The Hughes Team

According to Freddie Mac, interest rates on both 30 year and 15 year fixed loans fell to new record lows, at 3.89 and 3.16% respectively. Even with a large inventory in residential and investment properties to choose from, sales are still sluggish.  The chief economist for Freddie Mac suggests that low interest rates may cause home buyers to hesitate because they may expect them to fall even further, but  rising rates which often accompany an improving economy, can give potential buyers a reason to act before rates and home prices become less affordable.

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For more information on any Colorado Springs Homes For Sale, contact:

The Hughes Team

Colorado Springs Realtors 

Click here for a Detailed Market Snapshot for any address in

El Paso and Teller Counties

1. Determine if you qualify by accessing a questionnaire provided by the U.S. Treasury Department.

2. Compile the information that server wants.

3. Don't exaggerate your financial shortcomings

4. Packages with obvious errors may fall to the bottom of the pile, make sure your information is filled out accurately and completely. Use a cover sheet that identifies all documents in your package. Write your name and loan number on every page.

5. Assure delivery by using fax or certified mail, or use DMM Document Wizard.

6. Follow up, and follow up again.

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For more information on any Colorado Springs Homes For Sale, contact:

The Hughes Team

Colorado Springs Realtors 

Click here for a Detailed Market Snapshot for any address in

El Paso and Teller Counties

If the loan amount exceeds the maximum set by Fannie Mae and Freddie Mac, then the loan is deemed "nonconforming" or "jumbo". Effective October 1, 2011 Fannie Mae and Freddie Mac lowered their confirming loan limit back to $625,000.

Maximum Loan Amount: The maximum loan amount allowed for a Conventional Conforming Loan varies from county to county. The lowest maximum Conventional Mortgage amount available in any county is $417,000. To see what the limit is in the county in which you're interested, visit the following site https://www.efanniemae.com/sf/refmaterials/loanlimits/. This site lists U.S. territories as well as states.

Look for these four criteria when chosing a jumbo lender:

. Experience: Affluent home owners often have special financing needs and may require a flexible or unique loan structure.

. Flexibility: lender that offers a variety of fixed and adjustable rate loans

. Financial strength: Not every lender has the balance sheet to accommodate these non-agency loans.

. Low Cost: Choose a jumbo lender that knows how to develop the best mortgage strategy.

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For more information on any Colorado Springs Homes For Sale, contact:

The Hughes Team

Colorado Springs Realtors

Click here for a Detailed Market Snapshot for any address in

El Paso and Teller Counties

According to the Mortgage Bankers Association 50 percent of refinance applications and 30 percent of purchase mortgage applications are rejected or abanded. Below are the top six reasons mortgage lenders reject applications:

1. Income issues

2. Muddled money matters

3. Credit issues

4. Property did not appraise

5. House has condition problems

6. Technical difficulties with application

The articles points out that it is important to connect with your mortgage professional to work out these glitches.  Your mortgage professional can help you to determine if you should pay some bills down, get a co-signer, or wait a few months until your income documentation will qualify.

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This article gives information on interest deduction, deducting points, closing costs, and prepayment penalties. It also provides a link to an IRS publication on home mortgage interest deductions. 

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