Loomis Real Estate is a Family business providing Real Estate services to buyers and sellers
across Colorado.
F. David Loomis and Zedell Loomis are based in Littleton Colorado while Florence and Kurt
actively serve the Western Slope including Rifle, Delta and the Grand Junction area.
All four members of the "Loomis Team" are Colorado licensed real estate brokers and Realtors.
We are here to assist with a home for sale and helping you find the "Dream Home" that you have
been searching for. We are members of the Grand Junction, Glenwood Springs and Denver Metro
Board of Realtors.
across Colorado.
F. David Loomis and Zedell Loomis are based in Littleton Colorado while Florence and Kurt
actively serve the Western Slope including Rifle, Delta and the Grand Junction area.
All four members of the "Loomis Team" are Colorado licensed real estate brokers and Realtors.
We are here to assist with a home for sale and helping you find the "Dream Home" that you have
been searching for. We are members of the Grand Junction, Glenwood Springs and Denver Metro
Board of Realtors.
Colorado area.
We are here to assist you with any questions you may have and also would be more than happy to put you in touch with mortgage lenders that really know how to provide
true customer service.
Listings are updated everyday and with the real estate market being as hot as it is at this moment you truly need a Real Estate Agent on your side to assure you have all of
the latest market knowledge and local experience. For any Real Estate needs on the western slope, Delta county and Denver Colorado.
Waiting on the Market?
Two items that you should take into account. The price of homes will continue to rise. So why sell now instead of waiting? The low unemployment rate across the country
including Grand Junction, Rifle and other surrounding western slope communities indicates that interest rates will continue to climb. This means that in 2 years your home
for sale will be worth more but there will be fewer qualified buyers for your listing.
Obviously if you are looking to buy the reasons above should be enough to motivate anybody who is qualified to buy a home for sale. Real Estate in Grand Junction and the
Western Slope is a great investment for anybody who is willing and able to relocate to Grand Junction or to purchase a second home for a rental.
COLORADO - World-class winter skiing and summer music festivals in the mountains are just two reasons that nurses love traveling to Colorado. Boasting four
spectacular seasons, Colorado is where travel nurses get to explore the state's 18 million acres of state and national parks, forests, and monuments for biking, hiking,
fishing, mountain climbing, and kayaking, to name a few. Colorado has many cultural treasures, including ancient Native American sites and dinosaur fossil exhibits,
historic ghost towns, and even award-winning vineyards in Grand Junction. And for those who enjoy city life, amid all this natural beauty lie wonderful metropolitan areas
like Denver and Boulder, full of shopping, performing arts, and professional sports.
| Loomis Real Estate |
| Grand Junction, Rifle, Delta & Denver Colorado Loomis Real Estate is a local, family owned Real Estate Brokerage. Our firm consists of 4 full time Realtors that work for each client as a team, "The Loomis Team". |
Personalized service from Real Estate Brokers that care about YOU
Experience, time, and service from team of 4 real estateagents instead of 1
A TRUE family real estate business
We get RESULTS. No gimmicks, No broken promises
 |  |  |  |  |  |  |  |  |
Disclaimer
All information on this site is provided for informational purposes only! By no means is any information presented
herein intended to substitute for the advice provided to you by any professional or organization.
All information on this site is provided for informational purposes only! By no means is any information presented
herein intended to substitute for the advice provided to you by any professional or organization.
| Our Family Serving Yours |
| Denver (303) 646-5285 Grand Junction (970)361-7195 |
| CLICK HERE FOR GRAND JUNCTION RELOCATION INFORMATION & TO RECEIVE A RELOCATION PACKAGE |
How to Buy a Home With a Low Down Payment
by Brandon Cornett
It's no surprise that so many Americans are looking for ways to buy a home with a low down payment.
After all, with so many other costs associated with a home purchase -- like closing costs, furniture, moving expenses, etc. -- coming up with a large down payment isn't
always an option. So the idea of buying a home with a low down payment can be very appealing to many buyers, especially first time home buyers.
Many people mistakenly believe that a down payment of at least 20 percent is required in all mortgage scenarios. This is the way things were for a long time. But these days,
there are more flexible loan programs and terms available to home buyers. In fact, some mortgage lenders will extend loans to qualified buyers with a down payment as low
as 5 percent of the purchase price.
Generally, a mortgage loan with a down payment of less than 20 percent is referred to as a low down payment mortgage loan.
But like all things in life (and in home buying), there are special conditions to buying a home with a low down payment. For instance, many mortgage lenders who grant
loans with such a low down payment usually require that the loan be insured in some way. This insurance is aptly called mortgage insurance.
Mortgage Insurance for a Low Down Payment
Mortgage insurance is just what it sounds like -- insurance on a home mortgage loan. This type of insurance protects the lender financially in the event that a homeowner
defaults (ceases to make payments) on the mortgage.
Mortgage lenders usually require mortgage insurance on loans with a down payment of 20 percent or less. In other words, some form of mortgage insurance is almost
always required for a low down payment mortgage. The home buyer is usually required to pay the cost of this mortgage insurance.
Two Types of Mortgage Insurance - Government and Private
Let's recap what we have covered so far. We know that it's possible to buy a home with a low down payment, and that a 20 percent down payment is not always necessary.
We also said that most lenders who offer mortgages with a low down payment (below 20 percent) will also require some form of mortgage insurance. Thus, buying a home
with a low down payment almost always requires mortgage insurance.
With that straight, let's talk about the two types of mortgage insurance -- governmental and private.
Government Mortgage Insurance
Government-backed mortgages are usually insured by one of three federal organizations. These mortgages are either insured by (A) the Federal Housing Administration, or
FHA; (B) the Department of Veterans Affairs, or VA; or (C) the Department of Agriculture's Rural Housing Service, or RHS.
Each of these agencies has its own criteria for the types of loans they will ensure. For example, the VA Home Loan program only applies to military veterans or their
spouses, and RHS loans are usually reserved for people in rural areas.
The FHA requires a minimum down payment of 3 percent. They also limit the loan amount that they're willing to ensure based on geographic area.
So this is governmental path to buying a home with a low down payment. When you obtain a mortgage loan backed by one of the federal organizations listed above, you can
make a down payment less than the traditional 20 percent.
Private Mortgage Insurance
In addition to the three governmental options above, there are also private companies willing to insure mortgage loans. This too can be a path to home buying with a lower
down payment. Private mortgage insurance is aptly referred to as PMI. Private mortgage insurance is available to a much wider audience than the governmental options
listed above. For instance, there are no restrictions regarding military service or rural residence.
Private mortgage insurance, or PMI, is available on a wide variety of low down payment home loans and there is no pre-determined limit on the loan amount (as there
usually is with the government-backed mortgage loans).
Conclusion
These days, it is certainly possible to buy a home with a low down payment. In this context, "low" refers to a down payment of less than 20 percent. These types of home
loans require some form of mortgage insurance, either government insurance or private mortgage insurance (PMI). Here are some resources to help you learn more about
home buying with low money down.
by Brandon Cornett
It's no surprise that so many Americans are looking for ways to buy a home with a low down payment.
After all, with so many other costs associated with a home purchase -- like closing costs, furniture, moving expenses, etc. -- coming up with a large down payment isn't
always an option. So the idea of buying a home with a low down payment can be very appealing to many buyers, especially first time home buyers.
Many people mistakenly believe that a down payment of at least 20 percent is required in all mortgage scenarios. This is the way things were for a long time. But these days,
there are more flexible loan programs and terms available to home buyers. In fact, some mortgage lenders will extend loans to qualified buyers with a down payment as low
as 5 percent of the purchase price.
Generally, a mortgage loan with a down payment of less than 20 percent is referred to as a low down payment mortgage loan.
But like all things in life (and in home buying), there are special conditions to buying a home with a low down payment. For instance, many mortgage lenders who grant
loans with such a low down payment usually require that the loan be insured in some way. This insurance is aptly called mortgage insurance.
Mortgage Insurance for a Low Down Payment
Mortgage insurance is just what it sounds like -- insurance on a home mortgage loan. This type of insurance protects the lender financially in the event that a homeowner
defaults (ceases to make payments) on the mortgage.
Mortgage lenders usually require mortgage insurance on loans with a down payment of 20 percent or less. In other words, some form of mortgage insurance is almost
always required for a low down payment mortgage. The home buyer is usually required to pay the cost of this mortgage insurance.
Two Types of Mortgage Insurance - Government and Private
Let's recap what we have covered so far. We know that it's possible to buy a home with a low down payment, and that a 20 percent down payment is not always necessary.
We also said that most lenders who offer mortgages with a low down payment (below 20 percent) will also require some form of mortgage insurance. Thus, buying a home
with a low down payment almost always requires mortgage insurance.
With that straight, let's talk about the two types of mortgage insurance -- governmental and private.
Government Mortgage Insurance
Government-backed mortgages are usually insured by one of three federal organizations. These mortgages are either insured by (A) the Federal Housing Administration, or
FHA; (B) the Department of Veterans Affairs, or VA; or (C) the Department of Agriculture's Rural Housing Service, or RHS.
Each of these agencies has its own criteria for the types of loans they will ensure. For example, the VA Home Loan program only applies to military veterans or their
spouses, and RHS loans are usually reserved for people in rural areas.
The FHA requires a minimum down payment of 3 percent. They also limit the loan amount that they're willing to ensure based on geographic area.
So this is governmental path to buying a home with a low down payment. When you obtain a mortgage loan backed by one of the federal organizations listed above, you can
make a down payment less than the traditional 20 percent.
Private Mortgage Insurance
In addition to the three governmental options above, there are also private companies willing to insure mortgage loans. This too can be a path to home buying with a lower
down payment. Private mortgage insurance is aptly referred to as PMI. Private mortgage insurance is available to a much wider audience than the governmental options
listed above. For instance, there are no restrictions regarding military service or rural residence.
Private mortgage insurance, or PMI, is available on a wide variety of low down payment home loans and there is no pre-determined limit on the loan amount (as there
usually is with the government-backed mortgage loans).
Conclusion
These days, it is certainly possible to buy a home with a low down payment. In this context, "low" refers to a down payment of less than 20 percent. These types of home
loans require some form of mortgage insurance, either government insurance or private mortgage insurance (PMI). Here are some resources to help you learn more about
home buying with low money down.
10 Things You Must Do Before Buying a Home
by Brandon Cornett
Buying a home is often the largest personal finance transaction a person makes in his or her life. So it's critical that you make the right preparations and do the proper
research. Regardless of unique situations and special circumstances, there are ten things you must do before buying a home.
1. Study the home buying process.
This will allow you to make better decisions and act confidently. Home buying lingo is a big part of this, so be sure to read through a few home-buying glossaries before you
get into the thick of things.
2. Obtain your credit report.
Get a copy of your credit report and review it for errors. You can get copies from all three credit bureaus at once by visiting www.AnnualCreditReport.com. Mortgage lenders
will review your credit with a fine-toothed comb, so you should do the same ... before they review it.
3. Fix credit errors quickly.
If you find an error on your credit report, go to the company's website where the report came from (TransUnion, Equifax or Experian) to contest it. It can take time to clean up
an erroneous credit report, so get started as soon as you spot the error.
4. Check your debt-to-income ratio.
Mortgage lenders like to see a borrower's debt at (or below) 20% of net monthly income. If your debt exceeds 20% of your net monthly income, try to pay it down for applying
for a mortgage loan. You'll have an easier qualification process and will likely qualify for a better rate.
5. Determine your budget.
Use an online mortgage calculator to get an idea of how much you can afford to pay each month, and what that equates to in terms of a home price. This will give you a
budget to work from, which will help you weed out the homes that are beyond your comfort zone.
6. Start saving your cash.
This is one of the best things you can do before starting the home buying process, for a couple of reasons. First of all, mortgage lenders like to see that you have some cash
reserves on hand. Secondly, you'll need cash reserves for any unexpected fees or costs that might arise (which is common).
7. Get pre-approved for a loan.
During pre-approval, a mortgage lender will review your credit, finances, debt, etc. and conditionally qualify you for a certain amount of mortgage. Sellers will take you more
seriously if you have a pre-approval letter, and the process also helps identify any problems with your credit or other qualifying factors.
8. Avoid new lines of credit.
Try to keep your financial situation as "stable" and favorable as possible. It's a good idea to pay down some debt (see item #4 above) and to save up some cash. But the
worst thing you can do is take out a new loan / line of credit. At best, this could make the qualification process take longer. At worst, it could tip the debt scales into the
"greater than 20%" zone, which will make it harder to get a loan.
9. Validate the asking price.
It's called an "asking price" for a good reason. No asking price is set in stone, and everything in real estate negotiable. So don't accept an asking price as being reasonable
until you validate it through careful research. Compare the home / price to recent sales in the area. Your real estate agent can provide a comparative market analysis (CMA)
to help you with this step.
10. Get a home inspection.
It is never -- I repeat, never -- wise to skip the home inspection. A house is a sizable investment, and the last thing you want is to find a bunch of things wrong with it after
you've taken ownership. Home inspections are very affordable, and you cannot put a price on the peace of mind you'll have as a result of your inspection.
About the Author: Brandon Cornett is the founder of Home Buying Institute, the Internet's largest library of home buying advice. If you are in the process of buying a first home
make it a point to visit http://www.homebuyinginstitute.com
by Brandon Cornett
Buying a home is often the largest personal finance transaction a person makes in his or her life. So it's critical that you make the right preparations and do the proper
research. Regardless of unique situations and special circumstances, there are ten things you must do before buying a home.
1. Study the home buying process.
This will allow you to make better decisions and act confidently. Home buying lingo is a big part of this, so be sure to read through a few home-buying glossaries before you
get into the thick of things.
2. Obtain your credit report.
Get a copy of your credit report and review it for errors. You can get copies from all three credit bureaus at once by visiting www.AnnualCreditReport.com. Mortgage lenders
will review your credit with a fine-toothed comb, so you should do the same ... before they review it.
3. Fix credit errors quickly.
If you find an error on your credit report, go to the company's website where the report came from (TransUnion, Equifax or Experian) to contest it. It can take time to clean up
an erroneous credit report, so get started as soon as you spot the error.
4. Check your debt-to-income ratio.
Mortgage lenders like to see a borrower's debt at (or below) 20% of net monthly income. If your debt exceeds 20% of your net monthly income, try to pay it down for applying
for a mortgage loan. You'll have an easier qualification process and will likely qualify for a better rate.
5. Determine your budget.
Use an online mortgage calculator to get an idea of how much you can afford to pay each month, and what that equates to in terms of a home price. This will give you a
budget to work from, which will help you weed out the homes that are beyond your comfort zone.
6. Start saving your cash.
This is one of the best things you can do before starting the home buying process, for a couple of reasons. First of all, mortgage lenders like to see that you have some cash
reserves on hand. Secondly, you'll need cash reserves for any unexpected fees or costs that might arise (which is common).
7. Get pre-approved for a loan.
During pre-approval, a mortgage lender will review your credit, finances, debt, etc. and conditionally qualify you for a certain amount of mortgage. Sellers will take you more
seriously if you have a pre-approval letter, and the process also helps identify any problems with your credit or other qualifying factors.
8. Avoid new lines of credit.
Try to keep your financial situation as "stable" and favorable as possible. It's a good idea to pay down some debt (see item #4 above) and to save up some cash. But the
worst thing you can do is take out a new loan / line of credit. At best, this could make the qualification process take longer. At worst, it could tip the debt scales into the
"greater than 20%" zone, which will make it harder to get a loan.
9. Validate the asking price.
It's called an "asking price" for a good reason. No asking price is set in stone, and everything in real estate negotiable. So don't accept an asking price as being reasonable
until you validate it through careful research. Compare the home / price to recent sales in the area. Your real estate agent can provide a comparative market analysis (CMA)
to help you with this step.
10. Get a home inspection.
It is never -- I repeat, never -- wise to skip the home inspection. A house is a sizable investment, and the last thing you want is to find a bunch of things wrong with it after
you've taken ownership. Home inspections are very affordable, and you cannot put a price on the peace of mind you'll have as a result of your inspection.
About the Author: Brandon Cornett is the founder of Home Buying Institute, the Internet's largest library of home buying advice. If you are in the process of buying a first home
make it a point to visit http://www.homebuyinginstitute.com
Real estate follows a pattern and key factors will affect the rise and fall of the market. The result of this pattern
is that some areas are still hot property markets and others are not. Can you use this information to your
advantage to buy or sell a house for yourself? If you are considering buying or selling, then understanding
some of the facets of the real estate market will help you to evaluate your own unique situation.
Real estate is not only linked to economic growth, there are also other influences and some of these are
regional factors such as population growth, job growth and rising incomes. This means that some areas are
still red hot markets and that the increase in others may be dwindling. For instance, the nationally posted
figures for increases in real estate this year are 3.2% (that is up to June 2007).
But some areas are reporting much larger jumps than that. For instance, Wenatchee, Washington reports a
24% increase and the Pacific Northwest, Colorado and Utah are showing upwards of 10% appreciation.
In Grand Junction, Colorado, the city's work force has expanded by over 25% since 2002 and property has
increased by 65% in the last five years. The area houses a large gas field and the related industries have all
expanded. Keeping an eye on natural resources can be one indicator of projected growth in the property
market. When large numbers of new employees move into one area, all at the same time, the demand for
housing often exceeds the supply therefore houses are scarce and it is a sellers market.
Job growth has long been an indicator for serious realty investors. If you are wondering about the property
market in your part of the country, then the local newspaper is a good place to start. If it forecasts that many
companies, or even one large company, is moving out of town, it would be wise to keep an eye on the other
businesses.
One tell tale sign is an excess of rental signs in property windows and more 'For Sale' signs around than
usual. If you are in an area where the market is stagnant and you can ride it out,then this is advisable as the
market trend is usually always up. Sometimes the perceived 'drop' in prices is really just a drop in the profit
margin that was on paper.
Alternatively, if there are reports that new companies are moving into the area, it may mean that back up
businesses will follow. Also check for reports that one of the established businesses in your town is
planning an expansion, either way, these changes will bode well for the housing market.
is that some areas are still hot property markets and others are not. Can you use this information to your
advantage to buy or sell a house for yourself? If you are considering buying or selling, then understanding
some of the facets of the real estate market will help you to evaluate your own unique situation.
Real estate is not only linked to economic growth, there are also other influences and some of these are
regional factors such as population growth, job growth and rising incomes. This means that some areas are
still red hot markets and that the increase in others may be dwindling. For instance, the nationally posted
figures for increases in real estate this year are 3.2% (that is up to June 2007).
But some areas are reporting much larger jumps than that. For instance, Wenatchee, Washington reports a
24% increase and the Pacific Northwest, Colorado and Utah are showing upwards of 10% appreciation.
In Grand Junction, Colorado, the city's work force has expanded by over 25% since 2002 and property has
increased by 65% in the last five years. The area houses a large gas field and the related industries have all
expanded. Keeping an eye on natural resources can be one indicator of projected growth in the property
market. When large numbers of new employees move into one area, all at the same time, the demand for
housing often exceeds the supply therefore houses are scarce and it is a sellers market.
Job growth has long been an indicator for serious realty investors. If you are wondering about the property
market in your part of the country, then the local newspaper is a good place to start. If it forecasts that many
companies, or even one large company, is moving out of town, it would be wise to keep an eye on the other
businesses.
One tell tale sign is an excess of rental signs in property windows and more 'For Sale' signs around than
usual. If you are in an area where the market is stagnant and you can ride it out,then this is advisable as the
market trend is usually always up. Sometimes the perceived 'drop' in prices is really just a drop in the profit
margin that was on paper.
Alternatively, if there are reports that new companies are moving into the area, it may mean that back up
businesses will follow. Also check for reports that one of the established businesses in your town is
planning an expansion, either way, these changes will bode well for the housing market.
