Sell Your Colorado House

Colorado Springs has a lot going for it, great climate, wonderful scenes, growing businesses, and nice homes.  If you are considering relocating there and need to buy or rent a home, then you will be pleased at the variety of homes that there are available.  This will give you the opportunity to get the one that is most suited to your needs, in the area you desire.  Whether you want a townhome, residential home, a multi-family home, a luxury home, or a new home, you are sure to find it among the Colorado Springs homes listed.

For those persons who prefer a bit more privacy, and would like to live in an area that is semi-secluded, a home in Southwest Colorado Springs might be a good option.  The Southwest boasts some very large lots, in the midst of nice wooded areas.  There are some lovely amenities and school districts here as well.  The houses here are very diverse in terms of price.  There are larger 6 and 7 bedroom homes that sell for over 3mil, as well as smaller 2 and 3 bedroom homes that sell for under $250,000.  It really depends on what you prefer.  Some of the more notable southwest neighborhoods include Skyway, Broadmoor, Stratton Pines, and Stratmoor.

If you are looking for mountainous views and even more privacy, then you can consider a home in Ute Pass.  Ute Pass is located between El Paso and Teller counties, and offers very scenic views.  If you are attracted by the nature view, and don’t want to be in the hustle and bustle of the city, then you will love this setting. The houses in this area are moderately priced, many are under $200,000.   Having a home tucked away in the mountains is not only refreshing, but it is also a good investment.

If you prefer to be near the city center, then there are homes in downtown Colorado Springs that would appeal to you.  Of course being at the center of town you can expect great dining, recreational areas, school districts, shopping, and much more.  Colorado College is also located here.  The homes in this part of the city include small Spanish style bungalows, as well as condos, duplexes, and apartments.  These are available for purchase as well as for rent. If you are looking to buy a home in downtown Colorado Springs you will have to be a bit patient, as there are usually less homes up for sale, in comparison to those available for rental.

Despite the national downturn in the last few years, the market for Colorado Springs homes is quite resilient. Most regions report very good sales although buying a home is somewhat easier these days than selling one.  Seeking the assistance of a real estate broker is a good way to go if you are selling your home, as you want to ensure that you get top dollar.  Foreclosures are on the decline as well, so that is a good sign for the continued stability of the housing market in Colorado Springs.

Buying a home is one of the biggest and most important investments you will ever make. This is why choosing a home should never be a snap decision and should only be based on the best and most reliable information there is. When searching for Colorado Springs homes, your first step is to hire a realtor. A Colorado Springs home realtor will able to guide you through the process of finding the perfect home, ensuring that you get the most for your money. Let’s take a look at some of the many ways a realtor can help you to find Colorado Springs homes.

Upon meeting with a realtor for the first time, one of the first things that you will discuss is your personal preferences. Because Colorado Springs real estate agents are familiar with the homes in the area, they will be able to match your needs with the perfect home. Be sure to tell the realtor what your budget is, what size you are looking for, what features you are looking for, and how close you wish to be to schools, hospitals, or other amenities. Once your realtor has this information, they can search through their MLS system, narrowing down houses in Colorado Springs to ones that match your needs.

If you are unsure of how to go about getting a loan or are unsure of how much you can afford, a realtor can help you with this as well. Purchasing a home involves a lot of financial investments, some that we may not think of right away (utilities, land taxes, etc). Realtors can help you assess your financial alternatives, as well as help you determine how much you can actually afford after all costs are taken into consideration.

When searching for Colorado Springs homes, it is important to hire a Colorado Springs realtor. Colorado Springs realtors are extremely familiar with the different neighborhoods and will therefore be able to provide you with accurate information about your potential living area. Whether you want to know about zoning laws, property taxes, utility costs, or community services, your Colorado Springs realtor will be able to answer all of your questions.

Once you have found your ideal Colorado Springs home, your realtor will be able to help you negotiate the terms of your purchase. Your realtor will communicate to the seller for you, negotiating deals until both parties are happy with the purchasing terms. Once the negotiations are final, your Colorado Springs realtor will help you to handle all of the legal processes involved in purchasing a home. This will involve things such as purchasing home insurance, registering your mortgage, and your legal fees.

If you are looking at Colorado Springs homes, be sure that you hire a realtor to help you in your journey. A Colorado Springs agent will be able to guide you through the process of finding a home, negotiating with the seller, and completing all legal paperwork. Search for Colorado Springs home realtor today and be one step closer to finding your dream home.

With Colorado Springs houses County, Colorado being home to Fort Carson, Peterson Air Force Base, Schriever Air Force Base, Cheyenne Mountain, the Colorado Springs Air Force Academy, and countless military contractors who heavily recruit retired military personnel, VA Mortgage Loans are not only a common loan type, but local market driver.   Because of the demand for these types of mortgages in Colorado Springs, we at Pink Realty want to answer the Top 10 questions that military and retired military home buyers have about VA mortgages.

Question 1:  What is the VA Mortgage Lending Limit?

According to our in-house lending specialist, Tammy, the VA mortgage lending limit is $417,000 in Colorado Springs.  While this limit is set for most areas of the country, the VA lending limit can be as high as $1M for other parts of the country that have higher average home prices, such as Washington DC, California and Hawaii.  Additionally, while the VA sets their limit, this does NOT limit the veteran to a house priced at $417K or less.  For example, let’s say you want to purchase a home priced at $500K.  That’s $83K higher than the VA guarantee limit of $417K.  If your VA eligibility is $417K and you qualify for the higher loan amount from your lender, you can purchase the $500K home with a down payment of 25% of the $83K difference ($20,750) and your lender will lend you the other 75% of the difference or $62,250.  Therefore, your loan amount would be $417K, plus $62,250 or $479,250.00.  As long as you qualify for the higher loan amount and have the cash for the down payment, you can buy that $500K house.

Question 2:  What is the VA Funding Fee?

The VA charges a VA Funding fee of 2.15% of the mortgage amount to first-time users who do not put pay a down payment on the home.  This fee covers the cost to operate the VA loan program.  After the first VA loan, the funding fee is increased to 3.3% of the mortgage amount if the veteran does not pay a down payment.  This fee does not have to be paid by the veteran out of pocket.  It can be financed into the loan along with other closing costs, so there is no down payment required and no out of pocket expenses to the veteran.

Question 3:  Can the VA Funding Fee be waived?

Did you know if you are discharged from service with at least a 10% disabled status you can get the VA funding fee waived?  That’s right!  Nearly 70% of the veterans today are discharged with at least a 10% disabled status.  This not only gets the veteran a tax free check every month, but also allows them to purchase a home without having to pay the standard VA funding fee!

Question 4:  Is my eligibility lost if I file Bankruptcy?

Filing Bankruptcy does affect your VA eligibility, but depending on what type of Bankruptcy you file, your VA eligibility is affected differently.  If the veteran files Chapter 7 Bankruptcy, which is a total liquidation of their debts, the veteran must wait 2 years before they can qualify for another VA loan.  If, however, the applicant files Chapter 13, which is a re-organization of their debts, the VA will consider lending to the applicant for another home purchase in as little as 12 months into the bankruptcy if the applicant receives permission from the bankruptcy court and can show they have paid 12 months of payments on the bankruptcy in a timely manner.

Question 5:  Is my eligibility lost if I lose my house in foreclosure or sell my home as a short sale?

There have been a lot of foreclosures in Colorado Springs in the past couple so Pink Realty agents get this question quite a bit.  Whether a veteran looses their home in a foreclosure or sells their home as a short sale, if the VA suffers a loss, they do not forgive or forget the loss.  However, this does not mean the veteran loses their eligibility.  The amount the VA loses on your home, whether via a foreclosure or short sale, gets subtracted from your total eligibility.  What this means is if you were elegible for a VA guarantee of $200K and the VA lost $100K on your loan, your VA eligibility is reduced by the amount of the loss and is now $100K.  If the deficiency is repaid to the VA, the veteran’s eligibility is fully restored.

Question 6:  Can I use my VA eligibility more than once?

Yes!  Veterans can use their VA eligibility as many times as they want but only on one house at a time.  To use the eligibility again, the veteran must pay off the previous loan and provide proof to the VA, and your Pink Realty agent can help you with this.  When a veteran has a VA loan on their home and they sell it, they must notify the VA that the home has sold and the mortgage has been paid in full.  This restores the veteran’s VA eligibility so that it can be used again to buy their next home.   If the veteran allows his VA mortgage to be assumed by another eligible veteran (and this is never a good idea) and the assuming veteran is not willing to substitute his own VA eligibility to the original veteran, the original veteran’s eligibility is reduced by the amount of the loan that was assumed.  Once the assuming veteran pays the loan in full, the original veteran’s VA eligibility is restored.

Question 7:  What kind of properties can I buy?

The VA does not lend on any property that is not intended to be used as the applicant’s primary residence.  Should an applicant want to purchase a duplex, tri-plex or any 2 - 4 unit building as an investment, the VA will grant a VA mortgage loan as long as the applicant intends to occupy one of the units as their primary residence.  The VA also requires that the home be in move-in and livable condition at the time the loan is made.  The VA does not lend on uninhabitable properties, raw land, commercial property or any other property that will not be considered the applicants primary residence.

Question 8:  Can I buy more than one property at a time?

The VA only issues mortgages on the veteran’s primary residence.  This does not keep the veteran from being able to purchase other properties, though.  If the veteran wants to purchase another property, such as an investment property, and they qualify for both mortgages, the veteran can secure other, non-VA financing to purchase other property.  If you would like to discuss the other loan types that may be available to you, our in-house Pink Realty lender would be happy to help you.  Just call our office at 719-393-7465 (Pink) and ask to speak to the lender.

Question 9:  Who can apply for a VA loan?

VA loans are for military personnel and veterans.  If a military applicant wants to include another person on their VA mortgage, the only acceptable co-applicants are the applicant’s spouse or another VA eligible applicant.  Family members, friends, relatives and/or ’significant others’ can’t be on a VA Loan with the applicant.   If there are
credit issues with an applicant’s spouse, the applicant does not have to include the spouse on the application.
However, the debts of the spouse must be included so the VA has knowledge of the total liability at stake.  Sometimes, the spouse’s total debt causes the debt to asset ratio to be too high to qualify for the loan.  In this case, if the spouse works and has been at their job at least 2 years, the spouse’s income, up to the total monthly debt liability, can be included on the application to offset the spouse’s debt.  This generally allows the debt to asset ratio to fall back in line for approval of the loan.

Question 10:  What does my Credit Score have to be?

At time this article was written, the VA looks for scores of 620 or higher.  (Please feel free to call Pink Realty at any to check to see if loan guidelines have changed.  We are always here to help.)  If the applicant’s score is a little lower than this, Pink Realty lender will work closely with the applicant to see what can be done to raise their score, and many times we can help a borderline applicant buy a new Colorado Springs home.  The first item addressed is whether or not the credit report is accurate.  More than 80% of the credit reports run today contain errors.  Just removing the errors alone may raise the applicants score.  Improving their credit score may also mean paying down a credit card balance so the outstanding balance is 50% less than the credit limit on the account or it may be as simple as paying a few low balance accounts off.  Sometimes this is all that’s needed to bring the credit score up to the approval score limit.  Remember that your credit score is very specific to you, and we would be happy to evaluate your situation for free any time.  Just call our office at 719-393-7465 (Pink).

We hope this article answered some of your questions about VA mortgage loans so when you are in the market for a VA loan, you are ready.  For more information on VA home loans, you can call a Pink Realty agent or lender at any time.Please stay tuned for more informative articles.  Stop by the website regularly for new and updated information.