For Sale Price: MLS#: 527050 Bedrooms: 4 Bathrooms: : 3.00 Square feet: 3414 Lot Size: 1524600 Year Built: 2002 Great Views on 35 Acre Private Retreat Property Description
35 Acres of pure Colorado Mountain Pleasure. View of the Sangre De Cristo Mountains to the West to enjoy a perfect sunset while sipping wine on your deck. Very private living with no neighbors or road noise. Watch the clouds go by and enjoy the nature. Private Lake and National Forest access. Jay Carden Phone: 719-357-5226 Cell: 719-322-4939 Search the Realtor Database for Properties All information in this site is deemed reliable but is not guaranteed and is subject to change.  Equal Housing Opportunity |
Tuesday, May 17, 2011
Price Reduced $340K Colorado Mountains 35 Acres, 4 Bed 3 Bath
Sunday, August 8, 2010
Briargate Ranch House D20 4/3/2 229K
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Jay Carden RE/MAX Properties, Inc. Search the Colorado Springs MLS
Tuesday, May 25, 2010
Friday, April 30, 2010
Low Down Payment to Buy a Colorado Springs Home
As FHA Program Changes, Smart Low Down Payment Alternatives Expand
By Jay Carden
The path to homeownership goes far beyond finding the right home. It must also lead to the right mortgage. That’s an important consideration for REALTORS® as the Spring buying season moves ahead. Although the tax credits for first-time and existing home buyers will expire at the end of April, low home prices and interest rates continue to create attractive buying opportunities.
REALTORS®, however, need to be aware of changes announced early in April by both the FHA and Genworth Mortgage Insurance that will have an effect on eligibility, pricing and down payment options for first-time and low-to-moderate income borrowers. It’s now more important than ever for homebuyers to understand their mortgage financing options.
Buyers putting less that 20 percent down have two basic options when choosing a loan: loans insured by the FHA and loans insured by private mortgage insurance (PMI). Both programs serve the market well, and are safer than the once popular combo or “piggyback” loans no long in favor. While many are quick to assume an FHA mortgage is less expensive than one with PMI, the truth is that monthly costs are actually quite competitive, and there can be real advantages to choosing a PMI loan over FHA. REALTORS® need to help their clients understand what type of loan best meets their needs.
Pricing
While FHA pricing often has been more favorable when compared to PMI, in April the Agency raised its “upfront mortgage insurance premium” from 1.75% to 2.25% of the base mortgage amount. That increased the cost of every FHA loan. The price hike tacks $1,000 on to a $200,000 mortgage, for example, costs that can never be recovered when financed into the full mortgage amount.
The FHA also has a request pending to increase its maximum monthly mortgage insurance premium, perhaps pairing the change with a decrease in the upfront premium. An increase from 0.55% to 0.90% would raise the monthly premium from $92 to $150 on a $200,000 mortgage. The possibility of such an overall price increase should not be ignored.
Private mortgage insurers generally raised prices in 2008, but multiple premium structures make their pricing very competitive with the FHA. In general, PMI pricing is more affordable than FHA for borrowers putting 10-15% down. While the monthly PMI payment may be higher than FHA on loans with 5% down, buyers taking advantage of Single Premium MI, where the entire mortgage insurance premium is paid at the outset, enjoy lower monthly pricing compared to FHA at 95, 90 and 85 LTVs. For example, the FHA monthly payment (PITI) for a 95 LTV loan on a $200,000 house at 5.5% would be $1, 599, while a single premium MI payment would be $1,528.
Down Payment
The minimum down payment required by FHA is 3.5%, and buyers must now have a FICO rating of 580 or above to qualify. Those with scores below 580 must make a down payment of at least 10%. Additionally, FHA charges a higher monthly premium for those putting less than 5% down (currently the full 0.55% versus 0.50%).
Private mortgage insurance is now available in every market across the nation for loans with as little as 5% down. Genworth Mortgage Insurance recently issued new underwriting guidelines designed to expand low down payment lending, making it possible for more low down payment homebuyers to put 5% down, regardless of the state or market in which they live. Insured mortgages with as little as 3% down may be available for loans that meet Affordable Housing Guidelines (usually determined by income limits).
In developing its new guidelines Genworth established both Retail and Non-Retail parameters. Both allow for private mortgage insurance on loans with as little as 5% down in all markets, but there are some differences depending on location. Realtors should check details for their location.
Tax Deductible
Monthly paid premiums for each are tax deductible, and the insurance may be cancelable when equity in the home reaches 20 percent.
Other Benefits
Mortgage insurers provide many robust benefits at no extra cost. Genworth Financial Mortgage Insurance, for example, offers:
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Job loss protection that covers a borrower’s mortgage payment (principal, interest, taxes and insurance) in the event of involuntary unemployment. The Genworth-provided coverage is for up to $2,000 a month for up to six months during the borrower’s benefit period, with a maximum of three monthly payments per job loss occurrence.
o Homeowner Assistance programs to keep families in their homes during times of financial hardship through a wide range of workout options. Genworth alone completed nearly 20,000 mortgage “workouts” in 2009, saving some $2.6 billion of mortgages from foreclosure.
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Homebuyer Education programs to ensure buyers make smart purchasing decisions. Research shows that loans that include homebuyer education are less likely to default. The Genworth Counseling Saver program offers a discount on the mortgage insurance rate, as well as up to $3,000 of vendor discounts to borrowers that receive eight hours of pre-purchase face to face or classroom homebuyer education.
Homebuyer Education programs to ensure buyers make smart purchasing decisions. Research shows that loans that include homebuyer education are less likely to default. The Genworth Counseling Saver program offers a discount on the mortgage insurance rate, as well as up to $3,000 of vendor discounts to borrowers that receive eight hours of pre-purchase face to face or classroom homebuyer education.
As a real estate professional you enable borrowers to buy homes with greater confidence. The significant changes being made by private mortgage insurers to their products and programs are helping restore buyer confidence in the market and belief in a sustainable mortgage. To learn more, visit www.smartermi.com.
Jay Carden RE/MAX Properties, Inc. Search the Colorado Springs MLS
Wednesday, April 14, 2010
Colorado Springs Short Sale listing, 135K Near Ft. Carson
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Tuesday, April 13, 2010
Briargate, Colorado Springs Housing Report February 2010
Briargate Housing Report for February 2010
The area of Colorado Springs that is known as Briargate is in the Northern section of the City. This area is roughly from I-25 to the West, Woodman Dr to the South, Highway 83 to the North, and Black Forest Rd to the East. The homes in this Master Planned community were started in the early 80’s and new building continues today. The schools are part of Academy District 20 and feature some of the highest testing scores nationally.
As of February 2010, the Briargate housing market continued to be one of the stronger communities of Colorado Springs.
Current Number of Homes For Sale in Briargate:
Listed Homes: 251
New Listings: 84
Sold Listings: 25
Sales to Listings Ratio: 9% Sold
Briargate Sales Information:
Average Sales Price: $262,723
List to Sale Price: 97%, Same as El Paso County, Colorado average
Days of Houses on Market: 100 Days, Better than Many Areas
Jay Carden
RE/MAX Properties, Inc.
Search the Colorado Springs MLS
The area of Colorado Springs that is known as Briargate is in the Northern section of the City. This area is roughly from I-25 to the West, Woodman Dr to the South, Highway 83 to the North, and Black Forest Rd to the East. The homes in this Master Planned community were started in the early 80’s and new building continues today. The schools are part of Academy District 20 and feature some of the highest testing scores nationally.
As of February 2010, the Briargate housing market continued to be one of the stronger communities of Colorado Springs.
Current Number of Homes For Sale in Briargate:
Listed Homes: 251
New Listings: 84
Sold Listings: 25
Sales to Listings Ratio: 9% Sold
Briargate Sales Information:
Average Sales Price: $262,723
List to Sale Price: 97%, Same as El Paso County, Colorado average
Days of Houses on Market: 100 Days, Better than Many Areas
Jay Carden
RE/MAX Properties, Inc.
Search the Colorado Springs MLS
Friday, March 5, 2010
Colorado Springs Housing Inventory Has a Dark Side
What is “shadow inventory” and how is this going to impact home values in 2010? These are properties that are not yet currently on the market but potentially will be coming to market in 2010. Such properties include:
* houses taken overby banks and mortgage companies
* houses where the loans are at least 90 days delinquent (over 99% of these will become distressed properties that will be up for sale)
* houses whose sellers have waited for the market to improve
According to a recent Standard and Poors report, the existing foreclosure inventory pales in comparison to the number of homes about to come to market as distressed properties. In fact, the number of homes that are about to become distressed properties is 31 times greater than the number of homes currently on the market in that category!!
These liquidated properties provide the market with a supply of homes for sale. Home prices directly reflect the relationship between the supply and demand of properties for sale. Prices will remain level if a comparable increase in demand accompanies an increase in supply. Otherwise, an increase in supply will result in a decline in prices to attract demand.
Jay Carden
RE/MAX Properties, Inc.
Search the Colorado Springs MLS
* houses taken overby banks and mortgage companies
* houses where the loans are at least 90 days delinquent (over 99% of these will become distressed properties that will be up for sale)
* houses whose sellers have waited for the market to improve
According to a recent Standard and Poors report, the existing foreclosure inventory pales in comparison to the number of homes about to come to market as distressed properties. In fact, the number of homes that are about to become distressed properties is 31 times greater than the number of homes currently on the market in that category!!
These liquidated properties provide the market with a supply of homes for sale. Home prices directly reflect the relationship between the supply and demand of properties for sale. Prices will remain level if a comparable increase in demand accompanies an increase in supply. Otherwise, an increase in supply will result in a decline in prices to attract demand.
Jay Carden
RE/MAX Properties, Inc.
Search the Colorado Springs MLS
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