The Colorado Springs real estate market, like the rest of the nation, has seen a HUGE shake up in the mortgage industry. Less people qualify for home loans and refinances are harder to get (which has led to an increase in Colorado Springs foreclosures).

Many people that we have talked to lately, are under the (mistaken) impression that there are very few loan options for first time home buyers. This is not true. Although loans ARE harder to get than they were several years ago (and for good reason), there are some GREAT options for mortgages for first time home buyers in Colorado Springs.

VA Loans for Colorado Springs Military

VA Loans are available to soldiers and officers of any United States Armed Forces Branch and are a VERY popular option for someone looking to buy a home for sale in Colorado Springs, Fountain or Monument - seeing as we have about 6 military bases in the area. A VA Loan is a guarantee from the US Department of Veteran's Affairs, whose mission is "to help veterans and active duty personnel purchase and retain homes in recognition of their service to the Nation."

For El Paso County, a first time home buyer can buy a home up to $417,000 for ZERO DOWN (as of 11/2008). This is AWESOME, considering the average home price in this area is about HALF that. You will have plenty of great homes to choose from.

FHA Loans

Currently, the best loan available for first time homebuyers in Colorado Springs is a FHA loan. A FHA Loan is a government backed loan and does not have a minimum credit score for a first time home buyer to qualify. They base their qualifications off of a variety of different factors. FHA interest rates are generally quite competitive, but you will need to put 3% down. (As of January 1, 2009 the minimum down payment will be 3.5%.)

"What if I don't have the 3% - 3.5% down payment?"

If the average home price is about $200,000, then the needed down payment would be $6,000 - $7,000. Not everyone has thousands of dollars just sitting in a savings account - especially in this market. One option is to get a "gift" from a friend or family member. Another option is to get the money from another account that may be available to you (IRA, 401k, etc.)

However, if you don't have a 3% down payment saved in your bank account and cannot access it through other means, then you may be interested in down payment assistance:

Downpayment Assistance Loan

One way to get 3% down is though another governmenrt program called CHFA. CHFA is the Colorado Housing Finance Authority (CHFA), and they will will loan a first time home buyer 3% for a down payment. The 3% is a LOAN. But there are 3 nice advantages to this loan (besides the fact that it helps you buy a home).

First, this loan is INTEREST-FREE. Yes, a real, live interest-free loan. Whoo hoo!

Second, you don't have to make any payments on this loan.

Third, you do not need to even pay it back until you:

• Pay off the original mortgage, or
• Refinance the original mortgage, or
• Sell the home

The CHFA 3% downpayment assistance is a great option when looking to buy a home for sale in Colorado Springs as a first time home buyer.

Downpayment Assistance Real Estate Bond Money

Another option to getting the needed 3%-3.5% down payment for a piece of Colorado Springs real estate is Bond Money.

Bond money is available through different programs through local governments. Some include:

• El Paso County Bond and
• Pueblo County Bond

Bond money is available to help first time home owners come up with the down payment in the county the home is purchased in.

So, if you are a first time home buyer in Colorado Springs, you definitely have options.

For more information on how to qualify for a mortgage if you are a first time home buyer in Colorado Springs, please contact Marcy Langlois at Colorado Capital Bank: 719.660.2691

Thanks for reading our Colorado Springs Real Estate Blog!
Posted By: Mariana Wagner - Colorado Springs and Fountain Real Estate Agents
Wagner iTeam is a power team of Keller Williams Realty,
specializing in Colorado Springs Real Estate and Monument Real Estate
(719) 434-7525

Did you know that you can buy a HUD Repo in Colorado Springs for just $100 down? Well, you can. HUD is the U.S. Department of Housing and Urban Development and they have several homes for sale in Colorado Springs.

What is a HUD Repo?

A HUD repo is a home that is "acquired by the Federal Housing Administration (which is part of HUD) as a result of foreclosure actions." (Source: HUD website)

Like banks, HUD is not in the business of OWNING homes, so they will do whatever it takes to sell them. One of the ways that they do this is by allowing people to purchase HUD Repos for just $100 down. This is an excellent option for people looking to buy a home for sale in Colorado Springs without having to save up the 3% - 20% down that it takes for most loans today.

Where Do I Find HUD Repo Homes in Colorado Springs?

There is a special website that lists all HUD Repo Homes in Colorado Springs and surrounding areas. Here's what you need to do:

1. Check it out: HUD Repo Homes for Sale.
2. Make a list of the homes that look interesting to you.
3. Email your list of homes to Team@wagneriteam.com. (Or call us at 719.434.7525)
4. We will send you a full detailed MLS sheet on each home and set up a time that you can physically view the property.

How Do I Make an Offer on a Colorado Springs HUD Repo?

There is a detailed process involved in making an offer and actually BUYING a HUD Repo. It is always best to have a competent Colorado Springs real estate agent guide you through the process and make sure that all your paperwork is in order and that your best interests are met. (And in most cases their representation is FREE to you!)

Like buying a bank owned home for sale in Colorado Springs, you will need patience. Buying a HUD Repo is not like buying a home from a traditional home seller. You will be buying the home from the government, and we ALL know that there is always all kinds of red tape involved in ANY process involving the government.

Also, there is absolutely NO guarantee of the condition of a HUD Repo home. So, it is extremely important that you get an inspection of the home BEFORE closing. Now, HUD will generally not complete any repairs, but at least you will know what you are buying ... and can cancel the contract if an inspection yields way more than you are willing to take on.

However, a HUD Repo is usually sold for well under the comparable market price for a similar home in the area, and you can do it for just $100 down! So, buying a Colorado Springs HUD Repo can be an EXCELLENT opportunity to take advantage of the current Colorado Springs real estate market and be a homeowner.

For more information on buying a HUD Repo home, please call the Wagner iTeam: 719.434.7525

For more information on qualifying for a loan and $100 down payment on a HUD Repo, please call Marcy Langlois: 719.482.7070

Marcy Langlois is the Vice President of Colorado Capital Bank, and a Colorado Springs mortgage broker that we work closely with. She has helped hundreds of people buy or refinance their home in Colorado Springs, and is an excellent resource for helping you qualify for a loan to buy a HUD Repo.

Posted By: Mariana Wagner - Colorado Springs Real Estate Agent - Wagner iTeam
The Wagner iTeam is a power team of Keller Williams Realty,
specializing in Colorado Springs Real Estate and Monument Real Estate
Certified Distressed Property - Short Sale Experts

Call us for more information on HUD Repos in Colorado Springs: 719.434.7525

Of course, we hope that you would pick the Wagner iTeam to help you Buy your next Colorado Springs home ... however, I know that there are several real estate agents in Colorado Springs that would do an excellent job representing you.

Read Also:

• Top 5 Reasons to Have A Buyer Agent Represent You
• What to Expect from a Competent Listing Agent

When you are looking for a real estate agent in Colorado Springs to help you BUY your next home here are the Top 5 things to look for.

1. Make sure the real estate agent that you choose has access to the Pikes Peak MLS (membership to the local Realtor board) and has their OWN lockbox key. A real estate agent who does not have their own access to the local MLS and to the lockboxes that we (as an area) use on our listings, will only be a great disservice to you. Only a local REALTOR with Pikes Peak MLS access and a lockbox key will be able to do a comprehensive search for homes in Colorado Springs that would fit your needs.

Read Also: The Benefits of Using an Electronic Lockbox

2. Find out how "busy" your real estate agent is. If you are only one of 2-3 immediate/ active clients that an agent is working with, you have a MUCH better chance of getting the attention and service that you deserve. Another great alternative is to hire a Buyer Agent who works on a real estate team. A team environment will enable a real estate agent to give the attention needed to each of their clients because they have the an entire team of experts supporting them.

Read Also: Never Be Too Busy For Your Customers

3. Ask around for referrals. More than likely, you know someone who just purchased a home in Colorado Springs. Ask them who represented them and how well THEY liked that agent.

4. Interview more than one agent. Most home buyers in Colorado Springs only interview one agent before buying a home. Before you sign that Buyer Agency Agreement, make sure that you LIKE the agent and feel comfortable with them and the services that they offer. (And if after a couple days you realize that you do NOT wish to work with them, you have the right to fire them - as long as you are not already under contract. How to go about this is different from agent to agent, so you may have to ask.)

5. Ask for testimonials. A good great real estate agent in Colorado Springs should be able to supply you with some names and numbers of past clients who could tell you about their experiences working with that agent.

Remember, the agent representing the Seller is not your agent and does not owe you any representation. It is very important to have your interests represented when you are looking to buy a home for sale in Colorado Springs. Use these 5 Tips to help you find the Best real estate agent in Colorado Springs for you.

For more information on Buying a home in Colorado Springs, and the services that we provide our clients, please call:(719) 434-7525

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According to the recent MSN article "66 Cities Where Buying Makes Sense" Colorado Springs real estate is a good investment. This article covered the top 66 cities in the US that had a projected appreciation by 2012 if you purchased a low-priced home today.

This article makes a point that buying a home is not a get rich scheme but a long-term investment. Based on this article, you could expect an appreciation of $1,200 - $4,482 on your Colorado Springs home, depending on the interest rate on your loan.

Interestingly, four of the top 5 (and 6 of the top 10) cities where buying a home makes sense are located in Texas - with McAllen/Edinburg/Mission, Texas projecting an appreciation of up to $90,437 by 2012!

On the flip side, Denver/Aurora CO made the top 34 cities where it is still better to rent with a projected LOSS of up to $11,868 by 2012. The number 1 City where you would be better off renting is San Jose-Sunnyvale-Santa Clara, CA, with a projected net loss of up to $366,603 by 2012. Woah...

Posted By: Mariana Wagner - Colorado Springs Real Estate Agent - Wagner iTeam
The Wagner iTeam is a power team of Keller Williams Clients Choice Realty,
specializing in Colorado Springs Real Estate and Monument Real Estate
Pictures of Colorado Springs

"It's not what's happening to you now or what has happened in your past that determines who you become. Rather, it's your decisions about what to focus on, what things mean to you, and what you're going to do about them that will determine your ultimate destiny." - Anthony Robbins

If you have children, you will want to know if there are sex offenders in your Colorado Springs neighborhood.

Our family just moved to a new neighborhood, and the first thing that I did was check to see if there were any registered sex offenders in my new neighborhood. I have 2 young children, and it is my job, as their parent, to be aware of any potential dangers.

The Colorado Springs Police Department has a free, updated and comprehensive website dedicated to keeping the most accurate information on registered sex offenders in Colorado Springs.

Colorado Springs Registered Sex Offender List

You can search by name or zip code, and there are even pictures of the offenders, as well as information on wanted sexual offenders in Colorado Springs.

This is excellent information, if you are looking to buy a home in Colorado Springs or if you are moving to Colorado Springs. As a Realtor®, I am not allowed to TELL our clients if there are any sex offenders in a neighborhood, so I make sure that they know about this website if they are concerned.

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