New FHA rules

There are new FHA rules on the horizon --- Buyers will need to have a minimum credit score of 580 to qualify for a 3.5% down payment. With lower scores there will be a minimum down payment of 10% down. With this --- they have disclosed the average credit score of FHA-insured buyers is 693.

If you have a lower credit score, you may want to jump into the real estate market NOW, these rules are slated to be in effect spring or early summer.

Joan Cox, GRI,ABR,CRS,e-Pro
Metro Brokers - House to Home, Inc.
Denver, CO 80237
720-231-6373
www.JoanCox.com

Denver Area Foreclosures

News out this week was --- Denver was ranked #46 in the nation of top metro areas - out of 203 areas. This is a considerable improvement over the last year!

Greeley is ranked 29th, Fort Collins is ranked 70th and Colorado springs is ranked 50th.

Colorado is doing better & BETTER!

Joan Cox, GRI,ABR,CRS,e-Pro
Metro Brokers - House to Home, Inc.
Denver, CO 80237
720-231-6373
www.JoanCox.com
Joan@JoanCox.com

Homebuyer Tax Credit

The first time homebuyer tax credit ($8,000) as well as the "move-up" buyer credit of $6500 cannot be filed electronically. The government has requested that the paperwork be attached to prove you purchased - such as the HUD at closing.

Due to this new requirement, there has been a delay of around 4 months before you will receive your tax credit. You do need to close before filing for the tax credit.

If you have any further questions on this process, please give me a call.

Joan Cox, GRI, ABR, CRS, e-Pro
Metro Brokers - House to Home, Inc.
720-231-6373
www.JoanCox.com
Joan@JoanCox.com

New HUD Rules

It was announced on January 18, 2010 that the Department of Housing and Urban Development has lifted the 90 day rule for FHA financing. This means an investor can purchase a home, renovate it, and sell it with FHA financing when they are finished, and put back on the market. The old rule stated they had to wait to offer FHA financing for 90 days after the purchase.

This is all an effort by HUD to promote first time homebuyers to get into the market and have their properites under contract by April 30th, 2010. This waiver will be in effect February 1 and will remain in effect for one year. This will add to the listings FHA buyers are able to purchase.

Joan Cox, GRI, ABR, CRS, e-Pro
Metro Brokers - House to Home, Inc.
Denver, CO 80237
www.JoanCox.com
Joan@JoanCox.com