Pet Adoptions!
Meet Soli!
The shelter at its current location is closed. Soli was adopted days before, but things are strained between him and the resident dog. Since we have nowhere to take him back, we are assisting in finding him a better situation. He LOVES people, kids and has done well with other dogs. This busy family doesn’t have the time to work with him and feel he may do better in a quieter home. Please email info@imhs.org today!
For more information please call 303-838-2668 • www.imhs.org
Located in Pine Junction, Log Building P.O. Box 528, Pine, CO 80470
Yesterday’s Hits! Now All Day Tuesdays from 8:30 am - 5:00 pm Sponsored by Journey Roofing
Conifer Podcast presents Aimee Pless and Deb Brobst Conifer Jazzercise
Wednesday, March 12th 2025 at 5 pm
With Affordability an Increasing Problem, More Buyers Consider Condos, But Can You Get a Loan?
Assuming you have good credit and a sufficient income, getting a loan to buy a single family home is not that hard, but when it comes to buying a condominium, the loan may not be possible if the building does not meet some challenging Fannie Mae/Freddie Mac guidelines. Most loans are sold to one of those institutions, and they will not buy a condo loan from a lender if the following is true:
The condo development hasn’t been completed
Less than half of the units are owner-occupied (for investors)
The condo association you’re looking at may not have any of those problems, but if it has not completed the proper paperwork, it will still not make the list of “warrantable” condos.
money to buy a replacement home, that definitely doesn’t work.
Follow-up on Last Week’s Column
An individual or company owns more than 10% of the units within the building (including the developer)
More than 25% of units are delinquent on HOA fees
If the homeowner’s association is still controlled by the developer
Commercial space is 35% or more of the building’s total square footage
There are pending lawsuits against the condo owner’s association
The deductible for hail damage is greater than 5%
If there’s central heating, the master policy doesn’t cover the boiler.
Just last Friday one of our broker associates, Kathy Jonke, closed for a condo buyer who had to terminate her first purchase contract because it was discovered just before closing that the hail deductible was 10%. On the condo which closed last Friday, the lender thought the master insurance policy did not cover the boiler, but our inhouse lender, Wendy Renee, got the right person on the phone and was able to verify that the boiler was covered, and the closing took place on time. Such is the life of a strong buyer’s agent and a strong loan officer!
I’m not saying that you can’t get a loan for an unwarrantable condo. It’s just that you can’t get a conventional loan which the lender plans to sell to Fannie Mae or Freddie Mac. That’s true of all the big banks and big lenders, but small banks and credit unions are often “portfolio lenders,” meaning that they keep their loans in-house instead of selling them. Another option (rarely used) is for the seller to “carry” the loan, which can work for some but not all sellers. If the seller needs the
Another option is to get the mortgage from FHA, which has a Single-Unit Approval (SUA) option whereby they evaluate the loan on a case-by-case basis. FHA loans, however, require an upfront and ongoing purchase mortgage insurance (PMI) premium. Kathy’s buyer was given that option on her first condo purchase where the hail deductible was 10%, but she chose to terminate the contract rather than assume that added expense.
In any condo purchase, the lender will ask the condo association to complete a questionnaire and base its approval on the response. For example, in addition to the criteria mentioned above, the lender will want to know the association’s budget and its reserves.
Loans on non-warrantable condos can also require a larger down payment and carry a higher interest rate to compensate for the added risk. Recent increases in master insurance policy deductibles alone has made a higher percentage of condos non-warrantable, and loans on unwarrantable condos are estimated to equal over 22% of the market now.
If you are considering writing an offer on a condo, make sure your agent and loan officer submit the condo questionnaire immediately and ask questions about warrantability before spending money on inspection and appraisal.
62% of Americans Think a 20% Down Payment Is Required, But It’s the #1 Myth
NerdWallet.com is a trusted resource for consumer information, and, according to its 2025 Home Buyer Report, 62% of Americans believe that a 20% down payment is required to purchase a home. That’s the number one myth that is holding back Americans from pursuing the American dream of home ownership.
In fact, there are many programs, especially for first-time home buyers, which require zero down payment. Here in Colorado, the Colorado Housing Finance Authority (CHFA) has a website www.WhyWaitBuyToday.com, which describes their programs for both first-time and repeat buyers with 4% down payment assistance (DPA) up to $25,000.
To qualify for DPA, you have to have a credit score of 620 or higher. The deferred DPA takes the form of a second loan with a 30-year term and a zero percent interest rate. It accrues no interest, has no monthly payments, but is due and payable upon sale, refinance or payoff of your first mortgage. Some DPA is provided as a gift and does not have to be repaid.
Since, according to NerdWallet’s report, 33% of non-homeowners say that not having enough money for a down payment is holding them back from buying a home at this time, “this misconception could be stopping them unnecessarily.”
FHA is famous for requiring only a 3.5% down payment, but conventional loans are
available with as little as 3% down payment. Veterans with a “certificate of eligibility” can get a loan with zero percent down payment for a primary residence.
USDA loans with zero percent down are also available for rural properties.
Larger down payments are always better, and can avoid the added expense of purchase mortgage insurance (PMI), but once your equity reaches a certain level, conventional mort-
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By listing your home with Golden Real Estate, you are assured that it will be promoted not only in The Denver Post and Denver Gazette versions of this column, but also in all 24 of those weekly newspapers.
gages allow you to eliminate that expense.
FHA loans maintain that expense for the life of the loan, unless your down payment was 11% or higher, in which case you can eliminate that expense once you achieve a certain equity level based on an appraisal.
So, if this myth has been keeping you from pursuing home ownership, give us a call and we will help you achieve your American dream!
One of the articles, “Buyers Need and Deserve Professional Representation, But Here’s Why They Shouldn’t Have to Pay for It,” produced some feedback from readers. One said the percentages I quoted were wrong, and I’m embarrassed to admit that’s true. (Did I really go to MIT?) The numbers, however, were correct as was the logic of my argument, which is supported by the fact that virtually all closings taking place are ones in which the seller is still compensating the agent representing the buyer.
I confirmed that fact with one of the region’s biggest title companies. What that tells us is that sellers want one thing above all else — to sell their property. They have come to realize that they can try to avoid offering any compensation to the agent representing a buyer, but if they’re the only seller taking that stand, buyers will gravitate to other listings. Also, the standard contract to buy and sell real estate has a section in which it is stated what the seller will pay, so sellers are given the opportunity to accept that amount or call the buyer’s bluff and hope they come to terms. Closing data available to title companies suggests that sellers don’t win that argument often or at all.
One reader believes that if the buyer’s agent is paid by the seller, he’s not going to work to get the lowest price for his buyer. That would make sense, but in 22 years of being on both sides of transactions, I have never known a colleague or myself to do anything other than work in the best interests of a buyer he/she represents, not just in getting the lowest price initially, but when it comes to negotiating concessions or a price reduction based on inspection issues or a low appraisal. And when there’s a seller concession, many agents including ours, make sure our commissions are based on the net price.
$189,000
This nicely updated and well-maintained 574square-foot condo is in the Sable Cove subdivision southeast of Aurora’s Town Center. The address is 992 S. Dearborn Way, #7, east of I-225 and north of Mississippi Avenue. The seller, who bought it for a family member, updated everything in this ground level unit. It has luxury vinyl plank flooring throughout, a pantry with slide-out drawers, laundry hookups, and a wood-burning fireplace. There is lots of open lot parking for you and your guests. The HOA dues are only $255 per month and include water, sewer, maintenance, a community center, swimming pool and fitness center. There is a locked storage closet on the front porch, big enough for all your winter gear. Find more information, high-quality pictures and my narrated video walk-through at www.GRElistings.com, then call 303-525-1851 to arrange a private showing.
CROWSSUPDRO
1. LITERATURE: Who lives at 4 Privet Drive?
2. TELEVISION: Which 1980s sitcom featured the Keaton family?
3. U.S. PRESIDENTS: Who was the rst American-born president?
4. COMICS: What is Deadpool’s profession?
5. AD SLOGANS: Which makeup company’s slogan is “Maybe she’s born with it”?
6. HISTORY: Which battles marked the beginning of the American Revolution?
7. INVENTIONS: e 1904 World’s Fair introduced which u y confection?
8. MOVIES: In which year were the rst Oscars awarded?
9. MEASUREMENTS: What does 1 gallon of water weigh?
10. GEOGRAPHY: What are the colors of the Italian ag?
TrIVIa
Answers
1. Harry Potter and the Dursley family.
2. “Family Ties.”
3. Martin Van Buren, born after the Revolutionary War.
4. Mercenary.
5. Maybelline.
6. Battles of Lexington and Concord.
7. Cotton candy.
8. 1929.
9. 8.34 pounds.
10. Green, white and red.
(c) 2025 King Features Synd., Inc.
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