Radon In Your Home

Radon in your home is a colorless and odorless gas that can be harmful in high concentrations. Radon is typically found in higher concentrations in the mountain states such as Colorado. Radon in your home can cause lung cancer with prolonged exposure. Home owners should be aware about Radon and take any precautions to have their home tested and mitigated if necessary. For Real Estate transactions we recommend that all home buyers have a Radon test performed during their inspection period. The inspection period is specified in the purchase contract and is usually during the first 10 to 15 days once the property is under contract. The reason we recommend this is because Radon relates directly to your health and you can’t … Read More

FHA 203K Loans

You can buy a house with an FHA 203k loan to Acquire and Rehab a property.  The basic FHA eligibility requirements apply such as the minimum 3.5% (of purchase price) down payment requirement.  Also the minimum 620 mid FICO score is required by most all lenders for these types of FHA loans. The 203(k) Rehabilitation Mortgage Program is the official name of this program and it is offered through the FHA (Federal Housing Administration) which is part of HUD (U.S Department of Housing and Urban Development). Links to direct detailed information from HUD are provided below. 203(k) – Rehab Program Description This loan provides funds for the acquisition and rehabilitation which can be repairs and improvements. The Streamlined version of the 203k is the most common and applicable sub-set of the program … Read More

FHA Mortgage Insurance

We have the question come in frequently, “Do All FHA loans require Mortgage Insurance?” …And if so for how long. The short answer is “Yes” Mortgage Insurance is required on All FHA loans. This is effective for all mortgages with FHA case numbers assigned on or after June 3, 2013. Although we are not Mortgage Brokers, we get questions like this from our clients when we help them buy and sell homes, so we understand why this question gets asked. We realize the real question is “What’s the best lender or loan to keep my monthly payments as low as possible?” FHA loans are great if you don’t have much down payment money and you are not otherwise eligible for … Read More