Cities Poised for a Comeback!

A publication by SmartMoney on November 2, 2008, cited 7 cities that are poised for a comeback in the real estate market and Denver is one of them! Who are the others?

Seattle, Raleigh, Des Moines, Philidelphia, Birmingham (Al), and Salt Lake City.

Buying and Keeping your Current Home as a Rental?

Here's the latest tip from the mortgage experts at Mortgage Support Services:http://themortgageexperts.blogspot.com/

Just a reminder that the new rules for buying a primary residence, while retaining a current primary residence as a rental, have gone into affect. Here's how it works.

If someone is planning to retain their current primary residence as a rental, they must have 30% equity in their current primary residence if they need to include any rental income to qualify for the loan. They also need a lease agreement and proof that the security deposit for the rental has been deposited into their account.

If they don't have 30% equity in their current primary residence, they can still buy a new primary residence, but they cannot count any rental income from their current house. In other words, they need to be able to qualify for the loan counting both house payments.

There are also reserve requirements that must be met. Reserves are liquid assets (bank accounts, retirement accounts, etc.) that the borrower will have left over after the closing. The reserves could be as high as 6 times the house payments, but if the loan is run through an automated underwriting system, they are usually lower than 6 months.

For FHA loans, the amount of equity that's needed is 25%, not 30%. The 30% equity requirement is for conventional (non-government) loans.

Call us if you have any deals like this. You don't want to waste any time or money chasing a deal that is never going to happen. We make it our business to know all the rules.

Enjoy Your Colorado Staycation

A "staycation" is defined by Wikipedia , as "a period of time in which an individual or family stays at home and relaxes at home or takes a day trip from their home to area attractions".

With the rising price of gasoline and increasingly troubled economic times, this has become the new way of enjoying your time off. At first blink it may seem like a let down, but gone are the days when you just jumped on a plane for a quick getaway. We are tending to stay closer to home. However, for those of us lucky enough to live in Colorado, there is plenty to see and do in our own backyards!

Whether you have three hours or all day, you can truly experience Colorado right here in South Metro Denver. The South Metro Denver Events and Visitors Bureau has created "Best Trails" - eight carefully planned itineraries for exploring South and Metro Denver attractions, recreation, entertainment and sporting venues. These are excursions for those living here, visiting, or just passing through. You will also find resources for transportation, hotels and restaurants, along with many special offers.

Identity Theft at Countrywide!

Your personal information may have been violated by Countrywide! If you have made application for a loan or have a current loan through Countrywide, to learn more please visit: http://www.countrywidelawsuit.net/.

There is a class action law suit that you and your spouse/co-borrower are eligible to join, regardless if you were notified of the breach of confidential information - and especially if you were NOT notified.