Colorado House Buyer

If you are relocating to Colorado Springs, or you are selling or buying a home there, then you can always benefit from the services of a realtor Colorado Springs.  A realtor will be able to assist you in finding the home most suited to your needs.  Their familiarity with the neighborhoods and property values puts them in the ideal position to assist you in finding the perfect home.

Once you know what type of home you would like to purchase, or rent, then it is important to seek out a reputable realtor.  It is always advisable to select an experienced realtor Colorado Springs.   You want to ensure that the realtor has been in business for a number of years, and has managed to close transactions on a regular basis.  There are many real estate offices and brokerages in Colorado Springs, so you should be able to locate one easily.

Purchasing a home can be a very difficult process; because of this, it is necessary to secure the services of competent real estate professionals, who are able to navigate you through the process. Be very clear in outlining to the realtor your ‘must haves’ those are the things you are not willing to compromise on, whether in relation to the purchase or sale of a home.

A realtor Colorado Springs has intimate knowledge of the neighborhoods.  This means they can direct you to an area that has the amenities you need.  Such things as recreational spaces, shopping areas, school districts, and business opportunities, are all important factors that can impact where you buy your home.   As a result, it makes sense to choose a realtor that is very knowledgeable about the city, as well as the surrounding communities.

The realtor will be able to access the available listings in the particular part of town that you have indicated a preference.  Armed with this information, you are able to quickly identify the available properties and prices.  Because the realtor Colorado Springs often gets information on houses as soon as they become available, you may be able to view homes as soon as they go on the market.  This can be a big help, as you can get first choice in finding the home that is just right for you.

The realtor should also have the expertise to assist with the legal issues relating to the sale or purchase. They should be familiar with all the legal aspects of the sale, including the paperwork involved.  This will ensure that they are able to properly to explain the different aspects of the transaction to you.  This is very important as the sale or purchase of a home is often a very overwhelming prospect for many individuals. However, with the necessary support to guide you through such issues as inspections, mortgage negotiations, and Title Insurance, the process can be made a lot easier.

If you are looking to purchase or sell a home in Colorado Springs, then be sure to contact a realtor Colorado Springs.  With their help the entire process can be smoother, shorter, and stress free.

If you have decided to purchase real estate Colorado Springs, then congratulations, you have made a very wise choice.  Colorado Springs is a wonderful place to live.  It has pleasant weather all year round, (not too hot and not too cold), growing businesses, scenic views, modern amenities, and very good school districts.

Perhaps one of the most important decisions you can make when buying property, is to retain the services of a reputable real estate agent.  They can take all the hassle out of buying a home.  They carefully examine the features you are looking for in a home, in order to obtain a comprehensive listing of homes from the MLS Colorado Springs.  Based on this report you can get a very good idea of the types of homes that are available in your budget.

Colorado Springs has homes to suit just about every budget, so you don’t have to worry about finding your ideal home. It depends on what you are looking for.  You can get homes from as low as $100,000 and others for as much as $6 mil; it all depends on your preference.

If you only have a very small amount for the down payment on a home, then you can take advantage of some deals on foreclosures.  There are foreclosures in some nice areas like Briargate and Broadmoor.    It is possible to get some foreclosures for as little as $1,000 down. Be sure to do a thorough research of what is available, or ask your real estate agent to do it for you.

If you prefer to move into a new home, then you can find a good variety of new homes in Colorado Springs. There are growing areas such as Northgate, where you can choose from a wide selection of newer homes. Northgate includes areas such as Trail Ridge, Falcons Nest, Northgate Highlands, and Stone Crossing.  Home options include modest starter homes as well as semi-custom style homes.  The price of homes in this region ranges from $200,000 to $480,000.

Southeast Colorado Springs is home to a growing community known as Soaring Eagles.  This development was completed in 2005 and has some well-built modest homes, some of which are 3500 sq. ft. in size. There are also some smaller homes which are 1200 sq. ft.  The homes are very reasonably priced.  In fact most are priced for less than $250,000.

Older style Victorian homes are also available in the older parts of the city.  Many of these homes can be found in the Old Colorado city area.  Prices for these older style homes often range from $150,000 to $420,000.

If you are looking to buy real estate Colorado Springs you won’t be disappointed as there is so much to choose from.  However, be sure you know exactly what you are looking for, and make sure to get a real estate agent to guide you.  Whether you an existing home buyer or a new one you can benefit from their expertise.

Colorado Springs has a lot going for it, great climate, wonderful scenes, growing businesses, and nice homes.  If you are considering relocating there and need to buy or rent a home, then you will be pleased at the variety of homes that there are available.  This will give you the opportunity to get the one that is most suited to your needs, in the area you desire.  Whether you want a townhome, residential home, a multi-family home, a luxury home, or a new home, you are sure to find it among the Colorado Springs homes listed.

For those persons who prefer a bit more privacy, and would like to live in an area that is semi-secluded, a home in Southwest Colorado Springs might be a good option.  The Southwest boasts some very large lots, in the midst of nice wooded areas.  There are some lovely amenities and school districts here as well.  The houses here are very diverse in terms of price.  There are larger 6 and 7 bedroom homes that sell for over 3mil, as well as smaller 2 and 3 bedroom homes that sell for under $250,000.  It really depends on what you prefer.  Some of the more notable southwest neighborhoods include Skyway, Broadmoor, Stratton Pines, and Stratmoor.

If you are looking for mountainous views and even more privacy, then you can consider a home in Ute Pass.  Ute Pass is located between El Paso and Teller counties, and offers very scenic views.  If you are attracted by the nature view, and don’t want to be in the hustle and bustle of the city, then you will love this setting. The houses in this area are moderately priced, many are under $200,000.   Having a home tucked away in the mountains is not only refreshing, but it is also a good investment.

If you prefer to be near the city center, then there are homes in downtown Colorado Springs that would appeal to you.  Of course being at the center of town you can expect great dining, recreational areas, school districts, shopping, and much more.  Colorado College is also located here.  The homes in this part of the city include small Spanish style bungalows, as well as condos, duplexes, and apartments.  These are available for purchase as well as for rent. If you are looking to buy a home in downtown Colorado Springs you will have to be a bit patient, as there are usually less homes up for sale, in comparison to those available for rental.

Despite the national downturn in the last few years, the market for Colorado Springs homes is quite resilient. Most regions report very good sales although buying a home is somewhat easier these days than selling one.  Seeking the assistance of a real estate broker is a good way to go if you are selling your home, as you want to ensure that you get top dollar.  Foreclosures are on the decline as well, so that is a good sign for the continued stability of the housing market in Colorado Springs.

Colorado Springs is the most populous city in the county of El Paso, Colorado, so understandably the city initially faced a relatively high percentage of foreclosures at the outset of the mortgage crisis.  However, in 2011 the rate of foreclosures continued to decline in line with the national trend.  In the month of September 2011, one in every 447 housing units in Colorado Springs received a foreclosure filing.

If you need a deal on a home, then a foreclosed property might well be a good option.  Foreclosed homes are discounted, and therefore they are sold at a much lower price than the market value.  Some houses are discounted by as much as 50%.  Whether you are a homebuyer or an investor, a foreclosed property provides an excellent opportunity to own property in this very desirable area of Colorado.

Foreclosures are a great option for persons that have very little money for down payment on a house. Foreclosed properties usually require a much smaller down payment.  In Colorado Springs, there is an assistance program for persons with little money for a down payment.  This allows persons to make a minimum of $1000 down; in addition grants are available to assist persons who need them.

Also, persons looking to buy Colorado Springs foreclosures can benefit from the US Department of Housing and Urban Development, (HUD) $100 down program, which was recently brought back.   Under this program, individuals can buy a Colorado Springs HUD Foreclosure for only $100 down.

However, it is important to be aware before putting a bid on a foreclosed home.  You want to make sure that you are getting a good deal, so it is wise to seek representation from an experienced real estate agent.  Ensure that the agent you select has the necessary understanding of Colorado Springs foreclosures, and will therefore be able to skillfully negotiate on your behalf.

Colorado Springs foreclosures may include Bank owned homes, HUD foreclosures, and VA repos.  The types and styles of foreclosed homes are very diverse, and are available in several neighborhoods including downtown Colorado Springs, Briargate, and Broadmoor.

You can view listings of Colorado Springs foreclosures online at dedicated sites, or on sites that show foreclosures nationwide. When you view the listings you will get a good idea of what the market for these properties is like.  Many of the sites allow you a free trial period before you have to sign up as a member. You can make the most of that free time, by viewing as much as you can, after that you may sign up if you wish.  However, it is never a good idea to dive into the foreclosure market without the help of the experts, so consult with an experienced real estate agent before making a bid.

For those facing foreclosure, it is never a good place to be.  It can prove very difficult in the future when you have to approach another lender for a mortgage.  Having a foreclosed home on your record will also lower your credit score.

With Colorado Springs houses County, Colorado being home to Fort Carson, Peterson Air Force Base, Schriever Air Force Base, Cheyenne Mountain, the Colorado Springs Air Force Academy, and countless military contractors who heavily recruit retired military personnel, VA Mortgage Loans are not only a common loan type, but local market driver. Because of the demand for these types of mortgages in Colorado Springs, we at Pink Realty want to answer the Top 10 questions that military and retired military home buyers have about VA mortgages.

Question 1: What is the VA Mortgage Lending Limit?

According to our in-house lending specialist, Tammy, the VA mortgage lending limit is $417,000 in Colorado Springs. While this limit is set for most areas of the country, the VA lending limit can be as high as $1M for other parts of the country that have higher average home prices, such as Washington DC, California and Hawaii. Additionally, while the VA sets their limit, this does NOT limit the veteran to a house priced at $417K or less. For example, let’s say you want to purchase a home priced at $500K. That’s $83K higher than the VA guarantee limit of $417K. If your VA eligibility is $417K and you qualify for the higher loan amount from your lender, you can purchase the $500K home with a down payment of 25% of the $83K difference ($20,750) and your lender will lend you the other 75% of the difference or $62,250. Therefore, your loan amount would be $417K, plus $62,250 or $479,250.00. As long as you qualify for the higher loan amount and have the cash for the down payment, you can buy that $500K house.

Question 2: What is the VA Funding Fee?

The VA charges a VA Funding fee of 2.15% of the mortgage amount to first-time users who do not put pay a down payment on the home. This fee covers the cost to operate the VA loan program. After the first VA loan, the funding fee is increased to 3.3% of the mortgage amount if the veteran does not pay a down payment. This fee does not have to be paid by the veteran out of pocket. It can be financed into the loan along with other closing costs, so there is no down payment required and no out of pocket expenses to the veteran.

Question 3: Can the VA Funding Fee be waived?

Did you know if you are discharged from service with at least a 10% disabled status you can get the VA funding fee waived? That’s right! Nearly 70% of the veterans today are discharged with at least a 10% disabled status. This not only gets the veteran a tax free check every month, but also allows them to purchase a home without having to pay the standard VA funding fee!

Question 4: Is my eligibility lost if I file Bankruptcy?

Filing Bankruptcy does affect your VA eligibility, but depending on what type of Bankruptcy you file, your VA eligibility is affected differently. If the veteran files Chapter 7 Bankruptcy, which is a total liquidation of their debts, the veteran must wait 2 years before they can qualify for another VA loan. If, however, the applicant files Chapter 13, which is a re-organization of their debts, the VA will consider lending to the applicant for another home purchase in as little as 12 months into the bankruptcy if the applicant receives permission from the bankruptcy court and can show they have paid 12 months of payments on the bankruptcy in a timely manner.

Question 5: Is my eligibility lost if I lose my house in foreclosure or sell my home as a short sale?

There have been a lot of foreclosures in Colorado Springs in the past couple so Pink Realty agents get this question quite a bit. Whether a veteran looses their home in a foreclosure or sells their home as a short sale, if the VA suffers a loss, they do not forgive or forget the loss. However, this does not mean the veteran loses their eligibility. The amount the VA loses on your home, whether via a foreclosure or short sale, gets subtracted from your total eligibility. What this means is if you were elegible for a VA guarantee of $200K and the VA lost $100K on your loan, your VA eligibility is reduced by the amount of the loss and is now $100K. If the deficiency is repaid to the VA, the veteran’s eligibility is fully restored.

Question 6: Can I use my VA eligibility more than once?

Yes! Veterans can use their VA eligibility as many times as they want but only on one house at a time. To use the eligibility again, the veteran must pay off the previous loan and provide proof to the VA, and your Pink Realty agent can help you with this. When a veteran has a VA loan on their home and they sell it, they must notify the VA that the home has sold and the mortgage has been paid in full. This restores the veteran’s VA eligibility so that it can be used again to buy their next home. If the veteran allows his VA mortgage to be assumed by another eligible veteran (and this is never a good idea) and the assuming veteran is not willing to substitute his own VA eligibility to the original veteran, the original veteran’s eligibility is reduced by the amount of the loan that was assumed. Once the assuming veteran pays the loan in full, the original veteran’s VA eligibility is restored.

Question 7: What kind of properties can I buy?

The VA does not lend on any property that is not intended to be used as the applicant’s primary residence. Should an applicant want to purchase a duplex, tri-plex or any 2 - 4 unit building as an investment, the VA will grant a VA mortgage loan as long as the applicant intends to occupy one of the units as their primary residence. The VA also requires that the home be in move-in and livable condition at the time the loan is made. The VA does not lend on uninhabitable properties, raw land, commercial property or any other property that will not be considered the applicants primary residence.

Question 8: Can I buy more than one property at a time?

The VA only issues mortgages on the veteran’s primary residence. This does not keep the veteran from being able to purchase other properties, though. If the veteran wants to purchase another property, such as an investment property, and they qualify for both mortgages, the veteran can secure other, non-VA financing to purchase other property. If you would like to discuss the other loan types that may be available to you, our in-house Pink Realty lender would be happy to help you. Just call our office at 719-393-7465 (Pink) and ask to speak to the lender.

Question 9: Who can apply for a VA loan?

VA loans are for military personnel and veterans. If a military applicant wants to include another person on their VA mortgage, the only acceptable co-applicants are the applicant’s spouse or another VA eligible applicant. Family members, friends, relatives and/or ’significant others’ can’t be on a VA Loan with the applicant. If there are
credit issues with an applicant’s spouse, the applicant does not have to include the spouse on the application.
However, the debts of the spouse must be included so the VA has knowledge of the total liability at stake. Sometimes, the spouse’s total debt causes the debt to asset ratio to be too high to qualify for the loan. In this case, if the spouse works and has been at their job at least 2 years, the spouse’s income, up to the total monthly debt liability, can be included on the application to offset the spouse’s debt. This generally allows the debt to asset ratio to fall back in line for approval of the loan.

Question 10: What does my Credit Score have to be?

At time this article was written, the VA looks for scores of 620 or higher. (Please feel free to call Pink Realty at any to check to see if loan guidelines have changed. We are always here to help.) If the applicant’s score is a little lower than this, Pink Realty lender will work closely with the applicant to see what can be done to raise their score, and many times we can help a borderline applicant buy a new Colorado Springs homee. The first item addressed is whether or not the credit report is accurate. More than 80% of the credit reports run today contain errors. Just removing the errors alone may raise the applicants score. Improving their credit score may also mean paying down a credit card balance so the outstanding balance is 50% less than the credit limit on the account or it may be as simple as paying a few low balance accounts off. Sometimes this is all that’s needed to bring the credit score up to the approval score limit. Remember that your credit score is very specific to you, and we would be happy to evaluate your situation for free any time. Just call our office at 719-393-7465 (Pink).

We hope this article answered some of your questions about VA mortgage loans so when you are in the market for a VA loan, you are ready. For more information on VA home loans, you can call a Pink Realty agent or lender at any time.Please stay tuned for more informative articles. Stop by the website regularly for new and updated information.