This is a question I am frequently asked. The market is surging and employment in Colorado is improving. People who went through some financial difficulties in 2005 – 2010 are getting back on their feet and thinking that they would like to try to purchase a home. One reason they are considering this is because rental prices have been rapidly increasing over the last 7 years and with the low interest rates people are probably paying more to rent than a mortgage payment would be for a similar property. So here is a table outlining what I am hearing from the lending industry.
Please note that chart is just a general guideline and that there are other requirements that any buyer must meet including a minimum credit score, please contact your lender for more detailed information and advice about your specific circumstances. If you don’t have a lender, I would be happy to recommend several knowledgeable and helpful lenders.