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One thing i’ve noticed with first time homebuyers is that they’re getting younger and younger. This article by the Denver Post over the weekend proves it:

In 1995, people 25 and younger bought 172,000 homes nationally, said Walter Molony, spokesman for the National Association of Realtors. In 2005, that number jumped to 501,000.

“The children of the baby boom generation - approximately 75 million (nationally) born between 1982 and 1995 - that generation is just entering the years in which people buy a first home,” Molony said.

Many are just graduating from college with good educations “and are landing lucrative jobs,” said Angela Burdick, broker/owner of Metro Brokers Angela Burdick Real Estate in Littleton.

“I think what’s spurring them to buy is the investment potential.”

Editors Note: Due to the mortgage and credit crunchy, zero down home loans are no longer available. If you’re in need Denver Home Mortgage, we can discuss your mortgage situation.]

Zero down mortgage financing is available to many people. It is very possible for a large number of consumers to qualify for a home purchase without putting any money down. This has become a very competitive market for lenders competing for this business and the number of homeowners who obtain loans with no money down is growing each year.

It is important to realize that while it may be the only way a borrower can purchase a home, a zero down mortgage does carry a higher interest rate. Ultimately the borrower’s goal should be to refinance when there is enough equity to achieve an 80% Loan to Value (LTV).

One option for high credit score borrowers who have minimal disposable cash is to use a 103% loan. This loan allows you to borrow up to 3% in addition to the purchase price to help with closing costs. Ask your preferred mortgage professional if you qualify for a 103 LTV program.

Some conforming zero down programs do require you to contribute at least $500 to the purchase. Your earnest money counts as money towards purchase. You may also be required to pay your hazard insurance out of closing so that will be another out of pocket cost. Ask your mortgage broker for details on the programs they offer.

The most common way mortgage brokers structure “Zero Down” financing is to break the loan amount into a first and a second mortgage, with the first mortgage consisting of 80% of the loan amount needed and the second mortgage being 20%.

Zero down mortgages are a great tool to use, even if you have saved up for a down payment. By choosing the zero down mortgage, your down payment money can now be used for closing costs associated with the loan, moving expenses, new furniture, or any other expenses that you may have when you move into your new home.

If you cannot afford a down payment for your home, there are many down payment assistance programs and grants that may be able to help you purchase your new home. Often these programs are limited to first time home buyers or those with low income. However, there are often no limitations. Call me at and I may be able to find a program that will work for you.

Obtaining a true zero down mortgage is when you will not have to come to closing with any funds of your own. In order to achieve this you will need to either have a no closing cost mortgage which can get expensive, or you can have the sellers pay closing costs. Traditional conforming lenders will generally let the sellers pay up to 3% of your closing costs, while most Alt A and subprime lenders will allow up to 6% in closing costs paid by the seller.

Often times zero down payment programs are available to first time homebuyers. If you need a stated income program you may be able to obtain a stated zero down program with an Alt A or subprime lender.

In 2005, 43% of first time home buyers used zero down programs. You may qualify for one of these programs. Call me now!

An ARM loan is where the interest rate is fixed for a specified period of time and then adjusts according to the terms of the loan and the index associated with the loan.

Adjustable Rate Mortgages are excellent choices for our customers with growing families, as the often outgrow their houses much before the fixed period of the mortgage expires.

One of the biggest advantages of an ARM loan is that when interest rates fall, the borrower can take advantage of those lower rates without having to go to the expense of refinancing.

An arm loan typically starts out w/ a lower rate than a fixed rate loan and can give you several years of reduced payments compared to a higher fixed rate mortgage.

The most common ARMs are 6 month, 1 yr, 2 yr, 3 yr, 5 yr, 7 yr and 10 yr.

ARM loans offer way more flexibility than your standard fixed rate mortgage. With ARM loans you can do fixed terms of usually 1, 3, 5,7 or 10 years. Most of these programs also give you an interest only option to lower your payments even more. Even though it has some negative aspects, the Pay Option ARM ( aka Pick a Payment, Cash flow ARM, Neg Am) is my favorite loan. This ARM gives you 3 or 4 monthly payment choices. The interest rate does fluctuate every month, but the minimum payment adjusts once a year and is usually based on paying only 1% of the interest due. This is ideal for investment properties, first time homebuyers, or borrowers savvy enough to divert the savings into other investments. Make sure to discuss all of the options with your mortgage broker.

ARM loans are typically best for people who know that they will either refinance or move within a few years. Because rates tend to be lower on ARM loans, this can be a very good choice. However, if you have no intention of moving within the next few years, you may be better off to go with a fixed rate mortgage. This is something you will want to discuss with your broker.

One of the myths in the mortgage business is that ARM loans are for those who don’t qualify for a fixed rate mortgage. The fact of the matter is that most ARM borrowers could also qualify for a fixed rate loan but choose an ARM because of the lower payments and other advantages that the ARM product offers.

Editors Note: Due to the mortgage and credit crunch, many down payment programs are no longer be available. If you’re in need of a Denver mortgage contact us to discuss your mortgage options.

There are many acceptable ways to obtain some additional funds for a down payment and closing costs. First time home buyers and investors are more recently applying for 100% financing. If you have funds for a down payment and/or closing costs, this can help to reduce your interest rate.

A Secured Line of Credit such as a Home Equity Line of Credit (HELOC) can be used as a source of funds.

If down payment money is hard to raise for you and your family, talk to us about 100% financing and seller’s concessions.

If you are relocating at the request of your employer, find out if your company offers programs to assist in paying for part of the down payment and closing costs. Many large corporations have such programs as employee benefits. Even if you work for a small company that does not have such programs in place, you may still be able to negotiate for some relocation assistance.

The Genesis and Enterprise are two other programs that will help with down payment assistance. Some of the down payment programs are set up where they put a lien on your property for a certain period of time such as 5 years. As long as you own the property for this amount of time the lien will be released.

Each type of mortgage and lender has different guidelines for what are allowable sources for down payments. Consult with your mortgage broker as to what is the best place to start and how to track the funds for approval.

There are also programs available through non-profit and/or your local, state or federal government called Down Payment Assistance (DPA) programs.

Honesty is the best policy when getting a mortgage. Watch out for anyone who asks you to withhold information from the lender. Some home buyers might be tempted, for example, to fudge the facts about the source of their down-payment money. A lender will assume that the down payment comes from savings. If the money comes as a gift or a grant, that fact has to be disclosed — even if it means the borrower has to pay a higher interest rate or shell out for mortgage insurance.

Family is a great place to start. Talk to your immediate family, parents, brothers, sisters, grandparents, etc. they may be able to help you out with a Gift of funds. This Gift is not a loan, and they will often have to fill out a Gift Letter stating where the funds are coming from and how they are related to you. In some cases a bank statement from them may be required to source the funds.

Many states and cities have bond programs that provide down payments for homebuyers.

A good source for a down payment is money that people with 401k’s have already saved. Using money in a 401k for a down payment on a home, if done wisely can be just a good of an investment in their future. Real Estate normally is a low risk investment when compared to other types of investments. Homes usually appreciate over time under normal conditions. This appreciation over time can often outpace the gains made in a retirement account.

Another source for down payment assistance are grant assistance programs such as the Nehemiah program that you do not have to pay back! You can get as much as 6% down of the final contract sale towards down payment or closing costs.

Most people after deciding to leave the security of the nest start off renting. Our incomes are limited, we have little or no money saved, and little or no credit. Buying a home right out of the gate is usually not a realistic option, so renting, for a couple of years makes sense.

Lets say you move into an apartment and a year later you want to move, you now have to come up with enough money out of pocket for closing costs and down payment. If you had purchased a home instead of renting and after say a year you wanted to upgrade to a bigger or better home than you will be able to sell and use the equity of the home for the down payment on the new home and cover closing costs as well.

When sending your son or daughter off to college, consider buying an apartment instead of renting one or paying exorbitant dormitory / residence hall fees. The appreciation over a four year period has helped pay for more than a few our clients’ tuition bills.

With no money down financing and seller assists of closing costs it is often possible for someone to buy a home for less cash out of pocket than would be required to rent a similar property. A renter must usually come up with first and last months rent along with cleaning and security deposits which could total thousands of dollars. This shatters the myth that you must have a large amount of cash saved in order to buy a home.

OK, now a couple of years have passed. Ask yourself these questions, in the last two years have I:1. Had the same job?2. Paid my rent on time? 3. Established any credit?4. Received a pay increase?5. Put any money into savings? If you can answer yes to at least the first three questions, ask yourself this! “Why am I paying my Landlords Mortgage”?

Real estate is still the best investment anyone can make. Many people who rent seem to think they cannot afford to own. Years ago that statement may have been true, but in today’s market with low interest rates and numerous 1st time homebuyer programs, in many cases the statement should be - can you afford NOT to own. Your rent money is just a liability, you get nothing in return for your investment. The principal portion of your mortgage payment is investing in something that will gain value, and becomes an asset. The interest portion of your mortgage payment is tax deductible! The property taxes you pay are tax deductible! And in the first year of homeownership any points you paid are tax deductible! Think again about how much you are paying for rent each month and then contact me to find out if now is the right time for you to become a homeowner!

If you are concerned about the added expense and time required to maintain a home, there are many options available that will minimize this risk. Many communities have townhomes that are maintained by Homeowners Associations. Your only responsibilities are for the inside of your property. There are many advantages to this type of arrangement:

-You can pick out and own your own appliances.-You can paint and decorate how you wish.-You decide what floor coverings are used - Carpet, Hardwood, Ceramic tile.-You are not responsible for cutting grass, roofing, landscaping.-In many instances you have your own garage for parking.-No more annual rent increases.-Some communities have community pools and parks that are shared by the residents.-You can choose to have control over what is offered in your community by becoming a member of the Homeowners Association board of directors. Typically you will pay a small assessment fee on a monthly basis to the homeowners association for the services they provide, and it is not unusual for the assessment combined with your mortgage payment to be less than what you currently pay for rent.

Renting versus owning is a personal preference and is a great housing solution for certain people in certain situations. However, most financial advisors agree that renting is not a wise solution to ones housing option for the long term.

One of the best advantages of owning a home is the tax deduction on the interest. This alone could save you thousands come tax time.

Why would you throw away thousands and thousands of dollars every year on apartment rent or renting a house when you could own a home for the same amount of money? When you pay rent you’re building equity for your landlord. If you pay $750 a month, that’s $9,000 a year that’s just wasted. You’re never going to see that money again.

A borrower who decides to buy as opposed to rent is going to be better off in the long run. I have explained to many of my clients that the increase of property values is a great reason to buy because instead of throwing your money away on rent for which you have nothing at the end of the year if you purchase the property value increase will put you ahead of the game when they get ready to refinance possibly for cash out or sell the home outright.

I am interested in buying a home. What do I need to do to buy a home? How much of a home loan can I qualify for? Can I get a house with no money for a down payment? I want to buy my first home. These are a just few examples of the most common comments and questions made and asked every single day by thousands of people from all over the country. Buying a home can be a relatively scary task, especially for the first time homebuyer. However, working with a good mortgage consultant or mortgage broker can make this a very gratifying and pleasurable experience.

Before shopping for your dream home in your desired neighborhood, obtain a copy of your credit report and examine it for any negative or incorrect items. If so, contact the three major credit repositories and request to have the false items removed. Preparation will get a home buyer the best deal in both the house hunter process and the mortgage application.

Purchasing a home makes more sense than renting. People who purchase homes gain the tax advantages that comes with purchasing a home. Another benefit of purchasing a home is the appreciation you gain. When you consider the tax advantages and the appreciation, you’ll see that purchasing a home makes more sense than renting.

You will want to decide on a mortgage company to provide you with financing for your home. A mortgage broker is often the best option for your financing. You should pick a mortgage broker you are comfortable with and who will provide you with a Good Faith Estimate and a rate lock letter when a rate is quoted and locked.

Working with a broker can benefit you because brokers have access to the loan programs provided by hundreds of different lenders. In effect, they are shopping all of the different lenders for you to make sure that you get the right financing for your situation.

Once you are pre-approved by your mortgage professional, you will need to find a real estate agent that you can trust. Your local mortgage professional should be able to give you a couple of names of their trusted realtors. It’s important to find a real estate agent that you like, because you may be spending a lot of time with them.

Private Mortgage Insurance; privately-owned companies that offer standard and special affordable mortgage insurance programs for qualified borrowers with down payments of less than 20% of a purchase price.

In many cases, the borrower can avoid paying private mortgage insurance by having two loans, a first and a second. The interest on the second mortgage, though at a higher rate than the first mortgage, is tax deductible, while PMI is not.

Statistics have shown that homeowners with more than 20% equity invested in the property are less likely to default on the loan in a soft real estate market. Banks bear a higher risk when granting a loan of more than 80% of the value of the property. Therefore, Private Mortgage Insurance is almost always required by banks. Although the homebuyer often pays for the PMI premium, some banks offer loan programs where the banks pay for the premium.

PMI adds to the monthly expenses of a homeowner and can be very expensive depending on the loan-to-value ratio. While there are other methods to structure a mortgage so that PMI can be avoided. PMI nonetheless is a very useful and effective tool in helping homebuyers with little or no down payment to purchase a home. When choosing a low or no down payment mortgage, besides borrower-paid PMI, lender-paid PMI, or piggyback loans, a homebuyer should also consider other factors that are unique to his situation, such as the loan to value ratio, the number of years he intends to live in the property, the historic and expected rate of appreciation in the area where the property is located, and the current and expected future interest rate climate. All of these, amongst others, should play a role in deciding on the best mortgage loan, with or without PMI.

MIP stands for “mortgage insurance premium” and is required on FHA loans. PMI, or “private mortgage insurance,” is used with conventional loans. Sometimes homeowners mistakenly confuse MIP or PMI with additional mortgage insurance which some lenders offer. That additional insurance pays off the loan for you if you die or become disabled - MIP and PMI do not provide any such benefits for the homeowner.

PMI in some cases may be more beneficial than a piggyback loan have your lender review your situation both ways before making a final decision.

Insurance against loss provided to a mortgage lender in the event of borrower default. In most cases, the borrower pays the premiums.

PMI premium is a monthly recurring expense for the homeowner (unless the mortgage is a lender paid PMI mortgage). The premium is calculated base on the loan to value ratio (loan amount divided by property value). The higher the loan to value over 80%, the higher the monthly Private Mortgage Insurance premium. After a homeowner takes a mortgage loan with a PMI feature, there are three ways to eliminate the banks requirement of buying PMI. The obvious is to refinance into a mortgage without a PMI feature. The second way is to pay down the mortgage balance to below 75%, but this can take years to accomplish. For example, a homeowner of a $300,000 property with a $270,000 (90% loan to value) 30-year mortgage at 6% interest rate will not be required to carry PMI when the loan balance is paid down to $225,000 (75%), but it would take about 10 years to pay down to pay a 90% loan to value ratio to 75%.The third is to hire a licensed appraiser to appraise the property. If the new appraised value has appreciated enough to make the loan balance below 80%, the homeowner is no long required to purchase PMI on the loan. Take the example of the above homeowner of the $300,000 property with the $270,000 mortgage, if one year later a new appraisal shows the property has appreciated enough to support a value of $333,360, with the loan balance a year later of $266,684 and a loan-to-value ratio of below 80% ($266,684 divided by $333,360 = 79.9%) the homeowner will no longer be required to maintain PMI.

For homeowners who already committed to mortgage loans with PMI feature, the aforementioned are the only ways to eliminate buying PMI. For home buyers who are in the process of shopping for mortgages, in a low interest rate environment, a piggyback is often used to get a homebuyer with less than 20% down payment into a house. In a high interest environment, paying the monthly PMI premium may make more economic sense than paying the high interest second mortgage in a piggyback loan structure.

PMI, or Private Mortgage Insurance, is typically provided by a private company and paid for by the borrower; PMI is intended to protect the lender against loss if the borrower defaults on the loan. PMI is only required for some mortgage loans.

The most common 2 loan scenario is the 80/20 combo. That would equate to a first loan of 80% and a second loan of 20% of the purchase price. If you have the right mortgage professional working for you they will do the math on both a 100% one loan and the 80/20 combo and let you make the decision that makes better sense for you.

Your Home Value Has Increased? When making mortgage payments, most of the payments during the first few years are finance charges. Therefore, it can take 10 to 15 years to pay down a loan to reach 80 percent of the loan value. If the home prices in your area are rising quickly, your property value may increase so that you can reach the 80 percent mark a lot faster. Your property value could also increase due to home improvements that you make to your home. When your home value has increased, you may be able to cancel PMI on your mortgage. Although the new law does not require a mortgage servicer to consider the current property value, you should contact them to see if they are willing to do so. Also, be sure to ask what documentation may be required to demonstrate the higher property value. Be prepared to pay for a new appraisal.

Editors Note: Despite to the mortgage and credit crunch, No Closing Cost Mortgages are still available. If you’re in need of a Denver Colorado Mortgage contact us to discuss your mortgage options.

Many brokers offer a no closing cost option in exchange for a slightly higher interest rate over the life of the loan.

If you currently have a fixed-rate loan and can refinance at “No-Cost,” meaning you can obtain a lower rate with no out-of-pocket fees, it only makes sense that you should refinance. If you can take your 30-year fixed rate mortgage and leave the balance where it is and lower the interest rate, thus lowering the monthly payment, why in the World would you not do it? And even if you are several years into your current loan, a No Cost Refi may still save you money. If for example, you are starting year 5 of your loan, the refinance can amortize your loan over 25 years instead of 30. Doing it this way, you are not starting all over again. You would be paying off the loan in the same amount of time. A No Cost Refi could you save you thousands of dollars in interest over the life of the loan.

For homeowners refinancing for lower monthly payments, No Closing Cost mortgages may work out better even though No Closing Cost loans are at a higher interest rate. If a homeowner can save $300 per month by refinancing, even if he intents to sell the house in two years, he would save $7,200 during the two years. Of course he should make certain the new loan does not add to the old loan balance by more than $7,200. Without taking into consideration the time value of money, saving $7,200 over two years only to pay it back in the form of a higher loan balance when he sells the house does not benefit the homeowner.

No Closing Cost Mortgages should not be confused with No Money Down mortgages, which while also being more expensive in the long run, are for buyers who do not want to contribute a lump sum payment toward the price of their new home.

Borrowers elect “no-cost” loans for two reasons. They are either short of cash, or they don’t expect to have the mortgage very long. Borrowers in the second group minimize their upfront costs because they expect to pay the high rate for only a short period.

No Closing Cost Mortgages can help people short on cash obtain a mortgage with no out of pocket expenses. However, borrowers should understand no closing costs mortgages will cost them more in the long run depending upon how long they keep the mortgage. Lenders offset closing costs by charging borrowers a higher interest rate. This higher rate adds tens of thousands of dollars to a 30 year loan kept the entire 30 Years. Which, when compared to $4000 closing costs estimated on a $100000 Loan should make borrowers think hard about using a No Closing Cost Mortgage.

It makes sense to look at refinancing 6 months after obtaining a no closing cost loan. If your home now has a decent amount of equity, you may be able to obtain a lower interest rate due to a positive change in your loan to value ratio.

Many borrowers confuse a “No Cost” loan with a “No Out of pocket Cost” loan. In almost all refinances the closing costs can and are rolled into the new loan amount. This means that the borrower doesn’t have to pay for the closing costs with their own funds. A true “No Cost” loan most or all of the closing costs are waived in exchange for a higher interest rate.

Usually, the “no-cost” option is beneficial for first time homebuyers who may not have enough saved up to warrant paying the closing costs. It should be made very clear as to what options are available and the differences between a “no-cost” and other loans should be very clear.

Many potential borrowers mistakenly think that lenders who advertise “no cost, no fee” loans are actually waiving the costs and fees. The truth of the matter is that the borrower will still pay for these items in the form of a higher rate of interest.

Occurs when your monthly mortgage payments submitted are not sufficient to pay all interest and principal due on the loan. The unpaid interest is added to the unpaid balance of the mortgage. It could be considered borrowing equity from yourself. The period of time the Neg-am is applicable is usually limited on each mortgage.

Neg-am or Negative amortization loan usually have a recast period to the loan conditions. Make sure that the recast period is 5 year or more. This will give you enough time to refinance if you are still in the loan. Contact a Mortgage Professional in regards to which lenders have a recast past 5 years.

When doing financing that has a potential for negative amortization make sure you fully understand and feel comfortable with what that means to your individual situation. Your Loan Officer can go over the risk and benefits of the program you choose.

A negative amortization loan is a rising balance loan. It differs from a fully amortized loan in that the payments made on a fully amortized loan are paying down a principal balance. A Neg-am loan does not decrease the principal balance, it adds to it. This loan can be very useful for cash flow oriented projects in that the monthly payment can be fairly low.

When used properly, mortgage loans with potential negative amortization characteristics can be beneficial to homebuyers who want to pay as little in monthly payments as possible in the first few years of the loan term.

What’s good about negative amortization is that your payment doesn’t have to increase just because the interest rate on your ARM went up. The lender can also price the loan more aggressively because a payment cap doesn’t mean that the lender can’t pass along an interest rate increase. What’s bad about negative amortization is that the payment will eventually reset to a level to allow the loan to amortize over its remaining life. The increase in the monthly payment needed to repay the larger loan over a shorter time span can be substantial. If rates have increased substantially, then refinancing may not be a viable option.

Negative amortization can occur with the Option Arms (1% or similar start rates) and reverse mortgages.

When mortgage payments do not cover the full amount of interest due, and the unpaid interest is added to the principal balance of the loan. Under standard amortization, the principal balance decreases with each payment.

A gradual increase in mortgage debt that occurs when the monthly payment is insufficient to cover the interest due, and the balance owed keeps increasing (at least in the first few years).

Some investors use Neg Am loans to increase their cash flow on a property. Usually they plan on selling or refinancing the property is just a few years when using this type of loan.

In most areas where housing prices at a minimum double over the course of 10 years, negative amortization may be less of a concern, and the additional cash in your pocket may be more than worthwhile for individuals who prefer to invest their money in asset classes other than real estate.

I want to thank you for reading the information above. If you would like to continue this conversation than please contact me so you and I can discuss your financial situation. Please read more valuable information and when you feel comfortable I would like you to contact me.

Negative amortization When a borrower’s monthly payment is too small to cover both the principal and interest of a loan. In this case, the unpaid interest is added to the outstanding balance of the loan. The danger of negative amortization is that it gradually increases the mortgage debt, and therefore the home buyer can end up owing more than the original amount of the loan.

Most ARMs have a limit on the amount of negative amortization allowed, usually 110 to 125 percent of the original loan amount. If the loan balance exceeds this amount, the borrower has to start paying off the excess.

Although no one likes the term “negative” a loan with negative amortization is not always a “negative” for the borrower. The essence of such a loan is that the lender allows the borrower to use a little bit of their equity each month to keep their payment low. The additional cash flow created can often keep the borrower from incurring more expensive debt (such as credit card debt) and in most cases that is a “positive.”

The relationship between the amount of a mortgage and the total value of the property.

Sometimes you may get a better rate on your 1st mortgage when your first mortgage has a LTV of 70% or 75%.

Also the lower the loan to value the documentation requirement maybe reduced. Is some cases of 65% or less no documentation is required with no increase in interest rate.

Still don’t understand what an LTV is? I can understand it could be confusing but I want to thank you for reading the information above. If you would like to continue this conversation than please contact me so you and I can discuss your financial situation. Please read more valuable information and when you feel comfortable I would like you to contact me.

Besides credit history, income, and assets, Loan-to-Value Ratio is an important aspect mortgage banks look at. It shows the lenders how much stakes the homeowner has put into the property. The lower the LTV ratio, the higher the stake the homeowner has in the home and less likely to default on the loan, which means less risk for the bank in granting the loan.

The lower your LTV, the lower your interest rate choices when refinancing.

In a purchase transaction, the more money you put as a down payment, the lower your LTV will be. A lower LTV will qualify you for a lower interest rate than a higher LTV.

Many times your fico score if too low, will limit you to a maximum LTV available during the qualification process.

Interest paid on any part of a mortgage exceeding the home’s value cannot be deducted in most cases on your tax returns

There are now programs that will give a homeowner 103% - 107% LTV, allowing the loan to pay for the closing costs of the real estate transaction. These types of loans do have higher interest rates. The higher rates are worth paying in some cases rather than throwing your money away on rent each and every month.

Loan-to-value ratio is derived from dividing the loan amount by the property value. Property value is determined by the purchase price or the appraisal value of the property, whichever is less. Many lenders offer loan programs of up to 100% LTV to borrowers with positive compensating factors such as good credit history and low Debt-to-Income Ratios. In addition, a knowledgeable loan officer can often structure loans to accomplish 100% LTV or even 103% LTV mortgages for qualifying homebuyers.

You can even get loans for as much as 125% LTV.

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