How do I know what I can afford and what will my payment be?
Every loan and payment is dependent upon several factors. These include down payment, Down Payment Assistance Programs, Home Owners Insurance Premiums, credit score, and income to debt ratio and more. For example, if you are utilizing CHFA Down Payment Assistance FHA with a purchase price between $245,000 and $325,000, you can expect your payment to be between $1,895-$2,500 per month, including principal, interest, insurance and mortgage insurance. (PITIMI). Or on a Conventional loan putting 20 percent down on a $275,000 purchase price you can expect your payments to be approximately. $1,475 per month, PITI. Please contact Joe Bowers 303-931-1985 for an exact quote.
***All based on a 720+ credit score
How long does it take to get pre-approved?
If you have all your current financial information, like income taxes, W2s, last 30 days paystubs, and most recent 60 days bank statements, you can be pre-approved in 30 minutes. These are the items necessary to get a mortgage. Without the income and asset documentation, Joe at Gateway Mortgage Group, 303-749-0346, cannot issue a pre-approval letter.
What to do and what not to do while under contract?
1. Don’t make any major purchases like a new car, boat or motorcycle.
2. Don’t open any new credit accounts or apply for new credit.
3. Don’t quit your job or change to a less paying job.
4. Don’t increase your credit debts.
5. Do get quotes for home insurance ASAP.
6. Do pay down balances on credit cards but keep them open.
7. Do let the lender know if anything major changes in your financial life, for example, a new job, another source of income, a pending debt, etc.
8. Do save as much as possible before the closing of your home.
Is your preferred lender charging more and giving Mission Homes Colorado kickbacks?
No. We actually pay money to the buyer in the form of incentives because we know how complicated and tentative first-time buyer mortgages can be. We also know Joe at Gateway Mortgage Group gives us a tremendous advantage in getting our buyers to the closing table clean and prepared: no surprises.
Did you cut corners?
No. For example, front-yard landscaping and fencing is included, as well as construction upgrades like 2x6 construction, above code insulation, pier foundations, rebar reinforced slabs and more. We also have brought EnergyLogic on board as a partner. They are a Berthoud Company that is the nation’s leader in innovation for the Home Energy Rating System. This means your cottage is going to save you money on your utility bills, like a built-in savings account.
Why are garages not included?
We find that garages are nice to have, however not always a priority for buyers with limited loan approval capacity. Often, they will prefer to put their money into the actual home first and then when they can afford it, add a garage later when income allows.
Is there a Home Owners Association?
No there is no Home Owners Association. Instead there is a Metro District in PrairieStar Master Planned Community. A Metro District provides public improvements and services to its property owners and residents. Providing public improvements and services to residents, a Metro District is a layer of government providing an efficient and effective way to fund and acquire public improvements; provide amenities and maintain common areas for the community. Taxes are levied by the District and paid for through your property taxes. In the case of PrairieStar, the Metro District replaces the HOA model. A Metro District is not in the business of making a profit. Specific statutes govern the expenditures and revenues.
According to the PrairieStar website, the following is an example of the fees associated with the Metro District:
· By way of example, if your home has a market value of $400,000, the taxable value is calculated as follows: $400,000 (Market Value) x 7.2% (Assessed Ratio) = $28,800 (Taxable Value) The Metro District taxes are based on a 49.749 (current) mill levy as follows: $28,800 (Taxable Value) x .049749 (District Mill Levy) = $1,432.77 (Metro District Taxes)
We will continue to answer your questions as you ask adding more to this page each week. Check back to make sure your inquiry has been answered.