Veterans Day is November 11th and this year is the 70th year of Remembrance of Pearl Harbor.  Colorado Springs Veterans Day Parade this morning hosted many participants, each honoring Veteran service men and women in their own way.  Flags were waving and the weather cooperated - hope you enjoyed it and thanked those who protected our freedom.

Fact: In November 1919, President Wilson proclaimed November 11 as the first commemoration of Armistice Day.  In 1954 'Armistice' was replace with 'Veterans' and the federal holiday has been Veterans Day since.

Thank you and welcome to the 11th issue of KimKproperties Newsletter.  I want to point out the article for military home buyers in the right column. Please let your military friends and family know about this great opportunity especially for qualified military home buyers.

Thank you for taking the time to read this newsletter. For more information within each topic please feel free to use the underlined links.

Colorado Springs - 1 Year History Median Sales Price

  

New Series:  Financing Options 

TWO First Time Home Buyer Colorado Programs

Colorado Housing and Finance Authority (CHFA pronounced Chafa) has been in existence since 1973 with the mission to finance the places where people live and work throughout Colorado.   www.chfainfo.com / 800.877.chfa (2432).

CHFA offers various programs for first time home buyers, non-first time home buyers as well as programs for people with disabilities or who have suffered a hardship.  CHFA offers down payment and closing cost assistance. The two most popular programs are the CHFA First Step and the CHFA Home Opener. Both programs have income restrictions and various criteria that must be met.

Quick CHFA Facts
* CHFA provides up to 3% of the loan amount towards the down payment or closing costs * First time home buyer is defined as anyone who has not owned a home in 3 years * Must attend a first time home buyer seminar * Minimum investment is $1000 * No Co-signers * Must be a primary Residence * CHFA rates are higher * When making an offer do not set earnest money higher than $1000 * NOT all banks or lenders can offer a CHFA financing *CHFA sets interest rates as they are the long term mortgage servicer - rates may be higher than market rates * Borrowers make payments directly to CHFA.

 Source: Jocelyn Predovich, President, Limetree Lending Group

Colorado Housing Assistance Corporation (CHAC)  is a private nonprofit agency founded in 1982.  CHAC offers loan programs and supportive financial counseling to help low and moderate income Colorado families turn dreams into reality.  www.coloradohousingassistance.org / 303.572.9445.

CHAC offers a variety of special programs:  Emergency Homeowners Loan Program; People with Disabilities - Homeownership class and Loan Program; Don't Borrow Trouble Campaign; Financial Fitness; and Home Maintenance.

Housing Authority  of the City of Colroado Springs (CSHA) enhances the lives of low-income families and seniors by providing decent and affordable housing opportunities. One of the goals is to assist low to moderate-income families and elderly and disabled persons to obtain affordable housing that is safe, decent, and sanitary. Although not currently accepting applications for the first time home buyer down payment assistance program, please check the status at, and for more information:  www.csha.us / 719.387-6714. 

Closing, Escrow, Settlement? What do they mean?

...Be an Informed Buyer and Seller

My Closing is scheduled for the end of the month, where I will meet the Escrow Officer to sign Settlement statements at the table.   Often these real estate words are used to describe the same event, but each has its own meaning:

Closing:  The completion of the real estate transaction in which the seller delivers legal title to the buyer in exchange for the agreed payment or other consideration. Closing involves both the financial and legal aspects of carrying out the agreement, created by the Contract to Buy and Sell Real Estate.

Escrow: Legal arrangement whereby a neutral third party, called the escrow agent/officer, holds an asset during the period in which the real estate deal is being finalized by the other two parties. In the United States escrow is most often associated with real estate transactions: To deposit something of value with a third party who will deliver it to another party when certain conditions have been met. The term is often used to describe different events during and after a real estate transaction. 

Settlement Services:  The collection of services provided by a closing company to complete a contract to buy and sell; pay bills related to the closing; prepare, record and deliver documents required by the transaction; and ensure an orderly transfer of marketable title.  Settlement Statement:  The Colorado Real Estate Commission approved form provides a two-column summary of the financial aspects of the closing for either buyer or seller.

Clear up confusion, before you sign a contract!  Questions? Contact me! 

Featured November

Local Events 

Military Home Buyers!

$5,000 Grants for First-Time Military Buyers

Newsworthy Article of the Month 

The national nonprofit Pentagon Federal Credit Union Foundation is offering the assistance through its Dream Makers program and says the grants can be applied to a mortgage from any financial institution.

Dream Makers - Pentagon Foundation

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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