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More affordable way to purchase a home

Many people along the Front Range of Colorado (and elsewhere for that matter) find they are unable to afford a new or nearly new home due to the rise in home prices over the past 2 to 3 years. So, homebuyers, especially millennials – people in their 20s and 30s—are buying homes built predominately in the 1980s and 1990s that need required maintenance such as the repairing/replacing of a roof or furnace, and/or adding non-required items such as new appliances, interior/exterior paint, carpet/flooring, windows/doors, air conditioning, or a myriad of other improvements. Remodeling kitchens and baths or finishing a basement is also allowed.

The catch is most people, after buying a home don’t have the money to make all the improvements they need or want. But, there is a loan available that gives the homebuyer the money to buy their home and the money to fix it up. This is a special type of FHA loan and comes in two flavors, one that allows improvements up to $35,000 and one for over $35,000 with no limit.

If you, or someone you know, like this idea, you should check it out. It’s a way to buy a home and make it your own right from the start. Owning your own home is still best in the long run; real estate throughout history has always had its ups and downs, but it’s better than renting. If you owned your home in 2008 and went through the Great Recession, the value of your home was significantly reduced, but in the past few years the value has now exceeded what it was in 2008; plus you’ve gained more equity in your home over this time span (by paying your mortgage down), as well as had the tax advantages of deductions on mortgage interest and property taxes.

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