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On the Market

Tom Ross' On the Market column appears Sundays in the Real Estate section of the Steamboat Pilot & Today. Contact him at 871-4205 or e-mail tross@SteamboatToday.com.

The Colorado Housing and Finance Authority has released new lending programs intended to help Colorado homebuyers access assistance with down payments and closing costs.

The new HomeOpener and HomeOpener Plus mortgages are being offered in partnership with the Government National Mortgage Association - Ginnie Mae. In order to qualify, borrowers must meet new requirements that they have minimum credit scores of 580. In addition, their debt to income ratio - the portion of their monthly gross income committed to recurring debt - may not exceed 45 percent.

CHFA Executive Director Roy Alexander said the new programs are intended to keep the organization in step with the rapidly changing economy.

"Just as families and businesses are re-evaluating how they operate, so is CHFA," Alexander said. "Businesses cannot pretend the economic environment hasn't changed. Taking this time out to re-position is the prudent (thing) and the right thing to do for Colorado and our customers."

The two distinct loan programs are designed for first-time homebuyers and for those who have purchased at least one home.

Owner of auctioned homes says closing near

Will Bashan, the owner of two South Steamboat homes that were put up for auction Feb. 17, said March 10 that he has an April 3 closing date for the smaller of the two properties.

"We absolutely have a firm contract on the Dakota Ridge house," Bashan said.

However he added that prospective buyers Herb and Lori Hall, of Thomas County, Neb., continue to express interest in purchasing the larger home, which sits on 21 acres that include 350 feet of Yampa River frontage.

"We're still going back and forth on contract terms," Bashan said. "We're moving ahead on a closing date of April 3 on one house or the other."

Bashan and his family live in the 6,500-square-foot Dakota Ridge house. The 8,800-square-foot house on Blazemark Trail was built as a spec house and has never been occupied.

The Halls submitted the high bid of $2.1 million for the Dakota Ridge home and agreed after the auction to a negotiated price of $2.31 million, according to Redfield Group.

Lori Hall told Steamboat Today on Feb. 17 that her family owns a home in Beaver Creek but feels Steamboat would be a better fit for them.