I've got a great condo in Congress park/Capitol Hill not even listed yet in your price range. Cross streets are 13th&Grafield. They are also willing to rent initially. Let me know if interested.
Cheers

Mon May 19 2008, 14:20

Hi there,

I actually have had friends buy in the capital hill area and were able to find condos under that price point. It would always be a good rental later on if you had it for some time. Though you mightwant to talk a an agent who specializes in Capital Hill to see what is going on there. There are many condos on the market currently, but finding a single family in that neighborhood will probably not be likely. Though you could look over in the sunnyside neighborhood. I bought a HUD home over there that I have as a rental for $150 , but it did need fix up, so keep that in mind. Sunnyside is located super close to downtown and is right off Highlands but closer to I-25 and I-70 interchange. My rental is 5 minutes from downtown but I have a nice yard.

From the loan aspect, being a mortgage banker for 5 years I can give you a rundown on what has changed pretty quickly. If you have a score less then 680 you will need 5% down if you go conventional. If your score is greater then 680 you can put down 3%, and it actually can come as a gift directly from a family member (sorry Matthew). Also, Matthew is correct about not all of the buildings being FHA approved, not all of them are. That is not to say you can't get FHA financing in those buildings. We do what is called a spot approval, actually not that uncommon. If the building is listed as approved by HUD then you don't need a spot approval. You can do thge 3% down with FHA and actually given the number of condos on the market up ther you might be able to get the seller to particiapate in a down payment assistance program that could grant you the 3% required for down payment. From there on either conventional or FHA the seller can contribute 3% towards your closing costs. Structuring the loan right, this could eliminate you from bringing any additional monies to closing aside from that initial earnest money deposit you made when you wrote your real estate contract. However, you would also be eligible to potentially receive up to what you put into the transaction (earnest money) back on an FHA loan. On a conventional loan you may find they would want you to have at least $500 of your own money into the transaction. Bear in mind with all the changes FHA is going to have more competitive rates and lower mortgage insurance then a conventional loan. I hope this helps.

Sincerely

Ray Williams
Branch Manager
Summit Mortgage Denver

Wed May 14 2008, 11:08

I've been helping another first time home buyer in that exact same are the past few weeks. He was limited to under 100K so we only found 7 or 8 to look at. You mention being pre-approved. Are you going FHA or conventional? Conventional will require 5% down payment and it cannot be gifted. FHA requires 3% down payment that can be gifted. The reason that I ask is because only certain buildings are FHA approved. There are some nice apartments that have recently been converted to lofts and condos but are not FHA approved. I just found a nice single family home for a couple off Fillmore but that is a little out of the area you are looking. I believe from an investment standpoint you will do better with a single family home. You may have to adjust your criteria a little. There are some up and coming neighborhoods that you can get into now at that price. Cole for instance. the link below is to search HUD approved condo buildings.

Wed Apr 30 2008, 22:46

I think the best advice is to interview a couple of realtors, and hire one to help you with your search and the whole process. There's so much information and misinformation out there, that working with someone who you trust, one-on-one is really the best way to find your perfect home, and get all of your real estate questions answered. And the best part...as a buyer, you do not pay for our services.

Wed Apr 30 2008, 22:23

You'll be hard pressed to stay in your price range, but condos/townhomes are not a bad option. Berkeley is not far away and that's up and coming. I could provide a search if you'd like, but it's just a matter of seeing what's on the market.

Don Nelson - 303-506-0211

Wed Apr 30 2008, 09:03

I don't really do this so I am answering the question I posted. I'm already pre-approved for up to about $150K Max for what i want to spend on my monthly payments including HOA. My credit is 780, so I know my options as far as loans I think - unless anyone has any creative suggestions. I just want to find something that is finished, and a good value. Other advice or suggestions welcome. Thanks, RG.

Mon Apr 28 2008, 19:23

Definitely not impossible to find a great condo in that price range. There are a lot out there. Houses will be more difficult, but not undoable. I've been in the business since 2001, specialize in the central Denver neighborhoods, and have helped many a first time homebuyer.
Would be happy to give you some great info. Please call or write me at your convenience.
Irene Glazer
Live Urban Real Estate
303-484-9559
Irene@IreneGlazer.com
www.IreneGlazer.com

Mon Apr 28 2008, 18:41

A condo or townhome would probably get you your best buy now. Even though condos are the most market sensitive of properties, you can find some good buys now. Most real estate appreciates over time, even in a more down market, so buy your best place now, keeping location and condition very much in mind. You also need to know the strength of the homeowners associations. A single family home for $150K would be hard to find in those areas, and I would be leery of the condition.

Good advice on getting your mortgage in place now. That way, when you find "the place" you can put an offer in immediately!

Let me know if I can help you. Even though I office in Castle Rock, I am very familiar with the Denver market and have past and current clients there. jamie@kimbroughproperties.com

Mon Apr 28 2008, 13:25

Hi Rg,

A tip from the financing side -- you'll want to get pre-approved before you go looking at houses. A pre-approval empowers you with a clear understanding of what a lender is willing to finance for you and you won't find yourself falling in love with a home that you are later unable to buy. For a free, no-obligation pre-approval, e-mail me at ben@bythebrookemortgage.com.

Take care!

Ben Edgson
Mortgage Broker
720.280.0441
Ben@bythebrookemortgage.com

Mon Apr 28 2008, 08:34

Rg,

Great decision not to rent any more. With the way home prices and interest rates are right now it costs about the same to own as rent, and as a first time home buyer you will be able to take advantage of some really excellent loan products.

To answer your question, it's not impossible to find what you are looking for. But keep in mind that your purchasing power is less when you buy a condo because you have to figure HOA fees into your monthly payments when qualifying.

I did find you a nice single family home a few blocks from the Auraria campus and a minute to the Colfax ramp to I-25, in your price range. If you don't like the looks of this one I'd love to work with you to find a home that suits your needs.

Thanks,

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

Sun Apr 27 2008, 21:43

Hi Rg,
In the $150,000 price range your very best bet will be a condo or townhouse. Houses in the locations you listed will likely not be very appealing. More difficult to fix up and sell again one day than a condo/townhouse will be.

You can click on the yellow star on my web site to find all listed townhouses, condos and homes.

Let me know if I can assist you further.

Bill Kosena, ABR, CRS, SRES

Sun Apr 27 2008, 21:04