Excellent Short Sale Opportunity in Centennial, CO.
Already lender approved - a great investment.
Time is running out - goes to foreclosure in January.
http://www.hotspotrealestate.com/830oakwood/
About Me
- Denver Real Estate
- Hello - My name is Mike Baker and I am a Denver Realtor and have been practicing real estate in the Denver metro area since 1999. I am posting my blog to provide information to the general public about the changing aspects of real estate and most importantly how it is affecting the local Denver real estate market. If you have any questions or thoughts please dont hesitate to comment on my blog. Also, I am always willing to provide services such as: FREE home evaluations if you are thinking about selling your current property or FREE lists of properties to buyers who are just starting to look (not only market rate but bank/foreclosed options). Let me know how I can help. You can contact me at info@hotspotrealestate.com or visit http://www.hotspotrealestate.com and use some of the search tools such as: map search, search by master planned community, neighborhood information and much more... Good Living, Mike Baker
Tuesday, December 14, 2010
Thursday, December 9, 2010
Outdoor Lighting for Curb Appeal and Safety
Well-planned outdoor lighting improves curb appeal, safety, and security for your home. Read
Visit houselogic.com for more articles like this.
Copyright 2010 NATIONAL ASSOCIATION OF REALTORS®
Wednesday, February 10, 2010
FHA - changing with the times
Announced FHA Policy Changes:
1.Mortgage insurance premium (MIP) will be increased to build up capital reserves and bring back private lending
◦The first step will be to raise the up-front MIP by 50 bps to 2.25% and request legislative authority to increase the maximum annual MIP that the FHA can charge.
◦If this authority is granted, then the second step will be to shift some of the premium increase from the up-front MIP to the annual MIP.
◦This shift will allow for the capital reserves to increase with less impact to the consumer, because the annual MIP is paid over the life of the loan instead of at the time of closing
◦The initial up-front increase is included in a Mortgagee Letter to be released tomorrow, January 21st, and will go into effect in the spring.
2.Update the combination of FICO scores and down payments for new borrowers.
◦New borrowers will now be required to have a minimum FICO score of 580 to qualify for FHA's 3.5% down payment program. New borrowers with less than a 580 FICO score will be required to put down at least 10%.
◦This allows the FHA to better balance its risk and continue to provide access for those borrowers who have historically performed well.
◦This change will be posted in the Federal Register in February and, after a notice and comment period, would go into effect in the early summer.
3.Reduce allowable seller concessions from 6% to 3%
◦The current level exposes the FHA to excess risk by creating incentives to inflate appraised value. This change will bring FHA into conformity with industry standards on seller concessions.
◦This change will be posted in the Federal Register in February, and after a notice and comment period, would go into effect in the early summer.
4.Increase enforcement on FHA lenders
◦Publicly report lender performance rankings to complement currently available Neighborhood Watch data - Will be available on the HUD website on February 1.
■This is an operational change to make information more user-friendly and hold lenders more accountable; it does not require new regulatory action as Neighborhood Watch data is currently publicly available.
◦Enhance monitoring of lender performance and compliance with FHA guidelines and standards.
■Implement Credit Watch termination through lender underwriting ID in addition to originating ID.
■This change is included in a Mortgagee Letter to be released tomorrow, January 21st, and is effective immediately.
◦Implement statutory authority through regulation of section 256 of the National Housing Act to enforce indemnification provisions for lenders using delegated insuring process
■Specifications of this change will be posted in March, and after a notice and comment period, would go into effect in early summer.
◦HUD is pursuing legislative authority to increase enforcement on FHA lenders. Specific authority includes:
■Amendment of section 256 of the National Housing Act to apply indemnification provisions to all Direct Endorsement lenders. This would require all approved mortgagees to assume liability for all of the loans that they originate and underwrite
■Legislative authority permitting HUD maximum flexibility to establish separate "areas" for purposes of review and termination under the Credit Watch initiative. This would provide authority to withdraw originating and underwriting approval for a lender nationwide on the basis of the performance of its regional branches
In addition to the changes proposed today, the FHA is continuing to review its overall response to housing market conditions, and continuing to evaluate its mortgage insurance underwriting standards and its measures to help distressed and underwater borrowers through FHA/HAMP and other FHA initiatives going forward.
VISIT http://www.hotspotrealestate.com/ and we can get you in touch with a preferred lender to answer more specific questions or call or email at 720.488.4810 - info@hotspotrealestate.com
1.Mortgage insurance premium (MIP) will be increased to build up capital reserves and bring back private lending
◦The first step will be to raise the up-front MIP by 50 bps to 2.25% and request legislative authority to increase the maximum annual MIP that the FHA can charge.
◦If this authority is granted, then the second step will be to shift some of the premium increase from the up-front MIP to the annual MIP.
◦This shift will allow for the capital reserves to increase with less impact to the consumer, because the annual MIP is paid over the life of the loan instead of at the time of closing
◦The initial up-front increase is included in a Mortgagee Letter to be released tomorrow, January 21st, and will go into effect in the spring.
2.Update the combination of FICO scores and down payments for new borrowers.
◦New borrowers will now be required to have a minimum FICO score of 580 to qualify for FHA's 3.5% down payment program. New borrowers with less than a 580 FICO score will be required to put down at least 10%.
◦This allows the FHA to better balance its risk and continue to provide access for those borrowers who have historically performed well.
◦This change will be posted in the Federal Register in February and, after a notice and comment period, would go into effect in the early summer.
3.Reduce allowable seller concessions from 6% to 3%
◦The current level exposes the FHA to excess risk by creating incentives to inflate appraised value. This change will bring FHA into conformity with industry standards on seller concessions.
◦This change will be posted in the Federal Register in February, and after a notice and comment period, would go into effect in the early summer.
4.Increase enforcement on FHA lenders
◦Publicly report lender performance rankings to complement currently available Neighborhood Watch data - Will be available on the HUD website on February 1.
■This is an operational change to make information more user-friendly and hold lenders more accountable; it does not require new regulatory action as Neighborhood Watch data is currently publicly available.
◦Enhance monitoring of lender performance and compliance with FHA guidelines and standards.
■Implement Credit Watch termination through lender underwriting ID in addition to originating ID.
■This change is included in a Mortgagee Letter to be released tomorrow, January 21st, and is effective immediately.
◦Implement statutory authority through regulation of section 256 of the National Housing Act to enforce indemnification provisions for lenders using delegated insuring process
■Specifications of this change will be posted in March, and after a notice and comment period, would go into effect in early summer.
◦HUD is pursuing legislative authority to increase enforcement on FHA lenders. Specific authority includes:
■Amendment of section 256 of the National Housing Act to apply indemnification provisions to all Direct Endorsement lenders. This would require all approved mortgagees to assume liability for all of the loans that they originate and underwrite
■Legislative authority permitting HUD maximum flexibility to establish separate "areas" for purposes of review and termination under the Credit Watch initiative. This would provide authority to withdraw originating and underwriting approval for a lender nationwide on the basis of the performance of its regional branches
In addition to the changes proposed today, the FHA is continuing to review its overall response to housing market conditions, and continuing to evaluate its mortgage insurance underwriting standards and its measures to help distressed and underwater borrowers through FHA/HAMP and other FHA initiatives going forward.
VISIT http://www.hotspotrealestate.com/ and we can get you in touch with a preferred lender to answer more specific questions or call or email at 720.488.4810 - info@hotspotrealestate.com
Tuesday, January 12, 2010
Federal Housing Tax Credit Information
In case you do not know the guidelines for the First Time Buyer and Move-up/Repeat Buyer Tax credit, here they are at a glance.
$8,000 First-time Home Buyer Tax Credit at a Glance
• The $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
• The tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase.
• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
• The tax credit applies only to homes priced at $800,000 or less.
• The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.
• For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.
• For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
The $6,500 Move-Up / Repeat Home Buyer Tax Credit at a Glance
• To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.
• The tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase.
• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500.
• The tax credit applies only to homes priced at $800,000 or less.
• The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010.
• Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
$8,000 First-time Home Buyer Tax Credit at a Glance
• The $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
• The tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase.
• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
• The tax credit applies only to homes priced at $800,000 or less.
• The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.
• For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.
• For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
The $6,500 Move-Up / Repeat Home Buyer Tax Credit at a Glance
• To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.
• The tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase.
• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500.
• The tax credit applies only to homes priced at $800,000 or less.
• The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010.
• Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
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