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The Colorado Springs Air Force Academy has a new solar facility.   Since I drive up and down Interstate 25 on a daily basis, I’ve watched it gradually take form over the last 6 months and I’ve been curious about exactly what it is and what it provides.   Here’s some of the details:

• It was designed and built by SunPower Corp., and is expected to generate enough electricity to power the equivalent of 1,200 average American homes each year — or about 12,000 megawatt-hours.
• The photovoltaic array covers 30 acres and cost $18.3 million.
• According to U.S. Environmental Protection Agency estimates, the system at the USAFA will avoid more than 9,400 tons of carbon dioxide emissions each year, the equivalent of removing 40,900 cars from Colorado’s highways over 25 years.
• The system uses high-efficiency SunPower solar panels with the SunPower^TM T0 Tracker system. The Tracker follows the sun’s movement during the day, increasing sunlight capture by up to 25 percent over conventional fixed-tilt systems
• The Air Force Academy has a Net Zero Initiative by 2020, and this installation moves it one step closer.

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Kathy (719-287-1049)   KTorline@msn.com

Are you moving to Fort Carson?  Schriever AFB?  Peterson AFB? Air Force Academy?

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With your VA Guaranteed Home Loan benefit you can still obtain a loan with no down payment and a fixed interest rate that is as good as or better than a conventional mortgage rate.   Let’s start with some of the basics about VA loans.

What is a VA Guaranteed Home Loan?

Some people have the misconception that the military is the organization loaning the money.   Not true.   Your VA Guaranteed Home Loan will be made by a private lender, such as your bank or a mortgage company of your choosing that has VA lending approval. 

The guaranty means the lender is protected if you fail to repay the loan.  This is also why you will not have to pay private mortgage insurance (PMI).    Normally, a lender would require a down payment and/or PMI to obtain a loan.   

For even more facts about VA Guarantee Home Loans in Colorado Springs, go the web site for the United States Department of Veteran Services.

You still must meet loan requirements

If there are items in your credit history that are derogatory, you can be denied a loan even though you have your Certificate of Eligibility.    The VA cannot demand a lender make a loan to you that would violate their lending practices. 

Lenders also must comply with the VA rules and policies when it comes to income and credit standards.    Just having the benefit is not enough, you must be credit worthy and have the correct debt to income ratios.

Is a VA Appraisal the same as an Inspection?

No, these are not the same thing.    Many issues can affect a VA appraisal and certain things must be repaired before a VA Loan can close. These are normally safety issues, such as stairs with no railings, back doors without decks, or peeling paint.   Additional conditions that can cause issues are rotted exterior wood trim,  roof leaks, broken windows, plumbing leaks and exposed electric wiring.

The home cannot be in major disrepair. It needs to be livable and in decent condition.

What are the benefits of a VA Home loan?

• No down payment required
• Ability to finance the VA funding fee
• No mortgage insurance premiums
• An assumable mortgage
• Right to prepay without penalty

It could be the perfect time for you to purchase a Colorado Springs home with a VA loan.  Interest rates are at all time lows and home prices in the Colorado Springs have hit bottom.

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Kathy (719-287-1049)   KTorline@msn.com

Related Articles:

• 6 BIG advantages of VA loans
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• Peterson AFB housing, what are my choices?

The good news for military personnel at Fort Carson, Schriever AFB, Air Force Academy and Peterson  AFB is that further financial help may be available through the Homeowners Assistance Program (HAP).   HAP is an established Department of Defense program that is managed by the US Army Corps of Engineers.   It was initially only used to assist in Base Realignment and Closure (BRAC) moves, but the new economic stimulus plan expanded the program to include Permanent Change of Stations (PCS) moves.

The program offers military homeowners a chance to move without having to go through the process of a short sale and the possibility of ruining their credit.    (This is very extremely important for anyone with a security clearance.)

Here is a summary of the HAP program for PCS applicants

1. Qualifications: PCSing more than 50 miles, having purchased your home or entered into a contract to purchase prior to July 1, 2006.   Also, you must have lived there and it was your primary residence; and your orders were between February 1 2006 through September 30, 2012.  The requirements also state that the Owner must not previously received these benefit payments.

2. Your home must have declined at least 10% in value.  (This isn’t a problem in the Fort Carson and Colorado Springs market).

3. First priority HAP PCS assistance is given in the Dallas District to applicants with the MOST COMPLETE PACKAGE. 

4. HAP benefits are based on the amount you originally purchased the property, plus capital improvements (prior fair market value PFMV verified by your settlement statement).   The full amount of your negative value will not be reimbursed.

5. The government will provide benefits within two to four months of receiving your application.  They are working on staffing to improve the turnaround time; and have continued to add additional staff.

6. The web advises you to contact your local district office.   For the Colorado Springs area, please contact the Army Corps of Engineers Dallas District.    

7. The web site states they will make up “liabilities” to service members from a foreclosure, but not past due payments or junior liens you obtained after buying the property.

8. Some of your closing costs will be paid for, including title services and Realtor fees.  HAP stipulates that these are common fees for your marketplace, and do not exceed 10% of your purchase price.   It is very “normal” in the Colorado Springs housing market, for buyers to ask for a portion of their closing costs to be paid by the seller.

9. The government recommends you use a Realtor to sell your home and states that using a Realtor will may increase your chances of finding a buyer.

10. You should try to market your home for at least 120 days, but the main consideration is that the offer on your home is ”fair market value”. 

11. Your benefits will NOT be taxable as income to you. 

12. Per the Realtor Guide , you or your Realtor must maintain records of price changes, showings, offers, etc to demonstrate that the house was not sold at too low a price.    It also says ” If a home sells in its first marketing week, it was probably under priced.   In cases where it appears a home was sold below market value, the responsible district will obtain a contract appraisal

As soon as you know you will have orders from Fort Carson, Schriever or Peterson AFB, or the Air Force Academy, apply for assistance immediately.

Here is the HAP application checklist and HAP application.

If you would more information about selling your home at the HAP Program, contact Kathy at 719-287-1049

or email at KTorline@msn.com

For a Free Colorado Springs Relocation Guide, Email Kathy Torline at KTorline@msn.com

If you are buying a home around Peterson AFB, Schriever AFB, Fort Carson, or the Air Force Academy, you may want to know about HAP properties.

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• 6 BIG advantages of VA loans
• What is allowable for VA Seller Concessions?
• What are my housing choices near Fort Carson?
• Peterson AFB housing, what are my choices?
• 6 Key things to know about the Homeowners Assistance Program for Military families 

HAP stands for Homeowner Assistance Program, and it is designed to help military service members sell homes that are worth less than they paid for it.   

For example, if you are looking at a Colorado Springs home where the military seller owes $350,000 on the mortgage, and the home is only worth $300,000, this may be qualified for a HAP approved sale.    If the seller qualifies, HAP will cover most of the mortgage loss at the time of sale, and allow you to buy it at it’s current market value.   It’s important to note that this is not a traditional short sale and is not subject to lender(s) approval; consequently it doesn’t take nearly as long as a short sale.

HAP, which is run by the Army Corps of Engineers, assists military personnel who are PCSing (permanent change of station) with orders to a new base more than 50 miles away.  To qualify for the HAP program, the service members must generally meet these criteria:

1. They entered into a contract to purchase their current home before July 2006.
2. Their orders were between February 1 2006 through September 30, 2012.
3. The property must have declined at least 10% in value. 

If you find a home in Colorado Springs, Monument, Peyton, or Fountain that is specified as “HAP”, these are some of the things to be aware of:

1. Your Colorado Springs real estate contract should include language in the additional provisions section stating it is “contingent on HAP approval”.
2. You should allow up to 60 days for approval and closing.  The HAP processing time was about three months at the beginning of the year, but it is speeding up.  The contract may be approved quicker.
3. HAP will pay customary closing costs, maybe up to 3% of the purchase price.  If they do not agree with the offer and closing costs, they may counter back.
4. HAP wants fair market value for the property.  Do not expect to pay substantially less.  HAP may request the Listing Agent to provide comparable sales data to justify the contract price.  
5. Realize the Military Owner will do the initial negotiations with you, and may not accept your offer or may counter your proposal.
6. Negotiation on inspection items will also take place with the Military Owner, as they are still the owner of the property.   It’s up to them on how they want to handle inspection requests.  
7. You will be required to sign a Government contract in addition to the Standard Colorado Real Estate contract.
8. When it is time to close, HAP will do what is called a “Government Acquisition”.  They will actually buy the property from the service member, then sell it directly to you.

If you want to find out more about relocating to Colorado Springs, Contact Kathy at 719-287-1049   KTorline@msn.com

Related Articles: 

• 6 BIG advantages of VA loans
• What is allowable for VA Seller Concessions?
• What are my housing choices near Fort Carson?
• Peterson AFB housing, what are my choices?

While the tax credit has expired for most Colorado Springs home buyers, military families should know that may still be eligible for the $8000 first time home buyer’s credit.  

Members of the uniformed services, members of the Foreign Service and employees of the intelligence community are eligible for this special rule.   The rules applies to any individual (and, if married, the individuals spouse) who serves on qualified official extended duty service outside of the United States for at least 90 days during the period beginning after Dec. 31, 2008, and ending before May 1, 2010.   If they have served on offical extended duty, they have until April 30, 2011, to sign a contract and until June 30, 2011, to close on the new house. 

The rules also state   “A person who is forced to return to the U.S. for medical reasons before completing an assignment of at least 90 days of qualified official extended duty outside of the United States may qualify for the one-year extension.”

Also, if a homeowner don’t live in the new house for at least three years, they have to repay the tax credit.   However, military members are an exception when they have to move due to military orders.  This relief applies where a home is sold or stops being the taxpayer’s principal residence after Dec. 31, 2008, in connection with government orders received by the individual (or the individuals spouse).   It’s called “qualified official extended duty”, and means living at least 50 miles from the home.

Visit www.irs.gov for more information on qualifying and claiming the tax credit.

If you meet the above guidelines, there is still plenty of time build your brand new home in Colorado Springs or buy an existing home.

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Kathy (719-287-1049)   KTorline@msn.com

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Research who you are working with

Occasionally I work with a buyer who is overseas and is intersted in Relocating to Colorado Springs and buying a property that they won’t be able to see in person.   Wow, scary stuff for everyone involved.   Even with all of the amazing info now available on the Internet, it still doesn’t take the place of seeing the property in person.  Here’s some of the additional steps I take, as a Colorado Springs Realtor, to help make sure the buyer gets the most accurate information possible.

• Pictures, pictures and more pictures (and then even more pictures)

I take pictures of everything I can see, including the roof, the furnace, the hot water heater, everything in house.    I take pictures of the neighborhood up and down the street, the next door neighbors, the neighbors across the street, the neighbors behind the house, the parks, the schools, the shopping areas that are close by.   I try to create the same experience for the buyer that they would have when they actually came visit the house.

I make sure they check out a view of the property from Google Earth so when I explain to them the location they’ll be able to see what I’m talking about.  (Google Earth is amazing!)

• If there is a friend (or a family member) in town or close to the area, I suggest they also come preview the house.  The more sets of eyes the better.
• I give the buyer many different web sites for them to check out and research different things.    Including web sites on the schools, the area, the crime stats.   I send them information from the El Paso Assessor’s office and information from Pikes Peak Regional Building Department.
• If the buyer gets a contract accepted, I’ll also recommend 3 or 4 different inspectors; and again furnish all of the inspector web sites to the buyer so they can choose an inspector they are most comfortable with.  Then I make sure the inspector takes pictures of any problem areas noted in the report.  If the inspector doesn’t take picture, I’ll take pictures of these areas.

Also, if a trusted friend or a family member can be there during the inspection, I strongly suggest this happens.  Again, the more sets of eyes the better.

• I also give them web sites on the Title Company that the Listing agent is going to use.  
• I coordinate with them to schedule phone appts to talk through the details on the home.  The more conversations the better.

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Kathy (719-287-1049)   KTorline@msn.com

Many people who are moving to Colorado Springs want to know where the good and where are bad parts of the city are located.   One of the many things I do to answer their question, is to send them to different web sites that gives them the crime stats.  In the age of All Things Internet, there is no shortage of information, they just have to be directed on where to find it.  Here’s some of my favorite sites:

• CBI website http://cbi.state.co.us/ — Gives you everything from registered sex offenders to crime stats.
• http://www.neighborhoodscout.com — When you put in an address for a Colorado Springs neighborhood, it gives you all types of information about the area, including crime stats, a general overview of the area, as well as school information.
• http://www.NeighborhoodScan.com – This site gives you extremely detailed information about sex offenders.
• http://www.spotcrime.com – Maps out crime occurrences, and allows you to pull up details on specific crimes.
• http://www.crimereports.com — Also gives you extremely detailed information about sex offenders.
• http://www.relocationessentials.com — Compares crime in Colorado Springs vs. the national average.  As an example, it shows you that Colorado Springs has less rape and burglaries than the national average.

But even with all of the comprehensive national data, the best web site which is chocked full of information is part of the City of Colorado Springs web site.   You can pull up a weekly report that shows you the location of crimes by different categories.   There is also information on all of the Meth Labs that were discovered in Colorado Springs by year.   (See Don’t let your dream house become a nightmare)   You can even follow the Colorado Springs Police Department on Twitter.

When you are looking at moving to Colorado Springs, these web sites can help give you a better pictures of neighborhoods you want to live in.    Remember, Knowledge is Power

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Kathy (719-287-1049)   KTorline@msn.com

 Tax Credit for military personnel

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Military families stationed at Fort Carson, Peterson AFA, Schriever AFA, and the U.S. Air Force Academy and other military installations in the Colorado Springs Since Colorado Springs will be glad to learn that the First Time Home Owner Tax Credit has some wonderful additional benefits for the military.   Here’s some of the highlights:

• Members of the military and certain other federal employees serving outside the U.S. have an extra year to buy a principal residence in the U.S. and qualify for the credit.   Thus, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2011.   If a binding contract is entered into by that date, the taxpayer has until June 30, 2011, to close on the purchase.  Members of the uniformed services, members of the Foreign Service and employees of the intelligence community are eligible for this special rule. It applies to any individual (and, if married, the individual’s spouse) who serves on qualified official extended duty service outside of the United States for at least 90 days during the period beginning after Dec. 31, 2008, and ending before May 1, 2010.
• Another benefit is a waiver on the time of occupancy of the home purchased with the tax credit.  Homebuyers who purchase their home using the tax credit must use that home as a principal residence for a period of no fewer than three years, or must forfeit the entire credit.   Military, intelligence and foreign service members do not have to repay the credit if they have to sell their home after fewer than three years occupancy due to official business.

The IRS web site includes a very detailed (and easy to understand) explanation of the benefits.

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Kathy (719-287-1049)   KTorline@msn.com

Search for Foreclosures in Colorado Springs

Related Article:  Buying a short sale vs. a foreclosure, what’s the difference?

My pick of the week is in Falcon Highlands, east of Colorado Springs, on 11006 Birch Hollow Way.  Falcon is only a short commute to Schriever AFB, and Peterson AFB.

It includes over 4800 square feet, with 3 bedrooms, 3 baths,  and a 3 car attached garage, priced at less than $300,000.

If you are looking for a BIG house at reasonable price in Falcon; then this is the property for you.   The property was built in 2007/2008; by John Laing; but was never finished as John Laing went into Bankruptcy. 

The house has a great floor plan, with lots of room to expand in the 2500 square foot basement.

The upsides….. large attached two car and one car garage, laundry on the same level as the bedrooms, open floor plan, separate dining space, main floor office, newly built; never lived in.  Plus it’s on over 1/2 acre lot.   The downsides ………….. no landscaping, no window coverings, and no floor coverings, except in the kitchen and bathroom.

The description in the MLS Says:  “Newly finished former popular Clayborn floorplan includes slab granite counters, upgraded Whirlpool appliances, and hardwood floors in the entry and kitchen / eating nook. Kitchen offers a gas cooktop, double oven, and breakfast bar. This spacious rancher has a great room, main level laundry, convenient mud room, 3 car garage, and unfinished basement with plenty of room to expand. Living spaces flow with ease from one to another, and home has a functionality that all will appreciate!” 

The El Paso County Assessor’s office has it valued at $305,000. 

At the current list price of $295,000 it’s priced definitely priced below market value.   There are 3 other bank-owned properties in area, but they are all smaller.  Comparable properties have sold from $340,000 to $420,000.

The 1 short sale is priced at $279,000 3400 square feet,2-story.  It will be interesting to see if the short sale properties will eventually turn into a bank-owned property.

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Kathy (719-287-1049)   KTorline@msn.com

Related Post:  Housing relief for military families in Colorado Springs

I have a client I’m assisting with getting qualified for the HAP program and have already written one blog about this; but as new details continue to become available, I thought it would be a good idea to update my readers.

Military families stationed at Fort Carson, Peterson AFA, Schriever AFA, and the U.S. Air Force Academy and other military installations in the Colorado Springs area will be glad to learn they may now be eligible for relief for their housing challenges.  The program is called the Homeowners Assistance Program (HAP), and is administered by the Army Corps of Engineers.  For military personnel in Colorado Springs, the main contact is US Army Corps on Engineers in Fort Worth.      

HAP Field Office, Fort Worth
U.S. Army Engineer District, Fort Worth
P.O. Box 17300
Ft. Worth, TX 76102-0300
817-886-1112
888-231-7751HAP

The official guidelines for the program are expecting to be released within the next 60-90 days and already the counselors for our area indicate they have many applications waiting. 

According to the web site, here are some of the requirements:

 1. Permanent reassignment requires move of more than 50 miles.

2. Reassignment ordered between 1 February 2006 and 31 December 2009.

3. Property purchased (or contract to purchase signed) before 1 July 2006.

4. Property sold by owner between 1 July 2006 and 1 May 2010.

5. Property was the primary residence of the owner.

6. Owner has not previously received these benefit payments.

In one of my recent conversations with the district office, homes in El Paso County must be worth less than 10% than they paid for it.   As an example, if a seller paid $200,000 for a home; it must now be worth less than $180,000 to qualify.

It’s a wonderful program, just anxious to see the final details worked out.    It could certainly help military personnel avoid the worst from this housing crisis and buy a home at their new destination assignment.  That’s good for the housing market, and our economy.

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Kathy (719-287-1049)   KTorline@msn.com