» Mortgage Lending http://calldenverhome.com Wed, 16 May 2012 19:02:51 +0000 en hourly 1 http://wordpress.org/?v=3.3.2 100% Financing in Littleton Still Exists http://calldenverhome.com/2010/04/06/100-financing-in-littleton-still-exists/ http://calldenverhome.com/2010/04/06/100-financing-in-littleton-still-exists/#comments Tue, 06 Apr 2010 05:35:30 +0000 mattkuchar http://calldenverhome.com/?p=553 No Money Down Loans in Littleton???
No Money Down Financing

No Money Down Financing

I received a mail from local mortgage broker in Littleton the other day.  She works for KeyBank as a loan officer. She was telling me about a loan program that allows borrowers to get up to 100% loan to value. This is an amazing loan program because most loans today require at least 3.5 percent down just to go FHA.  On top of 3.5% down the FHA loan also requires PMI insurance and an up front funding fee of 2.25%.  The loan from KeyBank involves conventional financing with no private mortgage insurance required.

Making Littleton Home Ownership Easy

This program can work for first-time homebuyers because it allows for lower down payment options, so it takes a lot less cash to get started and qualifying for this program with all of its benefits is easier than you might think.  this is the next interest rate loan and it allows a maximum of 3% seller contribution towards buyers closing costs and prepaid items. It does require one-month reserve toward principle, interest, taxes and insurance ( PITI ).

If you are interested in this loan program, fill out the contact form below and I’ll get you in touch with my local loan consultant.

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Here are a few homes currently for sale in Littleton, CO.

$334,500
MLS# 949170
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12260 S Critchell Ln
Littleton, CO 80127
3 Bedrooms, 3 Baths
Residential
Fuller Sotheby's Int'l Realty
 
$659,000
MLS# 973188
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5931 Rain Dance Trl
Littleton, CO 80125
6 Bedrooms, 4 Baths
Residential
Re/max Professionals
 
$424,900
MLS# 995295
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6980 Blue Mesa Ln
Littleton, CO 80125
4 Bedrooms, 4 Baths
Residential
Omni Real Estate Co
 
$599,000
MLS# 1009532
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10 Golden Aster
Littleton, CO 80127
5 Bedrooms, 3 Baths
Residential
Re/max Professionals
 
$595,000
MLS# 1009932
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13959 Sunburst Dr
Littleton, CO 80127
5 Bedrooms, 3 Baths
Residential
Intero Real Estate Services
 
$289,900
MLS# 1015806
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10509 W Raspberry Mtn
Littleton, CO 80127
3 Bedrooms, 3 Baths
Residential
Legacy Real Estate Brokers Inc
 
$450,000
MLS# 1029456
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9923 W Arlington Ave
Littleton, CO 80123
3 Bedrooms, 3 Baths
Residential
Re/max Professionals
 
$299,000
MLS# 1033599
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4695 Aberdeen Ave
Littleton, CO 80126
3 Bedrooms, 3 Baths
Residential
Re/max Momentum
 
$699,800
MLS# 1033928
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4655 Ponderosa Trl
Littleton, CO 80125
5 Bedrooms, 5 Baths
Residential
Brokers Guild Cherry Creek Ltd
 
$675,000
MLS# 1040834
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1830 W Littleton Blvd
Littleton, CO 80120
4 Bedrooms, 2 Baths
Residential
Cherry Creek Properties Llc
 
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]]> http://calldenverhome.com/2010/04/06/100-financing-in-littleton-still-exists/feed/ 0 A Kinder and Gentler Bank of America Short Sale http://calldenverhome.com/2010/04/03/a-kinder-and-gentler-bank-of-america-short-sale/ http://calldenverhome.com/2010/04/03/a-kinder-and-gentler-bank-of-america-short-sale/#comments Sat, 03 Apr 2010 05:51:56 +0000 mattkuchar http://calldenverhome.com/?p=532 Bank of America Short Sales in Denver Getting Easier???
Bank of America Short Sale Negotiator

Bank of America Short Sale Negotiator

Ask any agent who has had to deal with Bank of America on a short sale during the past few years and they will have war stories of hours, weeks and months spent in vain trying to get a short sale approved. There is nothing worse than investing hours, advertising dollars and more for months on end only to never make a dime when it goes to foreclosure. I can tell you that I would tell my home buyers to avoid them if I found out they were the lien holder. I am assuming that most of America now knows that a short sale is an attempted sale of a property where the loan is greater than the value of the house. The seller wants to / has to sell and the bank needs to take less than what is owed on the loan. This last week Bank of America took me by surprise and they seem to have finally gotten their act together.

Bank of America now using the equator.com platform for Short Sales

equator.com is a website where banks process thousands of foreclosed properties every month through real estate agents. This website is where the banks gather information from agents and post documents and REO assignments. During the past few months Bank of America has had a button on the site that allows a real estate agent to initiate a short sale. For an agent to begin this process, they need to have a listing agreement, seller authorization and know the loan number. It certainly helps to have the sellers full financial information as well, but that is about to change with the new system. I have a Highlands Ranch Short Sale where the seller is dealing direct with Bank of America with their financial info.

Equator agents have a new 800# for Bank of America

Once an agent has initiated the short sale on equator, they can call a special division of Bank of America dedicated to equator.com agents. That phone number is 866-677-2516 and they are just the nicest people in the world. Only somewhat helpful, but really really pleasant to talk with. I was surprised at how friendly they actually were with me when I called. They even asked me to take a survey afterwords where I could rate the service I received. I didn’t have to wait on hold for more than a minute. The property that I was calling on that day was getting close to foreclosure and we had an offer on it that I was calling to get an approval on. She asked me the offer price and buyer name and within a minute gave me an approval. I asked for a postponement of the foreclosure and she assured me that they would delay the sale and give me 30 days to close the deal. I was super excited and called the other agent and my seller to tell them of our good fortune. ( Unfortunately it was sold at auction a few days later and the sellers now have a foreclosure on their credit ) Obviously all the kinks are not worked out of the system.

Matt Kuchar Working Short Sales

Matt Kuchar Working Short Sales

Denver sellers jump through hoops on short sales

If you are a seller considering a short sale, most of the lenders like Bank of America are going to require you to disclose all of your financial information. The process is very similar to what you went through when you applied for a loan. They ask for the last two months bank statements, last two pay stubs from both borrowers, tax returns, a hardship letter and financial worksheet. In most cases if you are unwilling to provide these documents, they will not do a short sale. Why do the banks ask for this info? They want to verify that you are actually in a distressed situation and also want to know what assets and resources you have to go after in case they want to pursue a deficiency after foreclosure or short sale. The Bank of America sellers also have to call 1-866-677-2516 and give them their email. They will then need to log into the Bank of America website for short sales at Bank of America Short Sale. Once inside they will receive information that they need to provide to keep the process going.

Strategic Default versus Short Sale

Some clients are not really candidates for a short sale even though they want out of their house.  For example, a seller in Highlands Ranch paid $500,000 for their house in 2006 at the height of the real estate market and now it is worth $350,000.  ( It is just an example, values did not drop that much )  Lets say the seller doesn’t think they will ever be worth $500,000 again and wants out of the property.  The seller may make plenty of money to pay the payments and isn’t really in a hardship but wants out because the property lost so much value.  That is called a strategic default.  The seller may be better served by foreclosure since giving the bank all their financial information in a short sales may give the bank information where the bank can collect money after the foreclosure.  I am not a lawyer and am not giving any advice.  You just need to really think about these things prior to attempting a short sale.

Bank of America Short Sale Guide

One of the cool things that I did get from the recent updates is a guide that Bank of America emailed to me showing me how to improve the chances that a short sale will be approved.  Once you log into equator, you should receive an email with the offer instructions.  The main Bank of America Short Sale Phone number is 866-880-1232 and their fax number the last I checked was 866-680-1232.  If you are trying to do a short sale on a Bank of America line if credit, try 866-413-3757 as a phone number.  I’ll try to keep these updated for everyone to use as I can.  If a number changes, leave me a comment at the bottom of the page and I’ll update the post.  If you have a property that you need to sell and want to talk about a potential short sale, leave me your information in the contact information below.

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$179,000
MLS# 1033821
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20434 E 55th Pl
Denver, CO 80249
4 Bedrooms, 3 Baths
Residential
Century 21 World Class
 
$148,500
MLS# 1053853
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811 Winona Ct
Denver, CO 80204
4 Bedrooms, 2 Baths
Residential
Maes & Company Realtors, Inc.
 
$240,000
MLS# 1053968
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4544 Decatur St
Denver, CO 80211
3 Bedrooms, 2 Baths
Residential
Colorado Custom Realty, Llc
 
$125,000
MLS# 1056401
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14472 E 45th Ave
Denver, CO 80239
4 Bedrooms, 2 Baths
Residential
Cherry Creek Properties Llc
 
$270,000
MLS# 1057916
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4524 Decatur St
Denver, CO 80211
3 Bedrooms, 2 Baths
Residential
Your Castle Real Estate, Llc
 
$94,000
MLS# 1048265
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4840 Shoshone St
Denver, CO 80221
2 Bedrooms, 1 Baths
Residential
Easy Street Properties
 
$189,900
MLS# 1061503
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1450 Olive St
Denver, CO 80220
2 Bedrooms, 1 Baths
Residential
Primeone Realty Llc
 
$75,000
MLS# 1062550
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1379 Wolff St
Denver, CO 80204
2 Bedrooms, 1 Baths
Residential
Exit Realty Denver Tech Center
 
$182,000
MLS# 1062818
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4747 Shoshone St
Denver, CO 80211
3 Bedrooms, 2 Baths
Residential
Keller Williams Denver Central
 
$129,000
MLS# 1063021
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1238 Tamarac St
Denver, CO 80220
2 Bedrooms, 1 Baths
Residential
Your Castle Real Estate, Llc
 
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]]> http://calldenverhome.com/2010/04/03/a-kinder-and-gentler-bank-of-america-short-sale/feed/ 0 New FHA Policy Will Have Denver Home Sellers Making Repairs http://calldenverhome.com/2010/02/04/new-fha-policy-will-have-denver-home-sellers-making-repairs/ http://calldenverhome.com/2010/02/04/new-fha-policy-will-have-denver-home-sellers-making-repairs/#comments Thu, 04 Feb 2010 05:46:47 +0000 mattkuchar http://calldenverhome.com/?p=348 Denver Home Sellers Restricted on Buyer Credits

Denver Home Sellers

Denver Home Sellers

Beginning this summer, new FHA regulations will reduce allowable seller concessions from 6% to 3% according to a recent announcement from US Department of Housing and Urban Development.  Every new regulation that comes out is designed to protect consumers in some way.  This new policy will be put in place to restrict inflating property values in order to pad the purchase price with lending fees, closing costs and repairs.  The less desirable effect of this policy change will effect Denver home sellers as well as home buyers if there is a need to give a credit to the buyer for home repairs that the seller cannot complete prior to closing.

3% Seller Credit Used to Pay Buyer Closing Costs

FHA loans require that a buyer have 3.5% down payment ( rumored to be increasing to 5% some time this summer ) in order to get an FHA loan.  Many home buyers have to save and scrape together just enough for that down payment.  Since much of their money goes towards the down payment, they do not have and extra 3% to pay for closing costs, escrows, insurance, pre-paid interest, and appraisals so they ask the seller to contribute that money on their behalf.  Many sellers agree to these terms because they understand that the buyer for their home doesn’t have the additional funds and if they did not make those contributions, the buyer would not be able to purchase the home.

And Then Comes the Dreaded Inspection

Imagine that the full 3% seller concession has to be used for closing costs etc.  Now imagine that a few items show up on the home inspection that require repairs.  On FHA loans, the FHA appraiser also inspects the home to make sure that the property is FHA insurable. Lets pretend that an independent inspector that is hired by the buyer finds repairs that should be made totaling $2,000.  In the past, the seller could credit $2,000 to the buyer at closing for the repairs and the buyer did the work after closing.  That type of credit will quickly become a thing of the past for many real estate transactions.  The transaction would no longer be in compliance with the new policy because seller concessions exceed 3%.

There is Risk for Sellers Who Make Repairs

Many sellers prefer to give buyers a credit at closing for repairs instead of fixing the problem or perceived problem.  They prefer that because there is risk in doing the repairs.  Have you ever heard of a real estate closing that didn’t happen?  In my 17 years of selling real estate I can assure you that financing can fall apart the day of the closing. The sellers may have spent money to complete repairs needed to close the deal only to end up empty handed at the closing.  Just to complicate things even more, what if the transaction is a short sale and the seller doesn’t have any money to do the repairs?  How would you comply with the policy and get the repairs done?

Creative Solutions Required to Navigate the New FHA Policy

This policy isn’t even in place yet, but the announcement will be made in February. I am looking for ideas from lenders, Realtors and others in the industry to address this issue that will effect real estate transactions in Denver this summer.  One idea that I have is to have a check cut to the contractor at closing from the sellers proceeds.  The credit to the contractor would be in compliance because it is on the HUD and disclosed to all parties.  The buyer would hold on to the check until the work is complete.  The only problem that I see is that a red flag will go up for the lender asking what that credit to the contractor is for.  One thing to be sure of, expect delays during the next few months while everyone figures out what they can do and not do.

]]> http://calldenverhome.com/2010/02/04/new-fha-policy-will-have-denver-home-sellers-making-repairs/feed/ 0 Thanksgiving Leftovers for Denver Realtors? http://calldenverhome.com/2009/11/01/thanksgiving-leftovers-for-denver-realtors/ http://calldenverhome.com/2009/11/01/thanksgiving-leftovers-for-denver-realtors/#comments Mon, 02 Nov 2009 04:50:50 +0000 mattkuchar http://mattkuchar.realestatetomato.com/?p=30 November will be Stressful for Denver First Time Home Buyersbigstockphoto_Leftover_Turkey_279630

Many Denver Area Homes went under contract during the past month and they all want to close by the end of November to qualify for the First Time Homebuyer $8,000 tax credit.  Now the pressure of getting the properties to close is on the Realtor, mortgage lenders, title companies and buyers.  Add to the stress the fact that we lose two days at the end of the month for Thanksgiving and Black Friday.

Don’t Wait Until Thanksgiving

Only a turkey would delay in getting on top of the details.  You may have 10 days to get your home inspection completed.  Order it done asap and get past this hurdle first.  That way the lender can order the home appraisal.  The appraisers are going to be swamped this month. Watch those dates and deadlines on your real estate contract and get the items done well before the deadline.

Get Your Mortgage Broker What They ask for Right Away

Many closings that get delayed are blamed on banks and underwriters.   While from time to time these human beings do mess up real estate deals in Denver, often the borrowers did not get them the information that was needed to complete the loan.  So many times borrowers give their broker only part of what is asked for.  This November you do not have the luxury of doing things half baked.  If you are asked for your last two pay stubs, you need to get them exactly those items on the day they ask for them.  Remember that you are the one getting $8,000 for closing in November.

There will be leftovers in December.

Will we see a bunch of Denver homes back on the market December 1st?  Will the buyers back out because they aren’t getting the $8,000 credit?  Maybe the government will step in and extend and expand the program.  I think that most people will still close on the home they are buying even if they miss the end of November deadline.  The tax incentive is only one of many reasons why now is a great time to buy a home.  People need a place to live and low prices and interest rates are good enough reasons for most people to buy.

Pass the potatoes!

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