Today some of my buyers are closing on a beautifully remodeled $200,000 house in southwest Colorado Springs near Fort Carson, that is costing them virtually nothing down. They had $1,000 earnest money in the deal, and are getting a $500 refund at closing. They aren’t veterans either. Their first payment won’t be for a month. Compare that with renting a home for $1100 a month (their approximate house payment), where deposit plus 1 months rent is due at signing, and you can see why the Colorado Springs real estate market is heating up.
The program they are using is the El Paso County “Turnkey” Mortgage Origination program, working with Dana Hines at Peoples Bank (719-548-5150). I won’t attempt to re-publish all the terms and guidelines, because they do change sometimes, and the county has it’s own web site that spells out the details at the link above. But for buyers who don’t make TOO much (less than $88,000 / year), and don’t want to spend TOO much on a home (less than $283,000), this is program is AWESOME! For those who have been waiting until they can save up a large wad of cash for a down payment, the wait is over! Your credit doesn’t have to be perfect either (640 minimum FICO score).
If you know anyone who is currently renting, and has been waiting to buy a home in Colorado Springs because they believe they need to save more money, or get their credit score up over 740, tell them to call me (Rick Van Wieren at 719-331-7675), and let’s get working on getting them into a home while this program is still in effect!