If you are wondering whether you should become a home owner in the Fort Collins area, research is proving that it may be a good idea.
Colorado has been named on a top 10 list of the best states to become a homeowner. Specifically, the state is tied for sixth place with Michigan. The reasoning for this is that, according to the study, Colorado has the lowest property tax rate of the other states on the list, and the third lowest of all the states that were part of the study. This is the second year in a row that Colorado made the top 10.
The study considered the following factors when determining the top states: price per square foot, the ratio between home value and median income, number of foreclosures, closing costs, burglary rate and more.
If you are a first-time buyer in the Fort Collins area and are thinking about purchasing real estate this year, then there are a variety of home loan programs you may consider. If you are like many others and concerned about how much of a down payment you may have, then an FHA Loan may be what you are looking for.
FHA Loans are ideal for first-time buyers because they offer flexible qualifying requirements, such as down payments that range between 10 percent and 20 percent, and as low as 3.5 percent*. In addition, FHA Loans allow buyers to utilize gift funds, have credit scores as low as 600 and lower debt-to-income ratios than other loan programs.
If you see Fort Collins as an ideal of a place to live as we do, then make sure you get educated on the home loan process! At Element Mortgage, we have extensive knowledge of the Fort Collins market and take the time to explain all of the ins and outs of obtaining a home loan to our clients.
If you have any questions about purchasing real estate in this beautiful area, make sure to contact us today!
*Qualifying factors may apply