If you have been looking to buy a HUD owned home here in Denver and maybe times are a little tight on cash for you right now, well HUD just announced that effective immediately, all accepted offers beginning October 19, 2011 will be available for $100 down payment!

This HUD incentive is available for the next 12 months here in the Denver Real Estate market.  There are some requirements of the program of course.  Primarily, this incentive is NOT for investors.  This is a HUD program for owner occupant buyers using FHA insured financing and purchasing at the full current list price.

Loan amounts can’t exceed the full purchase price and there are other details to the program.  So for the most part, you will need some money, but with this program very little!  This is a great way to buy a HUD home if you need some help getting into a home and beginning to set yourself on the path to home ownership.

If you would like more information on this great HUD incentive program, please contact me and I would be happy to help.  Also, if you would like help finding a HUD home in the Denver market, I can certainly help with that.  Since the program requires the contract to be at full current list price, you want someone in your corner to make sure values are there and help guide you through this process.  I can help.  Give me a call, text or email.

While I do not personally have any Denver real estate home buyer clients that had not been able to close by the previous June 30th deadline, I know that the interest level is huge, as I see my blog statistics from the last week or so as I have been posting on the possibilities of extensions for the home buyers tax credit.  Crazy numbers of hits to the site.

So I will tell you, that today, July 2nd, President Obama did sign into law a 3 month of extension until September 30th for all existing contracts that were already Under Contract by April 30th and met all other criteria.

I repeat, this is only for existing contracts that met previous criteria.  Nothing new.

You can read more here. Obama Signs 3 Month Extension of Homebuyer Credit

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Steve Scheer, REALTOR®

Denver Realty Partners –

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If you would like more information on the Denver area or more information on Denver real estate, contact Steve at 720-849-6101.

Some good news for Denver real estate investors and buyers. HUD has eased the requirement of the “90 day rule” which required a seller to have held title to a property for at least 90 days prior to being purchased by a buyer using FHA financing.  HUD had previously allowed homes owned by foreclosing institutions to waive this rule.

This change can now allow investors and buyers to take advantage of buying homes for resell to an FHA buyer, even within 90 days!  There are, of course, certain stipulations to this waiver.

However, this is more great news from FHA that it intends to look for ways to continue to support a housing recovery. The waiver begins February 1, 2010 and extends for one year at this time.  If you feel you qualify and want more information on how to take advantage of this opportunity, let me  know and  I can get you started in the right direction.  There are still a lot of investment opportunities in the Denver real estate market.

Steve Scheer, Denver Realty Partners
Real Estate in Denver & The Suburbs

Search all Denver & Denver Suburb Homes Here

If you would like more information on the Denver area or more information on Denver real estate, contact Steve at 720-849-6101.

With the increase of the price of homes over the last several years and perhaps the economic crunch hitting savings a bit, can this really be done? 

Perhaps. It depends on you.

If you have been planning for this, keeping your debt low and credit history excellent then you really can buy your first home here. 

Of course, what I run into often are people not satisfied with needing to start out in anything less than what mom and dad have, or friends, etc… 

This is where you need to look hard at the magic reality mirror and ask yourself what you can comfortably afford. I always say that it is better to hop on at the caboose than to miss the whole train. 

Owning your home and building equity over time can do amazing things for your life.  But you may need to buy something less than you imagined at first and build from there.  Or maybe not.  It depends on your financial situation. 

So once we realize that we aren't going to get the same first time house our cousins did 8 years ago, are there affordable homes in this area for first time buyers?  Yes.  There are real estate options in almost all areas of the south Denver metro area – Denver, Englewood, Littleton, Lone Tree, Highlands Ranch, Centennial, Parker, Aurora and even into Castle Rock – you have options! 

Some options are condo’s or townhomes, some are single family homes that may need some work or may be bank owned deals.  It really depends on what level your first home will be.  If you do decide to go the bank owned or short sale route, you are going to need to bring with you a whole lot of patience as purchasing a home needing bank approval on a contract can take much longer than one would like.

There are still so many financing options available, even with the recent credit crunch.  You definitely need to be working with a trusted mortgage professional that will counsel you on the loan programs that will best fit your lifestyle and goals without stretching you too far. 

Just remember what I said earlier, look for what you can comfortably afford, not as much as you can qualify for, there is a difference!  If you need help finding a great lender, just let me know.  I have established relationships with a number of mortgage pro’s that will do just that.  Keep your best interests in mind and work to find you the best solution to owning your first home.  Give me a call anytime, I’ll be happy to help.

So get searching for your Denver dream home – yes, it may be a first time home, but you will still be living the dream of owning a home!

Steve Scheer, REMAX Masters, Inc.
Denver Real Estate – Denver & The Suburbs

You've made a big decision in your life – you have decided to make a move and buy your first home.  You know interests rates are great, some areas of Denver have some wonderful buying opportunities and you are ready to go.

But where do you start?  

I would suggest an important early step is to select your Denver REALTOR® and your mortgage broker and get pre-approved for your loan.

Getting pre-approved is very important for many reasons, especially for a first time home buyer.

First, the more obvious – you will know where you stand.  Even if your home purchase is still a few months out, this is very important because you will know exactly what you can afford to buy.  If you are like the majority of home buyers these days , your search for a Denver area home begins on the Internet in the early stages.  But if you do not know what you can afford, it will be easy for you to be searching in the wrong price range. 

Time and time again I see home buyers begin their home search a bit higher than they should and they start to fall in love with the features, qualities, and neighborhoods of a higher price range than they should be in.  I have to tell you – it is very hard for many to then search in the right price range.  You will think, but i really want that 3rd bathroom, or , I really am looking for that larger backyard with mature trees.  But unfortunately these things you have now seen & fall in love with may not be available in your REAL price range.  It will be a much more of a fulfilling experience if you know where you stand up front and your excitement and emotion will carry through in the home searching process.

Secondly, When you are pre-approved for your loan, you hold an advantage when you are starting to look at homes.  When you are ready to make an offer on a home, you will need to include you pre-approval letter with the offer.  This lets the seller know that not only you are serious, but you are ready to buy.  In fact, most sellers will require this pre-approval letter with your offer.  Do not fall under the assumption that you can get pre-approved as you find the home that you want to make an offer on. 

Contrary to popular belief, the best of the best homes in the Denver area still can sell quickly, and there is a good chance that if you are not ready you could miss out.  And a side note, not all mortgage brokers and pre-approval letters carry the same weight.  It these tumultuous times of mortgage companies folding, the informed seller and their agent is going to take into serious consideration what mortgage broker you are using.  They are not going to necessarily want to work with someone whose loan could fall apart at the closing table.  In fact, in many cases the seller may require you to speak with their lender just to ensure themselves that you have the ability to get a loan. You'll find this may often be the case with short sale and bank owned properties.  

And pre-approval letters aren't what they used to be also.  With news being made daily in the mortgage world, these letters are merely a starting point and the selling agent is going to feel better about working with a reputable local mortgage broker that will be able to act fast with clear communication if needed.  If you need names of great, local mortgage brokers with great reputations, I can help you with that.  

Read also:  Why You Should Use the Loan Officer Your REALTOR® Recommends

Buyer's Agent in Colorado:  Do You Really Need One?