Colorado Housing and Finance Authority (CHFA) announced this week that it is now offering its down payment assistance for homebuyers in the form of a non-repayable grant. The program will provide qualified borrowers with down payment and closing-cost assistance for up to 5 percent of the purchase price of a home.With Colorado home prices having increased by six percent in 2014...
Don Flynn, who has served as CAR's CEO/CFO for the last three years, has tendered his resignation to accept an exciting key leadership position within the Move, Inc./Realtor.com industry relations organization. Don will be one of two Vice Presidents of Industry Relations, responsible for working with state and local REALTOR® associations to make sure your voices are heard by Move...
During the recent holiday break a number of members contacted NAR concerning a video they had been sent regarding changes coming to appraisals conducted for Fannie Mae transactions. The video was sent by email and usually contains the subject line “Appraisal Time Bomb.” Many of state and local association partners have received member inquiries about the video. At the end of...
On Tuesday, December 16, the Senate passed mortgage debt cancellation relief as part of a large "tax-extender" bill just before adjourning for 2014. REALTORS® across the country fought hard for this legislative victory. In Colorado alone, over 15 percent of all Colorado REALTORS® responded to NAR's Call for Action, which urged them to contact their Senators to ask for an extension...
Englewood, COLO. – (Dec. 11, 2014) The Colorado Association of REALTORS® (CAR) has contributed $5,465 to the Wounded Warrior Project®. The funds were collected from the Association’s membership during its recent state convention, featuring a keynote speech by former Navy SEAL and Lone Survivor Marcus Luttrell. Luttrell’s experiences, chronicled in the book “Lone Survivor” and featured in the movie of the...
Mortgage giants Fannie Mae and Freddie Mac have launched a program called Home Possible Advantage, a conventional mortgage with 3 percent down-payment requirement designed for low-and moderate-income borrowers. The program is expected to expand credit for qualified home buyers who may have been priced out of the market due to higher down-payment requirements. Home Possible Advantage is a conforming conventional mortgage...
Tell Congress: Don’t Tax “Phantom Income” on Short Sales. Congress has begun its “Lame Duck” session with a big list of unfinished business items. Number one on that list for REALTORS® is an extension of “The Mortgage Forgiveness Tax Relief Act.” This bipartisan legislation would extend an expired provision that has helped millions of distressed American families by allowing tax relief for homeowners...
The NAR Board of Directors approved the following policy statement on unmanned aerial vehicles: The National Association of REALTORS® advises members that the use of unmanned aerial vehicles for real estate marketing is currently prohibited by the Federal Aviation Administration. Such prohibited use of unmanned aerial vehicles may lead to the assessment of substantial fines and penalties. The National Association of REALTORS® supports efforts to create...
The Federal Reserve Bank of New York (FRBNY) released new evidence on the relationship between student loan debt and home ownership. It essentially states that student debt now exceeds aggregate auto loan, credit card, and home-equity debt balances—making student loans the second largest debt of U.S. households, following mortgages. Click here to learn more about the study. ...
Supporters of four ballot questions pertaining to oil and gas policy in Colorado have announced that they will be dropping their initiatives. Congressman Jared Polis made the announcement on Monday, making clear that he will be withdrawing financial support for measures #88 and #89 as a part of a deal with Governor John Hickenlooper. The two ballot measures would have...