CHFA restarts downpayment assistance grants, targets Millennials

Sold PictureThe Colorado Housing and Finance Authority launched a new program Monday that will provide qualified borrowers with down payment and closing-cost assistance for up to 5% of the purchase price of a home. “This product will be a large help for millennials who have steady incomes,” said Jerilynn Martinez, a spokeswoman for CHFA. The assistance is defined as a grant that doesn’t have to be repaid, but borrowers participating must pay a higher interest rate on a first mortgage made through one of CHFA’s 90 lending partners.
Read article – Denver Post


Mortgage Rates Move Lower Than Last Year

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Borrowing costs from mortgage rates were cheaper last week than a year ago, Freddie Mac reported in its weekly mortgage market survey.   It’s been a year since the Federal Reserve had announced a tapering of its monthly mortgage bond-buying program.  The 30-year fixed-rate mortgage had then jumped to a 4.46% average. Last week, rates averaged 4.14%.
Read article – Realtor Magazine

Mortgage Loan Rates Dip as Home Sales Stabilize

real estate2The Mortgage Bankers Association (MBA) released its weekly report on mortgage applications this morning, noting a decrease of 0.2% in the group’s seasonally adjusted composite index, following a rise of 4.7% for the previous week.  The average mortgage loan rate for a conforming 30-year fixed-rate mortgage decreased from 4.57% to 4.52%. The rate for a jumbo 30-year fixed-rate mortgage fell from 4.57% to 4.47%.
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What the new mortgage rules mean for you

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Lenders must determine that a borrower has the income and assets to afford to make payments throughout the life of the loan.  To do so, the lender may look at your debt-to-income ratio.  To calculate your debt-to-income ratio, add up all your monthly obligations — including student loan, credit card and car payments, housing costs, utilities and other recurring expenses — and divide it by your monthly gross income.  To make sure you aren’t taking on more house than you can afford, your debt-to-income ratio generally must be below 43%.
Read article – CNN Money

Why Some Buyers Are Feeling Like They Missed Out


With mortgage rates and home prices are on the rise, some home buyers who were waiting around for the housing market to reach bottom are realizing now they may have missed the boat.  Mortgage rates are inching up, with the 30-year fixed-rate mortgage averaging 3.91% last week – up from 3.3% in early May.  “It’s unlikely that rates will ever be that low again,” says Doug Duncan, Fannie Mae’s chief economist.

Read article – Realtor Magazine

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Rising Mortgage Rates May Spark Buying Frenzy

Rising mortgage rates are prompting some renters to jump off the fence and consider buying a home.  Mortgage rates have seen a sharp rise in recent weeks.  Mortgage applications for home purchases have risen 3% and are up 14% over year-ago levels.  Fed Chairman Ben Bernanke recently suggested that the Fed’s efforts to keep mortgage rates at record lows may be nearing an end soon.
Read article – Realtor Magazine

Mortgage Applications Slip 10% as Rates Rise

Last week, mortgage applications slipped 10% after rates soared to their highest level since March, according to the Mortgage Bankers Association’s weekly mortgage market survey for the week ending May 17.  Applications for refinancing fell 12%, while applications for home purchases dropped just 3%.  Applications for home purchases were still 10% above levels for the same week a year earlier.
Read article – Realtor Magazine

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