Blog Entries Tagged: loans

Tagged : loans

Found 16 blog entries tagged as "loans".

 No Money Down You Can Buy A Home In Colorado

There is Money to Loan!  Watch this video to learn how.

When the media is stating you need 20%, 25% or even 30% down to purchase a home in today’s economy, I think you’ll find this will be the most important video you will ever watch.  Here’s why:

This is not true. 

Listen, I’m Shawn Janusheske Senior Loan Officer with Catalyst Lending over in Greenwood Village and I am sick and tired of media telling you this misinformation.    The truth is. . .

·         Conventional mortgages require just 3% down or on a $250,000 home purchase that comes out to $7,500. 

·         FHA mortgage loans require just 3.5% down or on a $250,000 home purchase that comes out to $8,750.   Better yet, this can be

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Manufactured home loans - Facts you need to know before refinancing

Although a manufactured home loan might seem to be different but actually the entire process of grabbing such a loan isn™t much different from getting home loans for traditional homes. Manufactured home loans are taken out for financing the mobile homes and the conventional home loans are opted for buying the conventional properties. If you had taken out a mobile home loan and you are struggling to make the payments towards it, you must be thinking of a refinance. Through a refinance home loan, you can take out a new loan with new terms and conditions and thereby facilitate the entire debt repayment schedule. With the current low mortgage rates in the nation, this is perhaps the best

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How to Get Approved for a Denver Mortgage Loan

There are three main things that lenders will look at when you apply for a loan. They are:

  1. Credit: Do you have a history of paying you bills, and on time?
  2. Income: Do you have enough income to afford mortgage payments?
  3. Assets: Do you have enough assets to afford the down payment and closing costs?

This information about you is crucial to the application. But the lender must also approve the property based on the appraisal report. Here are some reasons why a property may be denied by the lender:

  • Insufficient value: The property is not worth the sales price.
  • Safety issues: The property is not safe for habitation.
  • Unmarketablity: The lender would have difficulty selling the home if you
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With signs of a housing turnaround getting stronger, housing experts say buyers are finding several recent changes when they go to put in an offer on a home. A recent article at U.S. News & World Report highlights some of these changing œrules for your home buyer clients:

1. Lowball offers won™t likely stick: Sure, deals are still around, but lowball offers that aren™t in line with comparable sales data are increasingly proving to be a waste of time. Buyers may be better off asking for seller concessions, such as closing cost assistance or making home repairs, rather than making offers way below the asking price. œKeep in mind that a lowball number may turn off the seller and close down any chance at negotiation, the U.S. News & World Report article

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What Is An FHA Loan?

FHA loans are offered by Denver area lenders.  The FHA does not make loans. It insures, in the event of a default, mortgage loans made by approved lending institutions, such as credit unions, mortgage companies or banks.

Advantages of FHA Loans

  • Low down payment - 3.5%
  • Less stringent loan underwriting guidelines - higher debt-to-income ratios allowed.
  • Fully assumable (With qualifying - this will be HUGE in the near future!)
  • 30 yr, 20 yr, 15 yr and ARM programs available

Eligibility Requirements

FHA financing may be by any qualified person, whether a U.S. citizen or not. However, the property must be the occupying borrowers' principal residence. The borrower must also have a social security number.

Denver

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How Prepared Are You To Get A Mortgage Loan?

It is the same for FHA Home loans, Homepath Mortgages, FHA 203k loans,& Conventional Home loans

Discover the documents you will be required to provide.

A lot has changed in the mortgage industry over the last few years, especially what documents you need to provide to begin reviewing your loan file.  The days of providing simple documents are pretty much long gone.  Today you need to provide proof that you qualify for the loan.  A 4506T which is a request for your tax transcripts from the IRS covering the last 2 years is done on everyone.  This not only matches up your W2 earnings, but will also show any self-employment income or losses. 

With that in mind, here’s a general list of documents, I tell

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Rising interest rates in 2001?

While September saw mortgage rates at an all-time low, the Mortgage Bankers Association (MBA) doesn™t expect these conditions to last much longer. MBA announced yesterday that it expects fixed mortgage rates to average about 4.4 percent in the fourth quarter of 2010, increase to 5.1 percent by the end of 2011, and head towards 5.7 percent in 2012.

In September, borrowers enjoyed interest rates as low as 4.32 percent on 30-year fixed-rate mortgages, as reported by Freddie Mac. These unprecedented rates led many homeowners to refinance. But if interest rates do rise as MBA predicts, there may be a decline in refinancing. MBA expects that refinance activity will decrease by 60 percent in 2011, and that the refinance

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Getting A Mortgage in Colorado With A Chapter 7 Bankruptcy

“Pointers” and “Things” You Need to Know

If you have had a Chapter 7 Bankruptcy and have been thinking about refinancing a current mortgage or purchasing a new home, here are a few pointers and things you need to know.

First off, it’s very important to know the wait period from the discharge date. 

If you are thinking of conventional lending, the waiting period for getting a mortgage loan after the discharge date of the Chapter 7 Bankruptcy is 4 years.  However, if the bankruptcy was due to extenuating circumstances beyond your control the waiting period can be as little as 2 years.  Two examples of extenuating circumstance might be death of a spouse or a serious accident with large

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It's That (Taxing) Time of Year
Put Your Mortgage to Work for You

It's that time of year again. Not college basketball season, but income tax filing season. If you own a home, make sure you take the time to proactively organize your documents to maximize your tax deductions. Proper planning and organization will help minimize your taxable income.

There are many tax benefits to  Collorado home ownership. The three main deductable items are:

  • Mortgage interest
  • Property taxes
  • Mortgage insurance

Here are some important documents that you'll need handy for preparing your tax returns...and maximizing those deductions! First, make sure to have the Form 1098 that was sent to you by your mortgage company. This will list the mortgage

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 Pay Full Price For A Home In Denver

 You™ve been considering purchasing a Denver area home, have just 5% to put down, don™t want to pay monthly private mortgage insurance, consider offering full price. Why you ask?

 Here™s Why:

In today™s market, homes are priced to sell.  Sellers have very little wiggle room to negotiate .  Most are willing to negotiate 3% of the purchase price of the home or give you 3% towards closing costs, but not both. 

 If you have a little down payment, more often than not, you are stuck paying expensive monthly mortgage insurance.  For example, with 5% down on a 250k home purchase this insurance can run on the cheap end around $130 a month.  And the expensive end well over $200 a month.  The monthly premium for this

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