Your credit score: did you know that you have to have a credit score of 700-plus to qualify for a low-rate mortgage?First, your credit score is a number assigned to your creditworthiness.

Your credit score indicates how well or how poorly you’ll repay a debt. The higher the number, the more likely you’ll repay on time.

Your bill paying information on credit reports provides the basis for your credit score.

Consumers who take the time to obtain their credit score, for only about $15 under most circumstances, are more likely to have a better understanding of the scores.

That includes knowledge that mortgage lenders rely heavily upon credit scores to approve or reject home loan applications.

Informed consumers also know they can generally raise their credit score by consistently paying bills on time every time; by paying off debt and closing those paid off accounts; by not coming close to maxing out credit cards and by regularly checking their credit reports to make sure they are accurate.

Your credit report is free from AnnualCreditReport.Com. For more information about your credit score go to MyFICO.com.

Your walk score: An agent in my office told me about this website yesterday, and I think it’s really cute - type in your address, and a Google Map appears showing everything that is within walking distance of your place!

Check it out here.

I just learned about this website, http://www.greenprintdenver.org/ , and I love it. 

What a great resource to learn about the initiatives that Denver is undertaking to go green - including the Mayor’s Bicycle Committee, FasTracks, and the Insulate and Seal Rebates that are now available, among many others!

Check it out!

From MSNBC — A mortgage rescue to help hundreds of thousands of struggling homeowners avoid foreclosure and get more affordable, safer loans passed the Senate overwhelmingly Friday, but it faces a bumpy road amid continuing turmoil in the housing market.

The 63-5 vote reflected a keen interest by Democrats and Republicans to send election-year help to distressed homeowners with economic issues topping voters’ concerns.

The plan lets homeowners buckling under mortgage payments they can’t afford keep their homes and get more affordable mortgages backed by the Federal Housing Administration. Banks that agreed to take substantial losses on those distressed loans could avoid costly foreclosures and be assured of recovering at least some money.

The new program would let the FHA insure as much as $300 billion in new mortgages, helping an estimated 400,000 homeowners.

But it still faces major hurdles, including a promised veto from President Bush…read the rest here.

How will the bill change things for buyers and sellers in Denver?  I’m not sure if it will help the people that are honestly in trouble, who have already fallen behind on their payments, and who are going to have a really hard time catching up.  I do think that it will probably benefit the lenders more - which is actually bad news for those buyers who are shopping the great deals right now created by the surplus of foreclosed properties and the lenders’ need to get rid of them.

But I do appreciate the Senate actually doing something, anything to work towards solving the problem…

Interestingly enough, foreclosures in the Denver Metro area under $200,000 are moving fast, with banks pricing their properties to sell quickly, usually at WAY less than market value.  In fact, we are finding that properties end up with multiple offers and a bidding war in the first weekend more often than not lately.  Apparently, the same isn’t true for higher-end properties, which of course have smaller buyer pools and a pickier target market.

According to today’s Rocky Mountain News, there are a ton of homes in the million-plus range that are now listed as foreclosed properties, so if you are in a position to move up the property ladder, now might be as good a time as any to get a great deal on a ton of square feet in a really tony hood. 

Today’s rant. I’ve been working with buyers who are in that “affordable” price range of under $200K, and we’ve been looking at those ever-popular bank-owned/short-sale “deals.” There are lots out there these days! But beware, DO NOT just take the MLS status of “Active” as the truth. Make sure your Realtor calls the listing agent directly before setting showings. I have shown quite a few properties recently that are shown as “Active” in MLS, as well as with the showing desks, but come to find out (after my buyer fell in love with the place) that the bank had 20 offers and had already verbally accepted one weeks ago. But since they do not having anything in writing, they can’t put it as “Under Contract” in MLS, or even add it into the comments field. Unbelievable! So, basically, buyer’s agents need to do unnecessary double work, and/or waste time, and resources and contribute to global warming by driving to Aurora to show properties that are already under contract.

OK, we all know it is a serious pain in the booty to have your house on the market.  Real estate agents call at the last minute and want to show it, sometimes they are even sitting outside, waiting for the lockbox code with buyers in their backseat - while you are trying to get the kids breakfast and clean up after last night’s supper.

But, you know what?  Those might be the buyers that BUY your house.  Then you can move on, move up, move over - whatever it is you are trying to do, and you won’t have to keep the place tidy and the personal photos packed away anymore! So, even though it might be a bit embarassing to admit that your house is not always Open House Perfect, let them in!   Gather up the kiddos, take breakfast to go, and smile as you open up the door on your way out, because those buyers are on their way in, and you want them to know that you LOVE living in your house, and they will, too!

The moral of this little rant?  Never, ever turn down a showing.  Those buyers won’t be back another day.  They are going to look at one of the million other houses just like yours that are for sale in your neighborhood that WOULD allow a showing, and they are going to buy one of those. 

P.S., it’s a great idea to rent one of those little temporary storage boxes that can sit outside your house with all of your clutter inside.  That way, you can keep your stuff close by for easy access, but potential buyers don’t have to step around the baby’s bouncer to see your gorgeous, newly remodeled kitchen - toast crumbs and all.

Houses aren’t free in Denver.  You can’t even find very many for $1.  But there are certainly crazy good deals to be found if you are looking to buy a fix-up and hold for at least 2-3 years. This article in CNN Money does a good job of explaining the best strategy for today’s investors:

Rock-bottom home prices have finally begun to lure vulture real estate investors into the fray.

Sharon Restrepo, a broker in South Florida, where home prices have dropped nearly 27% over the past 12 months, recently bought a three-family home in Cape Coral from a very motivated seller for a mere $65,000. It listed for $195,000.

She can rent the three apartments out for about $1,500 and turn a profit, while she holds on to the property until the market recovers.

“The savvy investors here,” she said, “are buying up everything they can.”

Read the rest here.

It’s a really unique time for Rehab and Rent-ers in the Denver Metro Real Estate game:  vacancies are at an all-time low, and home prices continue to drop.  I really think that now is a great time to start or build your Real Estate portfolio - whether you have a long or short-term strategy for the properties. 

In Denver, flipped properties continue to sell, but only if they are priced reasonably - those investors who are buying bank inventory at rock-bottom prices and renovating SMART - meaning that they are not over-improving for today’s market, no matter what price range they are in.

The same goes for Rehab and Rent-ers — if you can snap up a cute little property that looks like crapola, and put only enough money into it to make it a nice little rental, you are playing the game SMART - in a couple of years, when the market stabilizes and buyers outnumber renters, you can always make a few more improvements to get top dollar.

Ready to start looking for Denver Real Estate?  Connect with your inner vulture and get in the game!

Well, guidelines continue to change for Fannie Mae & Freddie Mac associated loans…this time, the change has a direct affect on how you might be able to qualify for the purchase of a new primary residence while retaining and converting your current residence into a rental property…as of August 1st, 2008 buyers who are interested in pursuing this route to build their wealth will need to provide their lender with the following in order for their newly acquired “rental income” to count towards the financial qualification of their new home mortgage: a fully executed lease agreeement, a receipt of deposit from the bank for the tenant’s required security deposit, and the big kicker, the newly converted rental property must contain at least 30% equity. If not, you guessed it, the “extra rental income” is not able to be used as part of qualifying for your replacement home purchase. You may ask why such a harsh equity requirement, well, the speculation consists of the banks’ attempt to prevent home owners from having the “new rental property” slip into foreclosure. If a home owner has substantial equity in their property, they are more likley maintain their property and have pride of home ownership. So, the morale of this story is check with your local lender about the ever changing guidelines that may affect your next home purchase.

We’re lucky to have Scott Mulvany of Cherry Creek Mortgage with us again as a LIVE blog contributor… Scott’s great with first-time and seasoned buyers alike, and he is always available to answer a question, even if you aren’t his client!

The LIVE Urban team was happy to participate in the Highland Street Fair yesterday.  Visitors registered for an iPhone, and checked out LIVE’s new marketing campaign, LIVE well. 

If you missed the Street Fair, visit our booth at PRIDE Fest next Saturday and Sunday!