Archive for September, 2012

25
Sep
12

Real Estate in Broomfield Colorado Homes Sold Sept 2012

Broomfield CO Real Estate

On a quick post, here are five sold prices for real estate sold in the Broomfield area. Go to Broomfield CO Recently Sold Homes Information for most recent and current sold homes data in the Broomfield area.
For Information on the Denver market, we provide the most current updated information on Denver & Broomfield Home Sale Statistics for you to take a look at. As always, you can contact us at anytime you need top real estate services in Broomfield Colorado or you need to sell a home in Broomfield, or you want to buy a home in Broomfield or any of the surrounding areas in north metropolitan Denver.

Shaun Werkele 303-250-4735

Keller Williams Preferred Realty

Homes in Broomfield Colorado Sold Prices

Property Address Price Sold Date
11552 Newland St $199,500 08/09/2012
11243 Benton Ct $306,000 08/06/2012
6536 W 114th Ave $240,000 08/06/2012
11396 Depew Way $269,000 08/03/2012
5721 W 111th Ave 08/03/2012
 Search Broomfield Homes For Sale & Broomfield Real Estate
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10
Sep
12

Broomfield Real Estate Home Loans FHA & Conventional

Broomfield Real Estate

Here is an update on the necessary qualifications for a FHA loan as compared to a conventional loan and the differences between the 2 loan programs for buying real estate in Broomfield Colorado. Understanding the set guidelines for home loans will allow for you to decide which type of financing will work best for you.

The minimum down payment for an FHA loan is 3.5% of the financed amount for your home purchase. For a conventional loan the miniumum is 3% of the actual loan amount. You can get a lower interest rate if you put 5% down. The amount that you can finance on a loan for FHA financing is dependent upon the allowed amount for the county that you are planning on living in. For Broomfield the maximum is $406,250.If you use a conventional loan then there is no limit to the size of the loan. If the financed amount exceeds $417,000 then the mortgage is called a jumbo loan and you will need a larger down payment.

When comparing mortgage insurance, you will see that you need a minimum down payment of 20% to NOT pay mortgage insurance for a conventional loan, and if you do need the insurance, then you are looking at a premium that is based upon both your credit score and the amount that you put down on your real estate purchase. For FHA loan financing, you always have to pay mortgage insurance for the first 5 years, regardless of how much you put down on your purchase. For FHA the premium for mortgage insurance is the same for everyone, regardless of their credit score.

When looking at interest rates and getting the best rate for the term of your loan,the advantage goes to FHA because you get the lowest rate if your credit score is 640 or higher. For conventional loans the minimum for financing is at 740 or higher. Qualifying for the most loan as compared to your debt and income, the conventional maximum is at 45% and for FHA the amount is at 50% for most lenders to figure your threshold for financing.

Make sure that you check into both FHA and conventional loan programs if you are looking to buy a home in Broomfield and the surrounding areas and ask your lender which one is going to work best for you. Talking to a lender about home loan financing does not cost you anything, and if you need a lender that will be a good fit for you I recommend that you call around and ask a couple of questions and you can even ask for a Good Faith Estimate.
This is an estimate sheet giving you a rough breakdown of how much it will be to finance a home at a specific price. 

As always, feel free to call the Homewerks team for any question you might have regarding homes for sale in Broomfield or any other question that you might have concerning Broomfield real estate.

Have a Great Day!   

Shaun Werkele

303-250-4735




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