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Realtors® Applaud Congress for Reinstating FHA Loan Limits WASHINGTON (November 17, 2011) – The National Association of Realtors® commends Congress for reinstating the loan limit formula and maximum cap for Federal Housing Administration-insured loans for two years. "As the nation’s leading advocate for homeownership, we applaud members of Congress for restoring FHA’s previous loan limits, which will help reduce consumer cost burdens, stabilize local housing markets and allow qualified, creditworthy borrowers to access affordable mortgage financing," said NAR President Moe Veissi. "The reinstated loan limits will help provide much needed liquidity and stability to communities nationwide as tight credit restrictions continue to prevent some qualified buyers from becoming home owners and the housing market recovery remains fragile." The provision reinstates the FHA loan limits through 2013 at 125 percent of local area median home prices, up to a maximum of $729,750 in the highest cost markets. The floor will remain at $271,050. The loan limits for Fannie Mae- and Freddie Mac-backed mortgages will remain at 115 percent of local area median home prices, up to $625,500. NAR believes the reinstated loan limit formula and cap change will help make mortgages more affordable and accessible for hard-working, middle-class families throughout the country, not just wealthy individuals or those in costly markets. Nearly two-thirds of buyers who will be helped by the loan limits provision have incomes below $100,000. "It’s a misconception that only wealthy borrowers benefit from the maximum cost loan limits; middle-class home buyers living in all areas of the country deserve the same access to affordable mortgage financing and the same opportunity to achieve homeownership that home buyers enjoy in the most affordable regions of the country," said Veissi. The legislative action will have an impact even in communities with loan limits well below the maximum cap; the reset last month impacted 669 counties in 42 states and territories, with an average loan limit reduction of more than $68,000. The bill also provides for a short-term extension of the National Flood Insurance Program through December 16, 2011. NAR strongly urges Congress to use the additional time to complete work on a five-year reauthorization of the program, which ensures access to affordable flood insurance for millions of home and business owners across the country. The National Association of Realtors®, "The Voice for Real Estate," is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries. Myths and Facts about the FHA Loan Limits MYTH: FHA WILL SOON NEED A FEDERAL BAILOUT FACT: The FY12 actuarial review shows a slight decline in capital reserves. However, it is important to note that this is NOT FHA´s only reserve fund. The capital reserves reflect the reserves available after paying expected claims and expenses.FHA´s current cash reserves total $33.7 billion - a $400 million increase from a year ago. These reserves are fully capitalized to pay 30 years´ worth of expected claims and losses. By comparison, the Financial Accounting Standards Board only requires private financial institutions to hold reserves for losses over the next 12 months. FHA has 30 times that amount in their cash reserves, plus another $2.55 billion in the excess capital reserves. The 2012 Audit states that "On net, the economic value of the Fund in future years has increased significantly due to the new, higher forecast of house price growth." It is anticipated that FHA will again reach the 2% excess reserve requirement by 2014. MYTH: FHA IS EXPERIENCING HIGH DEFAULTS AND FORECLOSURES FACT: FHA´s seriously delinquent rate for loans originated in the last two years declined to 1.90%. FHA has said this is the lowest seriously delinquent rate in the history of the Neighborhood Watch system (originated in 1999). FHA´s total delinquency rate is now at the lowest level in more than five years. Furthermore, FHA´s credit quality has improved steadily since 2007. Over fifty percent (50%) of FHA loans made in every quarter since 2009 (2nd quarter) had credit scores above 680. Thirty-five percent (35%) of FHA borrowers in 2010 and 2011 (first half) had credit scores over 720.MYTH: THE ACTUARIAL REVIEW SHOWS FHA IS IN SERIOUS TROUBLE FACT: The actuarial review is a "snapshot" of the portfolio at a particular point in time. It estimates how the portfolio will perform in a run-off scenario over the next 30 years. Accordingly, an actuarial review is highly dependent on projections about the future economic environment, particularly house price projections.According to the review, "Both the economic value and the IIF (insurance in force) of the Fund are expected to increase each year over the next seven years." Even the Wall Street Journal ( 11/15/11) reports that "the independent audit shows that loans made over the last two years are performing far better and are expected to be profitable. While rising losses could prompt new calls for the FHA to take steps to reduce their role in the markets, housing analysis warn those steps could be counter-productive if they prevent qualified borrowers from accessing credit."MYTH : EXTENDING THE CONFORMING LOAN LIMITS WILL PUT FHA AT GREATER RISK FACT: The 2011 Actuarial Review actually shows the opposite to be true. The review states, "FHA experience indicates that more expensive houses tend to perform better compared with smaller houses in the same geographical area, all else being equal."MYTH: FHA IS NOT SERVING ITS MISSION FACT: In 2010, FHA was used by 56 percent of all first-time homebuyers, and 60 percent of all African-American and Hispanic homebuyers. In addition, 85% of borrowers obtaining homes at the higher loan limits had incomes below $150,000, and nearly 65% had incomes less than $100,000.MYTH: EXTENDING THE LIMITS WILL SERVE MILLIONAIRES BUYING MCMANSIONS FACT: Although some have argued this provision provides financing only for high-cost markets, more than 100 counties throughout the Midwest and more than 200 counties in the South experienced declines averaging more than $64,000. The majority of markets that were impacted by the loan limit decline are NOT high cost.Submitted by National Association of REALTORS April 19, 2010 Top 10 Tax Credits 1. Federal Rehabilitation Tax Credit - The rehabilitation credit applies to costs you incur for rehabilitation and reconstruction of certain buildings. Rehabilitation includes renovation, restoration, and reconstruction. It does not include enlargement or new construction. 2. First Time Home Buyer Tax Credit ? This expires April 30, 2010. Up to $8,000 (10% of the purchase price, up to a maximum of $8,000). As long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010, to close. 3. Move-up Home Buyer Tax Credit ? This expires April 30, 2010. Up to $6,500 (10% of the purchase price, up to a maximum of $6,500) As long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010, to close. 4. Energy Star Tax Credit* - Must be an existing home & your principal residence. New construction and rentals do not qualify. 30% of cost up to $1,500. Expires: December 31, 2010. Includes Biomass Stoves, Heating, Ventilating, Air Conditioning (HVAC), Insulation & Weather stripping (Spray foam in a can designed to air seal, Caulk designed to air seal, House wrap), Roofs (Metal & Asphalt), Water Heaters (non-solar), Windows & Doors. 5. Energy Star Tax Credit* - Existing homes & new construction qualify. Both principal residences and second homes qualify. Rentals do not qualify. 30% of cost with no upper limit. Expires: December 31, 2016. Includes Geothermal Heat Pumps, Small Wind Turbines (Residential), Solar Energy Systems. 6. Energy Star Tax Credit* - Existing homes & new construction qualify. Must be your principal residence. Rentals and second homes do not qualify. 30% of the cost, up to $500 per .5 kW of power capacity. Expires: December 31, 2016. Fuel Cells (Residential Fuel Cell and Microturbine System). 7. Low Income Housing Tax Credit - Low Income Housing Tax Credit (LIHTC) reduces the tax liability of property owners and investors who agree to provide low-income housing for up to 40 years. 8. Real Estate Tax Credit for Persons Age 65 and Older - If you are age 65 or older on the last day of the tax year, you are allowed a higher standard deduction for that year. 9. Property Tax Deduction for Non-Itemizers - A new law passed in 2008 lets you increase your standard deduction by the amount of real property tax you could have claimed if you did itemize -- up to $500 ($1,000 on a joint return). 10. State-specific Tax Credits ? April 19, 2010. The Governor´s Energy Office (GEO) in * Federal Tax Credits for Consumer Energy Efficiency http://www.energystar.gov/index.cfm?c=tax_credits.tx_index 280+ miles of bike lanes3;30 miles of bike trails3;.morning air on your face3;smell of fresh coffee at 8:00am3;.why not bike to breakfast in 1. Rainbow Restaurant - 2. Lucile´s Creole Café - 400 S. Meldrum ? Chicory coffee and beignets on the deck while you bask in the sun. Racks in front and a fence on the side where you can leave bikes. The menu is a slice of 3. The Back Porch Café - 4. Café Bluebird - 524 5. Dempsey´s - 6. Le Creperie & Bakery - 7. Red Table Café - 8. Silver Grill - 9 .Egg & I - 10. and coming soon3;.. Snooze ?
With our family, "dogs rule"! They keep us in shape with daily runs/walks, are there by our side in time of need, protect our home and give constant love and companionship. Here are my picks for dog fun in the Fort. 1. Fast and Furriest - A fantastic doggie/runner expo with entertainment, including the Amazing Deaf Cattle Dog, face painting, live music, race day give-aways and doggie demos. Benefiting CSU's 2. Linnea Dick Pet Walk and Adopt-a-thon - 1.5 mile pet walk, 3. Larimer Humane Society Fire Hydrant 5 - 5K Race, Pet Fair, Fido Photos, Paw Painting, Animal Rescue, Code 3 Associates Mobile Command Center for emergency animal rescue. June 5, 2010 4. Paws on the Promenade - The Promenade Shops at Centerra - Benefits the Larimer and 5. Pooch Plunge ? City Park Pool marks the final days of summer before the pool is drained. Pooches are encouraged to bring four- and two-legged friends for the final splash-down of the year. Complimentary gift bag filled with treats and treasures 6. Annie Walk and Pet Fest. This fundraising event is in honor of Annie the Railroad Dog, a much loved mascot of 7. Doggie Olympics - Four levels of scored participation: Junior Handler, Senior Dog, Fun/Recreational, and Competitive. "Paws at Play" is for non-competitive teams. October. 8. Canine Wellness Expo - Features speakers from CSU´s an agility fun match, adoption fair, dog wash, demonstrations, and a free health screening from area veterinarians. Admission is voluntary and benefits Search and Rescue Dogs of 9. Howl´oween Parade and Festival - The event includes a parade, costume judging , post-parade festival, adoption fair, vendors and more. October. 10. Dog Parks ? For a pooch, going to the local dog park is an event in itself.
Colorado Open Lands´ first archaeological conservation easement is located at I have two beautiful homes listed in the Bison Ridge development sitting high on a hill overlooking River West. Here you can experience the expansive and breathtaking views of the Close to Bison Ridge you are able to access the Poudre River Trail, offering non-motorized recreational opportunities including: biking, walking, running, and rollerblading. There are many historical sites and educational opportunities to visit along the trail and a downloadable map from the website, http://www.poudretrail.org. In the Spring you will see many migrating birds among the cottonwood riparian area and waterfowl along the So, what is a Yonkee? It is a Late Plains Archaic period culture of hunter-gatherers known only by their long, slender spear points used for bison hunting. The spear points, yonkees, are named after the culture. Until the recent discovery of the River West bison kill site, it was thought that this ancient group only existed in northern
1. Tour de Fat. Oil your bike chains and don your capes, crowns, tutus and tuxedos! Tour de Fat is the biggest, most enjoyable traveling bike festival in the country or world! This ballyhoo of bikes is sponsored by the New Belgium Brewing Company, based in 2. NewWestFest. In its 22nd year, this free weekend showcases over 300 arts, crafts and food booths, Kids' World & Music Adventure, a children's carnival, two beer gardens, and seven stages of continuous entertainment highlighting Northern Colorado and the Front Range´s wonderfully talented artists. August 20-22, 2010. http://www.downtownfortcollins.com. 3. Taste of 4. Kites in the Park Festival. The skies come alive with kites of all shapes, sizes, and colors. Free event featuring professional flyers, specialty kites, a kids kite-making station, competitions & prizes, kites to purchase and concessions. An art auction will premier this year where unique and wonderful kite creations, donated by local artists, will be available for bid. Proceeds from the art auction will benefit low-income youth. http://www.fcgov.com. May 1, 2010. 5. 6. Oktoberfest. Brats, lederhosen, polkas and great 7. 4th of July. Activities take place Downtown Fort Collins during the day and at 8. A 9. First Night® 10. Nelson´s
As a real estate professional I am always updating my credentials and knowledge-base. I have completed the necessary classroom hours to become an EcoBroker, an expert on energy and environmental information for the home. I have a home listed at 717 Dartmouth Trail in Fort Collins that has been transformed from a very nice traditional, but dated, residence into a WOW! Craftsman-style beauty. During the planning process choices were made for the health of the residents as well as the environment. Low VOC paint was chosen, new formaldehyde-free carpet pad installed and an active solar radiant heat was added. Light fills the main floor through the numerous new windows that capture passive solar heat. Natural materials fill this home. One of the most exciting features is the inlay for the stair railing. It is from one of the top ten noted trees of all time, a sycamore. The tree was harvested after it toppled in the wind and the carpenter held onto it for over 25 years, just waiting for the right place to install this special material. The house on Dartmouth Trail in Fort Collins is a masterpiece and a wonderful example of how to "Go Green" as you update your home and increase its value.
2. First Friday Art Walks. http://www.downtownfortcollins.com. Not only do you experience fantastic art at a multitude of galleries, but some of the locations offer appetizers and music. 3. Take a downtown walk. Main Street Disneyland was inspired by Old Town Fort Collins. Disney employee Harper Goff, a Ft. Collins native, showed Walt Disney his photos of Ft. Collins and Disney told him to make Main Street look like that. Fort Collins Old Town District has 23 preserved buildings, including examples of Art Deco and early-century architecture. 4. Fort Collins Museum. Free Admission every third Sunday of the month. Heritage Courtyard contains four historic structures embodying early Euro-American life in the area. The Fort Collins Local History Archive has something for everyone. Admission to the Archive is always free. http://www.fcmdsc.org. 5. Lyric Cinema, http://www.lyriccinemacafe.com, 300 East Mountain. Free morning cartoons 10:00-12:00, every day except Sundays. 6. Summer outdoor concerts starting in June and Bohemian Nights at New West Fest in August. http://www.downtownfortcollins.com. 7. The Farm at Lee Martinez Park. Free for those under 2 and over 85+ ($2.50 otherwise). Take a walk through yesteryear's farm era with interactive displays and live farm animals. http://www.fcgov.com/recreation/thefarm.php. 8. Farmer´s Markets. Winter Market in Opera Galleria. Live music, free samples, and lots of fun. Summer Market at the Larimer County Courthouse Parking Lot). http://www.nocofoodincubator.com/. http://www.larimercountyfarmersmarket.org/.
9. Bicycling. Fort Collins Bicycle Library will lend bicycles to visitors and residents looking to explore the City of Fort Collins. There are self guided tours from the "Bike the Sites" collection, including the Brewery Tour, Environmental Learning Tour, and the Historic Homes Tour. www.fcbikelibrary.org. In the summer, take a look at the CSU Horticulture Dept. experimental flower gardens at the site of the old Fort Collins High School.
10. Old Town Trolley. Free rides for Moms on Mother's Day, Dads on Father's Day and for everyone on special days when sponsored by local businesses. (otherwise, $1 for adults). Fort Collins Birney Safety Car 21 travels 3-miles round trip and was one of four cars purchased by the City in 1919. Saturday and Sunday afternoons and holidays from May through September. http://www.fortnet.org/trolley.
When you are reading or watching the media about the housing market, remember that statistics and market conditions vary between towns, regions and states. Each town or city in Northern Colorado has its own unique culture, demographics, services, and schools which affect their housing markets. A REALTOR® from Denver, Boulder, Philadelphia, or Timbuktu does not have the experience or sense of community to evaluate market conditions in Fort Collins, Loveland, Berthoud, Windsor, Wellington or Timnath. I have lived in Fort Collins, Colorado, since 1974 and have been a REALTOR® since 1976. Having been through the ups and downs of the real estate market as a real estate agent, homeowner, investor and teacher, I can safely say that I am an expert in the field and I know about the Northern Colorado real estate markets! Case in point. I have a wonderful bungalow listed in Old Town Fort Collins (now under contract) in which an out-of-state relocation director is involved. In marketing the home, I posted photos of concerts and activities in downtown (Old Town) Fort Collins. The relocation director objected to the "party atmosphere" that the photos depicted. The assumption was that Old Town is a college hangout. Old Town and Colorado State University are in close proximity because CSU was founded in 1870 and Fort Collins was incorporated in 1873. Homes built before 1930 are relatively scarce in our town because census records show that the population was only 11,489 that year. Those of us who live and work in Fort Collins know that the unique character and heartbeat is in Old Town with all of its cultural activities, restaurants, business centers and shopping. I have studied content of all of the major housing websites that give crime statistics, walkability scores, school ratings, and house estimates. They give information that is a benchmark for a location but they cannot fully identify or represent the actual address. To continue with the misinformation about the neighborhood in which the bungalow sits, the walkability score is listed as 69/100. To someone who does not live in this town, one would see this statistic and think that a car is necessary. The fact is, this is a community that is designed for biking with 310+ miles of bike lanes and trails that meander throughout the city. Living in Old Town Fort Collins means that one can bike anywhere and the car can stay in the garage.
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