Denver Metro Bond Announced for First Time Home Buyers

I am pleased to announce that we are once again participating in the Denver Metro Bond 2007 B&C Program, which enables us to offer a 4% Down Payment Assistance Grant to borrowers who qualify; please note that this is bond (not a mortgage) and the funds DO NOT require repayment. In addition, the 30 year fixed rate mortgage provided as part of the program is offered at a preferred interest rate of 6.59%.

Following are specific details associated with the program:

6.59% with 4% Down Payment Assistance Grant

We believe that this 6.59% interest rate (30-year fixed rate, 1.00% origination fee/0.00% discount) is an excellent rate in the current market! Moreover, it will provide a tremendous benefit to the low- and moderate-income first-time homebuyer families throughout Denver and the surrounding participating cities.

Here are the basic program requirements for eligible mortgagors:

Eligible Loan Area: Mortgage loans under the program may be made to qualifying borrowers in the City and County of Denver, as well as in the following jurisdictions of the Metro Mayors Caucus that have chosen to participate in the 2007B&C program to date: Arvada, Aurora, Bennett, Brighton, Broomfield, Centennial, Dacono, Edgewater, Erie, Federal Heights, Frederick, Golden, Greenwood Village, Lafayette, Littleton, Lone Tree, Longmont, Louisville, Northglenn, Sheridan, Superior, and Westminster.

First-time Homebuyers: Borrowers cannot have owned a home in the past 3 years (except if purchasing homes in "Targeted Areas"). Targeted Areas are census tracts designated by IRS and will be specifically identified in the Agreement. In addition, qualifying Veterans need not be first-time homebuyers in this 2007B&C program.

Maximum Family Income: Non-Targeted Targeted
Families of 2 or fewer $71,700 $86,040
Families of 3 or more 82,455 100,380

Maximum Acquisition Cost: 1 Family Residence $365,175 $446,325

Additional Mortgage Loan Terms: Mortgage Loan Term – 360 months

Rate – 6.59%
Origination Fee – 1.00%
Discount Fee – 0.00%

The funds will be allocated on a "First Come, First Served" basis and I have created a very simple process for you to refer your clients, have them apply, reserve their funds and submit their documents.

Five Steps to Loan Approval

Here are the steps:

1. Direct your borrowers to http://www.privatemortgagebanking.net/ where they can read the program guidelines.

2. Have them follow the "Apply On Line" link found on the upper right corner of my home page. Have your clients complete the "Complete - Full Application," here is a direct link to the form - https://rwstools.com/loan-app/startloan.asp?PVLID=5351&refer=&ACCTID=307458

3. Have you clients fax 1.) A pay stub covering a 30 day period for each of their employers. 2.) Copies of their 2007, 2006, 2005 1040 Federal Tax Return with ALL schedules. 3.) The most recent two months bank statements for all checking and savings accounts, and the most recent quarterly statements for all IRA, 401K and investment accounts.

4. Name address and contact information for their landlord. THE FAX NUMBER IS 303-468-8445

5. Mail a check in the amount of $25.00 payable to Cherry Creek Mortgage Company to pay for their credit reports. The $25.00 fee will be credited to the borrowers HUD Statement at closing.

6. Once we receive the borrowers application and credit report we will obtain automated underwriting approval and issue pre-liminary loan approval.

Please feel free to contact me with any questions you may have and please keep in mind the reservation is in the name of the borrower, not the property address.
I hope that you are able to take advantage of this fantastic program. We were fortunate to close a number of transactions with the 2006A and 2007A programs and the borrowers were very pleased with the outcome.

Mr. James A. Holmes, CML, CMPS Certified Mortgage Planning Specialist
Private Mortgage BankingCherry Creek Mortgage Company, Inc.The James Holmes Lending Team Office: 303.840.2319 Fax: 303.468.8445

james@privatemortgagebanking.net

http://www.privatemortgagebanking.net/
www.ActiveRain.com/JamesHolmes

Integrity. Expertise. Exceptional Value.

Stop Paying Your Landlords Mortgage Payments. Now Is The Perfect Time To Buy A Home.

I have made a strong commitment to assisting first-time homebuyers in their quest to obtain the dream of homeownership by utilizing a variety of low interest, low cost assistance programs. We partner with County, State and Federal agencies along with Quasi-Governmental agencies to provide access to the mortgage products needed to serve a broad number of first-time home buyers.

I've marvel at the prospect of an individual choosing to rent in an environment that makes homeownership so attainable. If a person rents an apartment for $550 per month over five years they will have spent $33,000 with nothing to show in return. A person renting a single family home for $1,000 per month over five years will have spent $60,000 with nothing to show in return. Now, the landlord will be pleased to have interest paid, loan principal reduced, tax benefits received and equity appreciation gained thanks to the timely receipt of the renters hard earned dollars.

According to a study by the Metro Denver Economic Development Corporation as reported on their Monthly Economic Summary for March 2007: "the apartment vacancy rate in Metro Denver increased slightly from third quarter to fourth quarter but the fourth quarter 2006 vacancy rate of 7% stands well below the 7.9% vacancy rate reported a year earlier. For the year, the average vacancy rate in the seven-county region declined from 8.2% in 2005 to 7% in 2006. The study also reported that the last time the annual vacancy rate was lower than 7% was in 2001 when the metro region posted a 6.4% rate, and in the last five years about 25,000 rental units have been added to the market. The average monthly apartment rent also decreased from third quarter to fourth quarter. On an annual basis, the average apartment rental rate was 1.2% higher in 2006 than in 2005."

For More Visit:

Http://www.metrodenver.org/DataCenter/DenverEconomy/MonthlyEconomicSummary_March07.icm

The current trend of declining vacancy rates is expected to continue; add to that an increased rental rate, which some analysts have projected to increase as much as 4% over the next twelve months and you have an unfavorable environment for renters. The bottom-line is that the sales slump in the Colorado's housing market coupled with the general tightening in loan underwriting guidelines has resulted in fewer buyers, higher demand in rental units and increased rental rates. For renters who can qualify, now is the time to take advantage of low interest rates, increased inventory, seller incentives and a variety of assistance programs by purchasing a home now.

We emphasis the benefits of equity appreciation and the monthly cash flow benefits of owning a home as a result of interest and property tax deductions. I recently assisted a client who was struggling with the idea of increasing his monthly housing expense from his present rent of $1,500 to a new mortgage payment of $2,050; once he realized that the net effect of his tax deduction would return $408 in monthly cash flow his net increase was only $142 monthly to own a home of his own.

The rent vs. buy decision is much easier to make once a renter grasp these concepts including the wealth building aspect of equity appreciation. All else being equal, I cannot think of a reason why anyone would be better served renting as opposed to buying a home of their own.

For Information on how to obtain up to $25,000 in downpayment and closing cost assistance contact James A. Holmes, Director of Private Mortgage Banking, Cherry Creek Mortgage Company - The James Holmes Lending Team at http://www.privatemortgagebanking.net/ or by calling me toll free at 888-850-6100 or email at mailto:james@privatemortgagebankinking.net