With the economy the way it is today, it becomes more likely that a borrower will be unable to secure a loan.

Of course, this can be largely mitigated by a proper Pre-Approval process, but assuming a borrower's situation changed for the worse, a Statement of Credit Denial must be issued.  This Statement does not only apply to inadequate credit, but any reason that a loan cannot be consumated.  A few examples include:

·     Employment status

·     Income

·     Residency

·     Insurance

·     Insufficient funds

·     Inadequate Collateral - Unacceptable property

Having a properly written Statement of Credit Denial can be the difference between receiving an earnest money refund from the Seller, and not.

If you have specific questions, please contact us.

Marianne Bandy
Information for Denver Colorado Home Buyers

At least over the holidays. November 26 to January 9 is the time period that Freddie and Fannie will work on a new streamlined loan modification program favored by the Treasury Department. Also during this time they will suspend all evictions and foreclosures of homeowners. Hopefully during this period, these homeowners will benefit from the new streamlined approach that servicers are trying to implement by December 15.

The servicers are being asked to contact the homeowners. If the property is occupied, the foreclosure will be halted. Fannie estimates this will benefit 10,000 families. Under the streamlined approach, the interest rate can be reduced to 3% and also extend the loan to 40 years.

The objective is to reduce the borrowers payments to less than 38% of the homeowners gross income.

Marianne Bandy
Perform a free Denver Colorado Home Search

Marianne Bandy
Denver Metro Homes

Have we reached bottom? In many cities, observers say yes.

According to SmartMoney, in October 2005 at the peak of the boom, the median sales price for a U.S. home reached 7.3 times per capita income. By May, 2008, it was 5.7 times. Home inventories have flattened. The decline in sales has ended - and in some places sales have expedited.

"The indicators are starting to look better," says Adam York, an economic analyst with Wachovia.

Here are seven markets that Smart Money magazine says are in line for a rebound:

• Seattle
• Raleigh
• Des Moines
• Philadelphia
• Denver
• Birmingham, Ala.
• Salt Lake City

Take advantage of this rebound in Denver home sales and contact us for more information.

Marianne Bandy
Denver Metro Homes

A decline in the housing market can be positive from the buyer's perspective. It is a home buyer's market in Denver Colorado right now and that means you can get more for your money and take advantage of the many home choices when it comes to home types and locations.

Right now is not a great time to try making a quick turn-around profit on a house, but it could be a window of opportunity for those planning to live in their homes for a while, or buy and rent them out. Historically, long-term Denver home values have increased substantially despite short-term market fluctuations.

With lower interest rates and a variety of loan programs geared toward current needs, you may be able to buy your dream home in Denver Colorado now!

Marianne
Search homes in the Denver Metro Area

One of the most exciting opportunities today for me as a real estate agent is the opportunity to sell the foreclosed homes in Denver, Colorado.  A big problem with these potential deals is that most people who are losing their home because they can't make the payments usually lack the money for routine maintenance as well. Once foreclosed upon, those homes hit the market needing some serious sprucing up.

In 2005, HUD came up with a new FHA insured mortgage program they called the "Streamline (K)" Limited Repair Program. The Streamline 203k loan permits homebuyers and those refinancing to borrow up to an additional $35,000 into their mortgage to improve or upgrade their home.

Here are the general criteria for a deal to qualify for Streamline 203k:

• May be used for purchase or refinance of one-to-four (single family) residences, including HUD REO properties
• May be either fixed or adjustable rate mortgages
• Combines the funds to purchase or refinance (pay off existing liens) along with the funds needed to repair/rehabilitate the property. Repairs are completed after closing. (NOTE: Cannot do a Cash-Out Refinance)
• One closing, with rehabilitation funds escrowed and disbursed as the work is satisfactorily completed
• Can be used to update homes, correct health and safety issues, pay for higher cost items such as a roof, etc.
• Property value must be sufficient to purchase/refinance and complete the rehabilitation
• Property must be 100% complete or equivalent document and must be at least one (1) year old. (EXCEPTION: Presidentially declared disaster areas for one (1) year after the disaster)
• Borrower and credit eligibility same as for other FHA programs (No Investors, including REO sales) 

Meridian is excited to now offer FHA 203k Streamline financing at costs lower than the usual providers, such as national banks.  If you have a 203k scenario, Bandy Homes would be glad to help you work up the numbers!

Aurora, Colorado is only minutes away from Denver International Airport and is easily accessible via the Interstate 70, Interstate 225 and E-470 thoroughfares, putting the Denver metro area and state's many amenities within easy reach.

Tree-lined streets, views of the mountains, and gorgeous neighborhood parks make Aurora Colorado the ideal place to call home. Over 450 neighborhoods, including the golf course community of Saddle Rock, the redeveloping area near Fitzsimons Medical Center and Buckley Air Force Base, are a few examples of some of the diverse  neighborhoods in Aurora.

Perform a free search of all available homes in Aurora Colorado, and contact us if you have any questions.

Until next time,
Marianne Bandy
Local Denver Resources

This is the vision statement of the Town of Parker at the southeastern most corner of the Denver Metropolitan Area.

The mission of the Town is to serve citizens, businesses and visitors by enhancing the health, safety and welfare of the community.

Parker, Colorado is committed to maintaining a friendly, home town atmosphere. The town believes that through collaboration, leadership can occur at all levels. They take their commitments seriously and strive to reach positive solutions.  Currently a major renovation project of the streets and parking in downtown Parker is nearing completion.

If you would like to search for homes in this area, please use our free Parker home finder. And be sure to check our Denver real estate blog weekly for more information on surrounding areas.

Until next time,
Marianne Bandy
Local Denver Resources