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Reflections on FHA mortgages in Denver 2010

Reflections on FHA mortgages in Denver 2010

What a year it has been. So many changes to FHA mortgages this year. People usingFHA mortgages in Denver have seen quite a few changes as well. From changes to mortgage insurance premiums, to the expiration to the $100 down payment program in Colorado.

We have seen mortgage rates start near 5%, dip to 4%, and now back at around 5% again. So needless to say it has been a roller coaster of a year on all fronts. If you haven’t refinanced, it still may make sense. Have you owned your home for a handful of years and plan to stay in it? If so, think about a 15 year mortgage. You may be surprised at how little the payment change is, but how much you save in interest on your home.

One thing I have seen is a substantial increase in my FHA 203K business in Denver. From being appointed by the state to educate real estate agents on the FHA 203K program in Denver, to working with so many happy clients who have remodeled their homes, whether when they bought them, or refinanced the home they already owned into an FHA 203K mortgage in Denver.

Next year promises to be just as interesting as we see changes in my industry on a broad scope regarding potential effects of the Reg-Z and Dodd-Frank bill.

Happy New Year~

Ray

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Licensed in Colorado as Maestro LLC (DBA Mortgage Maestro Group) is an Equal Housing Lender.

387 N Corona St #646, Denver, CO 80218.

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Consumers wishing to file a complaint against a company or a residential Mortgage loan originator should complete and send a complaint form to the Texas department of savings and mortgage lending, 2601 North Lamar, suite 201, Austin, Texas 78705. Complaint forms and instructions may be obtained from the Department’s website at www.sml.texas.gov. A toll-free consumer hotline is available at 1-877-276-5550. The department maintains a recovery fund to make payments of certain actual out of pocket damages sustained by borrowers caused by acts of licensed residential mortgage loan originators. A written application for reimbursement from the recovery fund must be filed with and investigated by the department prior to the payment of a claim. For more information about the recovery fund, please consult the department’s website at www.sml.texas.gov.

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