So last week was a great week! Why, (I hear everyone clammouring)? Couple of reasons. I had a closing that really stands out among all my closings. A first time homebuyer couple who have waited a couple of years before they purchase. Boy have they benefited from waiting. They'll be getting the tax credit when they amend their 2008 taxes, or in 2009 if they decide to take the credit then. They got an unbelievable interest rate (high 4%'s). But most importantly they are financially in a better place and position to buy a house.
But this wasn't the reason it was a great closing. It was great because they were so excited about having a home of their own. So much so that we took pictures of them with their new keys! It was awesome. In the lending arena where all the news is so negative, it just goes to show that good things are happening.
The other reason for the good week is because I'm going to be on TV. It was a very wierd experience and quite nerve wracking - I know why I decided not to be a movie star!! But the great thing about the piece that I did is that it is trying to show that there is good stuff going on in the real estate world. All the news does is post the doom and gloom. Even advertising draws it in (car ads saying you can return the vehicle if you loose your job). The reality is that Denver is doing really well, but we don't really hear about that. So watch for it on KPJR-DT Channel 38 at 11:00am and remember it's my first effort so try not to be too critical!
Monday, June 15, 2009
Monday, June 1, 2009
They Brought It Back!
Hud has brought back the ability to use the $8000 tax credit for the down payment on an FHA loan. So far, as I mentioned before, CHFA is the only agency that has a program available to do this, but I'm sure other non profits will jump on the band wagon and have programs fairly soon. I'll keep you posted on that.
On another note, I had a great closing today. Why so good? Well this was a deserving young couple whose only problem was that their income went from a salary to self employed (same industry, same income). They were refinancing to reduce their monthly payments by $400 or so. The huge monthly savings were due to the fact that they bought their house for less than the appraised value, so I would be able to reduce their mortgage insurance as well as the interest rate. However, with all the restrictions we have these days it has been like pulling teeth as part of the income is considered unusable, which means that it appears that they are spending too much on their house payment. The long and short of it is, that after battling through major obstacles and objections with the underwriting and mortgage insurance company we closed today!!
It really felt great!!
On another note, I had a great closing today. Why so good? Well this was a deserving young couple whose only problem was that their income went from a salary to self employed (same industry, same income). They were refinancing to reduce their monthly payments by $400 or so. The huge monthly savings were due to the fact that they bought their house for less than the appraised value, so I would be able to reduce their mortgage insurance as well as the interest rate. However, with all the restrictions we have these days it has been like pulling teeth as part of the income is considered unusable, which means that it appears that they are spending too much on their house payment. The long and short of it is, that after battling through major obstacles and objections with the underwriting and mortgage insurance company we closed today!!
It really felt great!!
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