The market has turned...We are again accepting contracts with sale contingencies...
This spring we have already sold three homes. So now, we are again accepting contracts with a sale contingency. A "sale contingency" makes the purchase of the new home subject to or contingent upon sale of your existing home. This allows you, without risk, to select a Wellington Neighborhood home and not be obligated to close until your existing home sells. If your residence doesn’t sell or you decide not to buy the Wellington home, you get your earnest money back. If your existing home does sell, you will be all set to move into your new home and enjoy the neighborhood.
"There has never been a better time to buy a new home."
The average 30 year fixed mortgage rate since 1945 has been 9%. The rate today is less than 6%. On a $300,000 loan, this lower rate (6% versus 9%) can save $9,000 a year or over $270,000 over the life of the loan!
In our search for the best opportunities from conventional sources and government guaranteed sources, we have identified 30 year fixed rate programs:
- Double house – FHA, 3.5% down and $1627 monthly P/I payment
- Single family – Conventional Financing, 5% down and $1941 monthly P/I payment.
There has never been a better time to buy a new home. And, when the economy starts to recover, interest rates will jump and a once in a life time opportunity will be gone. Don’t miss out!
For more information use our online mortgage calculator to see what impact low interest rates have on what you can afford.
For more information call/text Courtney 970.418.4900
If you already own a home and are concerned about being able to sell it ...
Consider converting your existing home to a rental / investment property. This is a great long-term investment strategy that takes advantage of historic low interest rates on both your new home and your rental/investment property. We have identified programs for home buyers that want to convert their existing home to a rental / investment property, then buy a new home in Wellington.
Down payment a concern?
There are programs that can help...
If you need some help with your down payment there are low interest, 2nd Mortgage loans available to purchase a primary residence. Borrower must contribute 1% of purchase price or $1000, whichever is greater, of personal funds. Adults in the household are required to attend the free “Home Buyer Class” presented by The Combined Summit Housing Authority prior to closing. An application fee may be required and repayment schedules vary on each program.
Summit Revolving Loan Fund
No interest for first 2 years
Loan amount up to $10,000
3% interest rate for 7 year term
Monthly payments deferred for 2 years
Income limits 81% to 160% of Area Median Income (AMI)
Division of Housing down payment assistance
Loan amount up to $25,000
3% interest rate for 20 year term
Monthly payment
Low Income limit...approx. 75% of AMI
CMHC Loan
No interest for first 2 years
Loan amount up to $25,000
5% equity share on appreciation with no monthly payment
Income limits not to exceed 160% AMI
Note: Every program has specific rules and restrictions which vary considerably based upon the home being purchased and the buyer’s unique circumstances. With assistance from experienced, local mortgage lenders we can identify exactly which programs you qualify for and compare which offer the best value. Rates & Payments are approximate and subject to change.
