Breckenridge | Frisco CO Real Estate & Community News » Summit county Colorado

FHA loan limits, tax credits in Summit County Colorado

lbaxter — Sat, 04 Oct 2008 14:00:57 +0000

Now is a great time to buy property, especially if you are a first time home homeowner. The government is actually going to give you a tax credit if this is your first home.

Click Here For $7,500 Tax Credit Information

If you are trying to get a FHA mortgage see below.

This next section is to show you the max loan limit for FHA in Summit County:

FHA Mortgage maximums as of Friday October 03, 2008

SILVERTHORNE, CO (MICRO)

43540

SUMMIT

117

$729,750

$934,200

$1,129,250

$1,403,400

03/05/2008

Previously this year the a housing bill was passed that : affects FHA, Fannie and Freddie, tax policy and many changes involving the housing market. Here are the major components:

1. FHA Changes

Mortgage limits for high cost areas will be increased to $625,000 on a permanent basis (115% of the current conforming limit).

The FHA floor will go from 48% to 65% of the current conforming limit. This will put the new permanent floor at $271,000.

Cash downpayment is set at 3.5%.

The seller funded downpayment assistance program (DPA) will be terminated on September 30.

The risk based premium established by HUD last week will be suspended on September 30. The ceiling on upfront premiums will go to 3%.

2. Fannie and Freddie

The conforming loan limit will be increased to 115% of area median up to $625,000.

The bill provides for a federal "backstop" for Fannie and Freddie which allows the Treasury to capitalize the companies by taking an equity stake.

A new regulator with enhanced powers is created.

The bill creates an affordable housing trust fund paid for by assessments on Fannie and Freddie to help prevent foreclosures and facilitate affordable housing

3. FHA Rescue Fund

The bill creates a special FHA refinance program designed to allow the refinance into fixed rate FHA products of up to $300 billion in distressed mortgages.

4. Licensing

Encourages a nation wide licensing and registry system for loan originators by setting minimum qualifications and assigning responsibility to HUD for establishing new rules for those states that do not enact licensing laws.

5. Redevelopment of Foreclosed Properties

Provides $4 billion in funds for local governments to purchase and redevelop foreclosed properties.

If you want to know how much a property might be worth, check out my market snapshot.

What is the Market like in Summit County, Colorado?

lbaxter — Wed, 01 Oct 2008 22:35:09 +0000

Currently, there are 1648 properties on the market in Summit County. These include Condos, Town Homes, Duplexes and Single Family homes. The least expensive property is $114,900 which is a modular home, and the most expensive home is a single family home for $5,995,000 in Breckenridge.

Summit County is still a bargain for a resort area considering that the highest priced property in Vail is $19,200,000 for a little over 6500 square feet. The highest priced property in Aspen is $60 million dollars!!! So don’t wait too long to buy your resort property. Even though our inventory levels are up, the prices are still steady. What happens now that winter is coming, many homeowners will take their properties off of the market and rent them during the winter and then raise the price next spring. So if you want to get that special piece of property, don’t wait! Contact Leah at 970-389-6367 or email me at leah@leahbaxter.com. .

Banking industry is not all the same, use local lenders in Summit County, CO.

lbaxter — Tue, 29 Jul 2008 18:23:18 +0000

I’m sure we have all heard about the banking crisis and the mortgage industry falling apart across the nation. Well, this is not true in every case. If a bank caters to the local area and doesn’t get extravagant with their lending practices they wouldn’t be in the trouble that they are in currently. Believe it or not, there still are banks out there that are doing just fine, and they cater to the local area which is very important when looking for a lender.

Why go to Texas and get a loan for a property up in the mountains in Colorado. The reason you should not do this is they do not know our market, they may require flood insurance, even if you are not in a flood plain. They may use their own appraisers vs. local appraisers who know the market. Then your loan ends up falling apart and you end up with nothing. There is a great article in the Denver Post that talks about First Bank. This is a good example of good banking practices.

Summertime in the Rockies in Summit County, Colorado

lbaxter — Fri, 18 Jul 2008 16:29:52 +0000

Are you looking for a way to beat the heat! Come to Summit County, Colorado! The weather is perfect in the 70’s and sunny during the day and 50’s at night, great sleeping weather.

There is so much to do in the summer time in Summit county. This weekend is the Dillon Mountain Arts Festival gong on today through Sunday. Also enjoy the Farmer’s markets in Dillon and Frisco going on every Friday from AM-PM. On Saturday night there is a free concert at the Dillon Amphitheater and fireworks to celebrate Dillon’s 125th anniversary.

Now is a great time to look at properties, Saturday we are having an open house tour and the featured property I am having is in Keystone with views of the golf course. For more information contact Leah at leah@leahbaxter.com or visit my website www.leahbaxter.com to find out what is happening this summer.

Inventory levels rising-great time to buy in Summit County Colorado

lbaxter — Wed, 09 Jul 2008 19:10:10 +0000

Inventory levels are rising in Summit County, Colorado. Although prices remain steady, we have been noticing about 40% of properties reducing their prices to accomodate the market.

If you are looking for a high end luxury home in Breckenridge, now is the time to buy. in The Highlands at Breckenridge which is a golf course community located at the Jack Nicklaus Signature Golf Course in Breckenridge, Colorado have a very high inventory level with 62 properties on the market, which is 5 year supply. This consists of 62 homes on the market in the `Highlands with prices ranging from $1,049,000-$4,000,000.