By Angela Lanfranco
Promoting Home Sales with Denver First Time Homebuyer Loans
As our house market tries to survive the long-lasting recession and the burst housing bubble, there is optimistic news for qualified Denver first time homebuyer loans. The government has allotted an $8,000 tax credit for Denver home buyers that fit a set of criteria. There are also great options for FHA backed loans, for newer homes and those in need of more repair to pass Denver code requirements.
$8,000 Tax Credit Denver Criteria
- You must not have owned a principal residence within three years prior to the date of purchase on your intended property.
- Home purchases must be made between Aril 8, 2008 and December 1, 2009.
- The credit ranges from 10% of the purchase price up to $8,000.00.
- Yearly adjusted income must be less than or equal to $75,000 a year for a single buyer, or $150,000 for a joint purchase.
Interesting Points
- If you tax liability is less than the allotted credit, you will receive a refund for the difference.
- You must live in the purchased primary residence for a minimum of 36 months or you will be required to repay the credit.
Denver FHA Loan Criteria
- Down-payment for Denver first time homebuyer loans is only 3.5%.
- Bankruptcy and bad credit have less impact on eligibility.
- 100% financing for FHA Denver home loans.
FHA 203k Denver Home Loans
- Eligible properties must be in need of rehab or repair.
- The current process is much easier than the older paperwork required for Denver homebuyers.
- The property must be an FHA approved condo development of 1-4 units.
- Down-payment equals 3.5% of the total amount borrowed.
Interesting Points
- Luxury items are not eligible for FHA 203k Denver Home Loans.
- Health and safety concerns must be addressed prior to any cosmetic work.
As the housing market continues to level out, these valuable options for Denver first time homebuyer loans could easily be the deciding factor for many Denver first time homebuyers who are considering buying a home during the rest of 2009.
By Angela Lanfranco
Look for 100% Financing on FHA Denver Home Loans
For first time Denver home buyers, finding a loan they can both qualify for and manage to pay is probably the most difficult aspect of buying their first home. In the current economy, lenders are significantly more cautious about lending their money to potential home buyers with little credit history, or a negative credit record. Even those with good credit looking to secure a Denver home loan can face difficulties based on the declined market or the current requirements for appraisals.
It Is Possible
The FHA has become the prevalent factor in securing loans for many Denver first time home buyers in the last year or two. For those buyers that are looking for no-money down options or 100% financing of their Denver home loan, the FHA offers several different possibilities.
How to Qualify for a 100% Financed FHA Denver Home Loan
Any applicant looking to secure a 100% Financed FHA Denver home loan must be regularly and gainfully employed for two years. Layoffs or downsizing are taken into consideration if this criterion is not met.
Credit history is researched for the last three years prior to the application. Denver FHA home loan applicants cannot have any more than 2 thirty days’ late payments during those two years.
Any bankruptcies on the credit history must have been discharged for at least two years.
Foreclosures must be at least three years old.
For those applicants with marred credit history, they must have been actively rebuilding it over time.
There will be a debt to income ratio calculated including credit cards, student loans, auto loans, etc. When the outstanding credit balance monthly payments are compared to the total monthly income, the ratio cannot reflect payments higher than 30% of the total income.
100% financing on FHA Denver home loans can make it possible for a first time Denver home buyer to purchase their home with no money down and a federally secured loan. By backing the lending institutions in the United States, the FHA is using tools like these to begin the renovations on our housing market.
By Angela Lanfranco
Denver Reverse Mortgages
Denver Reverse Mortgages can assist homeowners with converting a portion of their equity into useable cash. The Federal Housing Administration has created something called The Home Equity Conversion Mortgage (HECM). There are some stipulations and qualifications, but this program could be the answer to so many struggling Americans financial problems. The greatest part of this Golden Lenders sponsored program is that you wont have to pay back a penny of the loan unless you move and call another home your primary residence. Of course there are 2nd mortgages and refinancing options where you can draw out cash on your equity, but with a Denver Reverse Mortgage, you pay nothing as long as you reside in the home. And the qualifications are a lot simpler than refinancing or pulling out a 2nd mortgage.
Denver Reverse Mortgages for Retirement
More and more retired Americans especially in Denver are using reverse mortgages to supplement their social security income. It could be that your house is a little older and in need of repairs, a reverse mortgage option could help you financially support this. Golden Lenders in Denver, has been offering quick approvals that could literally get you cash in days through reverse mortgages. This option is very attractive to seniors because they are normally living on a fixed income.
Rules of the Denver Reverse Mortgage
To be eligible for a FHA HECM: the Federal Housing Authority requires that you be:
Homeowner
62 years of age or older
Own your home outright, or have a low mortgage balance that can be paid off at closing with the reverse loan
You must live in the home
How you will receive your payments?
• Tenure – equal monthly payments as long as at least one borrower lives and continues to occupy the property as a principal residence.
• Term – equal monthly payments for a fixed period of months selected.
• Line of Credit – unscheduled payments or installments, at times and in amounts of your choosing until the line of credit is exhausted.
• Modified Tenure – combination of line of credit with monthly payments for as long as you remain in the home.
• Modified Term – combination of line of credit plus monthly payments for a fixed period of months selected by the borrower
Goldenlenders is happy to sit down with you and discuss your options regarding a Reverse Mortgage in Denver. Give us a call today or send us an email to get started today!
303-482-2361 or Contact Us through our Online Form by clicking HERE
