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Greetings!
Welcome to the 8th issue of KimKproperties Real Estate Newsletter.
I hope you find this piece interesting and informational. For more information within each topic please feel free to use the underlined links.
Colorado Springs
July 2011 Market Sales Snapshot
It continues to be a trying economic time within the housing market and the general economy on both local and national levels. Even though nationally we are seeing slightly better numbers over 2010, local median house sales are flat. The sluggish job market and the influx of bank-owned and short sale properties along with a stronger rental market may make it a tough year-end for home sellers.
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New Series: Financing Options
GETTING THE MOST OUT OF YOUR VA ELIGIBILITY - VA Loan
The VA Loan program was established by the United States Department of Veterans Affairs to help veterans and their families obtain home financing. The Department of Veterans Affairs does not directly originate VA loans; instead, they establish the rules for those who may qualify, dictate the terms of the mortgages offered and insure VA loans against default.
There are military service requirements for eligibility for Veterans, Active duty personnel, Reservists/National Guard members, and some surviving spouses. Please see General Rules for Eligibility to obtain how it pertains to you. Once you determine that you are eligible for a VA-Backed Loan a Certificate of Eligibility (CEO) is required and you may apply to receive the CEO via applying on-line, applying through your lender, or applying via mail. Depending on your nature of eligibility there is evidence required with your application (i.e. DD Form 214, Statement of Service, Dependency and Indemnity Compensation, etc.).
Advantages of a VA-Backed Loan:
- No down payment
- Negotiable interest rate
- No monthly MIP/PMI
- Choice of mortgage types
- Limitations of closing costs
- VA Appraisal
- Assumable mortgage
- No pre-payment penalties
- Loan maximum may be up to 100% of the VA established value of the property. Currently the loan limit for El Paso County for a single-family residence: $417,000.
What can a VA Loan be used for:
- Purchase an existing home (single family/multi-unit property/manufactured)
- Build a home (proposed, under, or new construction)
- Refinance existing (non-VA) loan; interest rate reduction; convert ARM to fixed
- Obtain cash out
- Improve home by installing energy efficient features.
Restoration of Entitlement: Sale of property and repayment of loan; one-time restoration; release of liability with substitution of entitlement.
Minimum property requirements: Safe, Sanitary, and Structurally Sound.
Note: The veteran recipient of a VA guaranteed loan must certify that he/she intends to personally occupy the property as his/her primary residence.
Lakewood, CO is home to the VA Home Loan Regional Center for Colorado: Regional VA Home Loan Center - Colorado; 1-888-349-7541; 155 Van Gordon Street
Lakewood, CO 80228.
Need more information about the VA Home Loan Program? VA Home Loans and Benefits
*Source: U.S. Department of Veteran Affairs
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ERA Herman Group Real Estate clients have total confidence that they are dealing with a complete professional, expressing the highest level of service and integrity.
Services: Residential Real Estate, Property Management, Relocation Services, Short Sale Services. Title: Enterprise Title/Mortgage:Catalyst Lending, Inc. |
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Featured August
Local Events | |
USA Pro Cycling Challenge - Colorado Springs Kicks It Off! Free! Opening Gala and Team Presentation. When: August 20th. USA Pro Cycling Challenge People's Pedal Party! Free! In celebration of USA Pro Cycling Prologue. Where: Downtown Colorado Springs. When: Sunday, August 21st; 4PM - 8PM. People's Pedal Party.
Acacia Park Summer Concert Series. Free summer concerts every Saturday evening, June 4th - August 6th, 5:50 PM and 6:30PM. Where: Acacia Park. Acacia Park Summer Concert Series |
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Local Economy Newsworthy Article
Kiplinger has placed Colorado Springs at #4 among 10 Best Value Cities for 2011. Best Value Cities Article.
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El Paso County has a diverse range of neighborhoods. If you are new to the area, or just want to know about the many different places to live the Gazette neighborhood guide provides a general look at numerous areas.
Neighborhood not listedor not enough information?
Feel free to contact me! |
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Kim Klapac...
Locals Know!
Thank you for taking the time to read my monthly newsletter. If you think this would be of benefit to a friend, colleague, neighbor, or family member please feel free to forward or add to my mailing list. If you missed the previous issues please feel free to browse through the archives:
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