For most people, buying a home is the most significant transaction they will ever enter into.

Despite this fact, a brief conference or two with their real estate broker is usually the only assistance they will obtain in navigating the process. This is a mistake, because getting the home “under contract” is only the first step: the buyer still needs to secure financing, review title work (including homeowners association documents), have the home inspected, obtain and review a land survey … the list goes on. Folkestad Fazekas Barrick & Patoile, P.C., can help. Established in 1972, the firm has practiced real estate law in Douglas County for almost 40 years. We have the knowledge and experience to walk a first-time home buyer through the transaction from start to finish, and the experience to solve any problems that come up by working directly with the seller’s and lender’s attorneys, the real estate brokers and the title company. We can also assist the buyer in evaluating alternative financing possibilities that, prior to the economic downturn in 2006, had all but died out. These include seller carry-back or lease-option arrangements, installment land contracts (also known as “contracts for deed”), and wrap-around land contracts that can enable the buyer and seller to circumvent many of the hassles and pitfalls associated with modern-day commercial lending. Long story short, buying a home is a complicated and often daunting process−particularly for the first-time home buyer−but the buyer need not face it alone or unprepared. First time home buyers—Douglas County Housing Partnership (DCHP) has $1M that MUST BE USED by September 10, 2010 for the Shared Equity Home Buying Program

What is it?

DCHP will provide an investment of up to 20% of the purchase price to first time homebuyers that currently live or work in Douglas County. This is your opportunity for homeownership in Douglas County through use of “Shared Equity” with the Housing Partnership. This investment will be a deferred loan which must be repaid upon sale or refinance of the home. At that time, the borrower must return the same investment percentage to DCHP based on the current fair market value. Who is eligible? First-Time Homebuyers including persons that have not owned a home in the previous 3 years, single parents that have owned prior with a spouse, and displaced homemakers. • Borrowers who currently live or work within the limits of Douglas County. • Income limits are 120% of the Area Median Income (AMI): 1 person: $63,850 4 persons: $91,200 2 persons: $73,000 5 persons: $98,400 3 persons: $82,000 6 persons: $105,850 What homes are eligible? • Foreclosed properties in the designated census tract block groups (15 neighborhoods within Douglas County) • Maximum purchase price of $300,000 • Appraised value of the home must be at least 1% greater than the purchase price • Home inspections will be required and reviewed by DCHP Borrower Responsibilities • Attend a free CHFA-approved First-Time Homebuyer Education Class • Secure a 30 year fixed rate mortgage with a maximum 45% debt to income ratio • Contribute $1,000 towards the purchase • Occupy the home as a primary residence • Meet with DCHP for approval, pay $100 application fee For more information on the Shared Equity Program please contact Travis Anderson, Program Manager, at 303-784-7857 or visit www.douglascountyhousingpartnership.org or for help with a buying a home, whether it is your first or one of many, contact Folkestad Fazekas Barrick & Patoile at 303-688-3045.