Homes for Sale in Denver

http://www.coloradodreamhouse.com/index.php/news/ The next four weeks are going to be slow in Colorado Real Estate as kids get ready to go back to school and parents try to get back into their normal routines. The good news is the second selling season from September 15^th through November 15^th is right around corner. That’s the second best time to sell a home in Colorado. What does the next four weeks mean for buyers and sellers? To find out watch this week’s market update with Fuller Sotheby’s International Realty agent Dan Polimino.

The market value of condos may be further depressed by new Homeowner Association (HOA) requirements set by FHA. FHA loans are the most popular mortgage product for condos because of the combination of low down payment and easier qualifying. Other mortgages may be available for HOAs that are not FHA approved, however, they have: 1) higher rates; 2) higher down payments; 3) more stringent qualifying guidelines.

Implemented in February, the HRAP/DELRAP (HUD Review and Approval Process/ Direct Endorsement Lender Review and Approval Process) program sets out new guidelines for projects to be eligible for FHA financing. Among the requirements are:

* the HOA may not have 15 percent of the homeowners delinquent on HOA dues
* one investor or entity may not own more than 10 percent of the project
* at least 50% of the project must be owner occupied
* More requirements apply. Call 1- Chip Allen below for more information.

Chip Allen
Crestline Mortgage Bankers
A Division of Universal Lending Corp
Direct: 303.947.2109
Fax: 303.987.0676
Loanchip@hotmail.com
Your Lender for Life!

Fuller Sotheby’s International Realty Broker Dan Polimino says each week readers can find out what their home is worth on his blog Coloradodreamhouse.com. Every Fridays Dan post home values for a different city. Make sure you check out his blog each week to follow the real estate market to see what your home is worth today. To find out more watch Dan Polimino in this week’s market update.