Ready to Own
So, you are ready to own your own home. Congrats. There are many great Boulder home ownership strategies. Of course, the most widely known is getting a mortgage and buying a house. For the vast majority of home seekers, this is the route. If you fall into this Boulder home ownership group, you might use all cash, some cash and a mortgage or a 100% financed mortgage to purchase your abode.
Boulder Home Financing Options
Ready to buy? First things first, you will want to line up your financing. A wide variety of programs exist for today’s consumers. The Veteran Affairs department offers an excellent zero (0) down program for vets. It is one of the best benefits of service. Not a veteran? 0 down home mortgage programs are making a resurgence in the area.
FHA offers a great mortgage with only 3.5% down payment. FHA loans are easier to qualify for than conventional mortgages, but do require mortgage insurance (MI). And today, that extra insurance runs the life of the loan. For buyers with some cash available, consider a 5% down mortgage (10% or 20% are also very common LTV – Loan to Value – mortgages). A 5% down payment has some MI but the terms are better.
There are also special Boulder home ownership strategies and programs available for consumers. For instance, teachers, fire fighters and police can qualify for the Good Neighbor Next Door. This program can chop the cost of a house in half. The 203K mortgage is another great program. It adds the costs of your planned remodeling to the mortgage.
Recommended Boulder Real Estate News Content:
- Good Neighbor Next Door
- 203K Financing
- Mortgage Financing Types
- No Money Down Loan
- Lender gives back
- Guest Post
- Rent To Own
Cash is King
Home buyers with deep pockets frequently will write all cash offers to purchase a house. This doesn’t necessarily mean they will close without a mortgage. During the very hot sellers market of 2013-14, one of the more aggressive Boulder home ownership strategies in use was offering cash and then getting a mortgage for some of the purchase price. This allowed buyers to be the best offer in competition and then the best value for themselves at closing.
Boulder Homes are Pricey
Unfortunately, too often would be home buyers are deterred by the high price of housing in Boulder Colorado. Well, the city and county understand where you are coming from. There are a wide range of financing programs available to assist potential home buyers. And, for buyers will good credit and modest income, one of the best Boulder home ownership strategies is the permanently affordable route.
Permanently Affordable allows qualifying home buyers to enter Boulder’s market at a greatly reduced price point. Of course, anything that sounds too good to be true does have a catch. In this case, the property must remain affordable for the next home buyer. Read more on the process:
You can also view homes for sale in the Permanently Affordable program by following this LINK to my IDX page.
Rent To Own
This is one of the rarest Boulder home ownership strategies. It is a good way to move from the world of renting to owning. However, with both buyer and seller concerns, it is rarely employed. Read a detailed post on the strategy here.
Build and Remodel
At the other end of the spectrum of Boulder home ownership strategies is buying for the lot and then remodeling or building anew. For those with deep pockets, this is an excellent way to have everything you want in a home, and home exactly where you want. I recommend reading my post on navigating the building codes in Boulder. There are plenty of rules, from protecting your neighbors’ sunshine to height restrictions and more.
Yeah – this is Boulder when you have to worry about a neighbor’s sunshine.
Recommended Next Step For Boulder Home Ownership Strategies
Next up, I suggest following some simple steps to buying your home. Here is a list of 10 simple suggestions to get from here to there in home ownership. Search for cheap homes or expensive ones in Boulder Colorado.