From the category archives:

Mortgages

Baird & Warner offers 5% down condo mortgages!

Thumbnail image for Baird & Warner offers 5% down condo mortgages! February 21, 2010

We’ve been getting a lot of questions regarding FHA financing and our 5% down conventional program. We are one of a very few lenders that can offer 5% down conventional financing. I thought it would be a good idea to provide you with a short list of pros and cons for both loans.
FHA [...]

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What can happen when your mortgage broker has poor service

Thumbnail image for What can happen when your mortgage broker has poor service December 17, 2009

This week one of my buyers closed on the purchase on a house in Andersonville. While the closing was a cause for celebration, the process of getting to the closing table was way more stressful than it needed to be for my buyer!
A day before my buyer’s mortgage commitment was due the broker informed me [...]

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Financing options for some new Chicago condos improving

October 5, 2009

Crain’s Chicago Business is reporting that some new condo developments in areas including River North, Lincoln Park, and the West Loop are offering low interest, low down payment financing to spur sales.
Tightened financing for new condo developments has been holding back sales so the banks that financed the developers are now offering attractive financing to [...]

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Home purchases above $278,000 with 3.5% down payments must close by Dec. 31st!

October 2, 2009

Chicago Metro Area home buyers looking to take advantage of 3.5% FHA (Federal Housing Administration) financing for homes priced between $278,000 and $420,500 must close their home purchases by December 31st.
With the current $410,000 FHA loan limit, buyers can have a down payment as low as 3.5% which would let them purchase a home [...]

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FHA 203(K) loans great for marketing homes that need work

September 16, 2009

Yesterday I attended a seminar on FHA 203(K) rehab loans. I wrote about these from the buyers perspective back in August in my blog post “FHA 203(K) loans great for buying homes that need work“.
FHA 203(K) rehab loans should also be considered by sellers with homes that need work. By paying up front for [...]

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FHA first time buyers risk missing $8K tax credit deadline!

September 10, 2009

Time is running out for first time home buyers using FHA (Federal Home Administration) financing and hoping to make the November 30th deadline in order to qualify for the $8K first time home buyer tax credit. One of my listings received multiple offers over the Labor Day Weekend as FHA buyers rushed to make offers [...]

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FHA 203(K) loans great for buying homes that need work

August 14, 2009

Thinking of buying a home that needs work such as a foreclosure or short sale, but not sure how to finance the purchase and renovation costs? Consider an FHA (Federal Housing Administration) 203(K) loan. Today’s ChicagoTribune.com has a good article on the loans, “Old loan program finding new life“, by Mary Ellen Podmolik.
One of my [...]

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In search of FHA approved condos in Andersonville and Rogers Park

June 21, 2009

Yesterday I talked with a buyer at Caribou Coffee in Boystown. He’s interested in buying a condo in Andersonville or Rogers Park using Federal Housing Administration (FHA) financing. FHA mortgages allow down payments as low as 3.5%.
Unlike houses, not all condos are FHA approved. In Andersonville and Rogers Park most condos aren’t FHA approved. The [...]

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Relocating tougher now for dual income couples

June 19, 2009

Relocating recently got tougher for dual income couples. Chicago’s Daily Herald reported today that Fannie Mae “no longer will permit mortgage applicants to count the income of so-called “trailing spouses” toward the household income needed to qualify for a loan. A trailing spouse is the one who joins his or her spouse or partner in [...]

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Don’t miss out on the $8K tax credit! Less than 6 months left is less time than you think!

June 3, 2009

The $8K first time home buyers tax credit expires on November 30th. Buyers have less than 6 months left to find, negotiate and close on the purchase of their home!
Both conventional and Federal Housing Administration (FHA) insured mortgages are taking longer to process this year due to tightened lending guidelines, a spike in FHA mortgage [...]

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