Bear Stearns,

Lehman , Washington Mutual, Fannie Mae, and a 840 billion dollar bailout! It’s a lot of confusing and distressing information in our current news, but I do know the answer to one very common question. Can I still get a mortgage these days?

Here’s some good news: YES! Here’s what to expect when qualifying:

1. You will need a minimum of 3% down to purchase a home. As of Jan 1, 2009, you will need a minimum of 3.5% down. Talk to your lender about gifts and state funded down-payment assistance programs (DPAs). The seller financed DPAs are currently gone as of October. There is a bill in congress that may bring them back, HR 6694.

2. You will need to document your income. Almost all stated income loans have disappeared.

3. Know your credit score and keep the score up.

a. Limit your current credit balances to less than 30% of the available limit.

b. Pay those annoying bills! Yes, even non-paid parking tickets and cell phone bills are showing up on credit reports as collections.

c. Don’t close your accounts. 15% of your credit score depends on the length of credit history. (see chart).

d. If buying a home within 6 months, talk to an experienced lender before paying off a collection account. It may hurt your score.

e. Correct any information that is mis-reported on your credit report.

f.  Keep your score above 620. It’s harder to get loans with scores below a 620.

g. Learn more about credit scores: myfico.com/CreditEducation/WhatsInYourScore.aspx

 

Word is out today that property owners and developers are in the early planning stages of transforming the vast 90 acres of warehouses, parking lots and junkyards, known as Denargo Market and River North, into a multibillion-dollar transit-oriented development. Eighty of the 100 landowners in the area will have a private meeting today to discuss how the neighborhood can be transformed into the mixed-use plan.

I’m excited to see this area continue to change. I think someday it will be a spectacular neighborhood, but it will take time. However, I’m disappointed that one of the first projects slated is a $65 million luxury condo project called Beleza. Beleza, which means beauty in Portuguese, seems over-designed and off-the-mark. I’m glad its a “green” building, but who wants an infinity pool and a dog-groomer on the premises. This isn’t Miami. Read the whole story here…

We work with both buyers and sellers all the time. And in the fall, the most frequently asked question from sellers is “Should I put my home on the market now, with the holidays coming up?”

Specifically this year in this market, and if you live in the city: YES!  We’ve seen multiple offers on homes in recent weeks, due to the low inventory of homes. But it’s important to note the homes that sell quickly have lots in common. The sellers pay attention to their Realtor when pricing and presenting the house. As you set price, the first priority is to look carefully at comparable sold homes, AND others currently on the market. These other homes are your competition for buyers. Ask your agent to show you these homes in your neighborhood and price range to see what you’re up against.

In addition, it’s critical you work to ensure your home shows well. Your LIVE agent will make suggestions, and may bring in a professional stager to help. During the holidays there are several things that may come up:
• Less is more when it comes to holiday decorating. Your family decorations may be special to you, but add clutter and hide your home’s features.
• Turn on all your overhead lights and lamps prior to showings to compensate for our shorter, gloomier days.
• Christmas trees and large holiday decorations will consume space and make your home seem smaller.

• Turn off lights on your decorations prior to showings to keep buyers focused on your home, not the decor.
• Remember that when our houses are closed up for cool weather, odors linger. Make sure your home smells fresh. Open up windows when weather permits!
• Before showings clear your driveways & sidewalks of snow and ice.

If you work closely with your Realtor on pricing, and pay attention to the special presentation needs that come with marketing during the Holidays, these crisp, festive months can be a great time to sell your home.

Beautiful home in Arvada, well-kept, completely remodeled kitchen with granite countertops and cherry cabinets - you will not believe this is a Short Sale, but it is! 

Great location in coveted Lakecrest Cape with one of the best views of Standley Lake and the mountains in town!  Two spacious backyard decks and a fully finished and heated sunroom overlook the lake, creating a perfect space for indoor/outdoor entertaining.

Vaulted ceilings, open floor plan, huge master suite with jetted tub and loads of closet space.

Open this weekend, Saturday and Sunday, from 1-3, so schedule a showing or stop by!

Questions?  Call Stacie Staub at 720-299-6635.