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ArchivesJuly 2008Affordable "green" upgradesThis article by Chris Kaucnik, marketing director for Home Warranty of America, Inc. will give us all some good ideas for 'greening' up the house on a budget. Offering something unique and timely can always help sell a home more quickly and possibly closer to the listing price. Aside from the usual home-staging techniques, implementing some easy, but key energy and water-saving options, too, might just do the trick. Savvy buyers will ask what utility costs are or to see actual bills-especially in older homes-and be impressed at measures taken to reduce those costs. Here are some easy, smaller projects that can increase a home’s appeal in a time of high energy costs with an extraordinary focus on being green. And, of course, make sure you market the home with these positive, new features: -Replace regular light bulbs in permanent fixtures with compact fluorescent light bulbs (CFLs use about one-fifth as much energy as regular bulbs, and last about 12 times longer). Another visible change that may attract a buyer is using renewable sources in any flooring you might replace prior to listing, such as recycled carpeting, bamboo, cork or other flooring from fast-growing wood sources. You can also recommend a home energy audit to help your clients identify other easy, but important fixes and demonstrate to potential buyers that sellers are serious about home maintenance and improvement. It will give buyers a fun jumpstart, too, on accomplishing more efficiency improvements in their new home. Being willing to partner with buyers creates an air of security that the home is still cared about. It sends the message that all parties want the buyers to have as great an experience in the home as the previous family did. You can see that encouraging these smaller, but important, green ideas with your clients can be very beneficial to a quicker home sale. 12:49 PM - Jul. 31, 2008 - comments {0} - post commentA Colorado water primer - part 2As we emerge from the wettest spring in some time with a relatively large snow pack, it's easy for the droughts of past years to become a distant memory, but perhaps it is wise to remember how tenuous is our water supply. And sometimes it is useful to obtain a perspective from other than real estate interests. The following was excerpted from articles by Nathan Fey of Salida on the website of American Whitewater, "a national non-profit organization with a mission "to conserve and restore America's whitewater resources and to enhance opportunities to enjoy them safely." For more go to http://www. americanwhitewater.org In 2005 the Colorado Legislature created the Interbasin Compact Committee (IBCC) and nine roundtables across the state to further evaluate statewide water supply and demand at the basin level. The IBCC organizes to negotiate diverting water between basins. These Basin Roundtables are charged with refining the SWSI 1 report by quantifying consumptive and non-consumptive water needs and identifying water projects scoped to meet projected future demands. In Colorado consumptive water use includes all withdrawals from surface or ground water supplies to be put to beneficial use, including agricultural, municipal, and industrial needs. Non- consumptive uses include recreational and environmental needs, including Instream flow rights, Recreational In-channel Diversions, and needs for threatened or endangered fish and riparian life. 12:46 PM - Jul. 29, 2008 - comments {0} - post commentA Colorado water primer - Part 1As we emerge from the wettest spring in some time with a relatively large snow pack, it's easy for the droughts of past years to become a distant memory, but perhaps it is wise to remember how tenuous is our water supply. And sometimes it is useful to obtain a perspective from other than real estate interests. The following was excerpted from articles by Nathan Fey of Salida on the website of American Whitewater, "a national non-profit organization with a mission "to conserve and restore America's whitewater resources and to enhance opportunities to enjoy them safely." For more go to http://www. americanwhitewater.org 12:44 PM - Jul. 27, 2008 - comments {0} - post commentNew home builder incentives
This article is by Joshua Ferris who specializes in Orange County New York real estate including new home communities and townhouses.
After the real estate market hit a steady decline in mid 2006, home builders turned to incentives as a way to attract home buyers to their communities and to help differentiate themselves from the competition. When you start looking for a new home be sure to compare builder incentives as much as the communities themselves. To help you choose, I have created a list of the top 7 new home buying incentives you should look out for: Military or Civil Service Incentive - As a thank you to the individuals who serve in the military or are veterans of the military in addition to firefighters, police officers, EMTs and hospital staff, national home builder K. Hovnanian is offering $5,000 off the asking price of their homes, for a limited time, to people in these fields. Other large builders also offer similar incentives to teachers and civil service positions. Lower Asking Price on "Spec Homes" - Depending on your moving situation, this is the golden egg of builder incentives. Most new home builders will construct a set number of homes in their community as "spec" homes or homes built on speculation that people will purchase the homes and move in quickly. Once these homes are finished the builder won't want to sit on a large inventory of homes so they will offer spec homes with predetermined upgrades included at a lower asking price than if you were to build the home from scratch and add those upgrades. Incentives Tied to Builder's Mortgage Company - Builders and on-site sales representatives enjoy working with their established banking relationships because they feel it will make the mortgage process easier and less stressful for everyone than if you were to use an outside lender. In this scenario I've seen builders offer to pay closing costs and up to one year of Homeowner's Association fees for buyers who purchase using their mortgage company. Lot Premium Reductions - Like a rare platinum ring, highly desirable lots tend to come with a premium attached. Builders often place premiums ranging from a few thousand to nearly $100,000 on the most desirable lots in the community. Lot premiums are not set in stone and under the right circumstances can be negotiated much like everything else. Reduced Option Prices - With the average new home buyer spending about 10% of their purchase price on upgrades you should look to get the most bang for your buck with the limited budget you have set for options. When evaluating the standard features list for a community, check into the cost for all of the options you would want in the home and see if the builder is providing special pricing on select options. Standard Features... and then some! - To make homes more appealing than the standard features list will allow, builders are now including previously optional home upgrades like granite countertops, expanded suites, swimming pools and sun rooms as an incentive to buy in their community. "Free Gifts" with Home Purchase - Sometimes it takes more than granite countertops and hardwood floors to make a home stand out. Some builders are going the extra mile and including in-home luxuries like plasma screen tvs and offering car leases to draw in prospective buyers. For soon to be commuters, a two year lease on a new car might be the perfect way to help ease into life in the suburbs 12:40 PM - Jul. 25, 2008 - comments {0} - post commentSummer hikingThis summer venture outdoors and take in all of Colorado’s scenic beauty. Here are some suggestions for day hikes regardless of your hiking skill level. Easy
The hikes below are for sightseers and beginners alike who are looking for a nice day hike, without being stiff the next morning.
Kohler Mesa Boulder
Enjoy this short, 2.4-mile roundtrip, hike while getting a cardio workout on this tree-lined trail. Bring your camera, as there are some amazing views of the flatirons along this hike. For more information and directions to the trailhead visit www.localhikes.com/Hikes/kohler_mesa_2082.asp
Matthew Winters Park / Red Rocks Morrison Slide Golden/Morrison Start on the Village Walk Trail and after about .4 miles take the Red Rocks Trail south. You will notice the Morrison Slide as you start switch backing on the trail. Eventually, after the decent of the Slide, you will see the Red Rocks trail, head north and you will get back to where you began. Enjoy the beautiful landscape and wildflowers, but beware there is little shade on this trail, so morning and evening hikes are best. The switch backs can get the heart pumping, but for the most part it’s a nice walking trail. For trail maps and directions visit www.co.jefferson.co.us/openspace/openspace_T56_R1.htm
Intermediate
The hikes below are for skilled hikers who enjoy an outdoor workout with varying elevations. Devils Playground to Pikes Peak
Take the Pikes Peak Toll Road to the Devils Playground trailhead ($20 per car). From the parking lot walk across the road and find the hiker’s path that runs parallel to the road. The trail takes you to the summit of Pikes Peak. By hiking this trail you will have time to take in the breathtaking views and enjoy the beautiful panorama at the top. For the last stretch of the trail approaching the summit, look for cairns (rock stacks) that will help you stay on the trail. For more information and directions to the Pikes Peak area visit www.onedayhikes.com/Hikes.asp?HikesID=154 Montezuma Mine Aspen
Follow this old mine road and observe some refreshing waterfalls and historic mine ruins. As you hike along this path you will encounter meadows filled with wildflowers and cross over several streams. Although the mines are intriguing, please don’t play in or around them as they can be unstable and dangerous. For more information on safety and trailhead directions visit www.localhikes.com/HikeData.asp?DispType=0&ActiveHike=5&GetHikesStateID=1&ID=5866
Difficult 4:10 PM - Jul. 23, 2008 - comments {0} - post commentIs it really time for a change?The rising cost of crude oil has everyone talking about gas prices at the pump… but what about the actual oil in your engine? Are you spending too much on oil by changing it too often? Most of us probably think a car’s oil needs to be changed every 3,000 miles. But that’s an old mechanics tale these days. Did you know that many car manuals now actually recommend changing the oil every 5,000, 7,500 or even 10,000 miles? That means you may be changing your oil twice or even three times as often as you need to! In fact, a recent study in California indicated that 73 percent of Californians change their oil more frequently than recommended by the manufacturers. So how often should you change your oil? The fact is, oil changes should be determined by what, how, and where you drive. If you have a newer car with little or no engine wear, you can probably go 7,500 miles between oil changes. And even if you have a slightly older car, but drive under ideal conditions such as predominantly highway, you can go a similar distance before changing. Of course, many of us actually don’t drive under “ideal” conditions…if you make many short trips, endure lots of stop-and-go traffic, drive on gravel or dusty roads – then you might need to change your oil more frequently. So how do you know – and take advantage of saving money by only changing oil when it’s really needed? Technology to the rescue There are a few ways you can actually eliminate the guesswork. If you have a newer car, it may have a built-in sensor that estimates oil life based on engine running time, miles driven, outside temperature, coolant temperature and other operating conditions. When the indicator light comes on, it’s time to change the oil. It’s that simple. Another idea is to purchase an oil monitoring sensor, such as the IntelliStick. These sensors are used in place of your car’s original dipstick and provide you with real-time, accurate information about the true condition of your oil. Better still, these sensors often have a transponder built into them so you can quickly and easily check the condition of your oil at any time using a cell phone, PDA or computer with Bluetooth connectivity…now that’s really going high tech. Bottom line – dollars spent on oil changes add up fast. Especially with the increasing price of oil, it pays to be smart, check the manufacturer’s recommendations…and not let too-frequent oil changes cost you! 10:02 AM - Jul. 21, 2008 - comments {0} - post commentSummer food safety tipsSummer-time is one of the best times of year to enjoy fresh fruits and vegetables, especially those that aren't available year-round. But recent salmonella outbreaks like those in last year's spinach crops or this year's tomato crops are an important reminder about handling food properly. The Centers for Disease Control (CDC) notes that there is no way for consumers to detect salmonella since it can't be smelled, tasted, or seen. Here's what they recommend to reduce the risk of exposure during this latest outbreak: Check the Type Since April 16, more than 220 people from twenty-three states have contracted salmonella poisoning from tainted tomatoes. As a result, the Food and Drug Administration (FDA) is advising people to eat only cherry tomatoes, grape tomatoes, tomatoes sold with the vine still attached, and tomatoes grown at home since these tomatoes are not associated with the outbreak. If you have raw red plum, Roma, or round red tomatoes, which are the tomatoes associated with the outbreak according to preliminary data compiled by the FDA, the best thing to do is either throw them away or return them to the store where you purchased them. Wash, Wash, Wash One of the best ways to protect yourself is to wash all produce, including organic produce, with cold running water. You should scrub your produce gently with a vegetable brush, or you can use your hands if you don't have a brush. Make sure you remove outer layers of cabbage and lettuce. And make sure you wash fruit, too, even if you don't eat the peel. In addition, wash your hands with soap and water before handling food and also wash cutting boards, counters, and utensils to avoid cross-contamination. When you are preparing fresh vegetables, make sure you avoid any kind of contact with raw meat. And don't forget to refrigerate sliced up fruits and vegetables. Ask Your Waiter If you eat out, ask your waiter what the restaurant has done in response to the outbreak. Several restaurants...including chains McDonalds, Burger King, and Taco Bell, among others...have stopped serving tomatoes, but it's always wise to double check. Keep in mind that ketchup and cooked sauces are not affected since cooking tomatoes at 145 degrees kills salmonella. Don't hesitate to ask your waiter to leave tomatoes off a sandwich or salad if the restaurant hasn't removed tomatoes from its menu. Note that if you remove the tomatoes once your order comes, the food could still be contaminated. Make the Call Salmonella poisoning typically resembles the flu, and symptoms usually appear 12 to 72 hours after infection and include abdominal cramps, headache, fever, diarrhea, nausea, and vomiting. If you suspect that you've contracted a case of salmonella poisoning, call your local health department. Reported cases help the CDC and FDA track the source of salmonella. For the latest information on the tomato salmonella outbreak, visit: 11:44 AM - Jul. 19, 2008 - comments {0} - post commentSaving fuel and foodIt seems like not a day goes by that we don't hear about the rising price of either groceries or gasoline. This might not be such a difficult pill to swallow if we were talking about luxury items, but food and fuel are hardly that. They are everyday necessities that we cannot live without. In the spirit of making your life easier, the following are our tips for saving at the checkout stand and at the pump. SAVING AT THE CHECKOUT STAND It is very important to understand that grocery stores are designed to entice the consumer into buying products. Everything from displays to promotions is geared to increase sales. If you're looking to save money on your weekly groceries, it is imperative that you combat these temptations. The following are some great tips that are sure to help. Don't shop on an empty stomach Shop alone Coupons are good...to a point We suggest going through the Sunday paper and cutting out only the coupons for items you already buy. The rest of the coupons can either go in the recycling bin or can be traded with friends who use those particular products. If that's not an option, there are countless online message boards and forums that deal solely with coupon trading. There's a good chance there are also private groups in your area who get together for the sole purpose of trading coupons. Do a Google™ search and see what you find. Make a shopping list So now that we've addressed a few components to maintaining your self-control, let's talk organization. Much of your organizational success depends on how well you understand your family's needs. Every family is different, so there is no way we can set forth a plan that is perfect for all. What we can do, however, is give you some really great tips to get you started. Know your schedule If your family eats dinner together regularly, we suggest planning out meals a week in advance and then shopping accordingly. This is a great for taking advantage of sales and for utilizing ingredients in several other meals throughout the week. It also cuts down on trips to the market. Simply put, it's a great way to get a lot of bang for your buck. However, if dinner is inconsistent in your home, then it makes no sense to buy a week's worth of fresh food. There's a good chance that a lot of it will go to waste. At this point, you are better off making more trips to the store and buying lesser amounts. The key here is to figure out your eating schedule, and create a shopping schedule to match it. Comparison shop Warehouse stores can be big money savers if you use them correctly. Remember, you are buying in bulk, so unless you have a big family and a lot of cold storage, they may not be the best place to purchase groceries. However, when it comes to non-perishable items like paper goods, household cleaners and bottled water, warehouse stores cannot be beat. Word to the wise: shopping lists are even more important at warehouse stores. Get in, buy what's on the list, and get out. Otherwise, your cart can quickly be filled with many things you don't need. Navigate your grocery store
SAVING AT THE PUMP Gasbuddy.com Consumers throughout North America can log on to the site on a daily basis to report prices at their local gas stations. The website then sorts through the information and lists the stations that sell the cheapest, as well as the most expensive gas. As you can imagine, the information provided by Gasbuddy.com is not only helpful on an everyday basis, but it can also be used to help plan out driving trips. The website will even text or email price updates to your phone, allowing you to keep current with the best deals. So, now that we know where to purchase gas at the lowest prices, let's take a look at how we can use less of it. Carpool Care for your car Don't neglect the tires Keep your mind on the pedal The next bad habit when it comes to the gas pedal is what's known as "jackrabbit driving." If you are unfamiliar, it is the constant pressing and releasing of the gas pedal. It not only makes for an uncomfortable ride, it also wastes gas. When driving on the freeway, it is recommended to do so in cruise control. It controls your speed and saves on gas. Easy on the A/C Lighten your load Buy gas in the morning We hope these tips help. Remember, just because gasoline and food are necessities, it doesn't mean we have to be held hostage by high prices. Good luck being a smart consumer. 7:01 PM - Jul. 17, 2008 - comments {0} - post commentColorado WineriesColorado has more than 60 wineries throughout the state. This summer plan a trip to sample some of the state’s finest wines while enjoying the beautiful scenery surrounding you. Some wineries are so close they make the perfect day trip!
Palisade/Grand Junction
Following I-70, along the Colorado River, you will find more than a dozen wineries. The stretch from Palisade to Grand Junction is known as the birthplace of Colorado's resurgent wine industry. From here you can head south on Highway 50, and about 12 miles past Delta there are more wineries near Olathe, the corn capital of the world. Visit www.grandvalleywine.com for a complete list of wineries. Grand Mesa Travel on Highway 92, east of Delta, along the Gunnison River. If you turn north on Highway 65 you can stop at the wineries along Surface Creek, on the south slope of Grand Mesa. Or take the scenic byway across the top of Grand Mesa and enjoy a beautiful view of over 100 lakes along with lush meadows of wildflowers and trees. - Visit the Surface Creek Winery for a tasting. And if you enjoy art, you are in luck; while you sample their wine you can take a stroll through their art gallery featuring western paintings and pottery. Visit www.surfacecreek.com for upcoming wine and art events. - Visit the Stoney Mesa Winery as their tasting rooms are open daily from 11am – 5pm, www.stoneymesa.com. South
Another great way to enjoy Colorado Wines is to attend a wine festival. Get a group together to experience multiple wines in one setting. Manitou Springs Colorado Wine Festival, Memorial Park June 7, 2008 from Noon – 6pm, $25 per person Taste wines from over 20 wineries and visit booths with specialty gift baskets and foods. For more information call 719.685.5089 or visit www.manitousprings.org. Castle Rock Wine Fest, The Grange in The Meadows
July 19,2008 from Noon – 7pm, $26 per person Visit www.castlerockwinefest.com for more information and to purchase tickets online. Denver
Even in the city there are some great wineries to visit and taste. Bonacquisti Wine Company – www.denverwine.net This winery is located 10 minutes from downtown Denver at 4640 Pecos St Unit I.
Tastings: Monday – Saturday 11am – 5pm
They have several award winning wines as well as a delicious unoaked Chardonnay. Balistreri Winery - www.balistreriwine.com
Enjoy award winning Cabernet Sauvignon, Merlot and Muscat made from their Denver vineyard grapes.
Tastings: Daily from Noon – 5pm North/Northwest
Ciatano Winery River Arts Festival Celebrate art and music while enjoying Ciatano’s vast selection of wines on June 28,2008. Walk through their exquisite grounds in Lyons, located at 16858 N. St. Vrain Drive. Visit www.ciatanowinery.com for more information. Boulder Food & Wine Festival
June 28, 2008 from 4 - 8pm in Boulder’s Central Park. Sample Colorado wines and taste food from local places. All proceeds benefit the Boulder Valley Humane Society. For ticket information and a list of wineries visit www.boulderwinefest.com
2:24 PM - Jul. 15, 2008 - comments {0} - post commentTune up that grillThe grilling season is heating up and regardless of whether you’re crazy about charcoal or are gaga over gas grills, you need to make sure your grill is in good working order before heading out to the patio with the brats, burgers and buns.“Don’t treat your grill like a second-class culinary citizen. It’s an appliance just like your stove or refrigerator and with proper maintenance and care, it can give you decades of great use,” said Angie Hicks, founder ofAngie’s List (www.angieslist.com), a provider of ratings on local service providers. “One Angie’s List member thought his 40-year old grill was a goner one summer when he tried to fire it up. He called the store where he’d bought it and not only was his service call made by the same technician who installed it originally, but that expert found a way to repair it and the grill is still in use today,” Hicks said. While emergency calls can be made, it’s best to have a yearly service call to ensure your grill is in good shape. The lifespan of a grill varies greatly, depending on how well-constructed it is. Typically, you get what you pay for. Regardless of price, replacement parts are available for most grills. It’s time to replace your grill when its casting (the lid and bowl) is rusted. Angie surveyed dozens of highly-rated grill experts to help make sure your barbecue bash doesn’t flame out. 1. Clean and spider free: Before you fire it up for the season, give your grill a good scrub to get rid of food, grease and - spider webs. Spiders are attracted to the smell of propane and they can take up residence in the venturi tubes and valve openings, blocking air and gas flow and leading to uneven cooking and possible safety hazards. 2. Annual checkup: Just like your car, annual service checks on your grill are a good idea and most warranties require them. 3. Test drive: Give your grill a test run before the day of the big barbecue to make sure everything is in good working order. That way, if it does need a new part or repair, you’ll have it working in time for the big cookout. 4. Fuel check: Check that you have enough gas or coals for your grill before you fire it up. You can add a gauge to your propane tank to help detect levels. For charcoal users, generally use about 30 coals per pound of meat, with the charcoal extending about one inch beyond the area where the food is. 5. Low salt diet: Avoid seasoning while grilling. Salt acts as a corrosive and can help contribute to rust. 6. Keep it clean. Once you’ve pulled the food from the grill, allow any excess food to burn off and then clean the grill with a brass bristle brush. Avoid using a stainless steel brush on a porcelain-enamel finish. Clean the grill while it’s still warm. It’s far easier to clean than waiting until food and grease settles and hardens. Clean the drip pan regularly. 7. Protect your grill with a water-resistant cover when not in use. During colder months, store it out of the elements. 2:21 PM - Jul. 13, 2008 - comments {0} - post commentFannie Mae has the "Keys to Recovery"Fannie Mae recently announced its Keys to Recovery initiatives, which is a part of the organization’s efforts to prevent foreclosures, support counseling efforts, and provide market stability in the wake of the housing and mortgage market downturn.The initiatives are geared toward helping struggling borrowers stay in their homes, assisting prospective home buyers with home purchases, and stabilizing impacted communities. Here is a summary from Fannie Mae: Keys to Recovery Initiatives Fannie Mae’s Keys to RecoveryTM initiatives are geared toward providing liquidity, stability, and affordability to the housing and mortgage markets for the long term, and includes steps to keep struggling borrowers in their homes, assist prospective home buyers with home purchases, and stabilize communities impacted by the mortgage market downturn. The initiatives include: 1.) A new refinancing option for Fannie Mae “underwater” borrowers that will allow for refinancing up to 120% of a property’s current value; Refinancing “Underwater” Borrowers With home prices declining in many areas of the country and lending standards tightening as a result of the ongoing turmoil in the housing finance system, many borrowers find themselves with mortgages that exceed the value of their homes and are locked out of refinancing into safer loans that would allow them to sustain their mortgage payments. In order to assist borrowers whose home equity is “underwater,” reduce foreclosures, and support sustained homeownership, Fannie Mae will purchase refinanced loans the company owns for up to 120% of the current property value provided the borrower is current with their mortgage payments. HFA Investment HFAs exist to provide affordable homeownership and rental housing opportunities within their states. The majority of HFA single-family business is for first-time home buyers who have received borrower counseling and down payment and/or closing cost assistance from the government. Fannie Mae has maintained a long-term agreement with the National Council of State Housing Agencies (NCSHA) to purchase loans generated by the HFAs. The company is renewing and expanding its agreement with NCHSA to purchase up to $10 billion in HFA loans by the end of 2009. In addition, the company will provide access to low down payment mortgage products at competitive prices, resulting in more advantageous financing opportunities for first-time home buyers. Neighborhood Stabilization In order to minimize the neighborhood impact of foreclosed properties, Fannie Mae will support an initiative with Self-Help in partnership with local nonprofits to purchase foreclosed homes in hard-hit neighborhoods. The nonprofits would acquire and rehab the properties, and then sell them to qualified borrowers or enter into a customized lease-purchase agreement. The initiative will be geared toward borrowers who have the income to qualify for the home purchase, but need additional time to improve creditworthiness. Participants choosing the rent-to-own option would be granted up to five years to qualify for the mortgage and receive extensive credit counseling during the lease period. Jumbo-Conforming Loans Following passage of the Economic Stimulus Act of 2008, Fannie Mae is temporarily able to purchase loans greater than the conventional-conforming loan limit of $417,000. In certain high-cost areas as designated by HUD, the company is able to purchase jumbo-conforming loans up to $729,750 in the continental U.S. The company is now accepting deliveries of 15-year and 30-year fixed-rate (FRM), and certain adjustable-rate (ARM), jumbo-conforming mortgages. In order to bolster liquidity in the jumbo-conforming market and help reduce rates for jumbo-conforming mortgages in high-cost areas, the company will now: • Price new jumbo-conforming loans flat to conforming for portfolio asset acquisition through the end of the year. This means that although jumbos are not TBA-eligible, we will be pricing them as if they were. • Allow for cash-out, jumbo-conforming loan refinancings. • Expand loan-to-value (LTV) criteria for jumbo-conforming purchase loans and limited cash-out refinancings. • Offer expanded jumbo-conforming FRM and ARM options. HomeStay The company’s Keys to RecoveryTM efforts build on Fannie Mae’s HomeStay® initiative announced last year. The company is working with lenders, loan servicing companies, and policy makers to respond to the housing and mortgage market crisis with a goal to minimize the impact on families and communities by preventing foreclosures, supporting counseling efforts, and providing market stability. Through HomeStay®, since the beginning of 2007, the company has: • Helped more than 200,000 at-risk homeowners refinance into safer loans or work out their loans, including nearly $28 billion in refinancings for subprime borrowers. • Provided more than $10 million in grants - and hundreds of employee volunteer hours - to support foreclosure prevention counseling and workshops since the housing crisis deepened last year. • Worked with loan servicers to emphasize work-outs for delinquent loans, instituted attorney incentive fees for workouts, provided HomeSaver AdvanceTM loans that allow borrowers to catch up on their delinquent mortgage payments, deployed staff to work on-site with our largest servicers, and made dozens of operational changes and enhanced servicer authorities to allow for easier modifications and work-outs. • Supported HOPE NOW initiatives and public policies to give at-risk and delinquent borrowers a better chance to afford their mortgages. National Down Payment Policy On May 16, 2008, the company announced a new, single down payment policy in all communities across the nation for conventional, conforming mortgages the company will purchase or guarantee. Starting with loan applications taken on June 1, 2008, Fannie Mae will accept up to 97% loan-to-value ratios for conventional, conforming mortgages processed through its Desktop Underwriter® automated underwriting system, and 95% loan-to-value ratios for loans underwritten outside of Desktop Underwriter, in all geographic locations in the United States. This new national down payment policy will supersede the “Maximum Financing in Declining Markets Policy” Fannie Mae adopted in December 2007, which required higher down payments in markets where home prices are declining. The new policy now equalizes down payment requirements across the country, regardless of local market conditions. 2:17 PM - Jul. 11, 2008 - comments {0} - post commentKitchen makeovers on the cheapAfter downsizing to a historic 1920s cottage, a music-loving couple found perfect harmony with a kitchen makeover. They bought a fixer-upper after their daughters left the nest, and wanted to update the kitchen without spending a fortune. The couple chose mainly off-the-shelf products (with the exception of Special Order countertops) and created a space that’s jam-packed with personality. Lowe's outlines how they did it: What They Did The Challenge: The kitchen’s inefficient layout and outdated appliances provided little inspiration for the homeowners. They wanted to infuse the warmth of a European bistro into the room’s new design and achieve a customized look. The Solution: Open shelving and a harmonious color palette make the room feel larger. Sticking to their budget, the homeowners salvaged the hardwood floors underneath the tile and painted unfinished in-stock oak cabinets. They chose a suite of stainless appliances to bring the kitchen up to date. The new refrigerator was placed across from the sink for a better workflow, and improved lighting provides ample illumination in the work areas. Here are 5 ways you can also get a custom look for less: 1. Prepare. Developing a game plan from the beginning helps you stay focused and stick to a theme and color palette. 2. Paint. By coating unfinished wooden cabinets with your desired color, you can get a bold look for a fraction of the cost. 3. Personalize. Do-it-yourself shelving or a breakfast bar maximizes space and adds a one-of-a-kind, professional feel. 4. Pick a suite. Choosing appliances from the same brand with the same finish will give the kitchen a more cohesive appearance. 5. Pad with finishing touches. Unique additions, such as a chalkboard wall or framed travel photos, make a kitchen anything but ordinary. 2:48 PM - Jul. 9, 2008 - comments {0} - post commentHave you considered a VA loan?With all of the changes and restrictions that have been introduced by Fannie Mae, Freddie Mac and the Mortgage Insurance companies, the one type of loan program that has not been affected is VA loans. As a matter of fact, VA loans now, with few exceptions, are THE 100-percent financing option available for purchasing a home according to Jason Kotar, PresidentOver the past few years, the proliferation of loan programs available often negated the value of a VA loan. The days of “liar loans” are over. Buyer required documentation of income and assets, increased focus on credit scores and declining market policies implemented by Fannie and Freddie have brought VA loans back into vogue. The VA loan program has stayed the course with its loan requirements. Let’s review some of them. First, eligibility is generally limited to active and retired military personnel, as well as those who served in the National Guard or Reserves. There are other differences from traditional loan programs. The veteran must plan on occupying the home. The types of properties are limited to certain types: one to four family units; condominiums; town houses; and certain manufactured homes. Full documentation is required on all loans. All income must be proven with W-2’s or, if self employed, with tax returns. Employment records must be verified. Simply put, the VA wants to know that the loan that they are guaranteeing has a higher probability of being repaid. There are two other key differences between conventional loans and VA loans; a Certificate of Eligibility and a VA assigned appraisal. Basically, the VA wants to insure that the loan applicant meets their criteria for being considered for a loan and that the appraisal will fairly reflect its reasonable market value. There are numerous advantages for a veteran to have a VA loan. With few exceptions, no down payment will be required. In addition, no mortgage insurance premiums will be levied. The buyer has a right to prepay without penalties or to assume an existing mortgage. Seller concessions of up to 4 percent are allowed. Loan amounts are allowed up to $417,000 with high cost areas like Alaska, Hawaii, etc. allowed to $625,500. The applicant is only required to prove assets needed for closing. For disabled veterans, property taxes may be reduced as well as VA funding fees. The VA does not specifically look at an applicants credit score. They do take a hard look at the last two years of payment history. Any judgments and tax liens must be paid as well as any accounts out for collection. Bankruptcies have to be two years out of discharge. The VA does require a “funding fee” of 2 to 3 percent to be charged for VA loans but, this amount may be rolled into the loan. One final point, be careful of a VA loan applicant attempting to purchase a foreclosed (short sale) home owned by a Lender. The VA will not approve any repairs to a home prior to the sale to be paid for by the veteran. While there are significant differences from traditional loans, the elapsed time to get loans approved and closed, are comparable. The key is to work with mortgage professionals who understand the requirements. 2:10 PM - Jul. 7, 2008 - comments {0} - post commentDon't become an identity theft victimAccording to recent statistics released by the U.S. Department of Justice, about 1.6 million households experience theft of existing accounts other than a credit card (such as a banking account), and 1.1 million households discover misuse of personal information (such as their social security number) annually. In addition, a recent poll revealed that "sixteen percent of adults say they have had their credit or debit card used by someone they don't know without their permission" and that "substantial numbers" of people have taken specific steps to help prevent identity theft from happening to them. Here are some important tips for keeping your information safe and sound: Give it to me in writing. While many of us have limited our exposure to telemarketing calls by utilizing the Do-Not-Call registry, charities are exempt from the Do-Not-Call rules. If you receive a phone call from any charity, ask the caller to send you information in the mail instead of giving out your credit card information over the phone. If you get any resistance, just hang up. If someone isn't willing to give you the chance to review some information, they could be interested in more than earning a commission. Just the facts. We often give unnecessary information like our date of birth and income level when we're filling out things like warranty cards for new products we've bought or supermarket club cards. Share only what's really necessary in every situation. Navigating the Net. Never post your address or your full date of birth on any social networking sites because both are pieces of information needed to steal your identity. In addition, if you utilize internet job sites, never give a potential employer your Social Security number until they are ready to hire you. Also, thoroughly investigate companies before you submit your resume and check the privacy policies of any online job boards to make sure they won't sell your information. The world of paper. Even though the Internet has added a whole new dimension to identity theft, there are still important steps to take when it comes to paper items. First, never keep your Social Security number in your wallet, glove compartment, and other easy-to-access places. Also, never have it printed on your checks or use it as your password. Second, when you are ready to get rid of old documents that contain important information, shred them. And last, if you have to mail something that contains sensitive information, drop the letter in a secure mailbox instead of a mailbox that anyone can open (like the kind at the end of many people's driveways). The bottom line is this: When it comes to your personal information, share it on a need-to-know basis only! 2:28 PM - Jul. 5, 2008 - comments {0} - post commentDon't be afraid of colorHomeowners now have permission to go beyond beige.With a desire to create spaces that are just right for them, today’s customer is looking for an experience inside the home. Neutrals are nice, but homeowners are moving “beyond the beige.” Melissa Birdsong, vice-president of Trends at Lowes, Inc has these idea on adding color to your home. When buying or selling a home, a neutral color scheme is the safe choice and often used as a way to provide a blank canvas, allowing potential buyers to paint their personal vision of home. But thanks to the world of home makeover shows and an abundance of how-to palette information available online and in stores, consumer color confidence is higher than ever. With permission to go beyond beige, many homeowners are rediscovering the power of color to create personality in their home that can, if executed thoughtfully, establish a unique and memorable impression-while they’re living there as well as when it’s time to sell. So what is a “thoughtful” way to color scheme a home? Over the years, I’ve compared it with creating a musical composition-one that combines soft melody and slower tempo with louder and faster parts. The rhythm of the piece creates continuity, but the contrast between the parts adds drama to what could otherwise be a monotonous experience. Translated to a room-to-room color scheme, neutral zones are the quiet parts; those painted with more color, the livelier ones. Transition between areas becomes very natural when you weave in the color and finishes of the furniture, artwork and accessories that playfully create a more interesting composition. The actual selection of quiet colors vs. more dramatic ones depends on the mood and the feeling that you want a space to have: a peaceful space for contemplation and reading or a more dramatic backdrop for dining? By aligning the mood with the color “volume,” you create an expression that makes a home feel just right. And opting out of the beige box can provide an experience that’s colorful beyond the hue. 2:16 PM - Jul. 3, 2008 - comments {0} - post commentHow to let your home "age" with youWith an increasing number of Baby Boomers choosing to stay in their homes as they age, homeowners are turning to remodelers for help to renovate their homes to accommodate their changing lifestyles. During May - National Home Remodeling Month - the National Association of Home Builders (NAHB) Remodelers highlights benefits of aging in place with the help of a certified professional.“Even minor aging-in-place remodels make a huge difference in the lives of seniors and people with disabilities,” said NAHB Remodelers Chairman Lonny Rutherford, CGR, CAPS, CGP, a remodeler from Farmington, N. M. “Certified Aging in Place Specialist (CAPS) remodelers are trained and certified to assist homeowners with making the adjustments needed so that they can live in their homes comfortably. “ According to AARP, more than 84% of people age 50 and older want to stay in their homes as they age. CAPS recognizes those remodelers who demonstrate understanding about working with older adults, knowledge of common barriers and solutions to aging at home, and techniques for building and sustaining a responsible remodeling business. To earn the CAPS designation, a remodeler must complete a series of industry-specific education courses, provide letters of recommendation, proof of licensing and insurance and adhere to a strict Code of Ethics. CAPS stands for professionalism, customer service and a commitment to quality. “CAPS courses teach great design skills, and all homeowners can benefit from thoughtful and innovative design options, making their home friendly for people of all ages,” said Rutherford. The most popular CAPS solutions make a vast difference in improving livability without wiping out savings: - Installing grab bars in bathrooms and showers 1:35 PM - Jul. 1, 2008 - comments {0} - post comment |
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