Why don't most people know they can buy a home with 3.5% down?

Asked by Julie Montgomery, 80238 Mon Dec 17, 2012

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Bob Gordon, Agent, Boulder, CO
Mon Dec 17, 2012
Most people don't realize they only need $1,000 to be a first time home buyer in Colorado. There is a great program called Chfa which is very easy to utilize. I have two lenders I constantly recommend that specialize in the loan program.

As for the FHA option, the 3.5% down payment is a great way to go. And FHA has improved its rules regarding condo complexes, so it will be simpler to purchase an attached dwelling in 2013. I wrote a detailed blog on the new FHA changes here: http://www.boulderrealestatenews.com/bouldercommunityservice/
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Bob, I followed the link for the condo rules changes. Couldn't find it. Would you post it or send it to me - robertmcguire33@gmail.com - Thank you...
Flag Mon Dec 17, 2012
Robert McGui…, Agent, Denver, CO
Mon Dec 17, 2012
Hi Julie,

The main reason is that the only people talking about it are some of us as Realtors and some lenders who make public announcements like this to a limited audience. It would be good to hear this more on the national media reports doing stories about the benefits and ease of purchasing a home at this time. Not only can you buy a home for 3.5% down; but there are some special 1st time homebuyer programs that require $1000.00 down or less. Let's keep doing what we can to get the message out to the masses.

Robert McGuire ASR
Your Castle Real Estate
Direct - 303-669-1246
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Tim Klein, Agent, Littleton, CO
Mon Dec 17, 2012
Because they don't have a Broker to educate them!!!!
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James Ponzi, Agent, Denver, CO
Mon Dec 17, 2012
The main reason is because borrowers don't keep up on lending guidelines. They get excited to buy a home and often start looking for one before they look into mortgage financing.
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