This week the US Census Bureau announced they estimate 2010's population to the led the State of Colorado in population gain.
In 2006 to 2007, Denver just barely led the gain by a minute amount of 100 over Douglas County. In 2007 to 2008 led the gain over Arapahoe County by 5,000. And into 2009 the estimated county populations has Denver in the lead over Adams County with over 6,000.
The City and County of Denver has finally topped the 600,000 mark in population.
Joan Cox, ABR,GRI,CRS,e-Pro,CNE
Metro Brokers - House to Home, Inc.
Denver, CO 80237
720-231-6373
www.JoanCox.com
Sunday, April 11, 2010
Tuesday, March 23, 2010
New Short Sale Process Upcoming
Effective April 5th, according to the Wall Street Journal, banks will be offered an incentive to complete short sales much quicker. The BPO (basically an appraisal for the bank) will be done prior to listing, and the seller will know what the minimum amount the bank will accept.
Once the offer is submitted to the bank, the bank must accept within 10 days. Sellers will need to be accepted into this program by their banks, and not all sellers iwll be accepted. The program is called Home Affordable Foreclosure Alternatives (HAFA).
If you are getting behind in house payments, please call me, and I can assist in this process!
Hopefully in the near future, we won't say --- SHORT SALE/LONG PROCESS!
Joan Cox
Metro Brokers - House to Home, Inc.
Denver, CO 80237
720-231-6373
www.JoanCox.com
Once the offer is submitted to the bank, the bank must accept within 10 days. Sellers will need to be accepted into this program by their banks, and not all sellers iwll be accepted. The program is called Home Affordable Foreclosure Alternatives (HAFA).
If you are getting behind in house payments, please call me, and I can assist in this process!
Hopefully in the near future, we won't say --- SHORT SALE/LONG PROCESS!
Joan Cox
Metro Brokers - House to Home, Inc.
Denver, CO 80237
720-231-6373
www.JoanCox.com
Friday, March 19, 2010
Spring Storms
On a day like today, with 12" of snow expected, and occasional whiteout conditions, I am reading the article in my water bill about siren testing for the upcoming severe weather season --- tornados!
With the tornado we experienced here in Aurora last spring, they are vamping up their testing with all 56 sirens located across the City of Aurora.
When the sirens are activated - there is a three-minute "wail" tone, which means you need to take cover. Sirens are activated when The National Weather Service has spotted a funnel cloud, or a weather spotter has called in a sighting. There will be a 30-second "whoop" tone sounded when it is deemed "all clear".
Each siren is powered by a solar-powered battery with a 4000-foot sound radius for broadcasting and 70-decibel covereage. These sirens are audible anywhere within Aurora City limits.
Silent testing is done weekly, with audible testing done this year on 5/11/10 at 11 am.
Joan Cox
Metro Brokers - House to Home, Inc.
Denver, CO 80237
720-231-6373
FHA Loan Changes
Early spring, FHA will begin charging differently on loans, due to high FHA mortgage insurance claims. With FHA loans up 21% from a year ago, and 120% two year years, they fear it could get worse. Currently 50% loans held are FHA.
Beginning this spring, FHA will raise mortgage insurance fees, cap the cash contribution sellers are allowed for closings costs and require a high down payment of those borrowers with poor credit scores.
- The new upfront mortgage premium will be increased to 2.25 - up from 1.75%, with some of this amount being able to be rolled into the loan.
- Borrowers must have a FICO score of 580 to qualify for the FHA's 3.5% down payment loan, and if it is lower, there will be a 10% down payment required. Most lenders currently require a minimum score of 620. The higher the score, the better the credit and the likelihood of qualifying for the least expensive loan.
- Sellers will only to be able to contribute up to 3%, half of the current 6% allowed.
So, bottom line, if you are looking for obtain an FHA loan, you may want to jump into the market today, and don't wait. Also, the Mortgage Bankers Assn has announced the interest rates most likely will increase one full percentage point early spring.
Joan Cox
Metro Brokers - House to Home, Inc.
Denver, CO 80237
720-231-6373
www.JoanCox.com
Beginning this spring, FHA will raise mortgage insurance fees, cap the cash contribution sellers are allowed for closings costs and require a high down payment of those borrowers with poor credit scores.
- The new upfront mortgage premium will be increased to 2.25 - up from 1.75%, with some of this amount being able to be rolled into the loan.
- Borrowers must have a FICO score of 580 to qualify for the FHA's 3.5% down payment loan, and if it is lower, there will be a 10% down payment required. Most lenders currently require a minimum score of 620. The higher the score, the better the credit and the likelihood of qualifying for the least expensive loan.
- Sellers will only to be able to contribute up to 3%, half of the current 6% allowed.
So, bottom line, if you are looking for obtain an FHA loan, you may want to jump into the market today, and don't wait. Also, the Mortgage Bankers Assn has announced the interest rates most likely will increase one full percentage point early spring.
Joan Cox
Metro Brokers - House to Home, Inc.
Denver, CO 80237
720-231-6373
www.JoanCox.com
Sunday, March 14, 2010
A handshake IS NOT binding! In today's times there needs to be all terms in writing by all parties to be binding.
If you think doing a verbal offer until all terms can be met -- not a very good idea. If a buyer puts the offer in writing, it makes the buyer look more serious about the purchase. If not, they be "fishing" to see what amount you really would take.
As a listing agent, I advise the sellers to always respond to any verbal offers given --- please put this in writing, and I will present this.
No verbal offer is binding!
Joan Cox
Metro Brokers - House to Home, Inc.
Denver, CO 80237
720-231-6373
First Time Homebuyer Credit
Just a reminder - the end of this credit period is looming! Homebuyers need to have a property under contract by 4/30/10, and closed by 7/1/10. If you have not owned a home in the last 3 years you would be eligible for 10% of the purchase price, or maximum of $8000.
Move up buyers do NOT need to sell existing property, but purchase a new property with same qualifications above, and receive $6500.
The government is requiring paper documentation, no electronic filings will not be accepted. You will need to send in the HUD from closing, and expect a 16 week delay in receiving this refund.
Joan Cox
Metro Brokers - House to Home, Inc.
Denver, CO 80237
www.JoanCox.com
720-231-6373
Move up buyers do NOT need to sell existing property, but purchase a new property with same qualifications above, and receive $6500.
The government is requiring paper documentation, no electronic filings will not be accepted. You will need to send in the HUD from closing, and expect a 16 week delay in receiving this refund.
Joan Cox
Metro Brokers - House to Home, Inc.
Denver, CO 80237
www.JoanCox.com
720-231-6373
Tuesday, March 2, 2010
Gas Company News
There was a nice helpful sheet of tips from XCel this month that I thought worthy to share!
BE ALERT - Keep gas meters clear of snow and ice!
- Routinely check the outside gas meter and surrounding area for snow and ice buildup.
- Gently clear snow and ice from the gas meter and any associated piping, and divert any snow and ice gathered on rooftops away from it to avoid a dangerous situation.
- Keep the path to your gas meter clear, but avoid using snow removal or sharp equipment on and near the meter.
This week in Denver, doesn't look like we need to "watch for snow" with our gorgeous weather and sunny skies. Good advice down the road!
Joan Cox
Metro Brokers - House to Home, Inc.
www.JoanCox.com
720-231-6373
BE ALERT - Keep gas meters clear of snow and ice!
- Routinely check the outside gas meter and surrounding area for snow and ice buildup.
- Gently clear snow and ice from the gas meter and any associated piping, and divert any snow and ice gathered on rooftops away from it to avoid a dangerous situation.
- Keep the path to your gas meter clear, but avoid using snow removal or sharp equipment on and near the meter.
This week in Denver, doesn't look like we need to "watch for snow" with our gorgeous weather and sunny skies. Good advice down the road!
Joan Cox
Metro Brokers - House to Home, Inc.
www.JoanCox.com
720-231-6373
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