Financing 
There are currently 21 blog entries related to this category.
Save Money on A Home Purchase With a VA Home Loan
Sunday, October 9th, 2011 at 8:34pm. 133 Views, 0 Comments.
Save Money on A Home Purchase With a VA Home Loan
Home loans are presently at an all-time low. Currently, lenders are able to issue new purchase, refinance and FHA loans at rates that were previously unheard of. These rates are a result of the economic crash and housing market crash of 2008, and allow first-time homeowners, veterans and everybody else to purchase or refinance a home at prices and rates that have never before been seen.
While this is great news for those who are currently looking for a new home, home buying gets even better for those who have worked in the Armed Forces and have served to protect our country and its freedom. Those who have been in the Armed Forces are eligible to receive a VA Home Loan. This
…Is Home Ownership Losing Popularity?
Wednesday, April 13th, 2011 at 6:57pm. 544 Views, 1 Comments.
Everyone knows that prices continue dropping in many areas, including Illinois suburbs. But those low prices could
be good enough for buyers to consider making a purchase this year. An easy way of figuring out if it's worthwhile purchasing a home vs. renting is to figure out what your mortgage payment would be compared to current rental prices. You also need to take into consideration tax deductions for mortgage interest and real estate taxes for home owners, although they might not last forever. Feel free to use my mortgage calculator, although this does not compute any tax deductions.
There is More to it Then Just Monthly Payments
Even if your mortgage payment is more than a local rental, there is a completely different lifestyle in owning
…Reviewing 2010
Tuesday, January 4th, 2011 at 1:51pm. 629 Views, 0 Comments.
It's been an interesting year and I'm looking forward to year-end sales statistics this year more than any other. We keep losing agents that can no longer earn a living selling real estate. However, 2010 has been one of my best years. It hasn't been easy and I've had to make some changes, but I've done well in a challenging market.
I Moved to a New Home
I moved to the Orland Park/Homer Glen area and sold my Oak Lawn home. I'm glad 
I had my own home for sale as it helps me explain the market to my other sellers. I sold my Oak Lawn home for less than what we paid for it in 2003. Add the new windows, two new bathrooms, remodeled family room, new carpet, hardwood floors, interior & exterior paint, etc., and we lost a lot of money.
Short Sales and Buyers
Thursday, September 30th, 2010 at 3:10pm. 716 Views, 1 Comments.
I still meet buyers that don't really know what a short sale is. A short sale listing is a property the seller is trying to sell for less than what is owed on the mortgage. A short sale can actually take a very long time, the "short" is referring to the fact that there will be less money to the mortgage provider than what is owed, not the length of time from contract acceptance to closing. Short sales are available in every town and every price range.
Data suggests that only about 50% of short sale offers ever make it to closing. Agents, buyers and sellers don't understand why a mortgage provider would rather foreclose than sell short, especially when it seems like most closed short sales sell for higher prices than foreclosures. Not to
…Have We Hit Bottom Yet?
Sunday, September 19th, 2010 at 1:56pm. 649 Views, 0 Comments.
Have we hit the bottom of low home price values? The optimists keep saying we should see an improvement at the 
end of 2011 and into 2012. They might be somewhat correct, let's face it, they're talking a year down the road.
Today's low interest rates are tempting
Others are saying that the current low interest rates are another government ploy to keep buyers in the market. And they might be correct, depending on how low prices drop in the future. At today's current rates, you'd be better off with 4.5% interest rates vs. a 10% reduction at 6% based on an average home price of around $300,000. You can try out my financing calculator to play around with rates on different price ranges.
How low will prices go?
No one can say for sure,
…Interest Rates Are Dropping!
Wednesday, May 26th, 2010 at 11:26am. 652 Views, 0 Comments.
Things have definitely slowed down since the tax credit expired. However, we're hoping sales will pick up again with the lowering interest rates that caught everyone by surprise.
It was predicted that interest rates would rise to around 6% in 2010. No one was ready for this latest drop, below 5%! Some are now saying we could see rates as low as 4.5% again!
How Low Can We Go?
We now have a great combination for buyers - prices have backtracked to 2003 values and interest rates are below 5%. Some say prices have another 20% to fall, but I'm not a gambling person and with these low interest rates right now, I'm not sure I'd want to wait if I were thinking about buying.
What if prices don't fall another 10% or 20%? What if interest
…Financing your Home Through the USDA and VA Programs
Thursday, May 13th, 2010 at 11:41am. 683 Views, 0 Comments.
The process of becoming a homeowner is an exciting and often daunting one. The current economic climate has heightened the anticipation since, while it’s a wonderful time to buy a home. In fact, the government recently provided a tax credit to buyers (which is still available if you are a deployed service member). While the market is favorable and sellers are extremely motivated, many banks are tightening their lending requirements and loans can often seem hard to come by. Although USDA and VA loans may not be the first loans most potential home buyers normally consider when looking at home financing options, each can be a wonderful choice for a wide variety of lifestyles, budgets, and properties.
VA loans, which are backed by the US Department of
…Final Days to Get In On The Home Buyer Tax Credit
Wednesday, April 28th, 2010 at 11:57am. 397 Views, 0 Comments.
Friday is the last day a buyer can qualify for the Home Buyer Tax Credit. You must have a fully signed and accepted contract by 
Friday, April 30th, in order to qualify. You have up to June 30th, 2010, to close.
I have been waiting for a Frankfort townhouse short sale to get approved so my buyer would be able to take advantage of the tax credit. Things weren't looking good and she was ready to move on. Just yesterday I got the notice from the listing agent that the bank approved the short sale.
My buyer was losing her locked-in interest rate but could get a 10 day extension. I am hoping that we can get this to closing (I don't trust that the short sale mortgage holder will have their act together in 10 days) so my buyer will have her
…No Spot FHA Approvals for Condos
Sunday, February 7th, 2010 at 10:41am. 746 Views, 0 Comments.
FHA has once again removed the ability to do an FHA spot approval on condominium purchases. They seem to have gone back and forth over the past year. They took it away, brought it back and took it away again.
Here is one of the excerpts from a 2009 Mortgagee Letter from the Department of Housing and Urban Development:
"“Spot Loan” Approval Process
Mortgagee Letter 2009-46B eliminated the Spot Loan Approval Process as defined in Mortgagee Letter 1996-41 for all FHA case number assignments effective on or after December 7, 2009. However, to address concerns involving the volatility in the condominium market, the new effective date for the elimination of this practice is for all FHA case number assignments on or after February 1, 2010. FHA may
The First Time Buyer Tax Credit Has Been Extended
Tuesday, November 10th, 2009 at 5:44pm. 308 Views, 0 Comments.
This isn't really news by the time I'm posting this and most of you probably know it has been extended.
Well, everyone figured it would get extended - right?
There was word that it would get extended but until it was signed, sealed and delivered, it was just "talk." I had no idea if it would be extended or not. And I certainly had no idea what the rules would be.
Details of the Home Buyer Credit
Notice I did not put "First Time" Buyer Credit, because now it isn't just for first-timers! The credit is the same for first-time buyers as before but with a maximum earnings increase (up to $125,000 for an individual, $250,000 for a couple), allowing even more to qualify for the credit. It is still 10% of the purchase price up to $8,000.
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