Colorado Springs Vintage Homes Blog
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Financing matters!
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
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Different financing options effect home sellers in different ways
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Buyers who use FHA and VA financing have certain closing costs they cannot pay for, hence the seller ends up paying for these costs. Over 50% of Colorado Springs buyers are currently using VA or FHA loans.
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Both FHA and VA buyers typically take about 45 days to close.
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Conventional loans can typically close even faster than FHA and VA loans, maybe within 30 days.
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If a home needs substantial repairs, a great option is to market it to be financed with a FHA 203K loan.
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Both VA and FHA appraisals can come back with appraisal conditions that can be required home repair items to be fixed before the loan can be processed. As an example, FHA requires the home to meet minimum living conditions which could cost the seller money; including repainting areas on the exterior of the property where paint is flaking and peeling.
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Both VA and FHA loans limit how much a seller can contribute towards the buyer’s closing costs and down payment
Here’s a chart that shows the financing for homes sold in Colorado Springs for the first two months of 2011.
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Kathy (719-287-1049) KTorline@msn.com
9 key things to know about buying a bank repo
Do you want to buy a bank-owned property in Colorado Springs?
Understand the Differences
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Buying Bank properties is very different than buying a home from a regular seller. Make sure you and your Realtor have discussions about what makes them different, as bank-owned properties aren’t for everyone. Here’s some of the big differences
(1) “As-is”: Most banks won’t repair anything in the property, the property is sold “as-is”. Although there are starting to be some exceptions to this and some banks are starting to fix up the properties, most are sold “as-is”.
(2) No Seller’s Disclosures: The banks typically won’t give out any Seller’s Disclosures or Square Footage Disclosures as they don’t know anything about the property. Hence, it all up to the buyer to do their due diligence.
(3) Response Time: Sometimes banks respond quick and fast when they receive an offer; but many times it can take days, or even a week to get a response to an offer. Read the rest of this entry »
6 BIG advantages of VA loans
VA Loans
For a free Buyers Guide, Email Kathy Torline at KTorline@msn.com
Must Read Articles:
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- Relocating to The Air Force Academy? Here’s some great info to make your move easier.
I went to a training class last week on VA loans and came across all types of valuable information I wanted to share with our Colorado Springs home buyers. (I’m a strong believer that a Realtor needs to constantly increase and update their knowledge about all things real estate, never can learn too much.)
Since Colorado Springs is surrounded by military bases (Fort Carson, Peterson AFA, Schriever AFA, and the U.S. Air Force Academy 
) ; as well as there are many military retirees in the areas, VA loans are very popular. The stats show that 30% of all loans in the area are VA Loans.
Advantages of VA loans
When a Colorado Springs home buyer is trying to decide what type of loan they are going to use, it’s important for them to understand some of the advantages of VA loans:
- No down-payment requirements.
- There are not many loans left that don’t require a down-payment
- No monthly MIP
- MIP is the abbreviated term for the Mortgage Insurance Premium that many FHA loans and Conventional loans add to your monthly mortgage payment
- Assumable Mortgage
- This could be really important in the future if interest rates start to rise; it could make it much easier to sell a property and have a new buyer assume the existing loan
Read the rest of this entry »
- This could be really important in the future if interest rates start to rise; it could make it much easier to sell a property and have a new buyer assume the existing loan
Top 5 VA Loan Myths
Guest Blogger — Marry Ann Daniell
Search for Homes in Colorado Springs
It was only a year ago that I started blogging on an wonderful site, ActiveRain, which is an amazing resource for 
Realtors and anyone else involved in the Real Estate Industry. It’s has a wealth of information; and the most wonderful thing is that fellow Realtors all over the world share information with each other.
Since Colorado Springs has a high military population with both active duty and retired personnel, I thought this article would be helpful to share with our readers. Our military installations in the Colorado Springs area include: Fort Carson Army Base, the Air Force Academy, Peterson AFB & Schriever AFB, Cheyenne Mountain AFS and NORAD.
I’m very pleased to sh
are this article written by Mary Ann Daniell, a Realtor in Fort Hood Texas. I contacted Mary Ann and she gave me permission to share this article. You can contact her in Fort Hood at her Office Phone: (254) 547-4165 x 230, or send her an email at maryann@maryanndaniell.com. If you are ever looking for information on Fort Hodd, make sure and contact her.
Hope you enjoy her article!
One of the best benefits of the VA Guaranteed Home Loan is that you can purchase your home with no money down. Most buyers know this about the loan program, but there’s also plenty of misinformation floating around out there, too.
Some common misconceptions buyers often bring up during their search for financing:
VA Loan Myths
- I have to apply to VA for my VA loan
- I am already APPROVED for a VA loan since I am active duty military
- VA Loans can take 90 days to close
- I must have my Certificate of Eligibility in hand
- VA Inspects the home for defects before I buy the house
Here’s a quick clarification of these points about VA loans:
I have to apply to VA for a VA Loan – Not True!
You apply for a VA loan through a lender who is approved by VA to Read the rest of this entry »
