Brian,

As a first time home buyer an FHA loan is a great program. You can get in with minimum down payment and sellers can contribute up to 6% toward closing costs & prepaid items.

Ask your mortgage guy about the Genesis program as well. You can actually have part of your down payment gifted!

You should not have any trouble finding a good agent. (RE/MAX world headquarters is in Denver). Look for an agent with the ABR designation.

Good luck!

Bob Gainey, ABR
Re/Max Palmetto Properties
843-446-8901

Wed May 21 2008, 12:37

There are several reasons to look at FHA, especially in today's credit market. If you would like to get in touch my contact info is in my web address and my assistant's name is Roseann. She has been a Loan Officer with Chase , Wells Fargo and now back with me at Chase for over 12 years. 720-200-1109
John Warkentin
AVP of New Business Development
Chase

Wed May 21 2008, 12:27

Hi Brian,
There are many great answers already out there. My biggest piece of advice for any home buyer (not just a first-timer) is to be sure you are working with someone who has good communication skills. There is nothing more frustrating than being left out of the loop if you have questions. Find an agent who's skills match your needs, if you need figures and facts, find someone with a strong background in valuation. I am also an Appraiser, all of my clients have relied on my skills heavily in making their real estate decisions.
Good luck to you, and get in touch if you have questions.
Kris Hansen
Broker Associate
303-956-6068
kh@easystreetproperties.com

Tue May 20 2008, 15:25

Love to help you with your search for an agent, if you haven't already located one. I can supply you with first-time buyer information and any other information to make your search and transaction easier; feel free to contact me.
chuck strauss
720-318-7598

Mon May 19 2008, 13:39

Hi Brian,
You're on the right track asking questions. I'd say ask friends and co-workers who they have worked with on real estate deals before. They will have good feedback on their personal experiences and might help you find a realtor that fits your lifestyle and personality if theirs are similar to yours.

I think you will find that once you meet with a few realtors here and there that you'll meet one that "clicks" with you. Just be certain that they are listening to what you really want and need in a home.

Also, you may want to ask if your loan officer can even do an FHA loan - they have to be approved to do so. He could be steering you towards conventional for a number of reasons, but saying it's because your credit is "too good" is not a good reason. I'd ask him his reasoning and discuss the reasons you want to look at FHA. He should be able to answer to your satisfaction or you might want to look for another loan officer.

So there's my two cents...My biggest rule of thumb is to communicate when in doubt. So, don't be afraid to ask the questions Brian - we're working for you...not the other way around!

Cheers,
Theresa Steede
Your Castle Real Estate, LLC
303-995-6532

Mon May 19 2008, 13:17

Go to my website. It is an education site just for consumers. I have written articles on just about anything you can think of.

Sun May 18 2008, 20:31

Brian,

I would look at all options of the mortgages available to you. Just because you have good credit doesn't mean you shgouldn't do FHA. I would maybe ask your lender if they are FHA approved? That could give you an idea why they say not to do it. FHA has more competitive rates and lower mortgage insurance then other first time buyer type of loans with minimal money down. They also allow for down payment assistance that isn't income restricted or restricted by the program running out of money. Where the conventional programs for first time buyers can be income restricted and strained for funds right now. I have had many clients recently when shown all loans out there for folks, decide to use FHA and one actually had 760 FICO scores , another of which was putting 10% down and still FHA a better option because of rates and mortgage insurance premiums.

Second, depending on where you are looking there can be a nice starter home for you to buy that has been updated and move in ready. Some private investors sell these and they don't appear on the MLS as available. My CPA lends his own money and actually has a couple that are completely remodeled and ready to go, just turns out the investor he leant money to has defaulted on his payments. But it definitely depends on where you are looking and what is important to you as well.

Since it is your first home you should do your homework and definitely find the right relationship and that would be someone who makes you feel comfortable, you can relate too, and enjoy the process.

Tue May 13 2008, 17:31

Hi Brian,

I am not sure I understand why your motgage person is saying your "credit is too good..." and that it would be a waste to go FHA. Most conventional loans right now are requiring fairly large down payments, whereas FHA is only 3%.

It might make sense to get a 2nd opinion on the mortgage.

Right you are that you want to interview several Realtors to find the right match for you and your needs. There are plenty of houses on the market in the $140K to $170K price range that will be livable and might just need some new carpet & paint. And they tend to be concentrated in certain neighborhoods.

If you need more specific answers, just call or email. To search all bank owned homes in the Denver area you can use my website.

Mon May 12 2008, 17:07

Brian,

The main thing I would suggest is to find someone that you trust. If you don't trust them then you might end up in a situation where you find a house you love and have to deal with a Realtor you hate. Finding a Realtor that specializes in a certain area may be hard because most realtors work all along the Denver Metro Area. Try to focus on an agent that provides great service to their clients. In the end you will be satisfied and happy in your new home!

If you have any questions, I would love to answer them!

Leslie Heldenbrand
Broker Associate
720-283-5978
www.LeslieHeldenbrand.com

Sun May 11 2008, 20:35

I laughed at your line “we're hard workers but not plumbers” I can relate. Some of the things you mentioned make me things that you should be interviewing Lenders and “First Time Home Buying Programs” as diligently as you are looking for the right Realtor. Purchasing the right loan is as important as purchasing the right home. Lenders tended to tell you about the loan products they know a use the most. And that’s a good thing, in that they’re confident that you will fit all the requirements all the way through underwriting. Let me give you some names of lenders that do lots of different types of loans and are amazing at their job.

Anne (303) 748 0419
Jovan (720) 934 1107 sounds like yo-van
Matt (720) 427 4718 great “rehab loans” (FHA 203k)
Steve (303) 929 8152 no one is going to spend as much time teaching you about your options as him.

Hope this helps you.

Sun May 11 2008, 09:45

Hi Brian,

I think you are off to a great start already. Finding a Realtor that allows you to feel comfortable and who knows what they are doing is the key. Finding a lending professional with the same qualifications is also a must.

Silver Fern Homes is a Boulder Brokerage. We work occasionally in the Denver area but almost always in the Boulder area (from Westminster to Erie to Longmont and of course Boulder). I am not the best person to be helping you find a Denver home, so I write with info and advice only.

Our Real Estate Blog: www.boulderrealty.blogspot.com is FULL of free info that you might find useful. In particular I recommend these 3 articles:

1. http://boulderrealty.blogspot.com/2007/07/how-to-find-great-…

2. http://boulderrealty.blogspot.com/2008/05/be-careful-who-you…

3. http://boulderrealty.blogspot.com/2007/02/dont-hire-your-fri…

We believe it is VERY important to interview several Realtors and Lenders to start the process and I strongly encourage you to use the questions outlined in the first article to help you.

Best of luck and please update us with how the process is going for you. :-)


Dallice Tylee
Silver Fern Homes
Ph: 303-993-6139

Sun May 11 2008, 06:47

Brian,

Due to the nature of the market right now I deal almost exclusively with first time home buyers like yourself. You are really in a strong position in that prices are low, interest rates are low, and you don't have to wait to sell your current home before you can buy the next one.

In fact, my last closing was with a great young couple that purchased their first home around 1st Ave and Sheridan. They had excellent credit too, but went with an FHA loan because the home they were interested in was considered a "declining market" and a conventional loan would have required 5% down instead of the 3% for FHA.

Anyway, I offer what I think is the best free MLS search tool out there (the couple above used it to find their home) and would love the opportunity to earn your business. Keep in mind any work I would do on your behalf as a buyer would be paid for by the seller. So as far as you're concerned I work for free.

Give me a call so we can discuss your particular needs. Thanks,

John Keene, EcoBroker
Keller Williams
303-547-7578
http://www.livegreen-denver.com
* call today to find out how you can live carbon free for 3-years!

Sun May 11 2008, 06:15

I suggest that you discount much of the advice you have received about interviewing agents. Assuming that the info you provided means that you have cash reserves adequate for a 5% down-payment and closing costs, it may not be a waste to go FHA. FHA requires a minimum 3% down, but places no maximum on the seller contribution. You can put more than 3% down on an FHA loan, but you cannot include more than a 3% seller contribution in the contract when you use conventional financing.

Price is not everything, and the ability to reduce costs and subsequent ability to buy down rates are often more important to buyers than Just price. If the agent you talk with knows this and can explain how it all may work to your advantage (or not), you have likely found an agent who is well qualified to serve your needs.

Sun May 11 2008, 06:10

Great question, Brian.
Finding a Realtor you like and can trust, after speaking with a mortgage broker or bank to get pre-qualified or approved for a loan, is a very important first step.
I would find out as much as you can about the Realtor and their brokerage firm; their background, support and services. They should be able to provide you with a complete packet which includes information about them (a personal brochure and resume) their firm and a listing of their services.
During the initial meeting, the Realtor should try to find out as much as they can about you, your family, requirements for a home, your job (for commuting) neighborhood choices (schools, amenities, etc) and other important criteria. The purpose of this initial meeting, for the Realtor, is to find out your needs and wants. I work from a list that includes "must haves", those items that are not negotiable, needs: those features that the home needs but may be negotiable (e.g. two bedrooms and a study or three bedrooms) and wants (nice stuff, but not a deal breaker). This initial meeting also gives you a great opportunity to find out more about the agent; let you see if you like that individual, assess their competence and see they are an individual you would feel comfortable working with, and trust enough to handle this very important transaction.
Hope this answers (or at least starts to answer) your question. Feel free to contact me if you want any additional information. Like many other agents, I work the entire Denver market area, and I work with all demographic and income groups.

Chuck Strauss
Keller Williams DTC
cell: 720-318-7598
CStrauss@kw.com
www.denerhomeguru.com

Sun May 11 2008, 05:49