Articles

So you think you want to buy a home.  You have a good job and reasonably good credit but you don’t have the 3.5, 5%, or 10% down payment that is required in order to purchase these days.  You’ve heard rumors about different down payment assistance programs (DPA) and how you can get in for as little as $100 or $1000.  Those programs are myths or urban legends correct?  Or those programs are designed to help only the under-served, the homeless, and the people who fall below the median income in this country……right?   THINK AGAIN!

DPA is designed for one thing, to assist buyers in being able to purchase a home with very little money out of pocket.  Are there some income restrictions and geographic restrictions?  There can be but for the majority of first time (and some second time) home buyers in Colorado, DPA is available for the taking.  You simply need to ask and work with a lender that handles these types of programs.  If your lender serves this market, you will find it very easily.

In Part 2 of this series we will talk about the factors that determine the qualifications for down payment assistance and in Part 3 we will talk about the specific agencies and types of assistance available in Colorado and the Denver Metro area.

Ok, here we go again. We are roughly 45 days away from the Federal Tax credit expiring for would-be home buyers. It seems like we just went through this the other day and in fact, it was just last October when we were writing articles just like this. It’s mid-March and at the end of April, the tax credit for home buyers and first-time home buyers will expire. The question is did you take advantage of it?

I hope you did and if you didn’t, there is still time, but a word of warning to all the procrastinators out there. I do not feel confident this time around that it will be extended. Am I sure about this? No, and I reserve the right to be wrong, but there are just too many things in play right now to lead me to believe that it won’t be extended. I don’t have enough room in this column to express all of my thoughts on the subject, but I will share a few things that lead me to this conclusion. First, it’s an election year and all bets are off on how a Senator or Congressman will vote once they are up for re-election. Second, the economy shows signs of improvement, but that could be a double edge sword. If it continues to improve, Washington will make an argument that there is no need to continue the program. If the economy falters, Washington could make the argument that the money needs to be better spent elsewhere to stimulate jobs. Third, since the deficit seems to be a hot topic among lawmakers, I have a hard time believing that there will be a lot of support to spend more money on this program, but then again, I could be wrong.

So where does that leave the home buyer…about 45 days from missing out on $8,000 or $6,500 in cash. There is still time to find a house, get under contract, and close. Remember, you don’t have to close until the end of June; you just need to be under contract by the end of April to get the money. Getting the loan in place, finding an agent, a house, and getting it under contract can be done in the next 45 days; but you have to start now. To find out how, check out www.taxcreditforeveryone.com or www.firsttimehomebuyerdenverco.com.

Dan Polimino is a Realtor with Fuller Sotheby’s International Realty. He can be reached at DPolimino@fullerproperties.com and www.coloradodreamhouse.com/denverpost

Keep up to date with the latest market data information each week on this blog.

http://www.coloradodreamhouse.com Home Values peaked in last 2007 in Greenwood Village, Colorado and since then have been dropping. Despite the numbers this is still a very desirable neighborhood to live in and one that people want. Market data shows that values are down about 10% from this time last year. To see how Greenwood Village is comparing to other neighboring areas click the blue link below the graph.

As always if you have specific questions and would like to contact me directly feel free at dpolimino@fullerproperties.com and 303-522-1161.