Finally Home, a mortgage program designed to help Illinois residents buy a home or keep their existing homes from going into foreclosure, changed a key guideline that will allow more Chicago home buyers and home owners to take advantage this state program. The program raised the qualifying average median income (AMI) from 115% to 150%. In Chicago, a single person who earns $ $79,200 or a family of 4 earning $113,100 now can qualify. This program helps borrowers who cannot obtain conventional, sustainable mortgages from credible lenders because of factors such as bruised credit or a high debt-to-income ratio.
Officials Listening to the Realtor® Voice
This change resulted from when Ben Noven, a representative from Illinois Treasurer Alexi Giannoulias?s, attended the Chicago Association of Realtors® Government Affairs meeting as one of its monthly guests. He spoke and then listened to concerns of the committee. The way the guidelines were written, the program was ineffective for Chicago due to income levels and property values. By raising the qualifying AMI, many more Chicago residents will be able to take advantage of this program and keep people in their homes as well as creating more new homebuyers.
?Over the past year we have had the opportunity to have several guest speakers at the C.A.R. GA meetings, primarily public officials and civic thought leaders who are listening to REALTORS® about their issues and real sharing is taking place,? said Brian Bernardoni, C.A.R. Government Affairs Director, “Providing opportunities for sharing of ideas beyond just practitioners but to decision makers was something leadership and Chairman Bob Floss asked of us. I am happy that our input is respected and these important efforts are making a difference.?
As the upcoming chairperson of the C.A.R. government affairs committee I look forward to participating in continuing efforts to create opportunities that result in helping our members and the communities they service.