Author: coloradorelocationrealestate

Fairway Buy and Save Program: 

Fairway has rolled out our new Fairway Buy and Save Program. We are pleased to announce the release of this program for all FHA, USDA and VA loans (with the exception of DPA). The program allows for abatement credits to be provided by third-parties (ie., realtors, sellers, builders) equal to 3 payments or up to the maximum IPC allowance per Agency. The funds are placed into an escrow account and the Servicer will make the payment(s) for the borrower based on the amount of funds that are in that account. 

• Eligible loan types: FHA, VA, USDA (no DPA)
• IPC: FHA & USDA 6%, VA 4%
• The payment must cover the full PITI
• HOA not included 
• 15 or 30 year Fixed only
• Allowed for 1,2 or 3 months
• Standard agency guidelines apply 

NEW Conforming Loan Limits:

The FHA national low-cost area mortgage limits, which are set at 65% of the 2023

FHFA CLL of $766,550, is as follows:

• One-unit: $498,257
• Two-unit: $637,950
• Three-unit: $771,125
• Four-unit: $958,350
  
  The FHA national high-cost area mortgage limits, which are set at 150% of the 2023 FHFA CLL of $766,550, is as follows:

• One-unit: $1,149,825
• Two-unit: $1,472,250
• Three-unit: $1,779,525
• Four-unit: $2,211,600
  
  Alaska and Hawaii are special exception areas, due to the higher cost of construction and FHA has adjusted for a higher ceiling, as follows:

• One-unit: $1,724,725
• Two-unit: $2,208,375
• Three-unit: $2,669,275
• Four-unit: $3,317,400

Our mission is to put our clients needs FIRST. We guide our clients through all available options so that they can make educated mortgage decisions with comfort and ease. We’re known for closing on time, accurately, and with a high level of communication and transparency throughout the entire home loan process. We build trust through honesty and friendship. Come as a client, stay as a friend.

• We are a professional home loan team!
• We close loans ON TIME.
• We pride ourselves on straightforward and transparent communication with our clients.
• We will cross our t’s and dot our i’s to close accurately — NO SURPRISES!
• We won’t leave you hanging when you have questions.
• We donate to charity every month.
• We strive to turn clients into raving fans!

In the age-old debate of homeownership versus renting, there’s a prevailing sentiment that owning a home offers a multitude of advantages over renting. While both options have their merits, the benefits of homeownership often outweigh those of renting, making it a worthwhile investment for many individuals and families.

First and foremost, homeownership provides a sense of stability and security that renting simply cannot match. When you own a home, you have control over your living situation, free from the uncertainties of lease agreements and potential rent increases. This stability allows you to put down roots in a community, establish relationships with neighbors, and create a sense of belonging that is often elusive in rental properties.

Financially, homeownership offers several advantages that renting does not. One of the most significant benefits is the opportunity to build equity over time. Unlike renting, where your monthly payments go towards your landlord’s mortgage, homeownership allows you to invest in your own future. With each mortgage payment, you’re one step closer to owning your home outright, providing a valuable asset that can appreciate in value over time.

Additionally, owning a home can offer tax benefits that renting does not. Homeowners may be eligible for deductions on mortgage interest, property taxes, and certain home-related expenses, potentially resulting in significant savings come tax time.

Beyond financial considerations, homeownership offers the freedom to personalize and customize your living space to your liking. Whether it’s painting the walls, renovating the kitchen, or landscaping the yard, owning a home allows you to make improvements that reflect your style and preferences, without seeking permission from a landlord.

Of course, homeownership does come with its own set of responsibilities, including maintenance and upkeep costs. However, for many individuals and families, the benefits far outweigh the challenges.

In conclusion, while renting may offer flexibility and convenience in the short term, homeownership provides long-term stability, financial security, and the opportunity to put down roots in a community. If you’re weighing the pros and cons of renting versus buying, consider the many advantages that homeownership has to offer. With careful planning and the guidance of professionals, owning a home can be a rewarding investment in your future.