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ERA Herman Group Real Estate

Serving Colorado Springs

FHA changes loan limits will soon take affect in El Paso County

Colorado Springs Vintage Homes Blog FHA loan changes   Effective January 1st 2014 the maximum FHA loan limits in El Paso County will decrease from $325,000 to 271,050.   If a buyer purchases a home for $280,850 and puts down the minimum downpayment of 3.5%, they will be within the maximum FHA loan limits .   According to one of the press releases I read, there are 650 counties that are going to be receiving lower FHA loan limits as of January 1st. It's also important to note that...Continue Reading!

Different loans offer different downpayment options

Colorado Springs Vintage Homes Blog  What kind of loan should you use for your home purchase? I often have home buyers in the Colorado Springs area ask me for loan recommendations.  Since it's next to impossible for me to keep up with all of the loan options as their guidelines are constantly changing,  I typically tell them that they need to talk to a loan officer to find out the current guidelines; and I have several names that I can recommend to them.  But I do...Continue Reading!

Financing matters!

Colorado Springs Vintage Homes Blog If you are getting ready to sell a home, it's important to know what kind of financing buyers use to purchase a home in Colorado Springs Are you asking why I would say this?   Essentially, financing matters. If you would like information about selling your Colorado Springs Home, call Kathy Torline at 719-287-1049 Related Articles: Smells don’t sell  How long should it last? Why didn’t my house sell? Top 6 list of reasons Why didn’t my house sell? Part II hat are polybutylene pipes? Colorado Springs homeowners beware!  Why...Continue Reading!

Are home sales in Colorado Springs really down?

Colorado Springs Vintage Homes Blog Homes Sales in Colorado Springs continued to decline in September 2010 For a Free Colorado Springs Relocation Guide, Email Kathy Torline at [email protected] Related Article: How do I get a down payment for Homes in Colorado Springs? Here's a quick run-down on the Colorado Springs Housing Market Sales in Colorado Springs are down 24% from September 2010 to September 2009 VA Loan continue to be a popular choice for Colorado Springs Home Buyers 15% of the sales in September 2010 were paid for by cash The numbers of...Continue Reading!

Local lenders vs. a National lender

Colorado Springs Vintage Homes Blog Choose your lender wisely Related Articles: Pre-Qualification or Pre-Approval, which do you need to buy a home? Marriage and Mortgages FAQ’s How do I get a down payment for Homes in Colorado Springs? Why do I have to pay mortgage insurance? 26 criteria used to determine interest rates If you are trying to buy a Colorado Springs home with FHA or VA financing, choosing a nationwide bank or lender can raise red flags for the seller and the Listing Agent.    In theory, the nationwide banks may seem...Continue Reading!

FHA loans and Condos — important to know the rules

Colorado Springs Vintage Homes Blog Colorado Springs Condominiums Search for Colorado Springs Condominiums Related articles: 5 reasons townhomes make an easy transition from apartment life New rules make condo buying harder Colorado Springs Home — Is a Condo or a Townhome right for you? Do you know what your townhome insurance covers?  Have you heard about the HRAP/DELRAP system?  It lists condo developments that meet eligibility requirements set the Federal Housing Administration.   If you are interested in a purchasing a Colorado Springs Condo, your ability to get an FHA loan will depend on...Continue Reading!

FHA Loan Changes

Colorado Springs Vintage Homes Blog FHA Loan Changes For a free Buyers Guide, Email Kathy Torline at [email protected] Related Article: Why do I have to pay mortgage insurance? Did you know that in 2009, the Federal Housing Administration (FHA) insured nearly 30% of the single-family mortgage market and that more than 50% of all first-time home buyers used FHA programs?   I haven't been able to find any facts to support this, but I think number if lower for homebuyers in Colorado Springs, as many of the military population relocating...Continue Reading!

Waiver on flipping is good for the local Colorado Springs economy

Colorado Springs Vintage Homes Blog Waiver announced on 90 day flipping Related Articles Pre-Qualification or Pre-Approval, which do you need to buy a home? How do I get a down payment for Homes in Colorado Springs? Credit score explanation   The 90 Day Flipping rule has been lifted for at least 1 year starting February 1, 2010.   HOWEVER, it's important to keep in mind that it is not completely free from all stipulations.   Here's a link to the actual Waiver on the HUD web site; which gives the conditions of the...Continue Reading!

Where do I find a loan to buy a distressed property?

Colorado Springs Vintage Homes Blog Want to buy a Colorado Springs Foreclosure, check out FHA 203K Loans -- Related posts: 10 things to know about Colorado real estate One way to find a good home inspector 11 things to ASK about when buying a new home in Colorado Springs Top 5 Remodeling projects Free local money for home improvements Federal Tax credit available for remodeling With foreclosures at an all time high in the Colorado Springs area, it's a perfect time to pick up a good deal on a home.    BUT, the challenge...Continue Reading!

Rules are Rules for Title Seasoning

Colorado Springs Vintage Homes Blog Buying a flipped property in Colorado Springs?  Related article:  3 Things to know about foreclosure homes for sale and Deal or no Deal FREE list of up to date foreclosures Twice this week I've ran into issues with buyers who wanted to buy distressed homes in Colorado Springs with FHA loans and the properties didn't have Seasoned Titles.  Hence, I thought it was great subject for a blog post, as I didn't truly understand it until this week; and my guess is that many Realtors...Continue Reading!

How do I get a down payment for Homes in Colorado Springs?

Colorado Springs Vintage Homes Blog Colorado Springs Vintage Homes is happy to feature a great article by Harry Venik with Adams Mortgage, LLC in Colorado Springs Related Articles: Pre-Qualification or Pre-Approval, which do you need to buy a home? Will VantageScore Bring Consistency? Colorado Springs Mortgages — tips for consumers on points Marriage and Mortgages FAQ’s Colorado Springs Home Buyer's Down Payment FAQs With today's combination of lower home prices, some of the lowest interest rates the industry has ever offered, and the $8000 tax incentive for first-time buyers, buying a...Continue Reading!

7 important things to know about FHA Loans

Colorado Springs Vintage Homes Blog Colorado Springs Vintage Homes is happy to feature a great article by Harry Venik with Adams Mortgage, LLC For a free Buyers Guide, Email Kathy Torline at [email protected] Related Articles: Pre-Qualification or Pre-Approval, which do you need to buy a home? Will VantageScore Bring Consistency? Colorado Springs Mortgages - tips for consumers on points Marriage and Mortgages FAQ's The Advantages of FHA Loans The following are a just a few of the recent changes that have made FHA loans a more attractive option again for some...Continue Reading!

USDA has money to lend for home buyers in rural areas of Colorado!

Colorado Springs Vintage Homes Blog Are you searching for a home in Colorado that's perhaps a little out of the way?  Perhaps an area like Peyton or Rush (even parts of the Springs may qualify).  Do you have a good credit rating  but lack a big down payment? (only requirement is $100 down).  Perhaps you only make a small amount of the median income in the area, which might prevent you for qualifying for a conventional loan.  There's help out there for you in the form...Continue Reading!

Pre-Qualification or Pre-Approval, which do you need to buy a home?

Colorado Springs Vintage Homes Blog Pre-approval or Pre-qual? For a free Buyers Guide, Email Kathy Torline at [email protected] Colorado Springs home buyers should be pre-approved (or at least pre-qualified) for a home loan BEFORE looking at homes for sale. Not only is it good for you, as you know how much you can afford according to the lender; but, its good for the seller as the buyer can  include the "pre-qual" or "pre-approval" letter in with the contract which shows the seller that the buyer is serious enough to obtain the first steps...Continue Reading!

5 things you need to know about FHA Mortgages

Colorado Springs Vintage Homes Blog  Colorado Springs Vintage Homes is happy to feature a great article on FHA Loans by Bryan Yaninek with Castle & Cooke Mortgage, LLC    If you enjoyed reading this article, why not Subscribe to be notified of the next one?    Here are the 5 things you need to know about the new changes for FHA loans: 1. One single down payment requirement of 3.5% for all purchases 2. Closing costs/prepaids are (more…)Continue Reading!