Colorado’s Front Range Real Estate Blog

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VA Loans are a benefit for Military Personnel (active duty, veterans, reservists, surviving spouses).  VA will guarantee up to 25% of the mortgage.

Customer Benefits

• Eligible for 100% financing under most circumstances
• No monthly mortgage insurance
• No Pre-Payment Penalty
• No minimum FICO Score
• Seller can pay closing costs
• No limit on “non-recurring” closing costs (appraisal, credit, etc) or discount points with 4% limit on funding fee, pre-paids or buy-down funds

Funding Fee

• Similar to FHA Up Front Mortgage Insurance
• Amount of Funding fee is based on service type, prior use, and transaction type. If borrower is a disabled veteran (VA must certify), then funding fee is waived
• Funding fee may be financed or paid in cash

 Entitlement

• Entitlement is the dollar amount of the guaranty available to the veteran
• Veteran with full entitlement can often purchase a home with zero down payment
• Certificate of Eligibility will document available entitlement

 Loan Limits

• FHLMC Conforming Loan limit (currently $417,000)

 Eligible Transactions

• Purchase
• Full Refinance (Rate/Term, Cash Out) or IRRL (Interest Rate Reduction Loan) – VA “Streamline” Refinance

 Eligible Borrowers

• U.S. Citizens, Permanent Resident Aliens, and non-Permanent Resident Aliens
• Co-Borrower must be borrower’s spouse
• If co-borrower is not the borrower’s spouse, this is considered a “joint loan”. Guaranty will be based on veteran’s portion of the loan (often requiring a down payment).

 Eligible Products

• 20-30 Year Fixed, 15 Year Fixed, 3/1 ARM, and 5/1 ARM

 Property

• Eligible Properties: Single Family, 2-4, Condos, Manufactured Homes, New or Existing Construction
• Condominium projects MUST BE approved by VA (no spot approvals)

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The current real estate market is not only a great opportunity for first time home buyers but also for “move up” buyers. The link below contains a great article that does a nice job of explaining the advantages of “moving/buying up” in a buyer’s market. Although one may not get the same amount for their current home as they may have two years ago when they sell, if they buy a larger house, they will be getting it at an even deeper discount (more than making up for the loss on the sale of the current home) and when the market begins to accelerate again, the appreciation on the larger, more expensive home will be greater.

msnbc.msn.com/id/30351355/from/ET

On another note, you may have heard that first time home buyers will be able to use the $8,000 tax credit up front as down payment toward the purchase of a home rather than wait to claim it on their tax returns on the back end. This was suggested by the secretary of FHA, Shaun Donovan, and would only effect FHA loans. This has NOT been approved and no plan has been set forth. Apparently Secretary Donovan mistakenly let this slip at a press conference, however, there is no definitive plan or timetable for such a program. I will certainly keep you posted on any update regarding this.

Please let us know if you have any questions.  And, of course, if you know anyone who is interested in buying, selling or investing in real estate in the Denver area, please put us in touch with them.  We will take exceptional care of your referrals.

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The Richards Group of Keller Williams Realty offers a wealth of knowledge and experience in real estate transactions in the Metro Denver area.

Contact us for Real Estate Assistance!

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Elizabeth Stampede

Cindy and I took a break from Denver, Douglas and Elbert County Real Estate and again attended the Elizabeth Stampede with our grandchildren in Elizabeth, Colorado.  I must say “WOW” that was a great weekend of food, music, weather, meeting friends and of course great rodeos filled our first weekend in June. We did have a chance this year to attend the opening night of the Professional Bull Riders event on June 5th, and throughout the rest of the weekend we had our share of rodeos and cowboys. This year we invited our grandkids as they are now at the age to appreciate Old Western activities. I enjoyed it when my Dad took me to the rodeo and circus, so I knew my family would enjoy the Stampede, AND they did.

We started Saturday off with the parade followed by Elizabash. I was surprised at how long the parade actually lasted over and hour at least. As my grandkids gathered handfuls of candy, I marveled at the royalty girls and their horses. People from all over Denver, Castle Rock, Parker and Franktown were there to enjoy the parade as well.

Elizabash was definitely more than I expected. Booths lined Main Street as well as food vendors, petting zoos, merchants and yes a Real Estate Booth. My wife Cindy is a sucker for unique shops like chickadees and the antique shop, took her time exploring the items on display as I chowed down on a turkey leg and beer. While strolling down Main Street, I noticed the family atmosphere the Elizabash brought to the community of Elizabeth. Some kids are slurping on free snow cones as other kids are petting baby sheep and goats in the petting zoo, all with huge smiles on their faces. There is no place like Colorado!

I again chowed down on another turkey leg and my second beer. I knew then I wanted to be a Bull Rider. So, next on our agenda was the afternoon Professional Rodeo Cowboys Association event. My six year old grandson knew the rodeo was where the real fun began. When those cowboys rode the bulls in the PRCA rodeo on Saturday he could barely sit still in his seat. He also knew at that time he wanted to be a Bull Rider too. His Mother wishing he would forget that dream and switch to Mutton Bustin asked me to get that idea out of his head and go get another turkey leg and beer.

Bob Speaker

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Residents of Denver Colorado real estate have for years been ranked as fittest and healthiest in the nation.  They appreciate the fabulous recreation and pristine nature along the Front Range and want the community to find ways to sustain the environment.  Many are asking for green real estate in Denver and others are adapting their existing Denver CO homes to be more energy efficient.

Enter the first annual Denver Green FestivalTM scheduled for May 2-3, 2009 at the expanded Denver Convention Center.  It is a joint project of Global Exchange and Green America who believe that sustainable communities lead to a thriving planet by offering positive options that make our world safer and cleaner.

The Community Action Center, A venue designed to network the initiatives of neighbors, community non-profit organizations, and departments of the City of Denver, will open up conversations and ways to make the already spectacular city a healthier place to live.

A long list of speakers, presenters, workshops, and demonstrations are scheduled to participate.  There will be live local musicians and performers including garage bands, high school string quartets, a cappella groups, children’s dance troupes, and so much more.  Families will enjoy fun and education activities at the Green Kids’ Zone and the Teen Unity Pavilion.

A special Green Home and Building Pavilion will be interesting for everyone including residents of small urban apartments or large country estates.  This is the place to learn how to make a home environment healthier and more efficient.  And the Fair Trade Pavilion will feature products from farmers and artisans.  Proceeds go to ensure that producers earn living wages that enable them to take care of their families, grow their businesses, and maintain a healthy environment.

The Denver Green FestivalTM is striving to become a zero-waste event.  Seven-Star, Inc., America’s green event experts, is organizing and managing the landfill diversion, product conversion, and carbon offsetting for each Green Festival.  With the help of volunteers, the organization is able to divert record-breaking amounts of waste from ending up in landfills.  Some of their initiatives are worth imitating: from e-waste receptacles to recycled signage and other materials to offsetting electricity, to greener modes of transportation to eliminating the use of plastic water bottles and more.

Richards Realty Group of Keller Williams Realty offers a wealth of knowledge and experience in real estate transactions in cities along the Front Range.

Contact us Toll Free at (877) 337-0171 for real estate assistance

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Denver Water is hoping Denver residential home owners will take a closer look at the toilets in their Denver homes. Okay it sounds a little strange but checking for leaks can save water and money. Toilets are usually the biggest water using device in the home and they account for nearly 30% of indoor water usage in a typical Denver home. Denver Water says that even a tiny leak can waste between 100 and 250 gallons of water every day. According to Denver Water the best way to check for a leak is to put several drops of food coloring in the water tank, do not flush the toilet for at least 30 minutes, come back and check the water in the bowl. If it’s colored there’s a leak! Denver Water also wants to remind customers about a program to help pay for low flow toilets. If you replace your old toilet with a more efficient one you can get a rebate of between $25 and $125. Those newer toilets can use between 50 and 75% less water! It’s not just water… It’s a way of life! To find out how to participate in that rebate program contact Denver Water at…

Denver Water
1600 West 12th Avenue
Denver, CO 80204-3412
Customer Care: 303.893.2444
http://www.denverwater.org

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The Richards Group of Keller Williams Real Estate offers a wealth of knowledge and experience in real estate transactions in the Denver Metro area. Contact us Toll Free at 877-337-0171 for real estate assistance.

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Now in its 32nd year, June 12th, 13th, & 14th at O’Brien Park, downtown Parker Colorado will once again hold those fun-filled festivities over three full days of entertainment for the entire family. The kids will enjoy carnival rides such as the classic Merry-Go-Round and the Ferris wheel. Horseback riding and other thrill seeking rides are also available to enjoy. Many people love this little town so much many relocate to Parker or search for residential property in Elizabeth, Franktown or Kiowa finding their dream home and never leave.

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