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Is fort collins/larimer county considered a soft market?

We are currently in the process of waiting for our loan application to go through. Doing some online reading, we are freaked out because our Flex 100 loan is from Fannie Mae which states that they will require a 5% LTV reduction in "soft markets." We did 100% financing because we don't have the money for a 5% down payment but make a decent income to easily support our mortgage. We are now in a panic as we have a contract on our dream house and now it may fall apart!!!!
Wed Feb 27 2008, 21:19 - 80526 - Market Conditions - 6 answers
 
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Amanda
Home Buyer
in Fort Collins
Amanda, Home Buyer in Fort Collins in Fort Collins
Answers (6)
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Shawna Lowell was FIRST TO ANSWER
Fort Collins is an OK market. We've been here 7 years and house price have been flat the whole time.

Buying a house with no savings is very risky. We moved in to our house and realized it needed a new roof - $2500, then the water heater sprung a leak $700, then the furnace went $2000 and the AC condensor was corroded $400, then the paint started peeling $2400. That's not to mention the sprinkler system every single spring, the new carpets and now the windows are getting foggy.

If you're taking a 100% loan because you don't have savings that's not good. You should have at least 6 months of living expenses and a bit extra before you buy a house.

Wed May 21 2008, 16:45
 
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Fort Collins is an OK market. We've been here 7 years and house price have been flat the whole time.

Buying a house with no savings is very risky. We moved in to our house and realized it needed a new roof - $2500, then the water heater sprung a leak $700, then the furnace went $2000 and the AC condensor was corroded $400, then the paint started peeling $2400. That's not to mention the sprinkler system every single spring, the new carpets and now the windows are getting foggy.

If you're taking a 100% loan because you don't have savings that's not good. You should have at least 6 months of living expenses and a bit extra before you buy a house.

Wed May 21 2008, 16:45
 
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You have probably closed on your new home by now! Congratulations! Fort Collins is not a "soft" market. I have heard that some zip codes in Loveland and Greeley are considered "depreciating" by lenders. In these markets, they do require a larger downpayment for certain types of loans. Don't "freak out" by what you read on the internet. Just like real estate information that is published in national newspapers, much of the information is not transferrable to the local market. Your lender will let you know immediately if you need to come up with a larger downpayment if, in fact, your home is located in an affected area.

Thu May 8 2008, 14:36
Web Reference: http://www.frontrangehomefinders.com
 
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I've not heard of our market being called soft. We're not appreciating in a crazy manner, which is good, but we're not going down in value, either. I would check with another lender and see what they have to say. It may be that this is a new requirement, and if so, then another lender will tell you the same thing.

I wish you the best of luck, as it's a wonderful time to buy in Fort Collins. Enjoy your new home!

Thu Mar 6 2008, 09:33
Web Reference: http://www.HawaiianShirtGuy.com
 
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Has your lender told you this is a requirement for your loan? If, and I stress If your lender/broker/banker is reputable and up to the most current info they should be able to answer this question for you. Not everything online is true, trust me. But, this could be a new requirement. I'd suggest immediately bringing it up to your lender and see what they say then go from there. No need to panic at this point. It may be something that is simply reported on the appraisal and CO wasn't crazy like other places in this country in terms of appreciation.
And, if you don't get this house, it wasn't the right one. Nothing ever happens by mistake, even in real estate.
Good luck,
Susan Walker

Thu Feb 28 2008, 17:33
Web Reference: http://www.cospringsrealty.com
 
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FIRST ANSWER
I believe Fort Collins is in a stable market, this is a great time to buy. I believe the real estate market here is about to improve. Ask your lender about the Nehemiah Program, it may be too late since you have a contract in place but maybe you can work this out with the seller. Ask your realtor to give you 3 experienced lender contacts so you can see if there is another program that will work for you. Good luck.
Dynamic Real Estate
970-226-4433

Thu Feb 28 2008, 07:54
Web Reference: http://www.dynamicrealestate.net
 
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