rub-a-dub-dub. Sorry, couldn't resist.

Quickly. What is relatively worth more, adding attic insulation or a bathroom that will relieve congestion come school time? Before we tell it, understand you'll recoup about 67% of improvements on average. Drum roll, please...

Attic insulation, by a long shot of 2:1. Sad but true. Dollarphotoclub_81671951 - Down Payment Assistance

Rehab Loans - Pennies from Heaven

So be careful what you ask for, you might not get it. Unless it's help to pay for remodeling projects on that would be perfect home were it not for the host of improvements needed to make it your castle, whether necessary or not.

With Fannie Mae's and Freddie Mac's HomeStyle Renovation and FHA's 203k loans, it is relatively easy to turn that ugly house into the nosy neighbor's bane of existence.

Energy Efficiency Assistance

How about we add energy efficiency upgrades to our efforts and receive up to $8,000 in help to do so?! This is HOT! No pun intended. Learn more here.

Thanks for reading. Let us know how we can help?

Energy Efficiency Assistance

Energy Efficiency Assistance

Dollarphotoclub_72894076 - energy efficiency small

Energy Efficiency Assistance

As an incentive for new and existing homeowners to buy homes with high energy efficiency ratings or make upgrades (furnace, insulation levels, windows, etc.) to an existing home, the state of Colorado is offering up to $8,000!Dollarphotoclub_81671951 - Down Payment Assistance

Qualifications

  • New or existing homes (existing homeowners OK)
  • Lender must reserve the incentive amount before closing
  • Energy upgrades completed within 120 days of purchase

Additional Down Payment Assistance Programs

There are hundreds, if not thousands of extra programs that help with adapting homes for folks with disabilities, down payment. closing and other costs. Check them all out here!

What Credit Score Do You Need To Buy A Home?

What Credit Score Do You Need To Buy A Home?

millenials, credit score, FICO score, buy a homeIn a recent article by the Wharton School of Business at the University of Pennsylvania, it was revealed that some millennials are not looking to buy a home simply because they don’t believe they can qualify for a mortgage.

Source: Millennials: What Credit Score is Needed to Buy a Home?

The question, what credit score do I need to buy a home is a difficult one to answer because, dependent on numerous factors, not the least of which being the type of buyer, the answer can run the gamut.

For example, if you are a traditional first time home buyer seeking institutional lending rates (high 3% to low 4% as of this writing), you’d be hard pressed to qualify with anything less than a 620 yet, are there exceptions? Of course there are.

On the other hand, if you are an investor, the distinction being one that will not occupy the home as their primary residence, or someone with difficulty qualifying for more traditional lending, then you may not need any credit at all depending on how much you can buy it for versus how much it’s worth, repairs, and the like.

Perhaps most important is the question not asked meaning, contact a local professional with your desire, wants/needs and qualifications (or lack thereof) and let us sort it out. That's what we do. Until then, all the best!

 

Norberto Villanueva is a licensed broker and experienced loan officer offering full service real estate and related services in Colorado Springs and surrounding areas. Contact Norberto at 719-453-8690 for a free consultation or by submitting a request in the lower right hand section of this page.

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