Broomfield Real Estate Down Payment Information for Buyers

Broomfield Colorado real estate is in great shape the week of October 1, 2012 when you look at the amount of homes on the market and the great interest rates for loans. The current inventory for Broomfield short sales, like the inventory for all Broomfield homes for sale, is incredibly low. All properties, if they are initially priced right, are moving quickly, so we recommend that you work with a Broomfield Realtor that can send you information on short sales listings and what we call “private owner” sales for Broomfield just listed homes.

So many people think that they need 20% down to buy a Broomfield house, but here are the actual facts that you may need so that you know what is required to purchase a home for yourself and your family:

For conventional (non-government) loans you will need 5% down payment for a primary residence. If you live in the home then you qualify for this down payment amount. It is possible to get a 3% mortgage loan, but keep in mind that the interest rates are higher and the mortgage insurance is higher. If you are making a purchase of a home for a second property then you will need a 10% down payment for a purchase. If you are investing, then this is where you will indeed have to put down 20% to buy a home in Broomfield.

If you are going to live in the home, then you might consider using FHA loan financing. This is a government backed loan that is for primary residences only, and for persons who have not owned a home in the past 3 years. 3.5% down is required and it can be a gift from a relative of the buyer. If you are looking at HUD homes in Broomfield, then $100 down is possible if the property is a HUD home and the offer price is for the full amount that the home is advertised for.

For CHFA loan financing, and this is a state sponsored program for primary residences only, then a $1,000 investment is required from the borrower, and this can be a gift from the buyer’s relatives.

For VA loan financing, and this is for primary residences only, the down payment amount is 0% down! What a great offer for our veterans who have devoted themselves to our country. Thank you!

With the average selling price in Broomfield Colorado being at $250,000, there are affordable options throughout Broomfield. Although some of the neighborhoods are more traditional, there are a great amount of newer housing available in the various Broomfield communities throughout the county. As with all of the recent real estate reports and news stories, the latest data by CoreLogic shows an 8.6% increase in year over year homes prices. Click here to see Broomfield real estate sold numbers throughout the entire selling history of 2012.

Feel free to call an experienced and caring real estate agent in Broomfield for all your real estate needs! We will be glad to help you in any way that we can. Or you can search for Broomfield real estate on our Keller Williams Realty Broomfield website

Have a great day!

Shaun Werkele
Homewerks with Keller Williams
303-250-4735 

Broomfield Homes For The Holidays & Credit Reports

Here is one thing to keep in mind if you are thinking about buying a home in Broomfield Colorado and you are doing your holiday shopping. Many people apply for new credit cards at this time of year because of all the holiday shopping. Those credit inquiries will show up on a credit report. As a guideline it is important to remember that credit needs to be pulled twice for most mortgage transactions on a home purchase in Broomfield, or anywhere else, for that matter, so any new inquiries would show up such as a new credit card. So the credit is pulled for you once when the loan is pre-approved at the beginning of your home purchase, and again right before the closing on your home purchase. If any new credit inquiries show up on the second credit report, then they have to be explained before the loan can close. You need to consult with your Broomfield real estate agent if you have any questions about this.

Broomfield Homes For The Holidays! Here are some new homes just listed in Broomfield Colorado this week:

Broomfield Just Listed Homes & Real Estate
COLDWELL BANKER RESIDNTL 56	RE/MAX ALLIANCE	Listing courtesy of 8Z RE	COLDWELL BANKER RESIDNTL 56