From the category archives:

Mortgages

Credit Reports: One May Not Be Enough

Thumbnail image for Credit Reports: One May Not Be Enough August 27, 2010

This summer, Fannie Mae instructed lenders that they should adopt a new policy that would include a second review of an applicant’s credit report just prior to closing. Why? The answer is simple: the credit profile of a borrower may have changed between the time of the initial review of the credit report and the [...]

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Changes in FHA approvals add challenges for Chicago condo buyers

Thumbnail image for Changes in FHA approvals add challenges for Chicago condo buyers May 1, 2010

The purchase of a Rogers Park condo advertised as FHA Approved (not the condos shown left) by my buyer, Art, hit a bit of a snag last week. His mortgage banker, Michael Poland with Baird & Warner Financial Services, discovered that the condo development where Art was buying hadn’t been recertified for FHA approval. Michael [...]

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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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1st Time Home Buyers Can Now Borrow the $8K Tax Credit Upfront!

May 29, 2009

Today the U.S. Department of Housing and Urban Development gave the go ahead to mortgage companies to develop bridge-loan products that enable first time buyers to use the benefits of the $8,000 federal tax credit upfront. Such loans let the buyers borrow against the tax credit giving them up to an additional $8,000 for a [...]

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A Good Example of Why Bringing a Home Purchase to Closing is a Team Effort

May 28, 2009

Yesterday I had a closing for a Lakeview condo that wouldn’t have happened for a few more days, if it weren’t for the extraordinary efforts of the buyer’s mortgage consultant, Michael Polera, and real estate attorney, Rachell Horbenko.
Condo financing is challenging in this market and even more so when a jumbo loan is involved. When [...]

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Special Mortgages for Firefighters, Police, Teachers & Health Care Workers

May 16, 2009

This afternoon during an open house I was hosting in St. Charles, a young woman, Brandi, mentioned that her boyfriend was a firefighter in Bensenville and that he had attended a program about special mortgages for firefighters. She asked if I could get her some information on them.
I checked with my mortgage expert, Michael [...]

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30 Year Fixed Rates Drop to 4.75% for Well Qualified Home Buyers!

March 20, 2009

Wednesday the Federal Reserve said that over the course of the rest of the year, they will purchase up to $750 billion of Mortgage Backed Securities. This move is designed to help shore up the housing market by pushing mortgage interest rates down further. Mortgage rates (already in a historically low range) moved [...]

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