631 W Orman Ave., Pueblo CO 81004

$ 119,900.
MLS #: 152185
Area: Central High
3 Bedroom(s)
2 Bathroom(s)
1862 Sq Ft
.181 Acres

1285 Caida Del Sol Dr, Pueblo West CO 81007

$ 289,000 - UNDER CONTRACT
MLS #: 149714
Area: Pueblo West Acreage
5 Bedroom(s)
3 Bathroom(s)
3898 Sq Ft
1.08 Acres

Pueblo Good Neighbor Next Door Program

Who wouldn’t love to pay 50% of a home’s sale price?  If you are a law enforcement officer, Pre-K through 12th grade teacher, firefighter or EMT, then you qualify for the  “Pueblo Good Neighbor Next Door” through the HUD Program.  This program is designed to help revitalize communities by having “good neighbors”.
When a home has been foreclosed and is available through HUD, it is determined if the  property qualifies for the Good Neighbor Next Door Program (GNND), if so, then it is exclusively listed for 5 days.  Because of the short time these homes are exclusively available to the professions listed, I highly recommend you get pre-approved through a trusted lender before hand.
Once a homes is listed as a “GNND” , you have the ability to tour the home to decide if the home is one you would like to purchase. You will need to work with a REALTOR® that is registered with HUD to show you the home and put in your bid to purchase.  One of the requirements with the GNND program is that you offer full listing price for the home, and you will live there as your personal residence for 3 years.  This is where the incredible program starts, you have a mortgage for 50% of the purchase price, which is what your mortgage payments will be based on.  You will sign a “silent” second note for the balance, which is wiped clear after the 3 years you reside at the property.  You truly purchase your home for 50% of the sale price!!
To view home available in your area (which must be located in the “district” or city you are contracted to work in) you can go to the HUD Homestore Website to search for properties.  Remember, they go quickly!! If multiple bids come in, the “winner” is chosen by a random lottery.
If you are ready to start looking for a new home and are a “Good Neighbor”, I can show you homes as they come on the market and place your bid to purchase the home you feel is right for you!

FHA Loan changes will cost you more money

The Federal Housing Administration (FHA) announced January 30, 2013 that it will raise premiums on new mortgages it insures.
The changes will limit some borrowers with lower credit scores the ability to qualify for loans, as well as requiring a higher down payment for loans over $625,500.
The agency is hoping these higher rates will avoid a taxpayer bailout.  FHA reported a $16.3 billion deficit to Congress in November, which raised the fear that the agency will require a taxpayer bailout for the first time in it’s 78 year history.
Some of the upcoming changes announced are:
FHA will raise the annual mortgage insurance premiums paid by borrowers on most new FHA loans by 10 basis points or 0.1 %. The agency expects this will add $13 per month to the average borrower’s monthly payment.  FHA will also increase premiums on jumbo mortgages ($625,500 and above) by 5 basis points or 0.05 % to 155 basis points, the maximum currently allowed by law.
FHA will reverse a policy that automatically cancels the required premium payments after the loan reaches 78% of their original value. Most FHA borrowers will now have to continue paying annual premiums based on the unpaid principal balance for the life of the loan.
FHA will propose an increase in the minimum down payment of loans between $625,500  and $729,000 to 5%, the down payment has been 3.5% for most of it’s loans .
There have also been some changes to borrowers with lower FICA scores and higher debt ratios, as well as a crack down on Lender’s who promote that anyone can qualify for an FHA Loan 3 years after a foreclosure.
To read more on the new FHA changes, see the article at Inman News
Please Note: The rates and  information contained in this article is accurate at the time of this posting. Please verify accuracy with a Pueblo mortgage lender for your particular circumstance.

FHA Loans

Although an FHA loan is backed/insured by the Federal Housing Administration (FHA), the loan is not actually made by FHA.  Approved FHA Mortgage Lenders are who you would work with to fill out your loan paperwork and get approved.  At that time, FHA would guarantee or “insure” the loan.  This allows the mortgage lenders a guarantee on that loan.
FHA loans were started in the 1930’s during the Great Depression, when home loan defaults rose sharply,.  The intent of these loans was to provide lenders with a type of insurance against home loans.   FHA loans are known today as a way of helping buyers get into a home with a lower down payment as that of a conventional loan, which is usually 20%.  Most FHA loans require only a 3 1/2 % down payment on a home.  Some  buyers may qualify for other down payment assistance programs, such as CHFA, which would require even less of a down payment.
Below are some of the requirements for an FHA loan
The home you are purchasing is going to be your primary residence
Steady employment history with the same employer over the last 2 years with the same or increasing income during that period of time
Your credit report should be in good standing with less than two, thirty day late payments.
If you have any bankruptcies, they must be older than two years ago, and your credit must be good for the past two years.
Any foreclosure must be older than three years, and your credit must be in good standing for the last three years.
Mortgage payment must be roughly 30% or less of your monthly gross income
You do not currently own a home
If you can answer yes to the questions above, you should have no problem qualifying for an FHA home.
I would love to help you find your first home.  With interest rates still at a record low, and a strong buyers market, you can find a great home and in about 45 days, be moving in!
Call me today to get your home search started!