CO Durango Resort, MLS, Real Estate and Property Listing » loans http://blueribbondurango.com Get the Scoop on Durango Colorado Real Estate! Fri, 03 Feb 2012 18:49:34 +0000 http://wordpress.org/?v=2.9.2 en hourly 1 RHA down payment assistance…Help or Hassle? http://blueribbondurango.com/2009/05/rha-payment-assistancehelp-hassle/ http://blueribbondurango.com/2009/05/rha-payment-assistancehelp-hassle/#comments Tue, 05 May 2009 21:47:03 +0000 Shaheen http://blueribbondurango.com/?p=555 I recently attended an RHA training course. I have a client who is going through the RHA process and I was looking to gather a little more information on how the program works.  RHA stands for Regional Housing Alliance.  The class was provided to Realtors and affiliates. The RHA provides loan assistance to those in need of financial aid.  The program we have here in Durango is specifically designed for buyers in La Plata. The funds they provide works like a 2nd loan on a mortgage. The difference in a 2nd loan and RHA assistance is with RHA the new owners do not have to make monthly payments on the money borrowed. When the owners decide to sell -the RHA will be paid 2% of the equity the home earned at closing. This program is a great way to help 1st time home buyers get into the market.
 
SO.. In the end does this process help or hurt the buyer while attempting to buy a house??  Well, it depends. The buyer must first complete the RHA class which is full of helpful education and counseling. Then the buyer will be placed on a waiting list. Once funds come in, the buyer will know how much to expect and when. The RHA counselor will issue a commitment letter stating the RHA is prepared to issue $ X amount to the buyer. Through this process, the more communication you maintain with your Housing Counselor- the better. RHA can not make 100% promises on funding or when funds will be delivered but they are willing to work hard and do everything in their power to make things work. Making an offer or shopping for housing before getting that commitment letter does pose a higher risk and can complicate the buying process. If you follow the process as directed it could be utilized as a great help.
 
My advice to buyers looking to work with RHA:
 
- Go speak with a RHA counselor to see what your options are.
- Complete the class full of helpful education.
- Get on the waiting list.
- Start talking to a Realtor who is a good fit for you.
- Do some homework to see what kind of house would work for your situation.
- Once you are issued a commitment letter…start shopping!
- Find your house and write an offer!
 
This is a wonderful program that many people are taking advantage of.  Click HERE for La Plata County Regional housing website.
If you would like more information feel free to contact me anytime. 

If you are not in LaPlata county and would like Regional Housing information for your county check with your local real estate association.
Thanks!

~Shaheen Hangval

]]> http://blueribbondurango.com/2009/05/rha-payment-assistancehelp-hassle/feed/ 2 Why Is It So Difficult to Get a Home Loan? http://blueribbondurango.com/2009/03/why-is-it-so-difficult-to-get-a-home-loan-and-some-local-solutions/ http://blueribbondurango.com/2009/03/why-is-it-so-difficult-to-get-a-home-loan-and-some-local-solutions/#comments Wed, 04 Mar 2009 17:16:00 +0000 admin http://brp.hdev1.com/uncategorized/why-is-it-so-difficult-to-get-a-home-loan-and-some-local-solutions/ Why is it so hard to get a loan these days? Two years ago everyone could get a loan, now it seems like nobody can get a loan. There are many aspects that go into how you can qualify. Surprisingly, it’s not just your credit rating or financial stability. It’s not even just the economic situation. The banks are requiring people to have money and show that they know how to pay it back. For those lucky enough to be able to get bank loans, now is the time to buy and invest in your future.

Read this Realty Times article for more insight:

Why Is It So Difficult To Get A Home Loan? Answers To A Popular Home Buyer Question http://realtytimes.com/rtpages/20090304_homebuyer.htm

Locally, how is Durango doing on the loan front? There are lots of reasons to get a new loan now (if you can qualify), like low rates, tax rebates for first time home buyers and the best buyer’s market in years. I have asked local lenders to comment on this post to give you their input and local contact info, so bookmark this page and check back often.

Finally, challenging times call for creative solutions. Even if you can not qualify for a conventional bank loan might be other ways. All hope is not lost. It’s time to think outside the box. I am trained in trade and exchanging (EMS, Equity Marketing Specialist), including creative solutions such as seller financing, wrapping loans, creating and selling notes and a number of other potential solutions for getting the deals done.

If you have questions, please call or email me. I love to discuss real estate and other things too.

Claudia
970 247 8388
claudia@blueribbondurango.com

]]> http://blueribbondurango.com/2009/03/why-is-it-so-difficult-to-get-a-home-loan-and-some-local-solutions/feed/ 2